上市企业：阳光乳业（001318），皇氏集团（002329），贝因美（002570），麦趣尔（002719），燕塘 乳业（002732），庄园牧场（002910），新乳业（002946），西部牧业（300106），品渥食品 （300892），熊猫乳品（300898），海融科技（300915），天润乳业（600419），三元股份 （600429），光明乳业（600597），妙可蓝多（600882），伊利股份（600887），一鸣食品 （605179），佳禾食品（605300），骑士乳业（832786） 数据来源：中国海关，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国乳制品行业市场运营态势及投资前景趋势报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年11月中国乳品进口数量为22万吨，同比下降3.1%，进口金额为10.85亿 美元，同比增长9.7%。 ...

Core Viewpoint - The Ministry of Commerce of China has announced a preliminary ruling on anti-subsidy measures against imported dairy products from the EU, indicating that these products have received subsidies that harm the domestic dairy industry, with temporary anti-subsidy measures set to take effect from December 23, 2025 [1][2]. Group 1: Background and Rationale - The anti-subsidy investigation was initiated in August 2024 at the request of the China Dairy Industry Association and the China Dairy Products Industry Association [2]. - The preliminary ruling report, spanning 108 pages, details the existence of subsidies, the amount of subsidies, and the causal relationship between these subsidies and the damage to the domestic industry [2]. Group 2: Market Impact - The EU's subsidized dairy products, particularly cheese and cream, accounted for 23.6% to 34.6% of China's total dairy imports from 2020 to the first three months of 2024, making the EU a major source of these imports [4]. - The domestic dairy industry is currently facing challenges, including overproduction of raw milk and a lack of self-sufficiency in high-value processed products like cheese and butter [4]. Group 3: Industry Response and Future Outlook - There is a growing call for increased protection within the industry as raw milk prices decline, leading to widespread losses across the sector [5]. - The anti-subsidy measures are seen as a way to restore fair competition, allowing both domestic farmers and enterprises to compete under more equitable conditions [5]. - Industry experts suggest that domestic processing companies should leverage the current policy window to enhance product lines and processing capabilities, which will help them better compete against imports in the future [6]. - Companies like Feihe and Mengniu are already investing in high-value and deep-processing product projects, indicating a proactive approach to enhancing competitiveness [7].

Core Viewpoint - The Chinese dairy industry is entering a critical period for transformation and development, supported by government measures to counteract foreign subsidies that have negatively impacted domestic producers [1][5]. Group 1: Background and Context - The Ministry of Commerce initiated an anti-subsidy investigation into dairy products imported from the EU, responding to requests from the China Dairy Industry Association and the China Dairy Products Industry Association [2]. - The preliminary ruling found that EU dairy products received subsidies that caused substantial harm to the domestic industry, leading to the decision to implement temporary anti-subsidy measures starting December 23, 2025 [1][2]. Group 2: Market Impact - The EU accounted for 23.6% to 34.6% of China's total dairy product imports from 2020 to early 2024, indicating its significant role in the Chinese dairy market [4]. - The domestic dairy industry is currently facing challenges such as overproduction of raw milk and underdevelopment in high-value dairy products like cheese and butter, necessitating continued imports [4][5]. Group 3: Industry Challenges - The industry is experiencing widespread losses due to falling raw milk prices, high costs, and external pressures from imported dairy products, which have been exacerbated by EU subsidies [5]. - The China Dairy Products Industry Association highlighted that EU dairy products have entered the Chinese market at unreasonably low prices, harming domestic producers and reducing their capacity utilization [5]. Group 4: Future Opportunities - The anti-subsidy measures are seen as a way to create a fairer competitive environment, allowing domestic producers to strengthen their market position [5][6]. - Companies are encouraged to leverage the current policy window to enhance product lines and processing capabilities, which will help them better compete against imports in the future [6][7]. - The low prices of raw milk currently present an opportunity for processing companies to upgrade and innovate, particularly in high-value and deep-processing dairy products [7].

Group 1 - Macron's visit to China was primarily focused on securing trade agreements, including nuclear cooperation and large orders from Airbus, but he later threatened to initiate a tariff war against China if trade imbalances were not addressed [1][10] - In response, China imposed anti-subsidy tariffs on dairy products from the EU, with rates reaching up to 42.7%, significantly impacting French dairy exports [3][4] - The tariffs specifically targeted iconic French products like Camembert and Roquefort, which are crucial to France's agricultural economy, highlighting the vulnerability of France in this trade dispute [4][9] Group 2 - China's counteraction was not a spontaneous decision but rather a well-prepared response, initiated by a complaint from the China Dairy Association regarding EU subsidies that distorted market prices [6][11] - The French government expressed dissatisfaction with China's actions, labeling them as unilateral and unacceptable, which reflects a miscalculation in their approach to trade relations [7][10] - The underlying trade tensions reveal a deeper strategic divide within Europe, where political leaders are torn between economic needs and political allegiances, particularly towards the United States [11][14] Group 3 - The trade conflict has positioned France as the primary victim, as any escalation could jeopardize existing cooperation agreements, particularly in nuclear energy and Airbus projects [10][13] - China's stance emphasizes a willingness to cooperate but insists on mutual respect and fairness in trade relations, indicating that future disputes may arise if these principles are not upheld [13][14]

