瑞士雀巢因核心原料污染风险在全球31国召回奶粉的消息，像一枚投入平静湖面的石子，其涟漪迅速从 欧洲扩散至全球。当消费者的目光聚焦于"蜡样芽孢杆菌"与"预防性召回"等术语时，行业内的审视则穿 透成品，直抵现代食品工业最脆弱的命门——高度全球化且环节隐秘的上游核心原料供应链。 此次风波中，一家中国奶粉企业早年在关键原料上"不计成本"的投入与由此衍生的战略路径，为观察这 场全球供应链安全危机，提供了一个独特的"中国样本"。 引入顶级原料，并未让企业高枕无忧。相反，随着对ARA、DHA等核心营养素认知的加深，以及全球 供应链波动的现实，依赖单一海外巨头供应的模式，其潜在风险日益凸显。 价格受制于人仅是表象，更深层的是技术壁垒下的"安全黑箱"与供应稳定性风险。 企业无法深入参与 其生产过程，对质量文化的细节把控更是隔山望海。此次雀巢事件，正是这种"黑箱"风险的一次集中爆 发：一家上游原料供应商的品控疏漏，足以让下游巨头的全球产品网络陷入被动。 正是基于这种前瞻性的风险洞察，早期的"引进者"开始了漫长的"消化、吸收、再创新"之路。以圣元为 例，其路径清晰呈现了从"买家"到"掌控者"的转变：通过战略投资，与国内顶尖科研团队 ...

Group 1 - The core point of the article is the recent change in shareholders of Beihai Pasture, as the company plans to divest its business and focus on the beverage sector [1][2] - Beihai Pasture has established a specialized management team to promote business autonomy, with a focus on low-temperature yogurt as its core product and an emphasis on health attributes and innovation [1][3] - The company is currently in an expansion phase, having built its second self-owned factory in Hubei Xianning, which is expected to have an annual production capacity of over 150,000 tons [1][3] Group 2 - The yogurt market is facing significant growth pressure, with a projected decline of 10.68% in market size for 2024, leading to intensified price competition [3][4] - The mainstream price range for yogurt has decreased from 8-10 yuan five years ago to around 5 yuan, affecting sales of low-end products while mid-to-high-end products are experiencing growth [3][4] - Changes in the executive team at Beihai Pasture have impacted morale, contributing to the challenges faced by the company [5][6]

智通财经APP获悉，方正证券发布研报称，目前本轮奶价下行周期持续时长已超过50个月，预计本轮周期向上拐点正在到来。原奶供需矛盾逐步缓解，新一 轮向上周期拐点即将到来，板块及核心企业经营业绩及估值水平有望随之改善，部分企业有望跟随向上周期迎来戴维斯双击。 方正证券主要观点如下： 供需矛盾逐步缓解，原奶价格周期拐点在即 风险提示：原奶价格回升不及预期，行业需求复苏不及预期，行业竞争格局进一步恶化，提振消费、监管政策发生不利变动，食品安全风险。 复盘过往，原奶周期拐点间隔一般3~4年，目前本轮下行周期持续时长已超过50个月，预计本轮周期向上拐点正在到来。基本面维度，饲料价格和牛肉价格 上涨或将加速上游牧场出清速度，国内奶牛存栏量进一步去化，生鲜乳产量已经开始拐头向下，企业喷粉库存高位回落，内部供给收缩趋势正愈加明朗;进 口乳制品折算价格反超国内原奶价格，且预期未来该内外价差或将维持较长时间，若对欧盟乳制品反补贴措施终裁落地，或将进一步加速乳制品国产替代， 外部供给有望随之较大幅度减少，整体供给将逐步收缩;叠加未来出台的提振消费政策将有助于推动下游需求回暖，原奶供需矛盾或将逐步缓解，最终促使 原奶价格拐头向上。 乳品 ...

Group 1 - The core point of the announcement is that the chairman and president of Yili Group, Pan Gang, plans to reduce his shareholding by no more than 62 million shares, which represents a maximum of 0.98% of the total shares, with an estimated market value of approximately 1.76 billion yuan based on the closing price of 28.42 yuan per share on the announcement date [1][2][3] - The reduction is intended to repay stock pledge financing loans [3] - As of the announcement date, Pan Gang holds 287 million shares, accounting for 4.53% of the company's total share capital [2] Group 2 - The planned reduction will occur between January 29, 2026, and April 14, 2026, through block trading and centralized bidding, with a total reduction not exceeding 62 million shares [3] - The shares to be reduced come from stock obtained through equity incentives and market purchases [3] - Yili Group's major shareholder is Hohhot Investment Co., Ltd., which holds 8.51% of the shares [5] Group 3 - For the first three quarters of 2025, Yili Group reported a revenue of 90.341 billion yuan, representing a year-on-year increase of 1.81%, while the net profit attributable to shareholders decreased by 4.07% to 10.426 billion yuan [5] - Pan Gang's compensation from 2020 to 2024 was reported as 21.49 million yuan, 22.96 million yuan, 25.73 million yuan, 21.79 million yuan, and 19.74 million yuan respectively [5]

