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].

Core Viewpoint - The article discusses the implications of the U.S. imposing a 30% tariff on goods imported from the EU starting August 1, 2025, and the EU's response to this decision, highlighting concerns about a potential trade war and its impact on both sides. Group 1: EU's Response to U.S. Tariffs - The European Commission President Ursula von der Leyen announced the extension of the suspension period for countermeasures against U.S. tariffs until early August, while preparing for potential retaliatory actions [2][4] - There is internal skepticism within the EU regarding the decision to extend the suspension, with some officials questioning whether further concessions are appropriate [2] - The EU aims to negotiate a solution with the U.S. before the deadline, maintaining a dual strategy of negotiation and potential countermeasures [4] Group 2: Concerns from European Leaders - German Chancellor Merz expressed that the tariffs would negatively impact Germany's export sector and emphasized the need for a resolution before the tariff implementation [3] - Italian Prime Minister Meloni warned that a trade war among Western allies would weaken collective strength in facing global challenges [3] - Belgian Deputy Prime Minister De Croo criticized the tariff escalation as unreasonable and likely to result in a "lose-lose" situation for both the U.S. and EU [3] Group 3: Impact on Specific Industries - The French dairy industry, particularly cheese exports, is expected to suffer significantly from the U.S. tariffs, with annual exports to the U.S. valued at approximately €350 million [5] - The head of the French National Dairy Industry Association highlighted the need for the industry to explore new markets to mitigate the impact of U.S. tariffs [5] - The association's representative emphasized the importance of proactive measures and support from the French government to open new markets for dairy products [5]

Group 1 - The U.S. President Trump announced a 30% tariff on goods imported from the EU starting August 1 [1][4] - The EU Commission President von der Leyen stated that the EU will extend the suspension of countermeasures against U.S. tariffs until early August while preparing for potential retaliatory measures [2][9] - Concerns have been raised within the EU regarding the effectiveness of further concessions to the U.S., with calls for the EU to initiate retaliatory measures [4][9] Group 2 - German Chancellor Merz expressed that the tariffs would negatively impact Germany's export sector and emphasized the need for a resolution before August 1 [5] - Italian Prime Minister Meloni warned that a trade war within the West would weaken collective strength in facing global challenges [7] - Belgian Deputy Prime Minister Prevoo criticized the tariff escalation as unreasonable and likely to result in a "lose-lose" situation [8] Group 3 - EU citizens are divided on the approach to the U.S. tariffs, with some advocating for a stronger stance against U.S. demands [11][12] - The underlying motivations for the U.S. tariff actions may extend beyond trade deficits, potentially aiming to gain leverage in various strategic negotiations [14] Group 4 - The French dairy industry is particularly concerned about the impact of U.S. tariffs, with significant exports to the U.S. at approximately €350 million annually, primarily in cheese [17][18] - The French dairy sector is urged to explore new markets to mitigate the effects of U.S. tariffs [15][18]

Core Viewpoint - The event aimed to showcase the achievements of Shandong Province in livestock product quality safety and enhance consumer awareness of high-quality livestock products through an immersive experience [1] Group 1: Event Overview - The event was guided by the Shandong Provincial Animal Husbandry and Veterinary Bureau and organized by the Provincial Livestock Product Quality Safety Center [1] - It featured interactive experiences that allowed consumers to understand the entire process of livestock product production and processing [1] Group 2: Activities and Learning - Participants visited Tianrun Qiyuan Dairy Company, where they learned about the complete dairy production chain and nutritional knowledge of dairy products [3] - The event included a visit to the Huimin Agricultural Technology Company, showcasing the unique cultural and agricultural significance of the Dezhou donkey [4] Group 3: Media and Public Engagement - The entire event was tracked by media and broadcasted live to disseminate knowledge about livestock product quality safety to a broader audience [6] - The director of the Shandong Provincial Livestock Product Quality Safety Center expressed hopes that such activities would enhance consumer trust in high-quality livestock products and promote high-quality development in the livestock industry [6] Group 4: Consumer Feedback and Future Plans - Participants reported an increase in knowledge and confidence regarding the quality safety of livestock products in Shandong Province [7] - The Shandong Provincial Livestock Product Quality Safety Center plans to continue diverse educational activities to guide public health consumption and inject new momentum into the high-quality development of the livestock industry [7]

