Core Viewpoint - The incident involving the recall of infant formula by Nestlé due to potential quality risks associated with ARA raw materials from supplier Jabiou Biotechnology has raised significant concerns in the market, impacting the stock price of Jabiou and prompting regulatory scrutiny [1][2]. Group 1: Company Impact - Jabiou Biotechnology (Wuhan) Co., Ltd. received a regulatory notice from the Shanghai Stock Exchange urging timely responses and compliance with information disclosure obligations [1] - Following the recall announcement by Nestlé, Jabiou's stock price opened at 20.2 yuan, reflecting a decline of 1.22%, with a cumulative drop exceeding 16.7% since the incident [1] - Jabiou has stated that it has sent products for testing and will release results once available [1] Group 2: Industry Response - The State Council's Food Safety Office and the Market Supervision Administration emphasized the importance of Nestlé (China) fulfilling its corporate responsibilities and executing the recall of affected products sold in China [2] - Major domestic infant formula brands, including Yili, Mengniu, and others, have issued statements asserting the safety and reliability of their products, distancing themselves from the incident [2]

（来源：内蒙古日报） 转自：内蒙古日报 ① 蒙古高原家畜种质资源库和区域奶牛育种数据库信息平台 建立蒙系家畜和引进良种蒙古高原家畜种质资源库，保存175个品种、75262份资源样本，100%覆盖蒙 古高原家畜品种；建成国内最大的区域奶牛育种数据库，含百万条核心数据。 ② "增产减碳"的奶牛饲料 结合瘤胃体外发酵与Green Feed监测，精准筛选甲烷抑制剂并集成关键技术，成功开发增产减碳饲料， 实现每头牛每日奶量增2公斤以上，甲烷减排超20%。 ③ 自主知识产权发酵菌株及其创新应用 系统性采集中国传统发酵乳制品样本，建立发酵菌株资源库，筛选获得优质菌株Yilife SST01。率先实 现国产菌株的规模化应用，预计年销售额超7亿元。 ④ 高准确率乳源抗菌肽深度学习预测模型 构建乳源功能肽高通量挖掘平台，形成母乳抗菌肽A预测验证闭环，精确率达93.4%,灵敏度84.9%,推动 乳源肽精准开发。 突破传统酶解技术局限，实现乳糖在线定向转化与真正零乳糖，对乳糖不耐人群友好，已应用于伊利零 乳糖奶粉，正在拓展功能乳品等多场景应用。 ⑥ 母乳化结构脂连续化高效定向合成技术和设备 通过集成化设备和优化工艺，实现了反应效率提 ...

Group 1 - The article discusses the relationship between the net profit of YouRan Agriculture and the price of raw milk, indicating a significant correlation that impacts profitability [1][44]. - The analysis includes a detailed examination of how fluctuations in raw milk prices directly affect the financial performance of YouRan Agriculture, highlighting the importance of price stability for maintaining profit margins [1][44]. Group 2 - A deep report on Baipusais is scheduled, focusing on insights and analysis relevant to the pharmaceutical industry, which may reveal investment opportunities [2][8]. - The report will be presented by leading analysts in the pharmaceutical sector, emphasizing the importance of expert insights in navigating industry trends [2][8]. Group 3 - The article outlines a strategic focus on innovation within the pharmaceutical industry, projecting investment strategies leading up to 2026 [3][13]. - This strategy aims to identify key areas for growth and investment, reflecting the evolving landscape of the pharmaceutical market [3][13]. Group 4 - A comprehensive report on the military industry by Guokexun is set to provide in-depth analysis and insights, which could influence investment decisions in the defense sector [4][46]. - The report will be led by a military industry analyst, ensuring a thorough understanding of current trends and future prospects [4][46]. Group 5 - The article mentions a review and update of the industry allocation model, which is crucial for investors to understand market dynamics and make informed decisions [5][43]. - This session will provide insights into the performance of various sectors and how they align with investment strategies [5][43]. Group 6 - A report on the Sichuan-Chengyu region will be discussed, focusing on transportation and logistics, which are vital for regional economic development [6][26]. - The analysis will be presented by a transportation industry analyst, highlighting the significance of infrastructure in driving growth [6][26]. Group 7 - The article indicates a discussion on investment opportunities in the chemical industry leading up to 2026, suggesting potential areas for growth and development [7][32]. - This session will be led by prominent analysts in the chemical sector, providing valuable insights for investors [7][32]. Group 8 - An electronic industry perspective will be shared, focusing on current trends and future outlooks, which are essential for understanding market movements [8][47]. - The session will be conducted by leading analysts in the electronics field, ensuring a comprehensive overview of the industry [8][47].