Core Viewpoint - Nestlé (China) Co., Ltd. is taking proactive measures to recall specific batches of infant formula products following a preventive recall initiated in some European countries, emphasizing the importance of consumer safety and corporate responsibility [1] Group 1: Company Actions - The State Council's Food Safety Office and the Market Supervision Administration are closely monitoring Nestlé (China) Co., Ltd. to ensure the company fulfills its responsibility in recalling the affected products sold in China [1] - Nestlé (China) Co., Ltd. has complied with the recall requirements as mandated by the regulatory authorities [1] Group 2: Regulatory Oversight - The State Council's Food Safety Office and the Market Supervision Administration will continue to strengthen regulatory oversight to ensure the quality and safety of infant formula products [1]

Core Viewpoint - The report from Huatai Securities indicates that the industry prosperity index shows initial signs of a turning point in December, corroborated by an unexpected rebound in PMI [1] Sector Summaries - **Upstream Resources and Public Industries**: Significant improvement in the last three months, particularly in sectors such as non-ferrous metals, coal, certain chemical products, paper, and ordinary steel driven by price increases [1] - **TMT (Technology, Media, and Telecommunications)**: Accelerated progress in AI applications, leading to improved conditions in gaming and software, with a positive trend in computing power storage and passive components [1] - **Capital Goods and Intermediate Products**: Improvement noted in sectors like new energy, automation equipment, and engineering machinery, with export orders potentially being advanced due to the later timing of the 2026 Spring Festival [1] - **Consumer Goods**: Recovery observed in dairy products, beer, and livestock sectors [1] - **Infrastructure Chain**: The construction PMI rose above the threshold in December, indicating a recovery in the construction industry [1] - **Independent Prosperity Cycle**: Notable performance in sectors such as military electronics [1] Investment Recommendations - The report suggests continuing to position for the spring market with a balanced allocation between growth and cyclical sectors, recommending a focus on non-ferrous metals, chemicals, military, storage, gaming, new energy (batteries/wind power), and pharmaceuticals at a monthly level [1] - Additionally, short-term thematic investments are favored, with a focus on humanoid robots, brain-machine interfaces, and domestic computing power, considering trading congestion [1]

Core Viewpoint - Nestlé faces a significant challenge in the Chinese market due to a global food safety alert that has led to the recall of infant formula products, coinciding with strategic adjustments within the company [2][4]. Group 1: Product Recall and Safety Concerns - Nestlé announced a preventive recall of infant formula in 31 countries, including China, due to potential contamination from a supplier's raw material [2][4]. - The recall involves 30 batches of products from four brands, including "Liduo Jing" and "Platinum Neng En," while major products like "Super Q Neng En" and "Qifu" remain unaffected [4]. - The recall is a precautionary measure, with no reported consumer illnesses, but it raises concerns about consumer trust in Nestlé's products [4][15]. Group 2: Management Changes and Strategic Adjustments - A new management team for Nestlé's nutrition business in China has been established, led by CEO Xie Guoyao, who faces immediate challenges due to the recall [5][8]. - The merger of Nestlé's infant nutrition business with Wyeth aims to enhance operational efficiency, but the recall tests the new team's ability to manage crises and maintain consumer trust [5][8]. - The new CEO, Kais Marzouki, has been tasked with reversing a trend of declining sales in the Chinese market, which has seen a drop from 6.913 billion Swiss francs in 2019 to 5.558 billion Swiss francs in 2024 [10]. Group 3: Market Performance and Competitive Landscape - Nestlé's infant nutrition business has struggled, with market share dropping from approximately 13% in 2019 to 10.7% in 2022, facing competition from local brands like Feihe and Junlebao [5][7]. - The company has experienced a -6.1% organic growth rate in the Greater China region, with the infant nutrition segment being a significant contributor to this decline [7][10]. - Local brands are gaining market share by leveraging localized formulas and lower prices, further challenging Nestlé's position in the market [13]. Group 4: Global Restructuring and Cost-Cutting Measures - Nestlé plans to lay off 16,000 employees globally, aiming for annual cost savings of 1 billion Swiss francs by 2027, with a focus on replacing human labor with technology [12][14]. - The restructuring includes optimizing overlapping white-collar positions, which may provide financial flexibility for investment in technology and food safety in China [12][14]. - Despite these efforts, there are concerns about the impact of layoffs on research and development capabilities, as well as the potential for increased scrutiny from consumers regarding product safety [13][15]. Group 5: Future Outlook and Challenges - The year 2026 is seen as a critical period for Nestlé in China, as the effectiveness of the merged nutrition business and the new management strategies will be tested [15]. - The company must address the immediate fallout from the recall while also adapting to changing consumer demands and accelerating product innovation to regain market share [15].

