中信证券：奶价持续磨底，关注深加工及出海提振需求

Core Viewpoint - After the double festival, supply and demand remain stable, with milk prices entering a bottoming phase, and both contract and spot prices showing month-on-month stability. The demand for dairy products continues to face pressure, with ambient temperature products performing weaker than low-temperature ones. However, deep processing and overseas markets are experiencing rapid growth from a low base, indicating a promising future [1] Dairy Industry - Milk prices are stabilizing after the holiday season, indicating a bottoming phase [1] - Demand for dairy products is under pressure, particularly for ambient temperature products compared to low-temperature ones [1] - Deep processing and overseas markets are growing rapidly from a low base, suggesting a bright outlook for the future [1] Beef Industry - In Q3, beef prices have shown high volatility, with a cumulative reduction in stock expected to exceed 10% since the beginning of 2024 [1] - By 2026, there is anticipated downward pressure on beef supply, referencing the previous cycle's reduction and price recovery rhythm [1] - The current cycle for live cattle prices is expected to have upward potential, with a positive outlook for the beef and raw milk cycle resonance [1]