Core Viewpoint - The article highlights the low-carbon transformation journey of the dairy industry in Hohhot, particularly focusing on Yili Group's efforts in achieving carbon neutrality throughout its supply chain, from pasture to consumer [1][8]. Industry Overview - The dairy industry spans across primary, secondary, and tertiary sectors, making carbon reduction particularly challenging due to high emissions from upstream processes [3]. - According to the China Dairy Association's report, the revenue of large-scale dairy processing enterprises in 2024 is projected to be 510.48 billion yuan, with a national milk production of 40.794 million tons, indicating an enhancement in industry quality and competitiveness [3]. Company Initiatives - Yili Group has initiated carbon audits over a decade ago, identifying that 80-90% of carbon emissions originate from upstream processes, particularly methane emissions from cows [3]. - At Yili's ecological smart pasture, 12,000 cows are maintained with a comprehensive "low-carbon prescription," including seaweed feed and probiotics to reduce methane emissions [3][4]. - The company has established five zero-carbon factories and launched six carbon-neutral products, aiming for continuous green innovation and high-quality development [7]. Technological Advancements - Yili's production facilities utilize advanced automation and smart technologies, with an average filling speed of 11 boxes of milk per second across 18 production lines [4][6]. - Energy recovery technologies have been implemented, saving over 5,000 tons of standard coal annually, and improvements in sterilization processes have resulted in significant electricity savings [6]. Consumer Engagement - The introduction of carbon-neutral products, such as milk, milk powder, and cheese sticks, reflects the industry's response to consumer demand for diverse and sustainable options [8]. - The concept of carbon neutrality is becoming integral to consumer choices, with products designed to reduce carbon emissions significantly, such as a pack of 10 carbon-neutral milk reducing approximately 8.5 kg of carbon emissions [6][8]. Future Outlook - The dairy industry is on a long journey towards full carbon neutrality, requiring ongoing efforts in supplier management, standard setting, platform building, and talent development [6][7]. - The article emphasizes that each breakthrough in carbon reduction contributes to the overall value creation and sustainability of the dairy sector, enhancing product quality and industry competitiveness [9].

Core Viewpoint - The article highlights the green transformation journey of the dairy industry in Hohhot, particularly focusing on Yili Group's efforts in achieving carbon neutrality through a comprehensive low-carbon approach across the entire supply chain from pasture to consumer [1][8]. Group 1: Industry Overview - The dairy industry in China spans across primary, secondary, and tertiary sectors, involving breeding, processing, and consumption, making carbon reduction a significant challenge [3]. - According to the China Dairy Association's "China Dairy Quality Report (2025)", the revenue of large-scale dairy processing enterprises in 2024 reached 510.48 billion yuan, with a national milk production of 40.794 million tons, indicating an improvement in industry quality and competitiveness [3]. Group 2: Yili Group's Initiatives - Yili Group has initiated carbon audits over a decade ago, identifying that 80-90% of carbon emissions originate from upstream processes, particularly methane emissions from cows, which can reach 250 to 500 liters per day [3]. - At Yili's Chao Le Chuan Eco-Smart Pasture, 12,000 cows are maintained on a "low-carbon diet" using seaweed powder and probiotics to reduce methane emissions, alongside manure recycling for fertilizer and bedding [3][4]. - Yili has established five zero-carbon factories and launched six carbon-neutral products, aiming for continuous green innovation to lead high-quality development in the dairy sector [7]. Group 3: Technological Advancements - The production process at Yili's modern smart health valley is highly automated, with 18 production lines capable of filling 11 boxes of milk per second, enhancing efficiency and reducing resource waste [4][6]. - Energy recovery technologies are implemented to recycle cold and heat energy, saving over 5,000 tons of standard coal annually, while improved sterilization processes conserve enough electricity to power 900 four-person households for a year [6]. Group 4: Consumer Engagement and Market Trends - The availability of carbon-neutral milk, milk powder, and cheese products in the health valley industrial tourism area reflects the industry's commitment to meeting diverse consumer needs while promoting green low-carbon transformation [9]. - The dairy industry is evolving to provide differentiated products and nutritional solutions, contributing to a shift in consumer perceptions towards sustainability [8][9].