根据中国银行间市场交易商协会（简称"交易商协会"）出具的编号为"中市协注〔2024〕DFI44号"的 《接受注册通知书》，交易商协会接受公司债务融资工具注册。公司债务融资工具注册自《接受注册通 知书》落款之日起2年内有效，公司在注册有效期内可分期发行超短期融资券、短期融资券、中期票 据、永续票据、资产支持票据、绿色债务融资工具等产品，也可定向发行相关产品，详见公司刊登于上 海证券交易所网站的相关公告。 公司成功发行了2026年度第一、二、三期科技创新债券，现将发行结果公告如下： ■ 公司本次科技创新债券发行有关的文件详见中国货币网（www.chinamoney.com.cn）和上海清算所网站 （www.shclearing.com）。 特此公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 内蒙古伊利实业集团股份有限公司(简称"公司")于2025年5月20日召开的2024年年度股东大会审议并通 过了《公司关于发行境内外债务融资工具的议案》，同意公司增加50亿元多品种债务融资工具（DFI） 发行规模，本次增加发行规模后多品种债 ...

Group 1 - The core viewpoint of the article highlights the significant progress made in the Inner Mongolia capital market during the "14th Five-Year Plan" period, focusing on the development of a multi-level enterprise listing cultivation system and supporting regional economic transformation [1][2] - Inner Mongolia added 12 new listed companies during the "14th Five-Year Plan," with the total market capitalization of A-share listed companies exceeding 1 trillion yuan, marking a 68% increase since the end of 2020 [2][3] - The region's capital market has seen the emergence of industry clusters in rare earths, energy, and dairy, with direct financing steadily expanding and the clean energy REITs breaking new ground in the northwest [1][3] Group 2 - The "Tianjun Plan" was implemented to cultivate enterprises for listing, resulting in 12 companies successfully entering the domestic and international capital markets, with 7 listed on the Shanghai and Shenzhen stock exchanges [2] - The Inner Mongolia equity trading center was approved as the first pilot for regional equity market innovation, transitioning to a listing "nursery" and "preparatory class" [2] - The region has established a complete and controllable rare earth listing company chain, supporting the construction of a national strategic resource base [3][4] Group 3 - Inner Mongolia's listed companies have undergone significant asset restructuring, raising approximately 23.77 billion yuan through refinancing, with notable acquisitions aimed at green transformation [4] - Cash dividends from 28 listed companies reached 93.026 billion yuan, doubling the amount from the previous five-year period, indicating enhanced investor returns [4] - The region's capital market has developed a multi-faceted financial system integrating stocks, bonds, funds, and futures, supporting the new ecological integration of production and finance [6] Group 4 - The region's private equity fund management scale has surpassed 35 billion yuan, focusing on long-term capital support for sectors like new energy and rare earth materials [6] - The "insurance + futures" pilot projects have been implemented to safeguard farmers' income, with over 20 projects launched [7] - The Inner Mongolia Securities Regulatory Bureau has strengthened regulatory measures to ensure market stability and investor protection, including the establishment of a comprehensive investor education mechanism [8] Group 5 - Looking ahead to the "15th Five-Year Plan," the Inner Mongolia Securities Regulatory Bureau aims to align with national strategies, focusing on cultivating new productive forces and enhancing the collaborative efficiency of the multi-level capital market [9] - The goal is to create a safe, transparent, and vibrant capital market that supports innovation and green development while solidifying the region's economic foundation [9]

转自：北京日报客户端 2026年开年，深圳的消费者梁女士向北京商报记者表示，在本地配送平台鲜颂佳预订的羊奶已经停摆数 周，数千元预付款也没了下文。1月1日，深圳的数百位消费者收到通知，鲜颂佳的母公司因资金链断裂 而关门，预存的羊奶均被暂停配送，涉及飞天、皇氏水牛、妙羊E家、首府等品牌。1月8日，不少消费 者收到由红星美羚旗下新公司配送的试饮装羊奶，让这场"断奶"风波有了一丝平息的迹象。不过，红星 美羚的救场能否解决断供危机仍存诸多未知。 超4.9万盒羊奶"不翼而飞" 2025年12月中旬，梁女士发现，鲜颂佳的配送员连续多天没有将羊奶放在家门口，打开小程序才注意到 433盒已被锁定，暂时无法配送。 梁女士向北京商报记者提供的一张转账记录和一张发票显示，收款商户为"深圳市龙岗区晋鹏鲜奶配送 中心"（以下简称"深圳晋鹏"），销售方为"深圳市品鼎供应链管理有限公司"（以下简称"深圳品 鼎"）。 像梁女士这样的案例不在少数。在一个名为"鲜颂佳羊奶集结"的微信群内，据北京商报记者不完全统 计，截至今年1月4日，有来自深圳市、广州市、东莞市、佛山市、韶关市等地的超过250名消费者进行 了缺货登记，鲜颂佳拖欠数量超过4.9万 ...