Group 1 - In September 2025, the National Press and Publication Administration approved 145 domestic game licenses and 11 import licenses, indicating a stable supply side for the gaming industry [1] - The approval of major titles is concentrated, with leading companies focusing on advantageous sectors while mid-tier companies explore differentiated themes [1] - The continued relaxation of license issuance is expected to enhance the short-term prosperity of the gaming industry and lay the foundation for product reserves and long-term R&D innovation [1] Group 2 - The domestic dairy industry is entering a new phase of deep processing, transitioning from "drinking milk" to "consuming dairy products" [2] - Future production capacity is expected to exceed 700,000 tons, driven by low milk prices and downstream cost reduction demands [2] - The B-end deep processing demand is projected to exceed 26 billion yuan, with high demand growth driven by baking, ready-to-drink beverages, and Western fast food [2]

Core Viewpoint - The domestic dairy product industry is entering a new stage of development in deep processing, with a focus on increasing production capacity and domestic brand growth driven by low milk prices and cost reduction demands from downstream sectors [1] Industry Summary - The production capacity for deep processing in the dairy sector is expected to exceed 700,000 tons in the future [1] - The B-end deep processing demand scale is projected to surpass 26 billion yuan, with high growth driven by baking, ready-to-drink beverages, and Western fast food sectors [1] - Domestic brands are expected to enter a high growth phase due to advantages in product cost-performance, local supply chains, and market services [1]