Group 1 - China's trade surplus with Europe has surpassed $1 trillion, leading Western leaders to view this trade as unsustainable due to the imbalance where China sells significantly more to Europe than it purchases [2] - In response to the EU's tariffs on Chinese electric vehicles, China will implement temporary anti-subsidy measures on EU dairy products starting December 23, with subsidy rates ranging from 21.9% to 42.7%, significantly impacting French dairy producers [5][9] - The dairy industry is currently the only sector where China can impose retaliatory measures against Europe, as other high-tech industries have been restricted by the EU, limiting China's ability to retaliate effectively [7] Group 2 - In 2025, China imported 156,000 tons of cheese, with 14.5% coming from Europe, while New Zealand accounted for 60% of China's cheese imports, indicating a shift in consumer preference towards New Zealand products due to increased costs from European dairy [5] - European leaders, including Macron, have overestimated their global standing and underestimated China's resolve against unfair trade practices, leading to a lack of significant improvement in trade relations despite diplomatic visits [9][10] - The EU's previous attempts to limit China's manufacturing growth through climate agreements have backfired, as Europe now finds itself reliant on China's advancements in renewable energy and electric vehicles, prompting a reconsideration of their policies [12][13]

Market Overview - Hong Kong stocks rose by 0.17% on Christmas Eve, while A-shares showed strong performance as funds remained cautious ahead of the holiday [1] - The U.S. GDP for Q3 grew at an annualized rate of 4.3%, exceeding expectations and marking the fastest growth since Q3 2023, driven by strong consumer spending and a rebound in exports [1] - The U.S. plans to impose tariffs on semiconductor products imported from China, effective June 2027, as a response to China's ambitions in the chip industry [1] Semiconductor Industry - Semiconductor companies, including SMIC, have announced price increases of around 10% for 8-inch BCD process platforms due to high demand for power chips in AI servers [2] - TSMC is consolidating its 8-inch capacity and plans to shut down some production lines by the end of 2027, contributing to price increase expectations [2] - Companies like Samsung and SK Hynix have raised HBM3E prices by nearly 20% due to increased orders from major tech firms [3] Rare Resources and Nickel Market - The Indonesian Nickel Mining Association reported a significant reduction in nickel production targets for 2026, aiming to prevent further price declines, which has led to a rise in nickel-related stocks [3] - Companies such as LDK Resources and Xinjiang Xinjin Mining saw stock increases of nearly 9% following the news of reduced production targets [3] Dairy Industry - Domestic dairy processing capacity is expanding as imported dairy product price advantages diminish, benefiting upstream dairy farms [4] - Companies like Yurun Agriculture and Modern Dairy experienced stock increases of nearly 7% due to this trend [4] Robotics and Automation - Cloud Deep Technology has submitted an IPO application and holds a significant market share in the quadruped robot sector [5] - SUTENG announced advancements in robotic technology, showcasing capabilities in high-precision visual perception and flexible mechanical arm control [5] Currency and Paper Industry - The offshore RMB reached a high of 7.0129 against the USD, enhancing purchasing power for raw materials in the paper industry [7] - Companies like Nine Dragons Paper and Lee & Man Paper are expected to benefit from reduced procurement costs due to the strengthened RMB [7] Company Highlights - Tiangong International has achieved significant breakthroughs in high-end materials, positioning itself as a leader in the global tool steel market [8] - The company is focusing on import substitution in high-end materials, which is expected to drive future revenue growth [8] - The company is also advancing in high-nitrogen steel for humanoid robots, collaborating with domestic firms to enhance its product offerings [9]