Group 1 - Key Point 1: Focus on the release of important economic data including the US July PCE, Q2 GDP, and July durable goods orders, as well as China's August official PMI and July profits of large-scale industrial enterprises [1] - Key Point 2: Companies scheduled to announce earnings include Nvidia, Alibaba, Meituan, Pinduoduo, Luxshare Precision, Newray, and Zhongji Xuchuang [1] - Key Point 3: Additional tariffs imposed by the US on India, bringing the total tariff rate to 50% [1][5] Group 2 - Key Point 1: Earnings announcements on August 25 include Pinduoduo, Haidilao, Luxshare Precision, Poly Development, Hengli Hydraulic, and Newray [2] - Key Point 2: On August 26, key economic indicators such as the US July durable goods orders will be released, along with earnings from companies like China Petroleum and Aier Eye Hospital [3] - Key Point 3: On August 27, the release of China's July profits of large-scale industrial enterprises is anticipated, alongside earnings from companies like Nvidia and Meituan [4] Group 3 - Key Point 1: On August 28, the US will release revised Q2 GDP and PCE data, with earnings announcements from companies like Yili and Mindray [5] - Key Point 2: On August 29, the US July PCE price index will be released, with Alibaba also announcing its earnings [6] - Key Point 3: China's August official manufacturing PMI will be released on August 31 [7]

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Viewpoints - The food and beverage index increased by 3.3% from August 18 to August 22, ranking 10th among primary sub-industries, underperforming the CSI 300 by approximately 0.9 percentage points. Other liquor categories (+8.2%), soft drinks (+5.1%), and liquor (+3.6%) performed relatively better [11][12] - The current market liquidity is ample, pushing the valuation center of equity assets upward. The liquor sector, being a previously oversold category, has seen valuation improvements ahead of a recovery in fundamentals. Despite being under demand pressure, the liquor sector shows signs of improvement, with some brands performing better in August compared to June and July [11][12] - The report suggests focusing on three lines of investment: national mid-to-high-end recovery (e.g., Shede Liquor, Shanxi Fenjiu), regional leaders (e.g., Gujing Gongjiu, Jiansi Yuan), and high-end liquor valuation recovery (e.g., Luzhou Laojiao, Kweichow Moutai). Additionally, attention should be given to new consumption targets with strong growth potential [11][12] Market Performance - The food and beverage index's performance from August 18 to August 22 was 3.3%, ranking 10th out of 28 industries, and underperformed the CSI 300 by about 0.9 percentage points. Within the sub-industries, other liquor categories (+8.2%), soft drinks (+5.1%), and liquor (+3.6%) led the performance [12][13] Upstream Data - As of August 19, the GDT auction price for whole milk powder was $4036 per ton, up 0.6% month-on-month and up 15.9% year-on-year. Conversely, the domestic fresh milk price was 3.0 yuan per kilogram, down 0.3% month-on-month and down 5.9% year-on-year, indicating a downward trend in domestic milk prices [17][18] - On August 23, the price of pork was 20.1 yuan per kilogram, down 27.3% year-on-year, while the price of live pigs was 13.7 yuan per kilogram, down 32.6% year-on-year [19][20] Recommended Portfolio - Recommended stocks include Kweichow Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Baijiu Co. Kweichow Moutai is expected to deepen its reform process and emphasize sustainable development despite short-term demand pressure. Shanxi Fenjiu has high mid-term growth certainty, while Ximai Food is expanding new channels and improving profitability [4]

Core Insights - The latest net value of the fund "交银国企改革灵活配置混合A" is 1.9213 yuan, with a growth of 0.84% [1] - The fund has shown a return of 2.05% over the past month, 12.46% over the past six months, and 12.73% year-to-date, with respective rankings of 1800/2327, 982/2295, and 1308/2284 [1] Fund Holdings - The top ten stock holdings of the fund account for a total of 44.29%, with the largest positions being: - 顺丰控股 (9.31%) - 航发动力 (8.63%) - XD中国化 (5.50%) - 航发科技 (3.22%) - 华电国际 (3.11%) - 云路股份 (3.11%) - 伊利股份 (3.07%) - 龙源电力 (2.85%) - XD东方电 (2.77%) - 华锦股份 (2.72%) [1] Fund Background - The fund "交银国企改革灵活配置混合A" was established on June 10, 2015, and as of June 30, 2025, it has a total scale of 2.133 billion yuan [1] - The fund manager is 沈楠, who has been in this role since the fund's inception [2]

