Group 1 - The dairy sector experienced a decline of 1.30% as of the market close on September 17, with companies like Yiyaton, Lihigh Food, and Pinwo Food leading the losses [1] - Among the dairy stocks, three companies saw price increases, with New Dairy rising by 1.02%, Weiwei Co. by 0.86%, and Huanlejia by 0.30% [1] - The dairy sector faced a net outflow of 645 million yuan from major funds, with 25 stocks experiencing outflows, and 10 stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The top net outflow was from Yiyaton, which saw a net outflow of 391 million yuan, followed by Beiyinmei with 63.95 million yuan and Dabeinong with 35.09 million yuan [2] - The stocks with the highest net inflow included Weiwei Co. with 9.27 million yuan, Yisheng Co. with 3.18 million yuan, and Fucheng Co. with 2.68 million yuan [2] - The dairy sector's outflow list included Yiyaton, Beiyinmei, Dabeinong, and Panda Dairy, with respective declines of 4.80%, 1.74%, 0.92%, and 3.27% [3]

Core Viewpoint - The new regulation mandates that sterilized milk in China must be produced solely from raw milk, prohibiting the use of reconstituted milk, which will now be classified under modified milk products [1][5]. Group 1: Definition and Distinction - Reconstituted milk, also known as "reduced milk," is made by adding water to milk powder, while sterilized milk is commonly referred to as pure milk [3]. - The current market for pure milk and fresh milk has largely transitioned to using "raw milk" as the primary ingredient, with minimal presence of reconstituted milk [2]. Group 2: Impact of the New Regulation - The new standard aims to enhance the quality and identity of pure milk, ensuring it is 100% made from raw milk, which is expected to improve its nutritional value and taste [3][5]. - While reconstituted milk will not disappear entirely, it will still be permitted in products like yogurt and cheese, provided it is clearly labeled [4]. - The regulation is seen as a response to consumer health demands and aims to eliminate the ambiguity surrounding the use of reconstituted milk in pure milk products [5]. Group 3: Market Implications - Experts believe that the new regulation will not significantly impact the supply-demand relationship in the domestic dairy market in the short term, but it holds positive long-term implications for the industry [5]. - The current low prices of raw milk, which stood at 3.04 yuan per kilogram in July, are expected to keep the costs stable, with no significant price increase anticipated for sterilized milk due to the raw material switch [6].

导语：9月16日，被誉为"中国质量界最高荣誉"的第五届中国质量奖评选结果重磅揭晓。在这场汇聚能 源、装备制造等国家战略产业领军企业的角逐中，伊利集团凭借卓越的质量创新实践，斩获中国质量奖 提名奖，用"乳业品质"为"中国质造"写下生动注脚。 文化、管理双翼驱动，品质之花盛放 中国质量奖的评选始终与时俱进，不断创新发展。第五届中国质量奖评选同样秉承这一理念，不仅关注 产品质量，更重视企业品质文化。这一背景下，伊利品质文化之花的持续绽放，折射出伊利深厚的品质 文化土壤和丰富的人才储备。 在伊利集团董事长兼总裁潘刚"尊重人、凝聚人、发展人、成就人"理念指导下，伊利极为重视人才体系 与文化传承建设，通过"传帮带"机制将品质基因注入全员。 文化落地需方法论支撑：伊利首创食品安全"三条线"标准(国标线、提升50%的企标线、再提升20%的内 控线)；率先引入在医药行业久负盛名的QbD(质量源于设计)管控体系，用医药标准锻造乳品品质……随 着一系列严格标准转化为行动自觉，"品质"理念融入伊利发展的每一根毛细血管。 据国家市场监督管理总局公示的信息显示，经审查，共有541家组织和73名个人进入第五届中国质量奖 受理名单，评选围绕 ...

