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]

人民财讯9月26日电，中信建投指出，从"喝奶"到"吃奶"，国内乳制品产业深加工品类发展进入新阶 段，产业加快布局产能（未来产能预计超70万吨），借助低奶价与下游降本增效诉求，推动乳品深加工 品牌与原料的国产化替代。B端深加工需求规模预计超260亿元，烘焙、现制饮品、西式快餐高景气带 动B端需求持续高增长。国产品牌凭借产品性价比、本土供应链、市场服务等优势，看好国产深加工品 类进入高增长阶段。 转自：证券时报 ...