【环球时报综合报道】由于羊痘持续传播，希腊已扑杀数十万只绵羊和山羊。这一情况正影响该国著名的菲达奶酪生产与出口，引发市场对其短 缺的担忧。 据英国广播公司（BBC）12月1日报道，绵羊痘和山羊痘的首例病例于2024年8月在希腊北部被发现，羊痘随后蔓延至该国多个地区。根据希腊防 疫相关政策，一旦农场发现羊痘病例，必须扑杀整个畜群。截至目前，已有约41.7万只绵羊和山羊被扑杀，占该国存栏总数5%左右。 用于制作菲达奶酪的羊奶享有"白色黄金"的美誉，作为欧盟地理标志产品，仅希腊产奶酪可冠"菲达"之名。数据显示，希腊约80%的绵羊奶和山 羊奶用于制作菲达奶酪，去年该奶酪出口额达7.85亿欧元。目前，小型乳品厂已面临羊奶供应短缺问题。希腊相关专家表示，奶源减少推高生产 成本，维持现有菲达奶酪市场供应量愈发困难。此次疫情恐使养殖户遭受重创。 对于希腊养殖户而言，失去大量牲畜意味着破产。报道称，政府为每只羊提供132欧元至220欧元的宰杀补偿，但许多养殖户称，这笔钱远不足以 覆盖损失。养殖户不仅面临经济困境，更承受着 "没能保护好牲畜" 的情感创伤。养殖户马纳卡斯的873只羊被全部扑杀，他伤心地表示："它们被 扑杀的那天， ...

Company Overview - Tianrun Dairy (SH 600419) announced on November 27 that its wholly-owned subsidiary, Alar Xin Nong Dairy Co., received a government subsidy of approximately 7.91 million yuan, which is related to revenue and accounts for 18.12% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1]. Revenue Composition - For the fiscal year 2024, Tianrun Dairy's revenue composition is as follows: dairy products account for 93.31%, livestock industry for 3.28%, other businesses for 2.86%, and other industries for 0.55% [1]. Market Capitalization - As of the report date, Tianrun Dairy's market capitalization is 3 billion yuan [1].

Core Points - The Australian Trade Minister Farrell announced the participation of a record number of 256 Australian companies at the 8th China International Import Expo in Shanghai from November 5 to 10 [1] - The expo serves as a significant platform for Australian businesses to showcase high-quality goods and services to China, which is Australia's largest export market [1] - The event is expected to yield tangible results for Australian exporters, with opportunities for signing commercial cooperation memorandums worth millions of Australian dollars [1] Group 1 - The 8th China International Import Expo will take place from November 5 to 10 in Shanghai [1] - A total of 256 Australian companies will participate, marking a historical high for the event [1] - The showcased products will include dairy, meat, seafood, wine, and health products to meet the demands of the Chinese market [1] Group 2 - The expo is anticipated to create job opportunities and drive economic growth for Australia [1] - The event also provides an opportunity for Australia to promote tourism, aiming to offer world-class experiences for Chinese tourists [1] - China is expected to remain Australia's largest trading partner in the foreseeable future [1]

Group 1 - Leading domestic non-woven fabric manufacturer, producing hot air non-woven fabrics for diapers and other applications [2] - Global leader in color woven fabric, focusing on mid-to-high-end fashion brands, with a turnaround in net profit in the first half of the year [2] - Major player in the dairy product sector in Gansu and Qinghai, expecting significant reduction in losses in the first half of the year [2] Group 2 - Company specializes in the wool industry, producing fine cashmere and cashmere blended products for clothing [2] - Main business includes feed, pig farming, food, and trade, with a subsidiary focused on prepared food [2] - Subsidiary has become a leading MCN organization with over 110 signed influencers and a total fan base exceeding 368 million [2] Group 3 - Company focuses on pet hygiene products and health care items [2] - Major products include shampoos, conditioners, body washes, and skincare products [2] - Largest producer of walnut milk in China, with significant investment in Yangtze Storage Technology [2] Group 4 - Company is a leader in the coal chemical industry in Heilongjiang and a prominent player in the graphene sector [3] - Subsidiary has developed transparent conductive film technology for graphene applications [3] - Company is involved in the power automation sector, focusing on EPC contracting in wind power [3] Group 5 - Company specializes in high-end sanitary ware and has expanded manufacturing bases in Vietnam [4] - Plans to transition from real estate development to renewable energy generation [4] - Company is a leading developer in the Guangdong-Hong Kong-Macao Greater Bay Area [4] Group 6 - Company is a major player in the cement industry in North China, with a significant market share [5] - Engaged in the production and sales of cement, primarily in Hubei province [5] - Company has developed products for the photolithography market, aiming to collaborate with ASML [5] Group 7 - Company is a comprehensive producer of various non-ferrous metals, with an annual silver production capacity of 500 tons [7] - Plans to acquire stakes in multiple companies, with a total estimated transaction value of 2.728 billion [7] - Company expects a substantial increase in net profit due to improved operational performance [7] Group 8 - Leading producer of phosphoric acid, essential for solid-state battery production [8] - Plans to invest in and gain control of a technology company specializing in semiconductor packaging [8] - Company is a supplier of drilling equipment for offshore oil and gas energy extraction [8]