0:00 秋色初染，松花江畔，碧波轻抚堤岸，夕阳为松浦大桥镀上一层金晖。 水波荡漾间，松花江沿岸的百年历史风貌与现代都市景致交相融合，以这条江为轴线，江两岸产业兴、生态 美、万物生的鲜活图景，正沿着广袤的黑龙江大地舒展铺陈。 松花江畔。人民网 徐成龙摄 "十四五"以来，黑龙江省持续提升粮食综合生产能力。2024年，全省粮食总产量达到1600.34亿斤，创历史新 高，连续15年位居全国第一，粮食总产量和增量均居全国首位。 全省新建重点文旅项目400多个，累计完成投资720亿元。2024年，全省接待游客量2.8亿人次、游客总花费 3701.2亿元，同比分别增长29.1%、67.1%。 踏上观景台，只见先进的自动遥感无人机方舱及地面监测设备已经投入运行，无人机的自动巡航监测结合风 云卫星遥感数据系统，形成了"卫星宏观监测、无人机中观巡护、地面仪器精准采集"的"空—天—地"三维立体农 情监测体系，为这片孕育中的稻海注入了科技的"生命力"。 "近年来，富锦市大力发展农业新质生产力，推动卫星遥感与农业的深度融合。未来，我们将持续促进科技攻 关与产业应用协同，为农业插上'科技的翅膀'。"富锦市委副书记、市长赵尉凯介绍。 当 ...

Core Viewpoint - From September 16, 2023, the production of sterilized milk in China will only be allowed to use raw milk as a raw material, prohibiting the use of reconstituted milk, which will be classified under blended milk management [1][6]. Group 1: Regulatory Changes - The new regulation prohibits the labeling of products made with reconstituted milk as "pure cow (sheep) milk" or "pure cow (sheep) milk" [1]. - The change aims to enhance the quality of milk products and align with international standards, as many countries already require sterilized milk to be made solely from raw milk [11]. Group 2: Market Impact - The new standard is expected to positively influence the market by increasing the demand for raw milk, thereby stabilizing the dairy farming sector and improving farmers' incomes [9]. - Industry experts believe that the implementation of the new standard will not significantly affect the prices of sterilized milk, as the current prices of raw milk remain low and many companies have already adapted to using raw milk [10]. Group 3: Consumer Awareness - Many consumers are unaware of the new regulation and the concept of reconstituted milk, often focusing more on brand rather than ingredient labels [5]. - The industry anticipates that the new regulation will help improve product quality and meet consumer demand for higher-quality dairy products [9].

6892.3万元补助资金已精准落地，856个技术交易项目获得有力支撑……日前，内蒙古自治区科技厅正 式公布2025年度内蒙古自治区技术交易后补助项目清单。"真金白银"的支持让政策从"纸上"落到"账 上"，成为撬动区域科技成果转化的重要支点。 技术交易后补助，是指对已在内蒙古自治区内企事业单位完成的有偿技术转移转化交易及相关服务给予 的激励性、普惠性补助，分为交易方后补助和服务方后补助。补助主要面向自治区内开展科技成果转移 转化活动的三类主体：科技成果需求方、科技成果供给方以及技术转移服务机构。作为一项兼具激励性 与普惠性的创新政策，技术交易后补助正通过精准滴灌，为内蒙古企业的技术升级注入活力，为区域经 济高质量发展培育新动能。 企业迎来"及时雨" 夏秋之交，科技日报记者走进内蒙古金宇保灵生物药品有限公司（以下简称"金宇保灵"）的全球最大口 蹄疫灭活疫苗生产车间，首先映入眼帘的是智能制造总控室。巨大的电子显示屏上，各项数据实时更 新，疫苗纯化的进度、合格率等关键信息清晰可见。 这样的智能化生产场景，正是金宇保灵在技术研发领域持续发力的注脚。近年来，金宇保灵的"朋友 圈"与"成果单"同步扩容，与广东蓝玉生物科技有 ...

