Group 1 - Dairy stocks are performing actively, with Yurun Dairy (09858) up 6.98% at HKD 4.6, Modern Dairy (01117) up 4.35% at HKD 1.44, China Feihe (06186) up 2.18% at HKD 4.21, and Mengniu Dairy (02319) up 1.71% at HKD 14.88 [1] - The National Medical Insurance Administration announced measures aiming for "no out-of-pocket" expenses for childbirth within the policy scope by 2026 during a meeting held on December 13 [1] - A report from Open Source Securities indicates that 2026 may mark a turning point for the dairy industry, suggesting that the current phase presents a good opportunity for investment as the industry fundamentals are nearing the bottom [1] Group 2 - The report highlights that the demand decline for liquid milk is slowing, and the decrease in dairy cow inventory is improving supply and demand dynamics [1] - The pace of milk price decline is expected to slow, with projections indicating that milk prices may stop falling and begin to recover by 2026, leading to a potential simultaneous rebound in both liquid milk volume and price [1] - The report recommends focusing on investment opportunities in leading dairy farms and dairy product processing companies [1]

Group 1 - The dairy sector is experiencing active stock performance, with notable increases in share prices for companies such as YouRan Dairy (+6.98% to HKD 4.6), Modern Dairy (+4.35% to HKD 1.44), China Feihe (+2.18% to HKD 4.21), and Mengniu Dairy (+1.71% to HKD 14.88) [1] - The National Medical Insurance Administration announced measures aiming for "no out-of-pocket" expenses for childbirth within policy coverage by 2026, which may positively impact the dairy industry by increasing demand for dairy products among new mothers [1] - A report from Kaiyuan Securities indicates that 2026 could mark a turning point for supply and demand in the dairy industry, suggesting that the current period presents a good opportunity for investment as the industry fundamentals approach a bottom [1] Group 2 - The report highlights that the decline in liquid milk demand is slowing, and a decrease in dairy cow inventory is expected to improve supply and demand dynamics [1] - The pace of milk price decline is expected to slow, with projections indicating that milk prices may stabilize and begin to rise by 2026, leading to a potential recovery in both volume and price of liquid milk [1] - The report recommends focusing on investment opportunities in leading dairy farms and dairy product processing companies as the market conditions improve [1]

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]