来源：环球网 数千年来，牛奶陪伴着人类生命的每一个阶段。凭借全面而优质的营养，牛奶被誉为最接近完美的食 物。这份源自自然的"超级食物"，在日复一日中，持续为世界提供营养支持。 那么，一杯真正的好奶，如何从牧场走向餐桌？12月22日，伊利集团联合网易新闻共同出品的首部牛奶 全产业链纪录片《超级牛奶》上线发布。《超级牛奶》从"一棵草"出发，真实记录一杯牛奶从牧场到餐 桌的完整旅程，呈现覆盖种植、养殖、研发、生产与品质管理的全产业链协作图景，展现一场跨越全球 的品质马拉松。 《超级牛奶》主题海报 《超级牛奶》的影像足迹遍及中国、英国、新西兰、丹麦、荷兰、泰国、印尼等多个国家，走进利乐、 施耐德、诺和新元、GEA、SGS、FlavorActiV等全球行业头部企业，深入阿鲁科尔沁旗草场、泰国椰子 园、新西兰牧场等原料与奶源地，并探访清华大学、瓦赫宁根大学、新西兰林肯大学等世界知名高校与 科研机构，全景式呈现一杯牛奶背后的全球协作网络。 六大篇章，全景呈现一杯奶的品质马拉松 纪录片《超级牛奶》通过《超级牧场》《超级原料》《超级研发》《超级质检》《超级工厂》《超级包 装》六大篇章，首次系统展现中国乳业与全球供应链深度协同、 ...

Investment Rating - The report maintains a "Buy" rating for the industry, with an upward adjustment in profit forecasts for key companies like Yili and Mengniu [13]. Core Insights - The dairy industry in China is experiencing a prolonged down cycle in raw milk prices due to rigid supply and weak demand, with prices expected to fall below production costs by July 2024 [1][2]. - The core dairy product categories have seen a decline in both volume and price since 2021, leading companies to adopt discount promotions to reduce inventory, further lowering raw milk purchase prices [1][4]. - The potential for a market reversal in raw milk prices may arise from the active elimination of high-yield farms and the loss of cost-effectiveness of imported bulk powder [5]. Summary by Sections Industry Overview - From 2018 to 2021, China's milk production increased, with fresh milk prices growing at a compound annual growth rate (CAGR) of 6.4%, while imported milk powder prices fell by 5% [1][2]. - The current supply-demand imbalance is exacerbated by high production costs and a significant number of farms facing prolonged losses [1][2]. Market Dynamics - The B-end dairy product consumption is growing rapidly, with fresh milk accounting for approximately 45% of this market, although it is currently dominated by imported brands [6]. - Domestic companies are accelerating their entry into the B-end market, benefiting from policy support and cost advantages [6]. Consumer Trends - There is a noticeable decline in demand for high-consumption categories like ambient milk and yogurt, with significant inventory pressures prompting companies to discount products [4][10]. - The trend towards low-temperature and health-oriented products is evident, with flavored milk beverages emerging as a new growth point [8][9]. Competitive Landscape - Yili has a stronger channel bargaining power compared to Mengniu, with a more efficient deep distribution model and a diversified strategy that has led to leading market shares in several segments [12]. - The report predicts stable performance for liquid milk over the next 2-3 years, while non-liquid dairy products are expected to achieve double-digit growth [13].

