国泰海通 · 晨报1230｜食品饮料、产业

Group 1: Alcohol and Dairy Industry Insights - The white liquor industry is accelerating its bottoming process, with expectations for supply-demand balance by 2026, as leading brands like Moutai and Wuliangye are likely to stimulate sales through price adjustments [4] - The recent macroeconomic and policy environment is positively catalyzing consumer expectations, making white liquor an attractive cyclical asset with low valuations and appealing dividend yields [4] - The dairy industry is expected to see accelerated domestic substitution due to temporary anti-subsidy measures on EU dairy products, which will likely increase domestic milk consumption and reverse the industry cycle [4] Group 2: Brain-Computer Interface (BCI) Development - 2025 is projected to be the year of significant development for brain-computer interfaces in China, with multiple policies being introduced to support the industry, including pricing guidelines for medical services [7][8] - Clinical trials for invasive and semi-invasive BCIs are expected to surge, with several companies like Borui completing initial trials and aiming for regulatory approval by 2026 [9] - The technology is evolving towards flexible, miniaturized, and integrated electrodes and chips, while non-invasive BCIs are beginning to commercialize in areas like sleep assistance and rehabilitation [8]