而我的持仓收益率没有跑赢大盘，主要原因就是持仓了太多的"老登股"，尤其是消费股，这导致全年的 收益率一直在摇摆，甚至到了接近年底的时候还在下跌。 说起消费股，大家也看到像茅台、五粮液、伊利等这些消费股龙头在2025年表现都不咋地，操作不好还 会亏钱。所以若是在2025年太高仓位的消费股，不亏钱就不错了。 当然，我一直强调科技股也是本轮牛市的一条主线。所以我在2025年也持仓了一定的科技股，不然整体 收益肯定就是负的。但我持仓主要是港股科技股，其中有一部分是买的恒生科技指数基金，这几个基金 在中途涨幅过大也就卖掉大部分仓位。 对于2025年的投资，就说这么多了。2025年的收益率表现一般般，2026年继续努力。 对于2026年的投资，整体思路和策略不会有太大的变化的，还是得坚持价值投资的理念，在时代中的好 行业里去寻找好公司，然后寻找合适的时机买入。 2026年的股市迎来了开门红，这一点似乎是毫无疑问的。 说实话，2025年我自己的持仓表现比较一般，那么2026年该如何投资？这几天我也继续复盘了一下2025 年的投资，并且思考了2026年的投资该如何做？ 先还是聊聊2025年的情况。2025年的指数整体涨势都算 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply-demand structure of raw milk is improving, and the snack food sector continues to show upward momentum. The food and beverage index increased by 2.1% from January 5 to January 9, ranking 24th among 28 sectors, underperforming the CSI 300 by approximately 0.7 percentage points. Sub-sectors such as processed foods (+6.7%), soft drinks (+5.8%), and snacks (+4.5%) performed relatively well [3][10][12]. Summary by Relevant Sections Weekly Insights - The supply-demand dynamics for raw milk are optimizing, and the snack food sector is experiencing sustained growth. The recent policy by the Ministry of Commerce to implement safeguard measures on imported beef is expected to alleviate the impact on domestic industries, leading to a potential increase in beef prices over the next 2-3 years. The domestic dairy sector is facing challenges, with a continuous reduction in dairy cow inventory, which may lead to a widening supply-demand gap post-Spring Festival [10][11]. Market Performance - The food and beverage index rose by 2.1% from January 5 to January 9, ranking 24th out of 28 sectors, and underperformed the CSI 300 by about 0.7 percentage points. Leading individual stocks included Qianwei Yangchun, Anji Food, and Yangyuan Beverage, while stocks like Jiabi You, *ST Chuntian, and Xianle Health saw declines [12][13]. Upstream Data - As of January 6, the GDT auction price for whole milk powder was $3,407 per ton, reflecting a 10.4% year-on-year decrease. The domestic fresh milk price was 3.03 yuan per kilogram, down 2.9% year-on-year. The domestic milk price is expected to remain under pressure in the short to medium term [19][21]. Recommended Stocks - The report recommends focusing on companies that are likely to benefit from the improving raw milk supply-demand balance and the growth in the snack food sector. Notable mentions include: - Yuran Agriculture: Expected to benefit from the recovery in raw milk prices. - Modern Dairy: Anticipated to gain from the overall industry improvement. - Yili Group and Mengniu Dairy: Expected to see positive impacts from the anticipated recovery in milk prices [10][11]. Snack Food Sector - The snack food sector is projected to continue its upward trend, particularly during the Spring Festival season. Companies such as Weilang Delicious, Ganyuan Food, and Yanjin Food are highlighted for their potential growth due to seasonal demand and strategic initiatives [11][12].

