乳业股表现活跃，截至发稿，优然牧业(09858)涨6.98%，报4.6港元；现代牧业(01117)涨4.35%，报1.44 港元；中国飞鹤(06186)涨2.18%，报4.21港元；蒙牛乳业(02319)涨1.71%，报14.88港元。 消息面上，12月13日，全国医疗保障工作会议在北京召开，国家医保局在会议上发布多项数据和措施。 其中包括，力争2026年全国基本实现政策范围内分娩个人"无自付"。此外，12月14日，商务部办公厅等 三部门发布关于加强商务和金融协同，更大力度提振消费的通知。其中提到，强化政策合力。 开源证券研报指出，2026年可能成乳制品行业供需拐点，当前处于左侧布局良机。行业基本面已接近底 部，当前液奶需求跌幅收窄，牧场奶牛存栏量下降推动供需改善，奶价下跌节奏放缓，预计2026年奶价 可能止跌回升，液奶量价有望同步回暖。该行建议关注牧场与乳制品加工龙头的投资机会。 ...

智通财经APP获悉，乳业股表现活跃，截至发稿，优然牧业(09858)涨6.98%，报4.6港元；现代牧业 (01117)涨4.35%，报1.44港元；中国飞鹤(06186)涨2.18%，报4.21港元；蒙牛乳业(02319)涨1.71%，报 14.88港元。 消息面上，12月13日，全国医疗保障工作会议在北京召开，国家医保局在会议上发布多项数据和措施。 其中包括，力争2026年全国基本实现政策范围内分娩个人"无自付" 。此外，12月14日，商务部办公厅 等三部门发布关于加强商务和金融协同，更大力度提振消费的通知。其中提到，强化政策合力。 开源证券研报指出，2026年可能成乳制品行业供需拐点，当前处于左侧布局良机。行业基本面已接近底 部，当前液奶需求跌幅收窄，牧场奶牛存栏量下降推动供需改善，奶价下跌节奏放缓，预计2026年奶价 可能止跌回升，液奶量价有望同步回暖。该行建议关注牧场与乳制品加工龙头的投资机会。 ...

Group 1: Banking Sector - Recent performance of bank stocks is driven by stable fundamental expectations amid macro uncertainty, with increased attractiveness for long-term funds like insurance [1] - Recommendations for selecting bank stocks include focusing on liability capacity, regional dividends, and organizational efficiency, with an emphasis on profitability and stability [1] - Attention is drawn to large banks with lower dilution ratios post-capital injection and to leading joint-stock banks with regional advantages [1] Group 2: Real Estate Sector - The current sales of existing homes are expected to have a long-term impact on the real estate industry and the operational models of property companies [2] - Continued focus on the implementation of local policies and supporting measures is necessary, with a positive outlook for medium to long-term investment opportunities in the real estate sector [2] - Recommendations include targeting property companies in first and second-tier cities with solid fundamentals and high safety margins, as well as leading companies in the Hong Kong stock market with valuation advantages [2] Group 3: Dairy Industry - The Chinese dairy industry is currently experiencing a downturn in milk prices, leading to a reduction in upstream production capacity and inventory clearance in downstream dairy companies [3] - A supply-demand turning point is anticipated by 2026, with expectations of improved demand and rising raw milk prices benefiting upstream farming enterprises [3] - The industry still has growth potential, driven by channel expansion, habit improvement, and the promotion of student milk programs, alongside price increases from low-temperature milk penetration [3]