Core Points - The document outlines various acquisition and joint venture cases involving multiple companies, with a focus on transactions scheduled for August 2025 [1]. Group 1: Acquisition Cases - Brazilian food company is acquiring equity in Mariti New Energy Co., Ltd. [1] - AEA Investors Limited Partnership and British Columbia Investment Management Corporation are acquiring Pave America Holdings LLC [1] - Inner Mongolia Yili Industrial Group Co., Ltd. is acquiring Inner Mongolia Yishun Supply Chain Management Co., Ltd. [1] - Inner Mongolia Yili Industrial Group Co., Ltd. is also acquiring Inner Mongolia Zhongtuo Marketing Management Co., Ltd. [1] - Shandong Guohui Capital Co., Ltd. is acquiring equity in Tongyu Heavy Industry Co., Ltd. [1] - AstraZeneca Treasury Limited is acquiring the business of China Rosuvastatin [1] - HH HK GP, Ltd. is acquiring equity in Orix Asia Asset Management Co., Ltd. [1] Group 2: Joint Venture Cases - Robert Bosch GmbH and Mitsubishi Corporation are establishing a new joint venture [1] - Intrinsic Innovation LLC and Hongqi International Investment Co., Ltd. are forming a new joint venture [1] - Nanjing Rail Transit Industry Development Co., Ltd. is establishing a joint venture with Beijing Taikesi Technology Co., Ltd. and other companies [1] - Zhongchuang Xinhang Technology Group Co., Ltd. and Zhejiang Leapmotor Technology Co., Ltd. are forming a new joint venture [1]

Group 1 - The dairy sector experienced a decline of 0.63% as of the market close on August 22, ranking among the top losers in concept sectors [1] - Within the dairy sector, stocks such as Keta Bio, Miaokelando, and Junyao Health saw significant declines, while stocks like *ST Tianshan, New Dairy, and Yiyaton recorded gains of 0.92%, 0.56%, and 0.42% respectively [1] - The dairy sector faced a net outflow of 322 million yuan from major funds today, with 26 stocks experiencing outflows, and 12 stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The stock with the highest net outflow was Beiyinmei, with a net outflow of 70.30 million yuan, followed by Yili, Miaokelando, and Dabeinong with net outflows of 65.83 million yuan, 29.78 million yuan, and 24.27 million yuan respectively [2] - Conversely, stocks such as New Dairy, Bright Dairy, and Sanyuan saw net inflows of 737,890 yuan, 658,650 yuan, and 574,670 yuan respectively [2] - The dairy sector's outflow list included Beiyinmei, Yili, and Miaokelando, with respective declines of 0.95%, 0.18%, and 2.62% [3]

Core Viewpoint - The National Market Supervision Administration announced the unconditional approval of 12 concentration cases from August 11 to August 17, 2025, including a significant acquisition by Inner Mongolia Yili Industrial Group Co., Ltd. [1] Group 1: Company Specifics - Inner Mongolia Yili Industrial Group Co., Ltd. has received unconditional approval for its acquisition of equity in Inner Mongolia Zhongtuo Marketing Management Co., Ltd. [1] - The approval for this acquisition was finalized on August 12, 2025, indicating a swift regulatory process for this transaction [1]. Group 2: Industry Context - The approval of these concentration cases reflects ongoing consolidation trends within the industry, highlighting regulatory support for strategic mergers and acquisitions [1].

8月22日，根据国家市场监管总局公示，2025年8月11日—8月17日共有12件经营者集中案件获无条件批 准。其中，内蒙古伊利实业集团股份有限公司收购内蒙古伊顺供应链管理有限公司股权案获无条件批 准，审结时间为2025年8月12日。该参与集中的经营者包括：内蒙古伊利实业集团股份有限公司，内蒙 古伊顺供应链管理有限公司。 本文源自：金融界 作者：情报员 ...

Core Viewpoint - Inner Mongolia Yili Industrial Group Co., Ltd. will hold a half-year performance briefing on August 29, 2025, to discuss the company's operating results and financial status for the first half of 2025, addressing common investor concerns [2][3]. Group 1: Meeting Details - The performance briefing will be conducted in two formats: a telephone conference and an audio live broadcast combined with online interaction via the Shanghai Stock Exchange Roadshow Center [3][4]. - The meeting is scheduled for August 29, 2025, from 9:00 AM to 10:30 AM, with the telephone conference and audio live broadcast taking place from 9:00 AM to 10:00 AM, followed by online interaction from 10:00 AM to 10:30 AM [4][6]. Group 2: Participation Information - Investors can pre-register for the meeting from August 22 to August 28, 2025, by using the pre-registration system or by visiting the Shanghai Stock Exchange Roadshow Center website to submit questions [7][8]. - Participation can also be done through the company's official website or WeChat by searching for "Yili Investor Relations" to obtain the conference call number and password [7][8]. Group 3: Attendees - The meeting will include key personnel such as the company’s board secretary, independent directors, and the head of the investor relations department [5]. Group 4: Contact Information - For further inquiries, investors can contact the company's board office at (0471) 3350092 or via email at info@yili.com [9].