中信证券：欧盟反补贴裁定落地 利好乳制品国产替代

Core Viewpoint - The report from CITIC Securities indicates that the EU's anti-subsidy investigation ruling on December 22, 2025, will lead to the imposition of anti-subsidy tax deposits on six categories of imported dairy products (cheese and cream) from China, with rates ranging from 28.6% to 42.7% [1] Group 1 - The anti-subsidy tax deposit related to dairy products imported from the EU amounted to nearly 250,000 tons from January to October [1] - The short-term effect of this ruling is expected to boost domestic demand, providing a favorable environment for local companies to accelerate the domestic substitution of the supply chain [1] - There is optimism regarding the accelerated domestic substitution of cheese and cream products [1]