Group 1 - Tianrun Dairy announced the convening of its 22nd meeting of the 8th Board of Directors on August 21, 2025, via communication methods to discuss the appointment of the financial and internal control audit institution for the year 2025 [1] - For the year 2024, Tianrun Dairy's revenue composition is as follows: dairy products account for 93.31%, livestock industry accounts for 3.28%, other businesses account for 2.86%, and other industries account for 0.55% [1] - As of the report date, Tianrun Dairy has a market capitalization of 3.7 billion yuan [1]

Core Points - The planned visit of U.S. trade representatives to India from September 25 to 29 has been canceled, leading to uncertainty in the sixth round of U.S.-India trade negotiations [1] - India has seen a positive growth in exports to the U.S. since April, with exports increasing by 21.64% year-on-year to $33.53 billion from April to July, while imports from the U.S. grew by 12.33% to $17.41 billion during the same period [1] - The ultimate goal of the U.S. and India is to increase bilateral trade to $500 billion by 2030, significantly higher than the current $191 billion [1] Trade Relations - The cancellation of the visit is attributed to escalating trade tensions between the U.S. and India, with the U.S. imposing additional tariffs on Indian goods due to India's continued import of Russian oil [2] - The U.S. plans to impose a 25% tariff on Indian imports starting August 7, which could lead to a potential 50% tariff on Indian goods exported to the U.S. from September 27 [2] - India has expressed concerns over U.S. demands for greater market access in sensitive sectors like agriculture and dairy, stating that it cannot compromise the livelihoods of its farmers and livestock producers [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Asian Development Bank's gender - inclusive dairy value chain investment project in Mongolia from 2019 - 2023 had a positive impact on milk suppliers. The average monthly household income of the treatment group increased by 57% from the baseline to the end - stage (in 2019 prices), compared to a 39% increase in the comparison group. The project also led to an increase in milk production and potentially alleviated over - grazing and pasture degradation [25][105]. - The Mongolian dairy industry faces challenges such as over - supply in summer, under - utilization of resources, and milk shortages in other seasons. The expansion of the Milko - type milk collection system may be the solution to the under - utilization problem [27][36]. - The government's milk subsidy plan has increased winter milk supply but has not addressed the issue of resource under - utilization in the peak season. Further incentives for the expansion of milk collection and dairy production led by mature processors are needed [27][38]. 3. Summary According to the Table of Contents Introduction - Mongolia's traditional livestock population has been increasing steadily since the 1990s, with an average annual growth of 4.5% since 2010, reaching 64.7 million in 2023. Cows contribute about 60% of the total milk production. In 2023, the livestock sector produced 820 million liters of raw milk, but only 15% was processed by dairy processors [28]. - The Mongolian dairy industry has seasonal imbalances, with milk surplus in June - September and shortages in other months. In 2023, 27% of herder families did not milk their cows, and the country imported $24.7 million worth of concentrated milk, milk powder, and cream [30][32][33]. - Mongolia has 161 dairy processing enterprises, with the top five accounting for about 70% of the processing capacity. Different processors use various milk procurement models [35]. - The government's milk subsidy plan has increased winter milk supply but has not solved the problem of resource under - utilization in the peak season [37][38]. Project - The Asian Development Bank funded a gender - inclusive dairy value chain investment project in Mongolia from 2019 - 2023, supporting Milko to expand milk collection from small herders. The project included building seven new milk collection points and installing two new low - temperature dryers, with a $7.5 million loan from ADB and a $2.1 million investment from Milko [40]. - By 2024, Milko operated 10 collection points, and the total milk collection capacity increased from 20 tons in 2019 to 50 tons [41]. - Each collection point is managed by local agents, and Milko pays them per liter of milk, with an average price of 1,200 Mongolian tugriks per liter as of 2024 [46]. Impact Assessment Design and Methodology - The impact assessment aimed to measure the project's impact on milk suppliers. The double - difference method (DiD) was chosen as the most appropriate method, and the following indicators were used to measure productivity and profitability: household total income, milk supply volume, and milk price [47][53][60]. - The DiD method eliminates the influence of factors unrelated to the project and the differences between the treatment and control groups at the baseline. The theoretical equation was transformed into a regression equation for statistical estimation [55][56]. - The study considered potential selection biases but found them to be low. The DWH test confirmed that the participation variable was exogenous [61][65][67]. Baseline and End - point Surveys - The baseline survey was conducted from April - May 2021, collecting information on herder families' activities in 2019 and 2020. The end - point survey was conducted from August - October 2024, collecting data on 2023 and 2024 [68]. - The treatment group consisted of 556 households supplying milk to six new collection points, and the comparison group initially had 1,198 households, which was later reduced to 700 based on the similarity of the number of cows [74]. - By the end of the study, the experimental group had 406 households, and the control group had 689 households [81]. - From 2019 - 2023, Mongolia's economy grew at an average rate of 3%, and consumer prices rose by an average of 8%. The average monthly household income increased nominally by 88% and actually by about 38% from Q3 2019 to Q3 2024 [85]. Research Results - **Social - demographic characteristics of respondents**: The average household size in the treatment group decreased from 3.9 to 3.7, and in the comparison group from 4.6 to 4.3. The proportion of households with at least one member voluntarily paying social insurance premiums increased in both groups [91][95][99]. - **Impact measurement**: - **Household monthly income**: The average monthly household income of the treatment group increased by 57% (in 2019 prices), driven by milk and dairy products and social welfare and pensions. The comparison group's income increased by 39%, mainly due to wages, salaries, and pensions [104][105]. - **Sales of milk and dairy products**: The average annual milk production of the treatment group increased from 5,300 liters in 2019 to 9,400 liters in 2024. The increase in income from milk sales was due to both an increase in quantity (70%) and price (30%) [112][113]. - **Number of livestock and cows**: In 2019, the treatment group had 129,292 livestock, and the comparison group had 360,647. By 2024, the treatment group had 80,771, and the comparison group had 308,561. The number of cows in both groups was similar at the end [116][122].