Investment Rating - The report suggests a positive outlook for the liquor sector, with a recommendation to invest in specific companies based on supply and demand improvements expected in 2026 [1] Core Insights - The snack industry is showing signs of recovery, with companies entering the critical phase of preparing for the Spring Festival, which is expected to boost performance in Q1 2026 due to low base effects and seasonal demand [2] - Companies are adjusting their channel operations and product priorities in response to evolving market demands, leading to gradual improvements in their performance [2] - Specific companies like 甘源食品 (Ganyuan Food) and 劲仔食品 (Jinzai Food) are highlighted for their strategic adjustments and potential for recovery in 2026 [3][4] Summary by Sections Liquor Sector - The liquor market is expected to see a dual improvement in supply and demand by 2026, with short-term sales showing signs of recovery [1] - Recommended companies for investment include 泸州老窖 (Luzhou Laojiao), 古井贡酒 (Guojingongjiu), and 贵州茅台 (Kweichow Moutai) among others [1] Snack Industry - The snack sector is entering a critical preparation phase for the Spring Festival, with companies like 甘源食品 (Ganyuan Food) and 劲仔食品 (Jinzai Food) making strategic adjustments to improve their market positions [2][3][4] - 甘源食品 is expected to recover from a significant revenue decline by leveraging new product launches and channel improvements [3] - 劲仔食品 is shifting focus to new product categories to drive growth, despite facing some revenue pressures [4] Market Trends - The overall food and beverage sector is projected to experience a rebound, with specific attention on the performance of major brands and their strategic responses to market changes [1][2]

Investment Rating - The report maintains a positive outlook on the liquor sector, with expectations for a recovery in sales and valuation improvements in 2026 [2][6]. Core Insights - The liquor market is undergoing a restructuring with a focus on balancing volume and price, and a potential turning point is anticipated in Q3 2026 [2][6]. - The report highlights the importance of consumer price index (CPI) as a key indicator for the consumer goods sector, predicting gradual improvements in food CPI throughout 2026 [2][6]. - The report recommends several high-quality liquor companies for long-term investment, including Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while also suggesting attention to Wuliangye and other brands [2][6]. Summary by Sections 1. Weekly Overview of Food and Beverage Sector - The food and beverage sector saw a 2.12% increase last week, with liquor stocks rising by 2.46%, although it underperformed the broader market by 1.70 percentage points [5]. - Notable stock performances included Ziyuan Food (+33.97%), Qianwei Central Kitchen (+22.52%), and Anji Food (+18.34%) [5]. 2. Market Performance of Food and Beverage Sub-sectors - The food and beverage industry lagged behind the Shenwan A index by 3.06 percentage points, with various sub-sectors underperforming, particularly beverages and dairy [33][34]. 3. Liquor Pricing Trends - As of January 10, 2026, the price of Moutai was reported at 1540 RMB for loose bottles, reflecting a week-on-week increase of 50 RMB, while the price for a case rose by 40 RMB to 1545 RMB [7][19]. - The report indicates that Moutai's pricing has found a bottom, reducing downward risks and suggesting a potential for price stability moving forward [7][19]. 4. Consumer Goods Sector Insights - The report emphasizes the shift in competitive strategies from price-based to quality-based approaches among consumer goods companies, with expectations for improved margins as raw material costs stabilize [2][6]. - Recommendations for consumer goods include Anjijia Food, Yili Group, and Tianwei Food, with a focus on the supply chain related to condiments and frozen foods [8]. 5. Dairy Industry Outlook - The dairy sector is expected to see an improved supply-demand balance in 2026, with growth potential in deep-processed products and low-temperature milk [8][9]. - Yili Group's projected net profits for 2025-2027 are 11.3 billion, 12.2 billion, and 12.9 billion RMB, respectively, indicating a growth trajectory [9].