Core Viewpoint - The Chinese Ministry of Commerce has announced a preliminary ruling on anti-subsidy investigations against dairy products imported from the EU, determining a subsidy rate of 21.9%-42.7% and implementing temporary anti-subsidy measures, marking a response to EU subsidy policies and domestic industry demands [2][5]. Group 1: Investigation Process and Findings - The investigation was conducted in accordance with Chinese laws and WTO rules, ensuring fairness and transparency throughout the process, including consultations and hearings with stakeholders [3][4]. - Preliminary evidence indicates that EU dairy products are subsidized, causing substantial harm to the domestic industry in China, with a causal relationship established between the subsidies and the damage [5][6]. Group 2: Impact of EU Subsidies - The EU provides numerous subsidies through its Common Agricultural Policy (CAP), which allows European dairy producers to maintain profitability even during low international milk prices, enabling them to export at prices below cost to China [5][6]. - The investigation specifically targets cheese and high-fat cream, which are critical areas for the transformation and value enhancement of China's dairy industry, indicating that EU products not only result in sales losses but also hinder the progress of local dairy products towards higher-end processing [5][6]. Group 3: China's Stance on Trade Measures - The Chinese Ministry of Commerce has emphasized its cautious and restrained approach to trade remedy measures, having initiated only a few investigations against the EU since 2025, while the EU has launched numerous investigations against Chinese products [7][8]. - The Ministry has expressed a willingness to resolve trade disputes through dialogue, contrasting its restrained actions with the EU's aggressive use of trade remedy tools, which are perceived as discriminatory against Chinese enterprises [8][9].

对于欧盟的主动访华或发起对话，中国表现出了足够的友好与包容。例如，马克龙的访华就得到了热烈的欢迎，并且取得了一些积极的成果。然而，欧盟一 方面享受着中国的友好，另一方面却又回过头继续针对中国。这种做法导致了中欧关系的进一步恶化，也正因欧盟屡次无视中国的善意，使得近些年来中欧 关系未能得到实质性改善。如今，在中国适度升级反制措施后，欧盟开始感到焦虑，那么问题来了，欧盟究竟在这段时间里做了什么呢？我们不难发现，当 前欧盟面临的最大问题并非俄乌冲突，也非美国的关税政策，更不是中国，而是欧盟自身的问题。美国为何疏远欧盟？因为特朗普认为欧盟只会拖累美国。 俄罗斯为何不把欧盟放在眼里？普京认为欧盟不过是一个依赖美国支持、到处挥舞权力的小角色而已。因此，当前欧盟的不满，归根结底是要怪自己。难道 中国对欧盟的善意还不够吗？我们可以说，世界上没有多少大国能像中国这样，对欧盟表现出如此真诚的合作态度。可是，面对如此宝贵的合作机会，欧盟 却没能及时把握，不仅不珍惜，还屡次出言不逊地针对中国。 我们也不奇怪，为什么匈牙利总理欧尔班最近会感叹，欧盟正处于解体的边缘。不得不承认，欧盟曾经是一个典范，27个国家能够克服地缘政治分歧，实现 ...

Core Viewpoint - The article discusses China's preliminary ruling on anti-subsidy investigations against EU dairy products, highlighting the significant subsidy rates and the impact on domestic industries, while emphasizing the legal basis and fairness of China's actions [3][4][7]. Group 1: Anti-Subsidy Investigation - The Ministry of Commerce announced a preliminary ruling on anti-subsidy investigations against EU dairy products, with subsidy rates ranging from 21.9% to 42.7% [3][4]. - The investigation is seen as a response to unfair competition and subsidies from the EU, aiming to protect China's domestic dairy industry [3][4][7]. - The investigation process adhered to legal standards, ensuring transparency and fairness, including consultations with the EU prior to the announcement [4][5]. Group 2: Impact on Domestic Industry - Preliminary evidence indicates that EU subsidies have caused substantial harm to China's domestic dairy industry, particularly affecting cheese and high-fat cream products [7][8]. - The subsidies allow EU producers to maintain profitability even during low international milk prices, enabling them to export at prices below production costs [7][8]. - The financial health of domestic dairy companies has deteriorated due to price pressures from subsidized EU products, leading to increased inventory and operational difficulties, especially for small and medium-sized enterprises [8]. Group 3: Trade Relations and EU's Subsidy Practices - The article highlights the disparity in trade remedy investigations between China and the EU, with the EU initiating numerous investigations against Chinese products while China has been more restrained [10][11]. - The EU's use of the Foreign Subsidies Regulation (FSR) is criticized for being overly aggressive and discriminatory, raising concerns for Chinese companies operating in Europe [11]. - Despite ongoing trade tensions, China expresses a willingness to resolve disputes through dialogue and cooperation, as evidenced by recent adjustments in anti-dumping measures [10][11].