Core Insights - ZhongJinQiXin focuses on deconstructing industry essence, accurately assessing market size, growth drivers, competitive landscape, and potential risks [2] - The company provides rigorous data support and in-depth analysis for new market entry, mergers and acquisitions, and IPO fundraising [2] - Market position certification is crucial for enhancing product competitiveness, brand value, market trust, and attracting investment and partnerships [2] Market Overview - The pillow market in China has seen significant growth, with market size increasing from 35 billion to 47 billion yuan from 2016 to 2020, and is expected to exceed 60 billion yuan soon [6] - The growth is driven by consumers' pursuit of quality home life and increasing attention to pillow products [6] - The expansion of the pillow market is reflected not only in sales revenue but also in user and sales volume growth, attributed to product diversification, branding trends, and rising personalized demands [7] Competitive Landscape - The pillow industry faces intense competition, with numerous competitors offering similar products, making it challenging to establish clear competitive advantages [7] - Companies are resorting to price-cutting strategies to gain market share, which is increasing consumers' bargaining power [7] - Consumers are increasingly focused on product quality, design, and functionality, necessitating continuous innovation in design and features from companies [7]

Group 1 - China Shengmu (01432) shares rose over 10%, reaching 0.33 HKD with a trading volume of 6.1415 million HKD [1] - China Shengmu Organic Dairy Co., Ltd. was awarded the title of "Benchmark Enterprise" for the "Animal-Friendly Farm Level Evaluation Standard," becoming one of the first companies in China to receive this certification [1] - The T/CVDA 38-2025 "Animal-Friendly Farm Level Evaluation - Dairy Cattle" standard was released, with China Shengmu being a key drafting unit, contributing significantly to its formulation [1] Group 2 - Tianfeng Securities indicated that raw milk prices are at a low point, awaiting a new cycle, with expectations for a prolonged upward cycle due to long recovery periods and low efficiency [1] - The current phase of cow capacity reduction is nearing its end, and the financial pressure from Q3 silage purchases may accelerate the clearing of marginal costs, leading to a potential rebound in raw milk prices [1] - Companies with cow resources or those adopting a "milk-meat linkage" model are expected to have more prominent profitability [1]

Group 1 - China Shengmu (01432) shares rose over 10%, currently up 10.00% at HKD 0.33, with a trading volume of HKD 6.1415 million [1] - China Shengmu Organic Dairy Co., Ltd. has been awarded the title of "Benchmark Enterprise" under the "Animal-Friendly Farm Level Evaluation Standard," becoming one of the first companies in China to receive "Animal-Friendly" farm certification [1] - The T/CVDA 38-2025 "Animal-Friendly Farm Level Evaluation - Dairy Cattle" standard was released, with China Shengmu being a key drafting unit, contributing significantly to the standard's formulation [1] Group 2 - Tianfeng Securities (601162) indicates that raw milk prices are stabilizing at low levels, awaiting a new cycle [1] - Due to long recovery periods and low efficiency, the current upward cycle is expected to last longer [1] - The current reduction in dairy cow capacity may be nearing its end, and the financial pressure from Q3 silage purchases could accelerate the clearing process, with raw milk prices likely to bottom out and rebound [1] - Companies with cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [1]

Core Insights - The consumption ETF, Jia Shi (512600), has shown significant performance with a 0.67% increase, and notable individual stocks like Hai Da Group and Hua Xi Bio have risen by 3.14% and 2.37% respectively [1] - The ETF has experienced a net inflow of 25.22 million yuan over the past five trading days, indicating strong investor interest [1] - The current price-to-earnings ratio (PE-TTM) of the index tracked by the ETF is 20.2, which is historically low, suggesting potential undervaluation [2] Performance Metrics - As of September 12, 2025, the consumption ETF has achieved an 8.61% increase in net value over the past six months [1] - The ETF's highest single-month return since inception was 24.50%, with an average monthly return of 6.05% [1] - The ETF's performance over the last three months has outperformed its benchmark with an annualized return of 7.08%, ranking it first among comparable funds [1] Market Trends - The food and beverage sector is undergoing adjustments due to policy impacts, with a noticeable decline in revenue year-on-year in Q2 2025, which may help clear historical burdens [4] - The upcoming Mid-Autumn Festival and National Day are expected to boost market demand, with recent sales showing improvement compared to June and July [5] - Leading liquor companies are adapting to industry cycles and changing consumer trends, which may lead to a gradual recovery in the sector [5] Sector Composition - The index tracked by the consumption ETF includes major consumer sectors such as liquor, pork, dairy, and food processing, with liquor accounting for over 39% of the index weight [2] - Key stocks within the index include Yili (10.02% weight), Kweichow Moutai (9.85% weight), and Wuliangye (9.85% weight), among others [4]