New Stock Listings - One new stock listed today: Muxi Co., Ltd. (688802) with an issue price of 104.66 yuan [1] Industry News - The Ministry of Commerce announced the imposition of anti-dumping duties on imported pork and pork products from the EU for a period of five years starting today [1] - The 2025 Xiaomi Human-Vehicle Home Ecosystem Partner Conference is being held today [1] - The 2025 China Artificial Intelligence Industry Innovation and Development Conference is taking place today [1] - The Second Global Data Technology Conference (GDTC) is being held in Beijing from today until the 18th [1] - The Fourth Computing Power Network and Digital Economy Forum, along with the 2025 "Computing Power Puxiang" Conference, is being held today [1] - Dell announced a price increase for all its commercial product lines starting today, attributed to demand for memory chips [1] - The U.S. Trade Representative's office warned of potential retaliatory measures against the EU's service industry and may initiate a Section 301 investigation [1] - The U.S. FDA approved a twice-a-year asthma medication from GlaxoSmithKline [1] - Autonomous driving company Waymo is reportedly discussing raising several billion dollars at a valuation exceeding $100 billion [1] - Tesla's stock price reached a historic high, with a market capitalization exceeding $1.6 trillion, reflecting growing optimism about autonomous driving [1] - Level 3 autonomous driving has been approved, with Changan Automobile and BAIC Blue Valley models receiving pilot approval [1] - Apple plans to expand its iPhone product line from five to seven models before fall 2027 [1] - OpenAI appointed former UK Chancellor Osborne to lead the "OpenAI for Countries" initiative [1] - AI data platform Databricks is reportedly raising over $4 billion at a valuation of $134 billion [1] - The European Commission plans to issue approximately €90 billion in bonds in the first half of next year [1] Economic Data - A total of 189.8 billion yuan in 7-day reverse repos is maturing today [1] - Various economic indicators are being released, including Japan's trade balance, export and import amounts for November, and the UK's core CPI [1] - Germany's Ifo Business Climate Index for December and HICP data for November are being published [1] - Italy's HICP data for November is also being released [1] - Eurozone's November CPI and core CPI data are being reported [1] - U.S. retail inventory adjustments and EIA crude oil inventory changes for the week ending December 12 are being released [1] A-Share Market Dynamics - Six listed companies are facing stock unlocks, including Oke Technology with 70 million shares (74.99% of total shares) and Meino Biological with 13.88 million shares (9.86%) [1] - Several companies announced dividend distributions, with Chongqing Brewery (10 shares for 13 yuan) and Wuliangye (10 shares for 25.78 yuan) among those with significant payouts [1] - Dongjie Intelligent is planning to acquire a controlling stake in Aobo Intelligent, leading to a stock suspension [1] - Multiple companies released important announcements, including 360 clarifying rumors of financial fraud and Longping High-Tech planning a 1 billion yuan investment in production bases in Vietnam and Malaysia [1] - Lianhua Holdings' subsidiary plans to purchase acceleration cards for intelligent computing business for 200 million yuan [1] - Hualing Cable intends to acquire 70% of San Zhu Technology for 183 million yuan [1] - Xiechuang Data signed a strategic cooperation framework agreement to enter the optical chip and module industry [1]

内蒙古伊利实业集团股份有限公司（简称"公司"）于 2025 年 9 月 成功发行了 2025 年度第十二、十三期超短期融资券，具体情况如下： 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-090 内蒙古伊利实业集团股份有限公司关于 2025 年度 第十二、十三期超短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特此公告 内蒙古伊利实业集团股份有限公司 董 事 会 二〇二五年十二月二十三日 | 名称 | | | 发行总额 | | 发行利率 | 发行期限 | | | | 起息日 | | | | 兑付日 | | | | | 公告编号 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 二期超短期融资券 | 2025 | 年度第十 | 32 | 亿元 | ...

来源：环球网 摘要：本案例聚焦伊利、腾讯、联想等联合发起的"可持续社会价值生态圈"。5月20日，在"WISH2030 美好大会暨可持续社会价值论坛"上，伊利与腾讯、联想等企业和公益机构共同宣布成立可持续社会价 值生态圈，第三次发布《WISH2030美好宣言》，倡议设立"5·20企业公益日"，以生态协同推动商业价 值与社会价值"两价融合"。此后，生态圈围绕灾害救援、老兵关爱、特殊儿童关怀等场景，发起榕江洪 灾数字公益行动、"情暖老兵—守护安康"、香港大火联合捐赠等联合捐赠，并以"益企向善社区慈善联 合行动"将阶段性救助升级为"韧性社区"建设；同时通过"企业公益出海""企业公益数字化专场""乡村振 兴的企业智慧""企业核心能力与社区共生的可持续模式"等沙龙，以及公益美好周互动体验展、企业公 益生态发展大会、可持续品牌圆桌会等轮值活动，不断扩圈、对接亚洲公益平台，12月2日，更是在联 合国全球契约组织指导下，"可持续社会价值工作组"成立，汇聚更多力量推动社会价值创造，生态圈也 初步构建"联合行动＋议题共创＋品牌扩散"的企业向善生态。 关键词：可持续社会价值生态圈；两价融合；韧性社区；数字公益；乡村振兴；企业向善生态 ...

产品矩阵持续扩容 创新驱动消费增长 精益管理提升品质力 渠道政策释放经营红利 12月17日，伊利股份（600887）（600887.SH）液态奶事业部2026年客户大会在珠海举行，来自全国的 经销商齐聚一堂，回顾2025年经营成绩，展望行业与渠道未来机遇。会上，液态奶事业部对305家年度 优秀经销商颁发专项奖励，奖金总额超6400万元，并公布2026年返利政策，计划投入规模达数亿元。同 时，多条明星产品线迎来年度新品发布，覆盖纯奶、酸奶、植物基与风味饮品等多个品类，为渠道提供 丰富增长增量。 伊利液态奶品质优势持续巩固。原奶端在蛋白质、脂肪与微生物指标方面均优于欧盟标准；生产端精益 管理持续推进，金灏工厂通过中国质量协会评审，获得精益现场管理五星级评价，进一步夯实生产与质 量管理能力基础。 数据显示，2025年前三季度，伊利液体乳营收达到549.39亿元，继续保持行业领先地位；旗下液态奶品 牌在核心赛道仍占据主要市场份额。 面对消费需求加速分层、市场竞争持续加剧的行业背景，伊利液态奶以更高密度的创新驱动产品力提 升。2025年，包括安慕希益生菌爆珠酸奶、金典鲜活纯牛奶、优酸乳嚼柠檬等新品，凭借差异化定位赢 得 ...

