Group 1 - The dairy market is experiencing a phase of supply surplus, leading to a continuous decline in retail prices, with fresh milk purchase prices remaining at cyclical lows until Q1 2025 [1] - The revenue growth rate for the dairy sector has narrowed from -7.88% in 2024 to -0.04% in Q1 2025, indicating a potential bottoming out and recovery signal [1] - The net profit margin for the industry decreased by 0.93 percentage points to 6.12% in 2024, but showed a significant recovery of 16.3 percentage points to 11.6% in Q1 2025, reflecting marginal improvement in profitability quality [1] Group 2 - The dairy industry is entering a critical turning point characterized by "policy supply and consumption upgrade" dual empowerment, with national strategies aimed at increasing the supply and consumption of high-quality protein foods [2] - The supply-side reform is accelerating the elimination of outdated production capacity, while deepening consumption stratification presents structural opportunities for the industry to achieve dynamic rebalancing of supply and demand [2] - The Consumption 30 ETF (510630) closely tracks the major consumption industry index, with dairy products accounting for over 16% of its composition, the highest in the market [2]