Group 1 - The core viewpoint of the article highlights the importance of technological innovation in the dairy industry, specifically focusing on De Yi Dairy's efforts in low-temperature milk production [1][3]. - The Shandong Provincial Science and Technology Department emphasizes the need for De Yi Dairy to enhance its technological research and development to meet consumer demands for high-quality fresh milk [3][5]. - De Yi Dairy has established a comprehensive "seven-dimensional self-control" supply chain model, ensuring the delivery of nutritious fresh milk rich in active ingredients like immunoglobulin and lactoferrin [5]. Group 2 - During the visit, the delegation explored De Yi Dairy's low-temperature milk manufacturing base, observing automated processing and the company's technological achievements [3]. - The company has been recognized for its commitment to quality and innovation, with products like fresh milk and yogurt receiving positive feedback for their taste and nutritional benefits [5]. - De Yi Dairy aims to accelerate its digital and intelligent transformation while continuing to focus on core technological innovations in low-temperature dairy products [5].

Core Viewpoint - The article emphasizes the quality and health benefits of coffee and milk products sourced from Yunnan and Xinjiang, highlighting their natural ingredients and production processes that ensure high standards of quality and taste [2][38]. Group 1: Coffee Insights - Yunnan coffee is currently in its golden flavor period, making it an ideal time for coffee enthusiasts to enjoy its rich aroma [6][9]. - The coffee beans from Yunnan, particularly the Arabica variety, are known for their balanced flavor and low caffeine content, making them gentler on the stomach [64][74]. - The freeze-dried coffee developed by the Yunnan Agricultural Academy retains the beans' freshness and aroma, providing a taste comparable to freshly ground coffee [19][78]. - The product is free from additives like sugar and cream, making it suitable for health-conscious consumers [66][70]. - The official price for the coffee is set at 59 yuan per can, with a promotional offer of 59.9 yuan for two cans [35][86]. Group 2: Milk Product Insights - The Xinjiang "土姥姥" milk is sourced from a pristine desert oasis, ensuring high-quality milk production [38][90]. - This milk contains 3.1g of protein and 100mg of calcium per 100ml, meeting both Chinese and EU safety standards [42][44]. - The milk is produced from high-quality Holstein cows, known for their high milk yield and protein content, raised in a controlled environment [98][104]. - The production process emphasizes strict quality control, ensuring that every drop of milk meets high standards [96][108]. - The pricing for the milk is competitive, with offers such as 89 yuan for three boxes [56].

为从源头筑牢低敏根基,品牌严苛甄选全球仅约10%的臻稀A2草饲奶牛作为奶源,这些奶牛遵循自然生长 规律,每年超350天户外放牧,96%以青草为食,享受超2000小时自然日照,更坚持0激素催乳、每日仅两次挤 奶的人道饲养方式。相较于工业饲料圈养的奶牛,这种天然草饲奶源不仅富含天然A2型蛋白,更彻底规避 了大豆蛋白、谷物蛋白等常见过敏源,实现0激素、0抗生素、0农药残留、0催奶剂、0转基因的纯净标准, 用自然之力为敏宝瘦宝构建第一道安全屏障。 全球首创小分子氨基酸乳脂球膜科技,奠定低敏吸收基石 在纯净奶源的基础上,高培爱恩思凭借20年婴幼儿肠道健康与营养蛋白研究的深厚积淀,开创性地将小分 子氨基酸与乳脂球膜(MFGM)相结合,打造出独特的"低敏小分子群"配方体系。其中,5种母乳化小分子氨 基酸的分子量仅为羊乳蛋白的约1/38,能被肠道快速吸收,不仅极大降低致敏风险,更能有效合成黏蛋白,修 复敏宝常见的肠道屏障脆弱("肠漏")问题,从根源缓解牛奶过敏症状。而配方中2.2倍于普通奶粉的 MFGM乳脂球膜,搭配母乳低聚糖(HMOs)组成的双益生元系统,更构建起"调肠补脑"的双效机制—— MFGM助力大脑与神经发育,唾液 ...