截至12月22日收盘，超级品牌概念下跌0.48%，位居概念板块跌幅榜前列，板块内，澳柯玛、中公教 育、TCL科技等跌幅居前，股价上涨的有13只，涨幅居前的有安孚科技、顺丰控股、东阿阿胶等，分别 上涨2.40%、1.22%、1.11%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600941 | 中国移动 | -0.98 | 2.28 | -35945.03 | | 000100 | TCL科技 | -2.18 | 2.06 | -21980.97 | | 600519 | 贵州茅台 | -0.12 | 0.16 | -15596.29 | | 002594 | 比亚迪 | 0.15 | 0.59 | -13140.46 | | 000858 | 五粮液 | -0.18 | 0.28 | -12911.36 | | 000568 | 泸州老窖 | -0.62 | 0.55 | -12253.24 | | 000333 | 美的集团 | -0.37 | 0.35 | -10703.91 | | ...

28天重新定义"鲜活营养"的黄金标准 大会现场，欣活品牌代言人刘涛女士惊喜现身，以"消费者+代言人"双重身份为"新鲜战略"倾情证言， 她真诚分享"给家人冲的每一杯奶，都像把牧场鲜活营养第一时间送达"，引发全场共鸣。 据介绍，为确保"28天"的科学承诺完美兑现，伊利欣活构建了环环相扣的四大保障体系，鲜活奶源，臻 选头部1%专属牧场，生牛乳挤出后2小时内4℃冷链直达工厂；鲜活工艺，采用"百秒瞬时工艺"，在 25℃以下温和加工，减少热损伤；鲜活品质，依托伊利质量管理体系，历经112道工序、453个质控点严 格把关；鲜活履约，消费者下单后24小时内发货，联合头部物流实现95%的三日送达率。 2025年12月12日，以"同鞍驭新征，山海皆可平"为主题的伊利集团成人营养品事业部客户大会在珠海圆 满举行。大会汇聚全国合作伙伴，共同总结2025年经营得失，擘画部署2026年新业务发展蓝图。同时， 伊利欣活正式发布行业首个全链路28天"欣"鲜达服务体系，标志着成人奶粉行业迈入以"极致新鲜"为核 心的品质3.0时代，再次提升了高端功能奶粉的价值标准。 从品质进化到行业引领 伊利"鲜活"战略升维 大会上，伊利集团成人营养品事业部回 ...

12月17日，伊利液态奶事业部2026年客户大会在珠海成功召开。来自全国各地的经销商齐聚一堂，回顾2025年取得的扎实成绩，共话未来发展新机遇。大会 现场，液态奶事业部对305个年度优秀经销商颁发专项奖励，奖金总金额超6400万元，并进一步公布2026年高达数亿元的返利新政策！与此同时，液态奶事 业部在会上隆重发布包括金典鲜活纯牛奶、伊利纯牛奶升级款、安慕希益生菌爆珠酸奶以及优酸乳嚼柠檬新口味在内的多达十余款年度新品！ 16 3 . @ 伊利集团液态奶事业部2026年客户大会 d 小海省卫 (柴取新征 1 3 Fill 作 unit t the production d a t al province in min mirri 2025年，在行业竞争加剧与消费需求升级的市场背景下，液态奶事业部与经销商紧密联动、协同发力，以市场需求为锚点，持续深化产品创新、渠道拓展和 营销转型，推动产品新鲜度、渠道盈利能力与终端掌控力稳步跃升，实现业绩共赢。2025年前三季度，伊利液体乳营收549.39亿元，持续稳居行业第一！伊 利液态奶子品牌也分别占据核心三大品类赛道品牌力份额第一的位置！ 创新锚定消费者真实需求硬核产品赢得 ...

食品吸 2025 年 12 月 21 日 风险提示：食品安全问题，经济下行影响白酒及大众品需求。 0 站玩人分出品 相关研究 《高端酒批价反弹 重申白酒已在战略配置 期 -- 食品饮料行业周报 20251208- 20251212》 2025/12/13 《高端酒批价回落 关注需求承接一 一食品 饮料行业周报 20251201-20251205》 2025/12/06 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 A0230525040003 wangza@swsresearch.com 申万宏源研究微信服务号 本期投资后示 投资分析意见:本周权威媒体和高层连续发声强调内需的重要性,值得重视。12 月 16 日《求 ● 是》杂志发表《扩大内需是战略之举》，指出扩大内需既关系经济稳定，也关系经济安全，不是 权宜之计,而是战略之举。中央财办发声,扩大内需是明年排在首位的重点任务,从 ...