对原产于欧盟的进口相关乳制品实施反补贴，有望加速原奶供需平衡

Investment Rating - The report suggests a positive investment outlook for the dairy industry, particularly recommending attention to YouRan Dairy (9858.HK) as a potential investment opportunity [5]. Core Insights - The Chinese Ministry of Commerce announced a preliminary ruling on December 22, 2025, to implement temporary anti-subsidy measures on imported dairy products from the EU, effective from December 23, 2025 [1][3]. - The anti-subsidy investigation, initiated in July 2024, revealed that the EU provided substantial subsidies to its dairy industry, causing material harm to the domestic industry in China [3]. - The subsidy rates for affected products, including fresh cheese, processed cheese, and cream, range from 21.9% to 42.7% [3]. Summary by Sections Anti-Subsidy Measures - The anti-subsidy measures are expected to increase import prices, which may help balance the supply and demand of raw milk in China [4]. - In the first ten months of 2025, China imported 2.1824 million tons of various dairy products, with significant contributions from the EU, accounting for 15% of cheese, 12% of cream, and 29% of other cream products [4]. Market Dynamics - The report indicates that domestic dairy prices have been declining due to an oversupply of raw milk, and the price advantage of imported dairy products is diminishing [4]. - The implementation of anti-subsidy measures is anticipated to weaken the price advantage of imported dairy products, potentially reducing overseas supply and promoting a return to supply-demand balance in China's raw milk industry [4]. Investment Recommendations - As domestic dairy product demand stabilizes and anti-subsidy measures stimulate the demand for domestic raw milk processing, the report encourages monitoring YouRan Dairy (9858.HK) for investment opportunities [5].