（来源：六安新闻网） 转自：六安新闻网 一、换季频发的"健康警报"，实则是儿童免疫力的"成长大考" 春末的风里飘着致敏的花粉，秋初昼夜温差能超过10℃——每到季节交替，许多家长都有过类似的焦虑 时刻：白天还在幼儿园活蹦乱跳的孩子，傍晚突然开始打喷嚏揉眼睛，深夜体温直飙38℃。这种"一换 季就生病"的循环，成了不少家庭的"季节性困扰"。 为何孩子在季节转换时特别容易"中招"？关键在于3-6岁正是儿童免疫系统的"发育黄金期"，此时免疫 细胞尚未完全成熟，抗体储备也不够充足。而换季时空气湿度波动大，花粉、尘螨等过敏原密集出现， 鼻病毒、流感病毒活跃度上升，这些因素共同冲击着儿童脆弱的呼吸道黏膜，给病原体创造了可乘之 机。 1."强护三次方"：从阻挡到调节的全维度免疫守护 （1）近6倍高活性免疫球蛋白：免疫球蛋白（IgG）是母乳中的核心免疫成分，能直接中和病原体。旺 玥奶粉添加的高活性免疫球蛋白含量接近普通奶粉的6倍，可在儿童呼吸道和肠道黏膜表面形成致密的 免疫防护膜，有效阻挡病原体入侵。 （2）超群含量乳铁蛋白：乳铁蛋白通过剥夺细菌生长必需的铁元素，抑制细菌存活。旺玥奶粉的乳铁 蛋白含量远超行业常规水平，能在体内快 ...

Group 1 - The Chinese Ministry of Commerce has initiated a preliminary anti-subsidy investigation into dairy products imported from the European Union, determining a subsidy rate of 21.9%-42.7% and deciding to implement temporary anti-subsidy measures [1][6] - The investigation is based on substantial evidence indicating that EU subsidies have caused material harm to the domestic dairy industry in China, with a causal relationship established between the subsidies and the harm [3][6] - The EU's Common Agricultural Policy (CAP) has provided numerous subsidies to the dairy sector, allowing European producers to maintain profitability even during low international milk prices, thus enabling them to export at prices below cost to China [6][7] Group 2 - The Chinese dairy industry has faced significant financial difficulties due to the impact of subsidized EU products, leading to reduced profit margins and increased inventory levels, particularly affecting small and medium-sized enterprises [7] - The Ministry of Commerce has emphasized that the investigation process has been conducted fairly and transparently, adhering to both domestic laws and WTO regulations, ensuring the rights of all stakeholders involved [3][4] - The Chinese government has expressed a commitment to resolving trade disputes through dialogue, contrasting its restrained use of trade remedy measures with the EU's more aggressive approach, which has included multiple investigations and tariffs against Chinese products [8][10]

Core Viewpoint - The introduction of liquid infant formula in China provides a new option for parents, ensuring compliance with national food safety standards for infants [1][5] Group 1: Product Overview - Liquid infant formula is made from raw milk and fortified with nutrients, offering the same nutritional value as powdered infant formula [1] - The product is designed for immediate consumption, eliminating the need for water mixing, making it convenient for parents, especially younger consumers [3] Group 2: Regulatory Framework - The National Market Regulation Administration has begun accepting registration applications for liquid infant formula, with stringent requirements for production processes and ingredient sourcing [5][6] - The registration process for liquid infant formula is more rigorous than that for powdered infant formula, focusing on microbial safety and quality control [6][8] Group 3: Safety and Quality Control - The safety of liquid infant formula is heavily reliant on the quality of raw milk, necessitating strict controls on microbial risks during production [6] - Companies must establish internal evaluation standards for product stability, including testing methods and indicators to ensure quality throughout the product's shelf life [8] Group 4: Labeling and Consumer Protection - The National Market Regulation Administration has set clear guidelines for product naming and labeling to prevent consumer deception [9] - Product names must adhere to specific formats based on the age suitability of the formula, ensuring clarity for consumers [9][10]