Core Viewpoint - The article discusses the escalating trade tensions between the United States and various countries, particularly focusing on India's decision to impose retaliatory tariffs against the U.S. despite ongoing negotiations [2][4][11]. Group 1: U.S. Trade Policy and Global Reactions - The so-called "90-day tariff grace period" is nearing its end, with only Vietnam and the UK reaching agreements with the U.S. [2] - The U.S. has a significant trade deficit with other countries, which is seen as normal due to its status as the world's largest consumer nation [7][9]. - Trump's imposition of reciprocal tariffs has drawn widespread criticism globally, as many believe it is an ineffective solution to the trade deficit issue [5][9]. Group 2: India’s Response to U.S. Tariffs - India announced its intention to impose retaliatory tariffs on the U.S. before finalizing trade agreements, indicating a strong stance against U.S. pressure [4][15]. - The trade agreement between the U.S. and India had nearly reached consensus, but disagreements over agricultural and dairy market access led to a breakdown in negotiations [13][19]. - India's decision to retaliate is surprising to many, as it reflects a willingness to stand firm against U.S. demands, particularly in sensitive sectors like agriculture [15][17]. Group 3: Factors Behind India's Stance - India's agricultural and dairy sectors are crucial for its farmers, making concessions in these areas politically risky for Prime Minister Modi [19]. - The influence of China's strong response to U.S. tariffs has emboldened India to adopt a more assertive position [21]. - India holds significant leverage over the U.S. due to its status as a major supplier of generic drugs and its robust IT industry, which contributes to its confidence in facing U.S. retaliation [21][23][24].

Core Insights - The 9th China-South Asia Expo has opened in Kunming, showcasing opportunities for trade and cooperation between China and South Asian countries amidst global economic challenges [1][2] - The trade volume between China and South Asian countries is projected to approach $200 billion in 2024, having doubled over the past decade, with China being the largest trading partner for countries like Pakistan and Bangladesh [2] - The expo features over 2,500 enterprises from 73 countries and regions, highlighting the growing economic ties and collaborative potential in various sectors [2] Group 1: Trade Opportunities - South Asian countries are increasingly focusing on the Chinese market, recognizing its vast consumer base as a significant growth opportunity [2] - The expo serves as a vital platform for South Asian businesses to enter the Chinese market, particularly in sectors like agriculture and dairy, where technology cooperation can enhance production efficiency [2][3] - The event emphasizes green trade, digital trade, and service trade, with specialized pavilions showcasing advanced manufacturing and clean energy [5] Group 2: Regional Cooperation - Yunnan province is positioning itself as a hub for trade with South Asia and Southeast Asia, with trade volumes exceeding 100 billion RMB for seven consecutive years [5] - The expo is part of a broader strategy to enhance regional connectivity through infrastructure projects and digital platforms, facilitating trade efficiency and collaboration [5] - The event fosters a spirit of cooperation and mutual development among participating countries, aiming to build a community of shared interests and prosperity [3][4]

Group 1 - The China-South Asia Expo promotes economic, trade, and investment cooperation, providing long-term development opportunities for South Asian countries [1] - Pakistan's dairy industry can benefit from China's advancements in technology, logistics, and e-commerce, enhancing links to global value chains [1] - The Expo serves as a vital pathway for Pakistani enterprises to enter China's dynamic consumer market, supported by China's policies encouraging the import of quality goods and services [1] Group 2 - Collaboration in cold chain logistics, feed technology, automation, and processing equipment between Pakistan and China can significantly improve production efficiency and quality standards in the dairy sector [1] - Yunnan's unique geographical advantages position it as an important hub connecting China and South Asia, facilitating innovation, cooperation, and sustainable growth [1] - China's commitment to maintaining free and open trade acts as a stabilizing force in regional economies amid rising global trade protectionism and economic uncertainty [1]