Core Viewpoint - The Indian government is considering trade concessions to the U.S. in response to newly imposed tariffs, aiming to avoid escalating trade tensions while maintaining strategic autonomy [1][4]. Trade Negotiations - India is evaluating potential trade concessions, particularly in agriculture and dairy sectors, to satisfy U.S. demands while minimizing domestic impact [3][6]. - The Indian government views the 21-day window before the tariffs take effect as a critical opportunity for negotiations with the Trump administration [4][7]. Economic Impact - The U.S. is India's largest export market, with exports projected to reach nearly $87 billion in 2024. A 50% tariff could significantly impact key sectors such as textiles, automotive parts, and steel [2][6]. - Indian exporters are concerned about the severe repercussions of the tariffs, with estimates suggesting that nearly 55% of goods exported to the U.S. could be affected [6][7]. Agricultural Concerns - Agriculture is a highly sensitive area for the Indian government, with farmers forming a powerful political lobbying group. The government is resistant to importing genetically modified products [6][7]. - Prime Minister Modi has expressed a firm stance on protecting farmers' interests, indicating a willingness to face personal and political costs for this commitment [6]. Strategic Autonomy - The Indian government aims to achieve a bilateral agreement that preserves its strategic autonomy while addressing U.S. trade concerns [4][5]. - Despite domestic calls for a strong response to U.S. actions, the Indian government is prioritizing diplomatic solutions over retaliatory measures [4][7].