国金证券：关注软饮料、乳制品领域的投资机会

Group 1: Soft Drinks Industry - The promotional efforts for soft drinks have intensified during the Spring Festival, indicating fierce competition within the industry [1] - Display strategies focus on large displays, large specifications, and major single products, with mainstream products being prominently featured [2] - Core single products are being promoted through direct price reductions to attract consumers, with notable price drops in categories like pre-mixed drinks and sugar-free tea [2] - Sales performance during the Spring Festival is expected to be strong for brands like Dongpeng Special Drink and certain gift-oriented products [3] Group 2: Dairy Products Industry - Channel inventory adjustments have led to improved freshness in ambient milk, particularly in ambient yogurt, which shows a freshness range of 1-2 months at the retail level [4] - The leading brands maintain good freshness levels and occupy a significant share in display strategies [4] - Discounts on ambient milk during the Spring Festival have boosted sales, while overall pricing remains stable; there is a continuous upgrade towards healthier product attributes such as A2, probiotics, and high calcium [4] - Recommended companies to watch include Miaokelan Duo, Yili Group, and Mengniu Dairy (Hong Kong) [5]