7 月19日，来伊份（603777）与养馋记战略合作的首个"社区零售4.0"门店在上海松江泗泾镇泗宝路正式 开业。这不仅是双方自今年1月达成战略合作后的实质性落地，更是3月"社区生活新生态"构想的首次规 模化实践，标志着零食行业巨头与社区零售新锐的协同模式进入深度运营阶段。 从 "优势互补"到"模式落地"：合作逻辑的现实支撑 在社区零售赛道竞争日趋激烈的当下，来伊份与养馋记的合作被业内视为"资源整合"的典型案例。两者 的协同基础，建立在清晰的能力互补之上。 作为深耕行业25年的上市企业，来伊份的核心优势集中在供应链与数字化领域。其覆盖全国的3000余家 门店网络背后，是经过长期验证的全链路供应链体系和信息化系统——前者能保障产品品质稳定性，后 者可通过消费数据捕捉需求变化。这正是社区零售模式规模化复制的关键支撑。 而 2018年创立的养馋记，则以"社区渗透"为核心竞争力。以嘉兴为起点，其300余家门店已辐射江浙沪 千家社区、百万户家庭，在社区定位、全品类选品和私域运营上积累了实践经验。例如，其针对社区家 庭设计的"高频刚需"选品逻辑，以及通过社群维护邻里关系的运营方式，恰好填补了传统零食店在社区 场景中的功能 ...

过度节食、吃减肥药、疯狂运动……你是否正在减肥的路上"一路狂奔"，为了掉秤不惜一切代价？ 当你沉浸在体重下降的喜悦中时，身体可能在承受着难以言说的痛苦。 过度减肥，指体重低于健康范围（BMI<18.5）或采取极端减肥手段，其危害不容小觑。针对过度 减肥给身体带来的内伤，医生来教你如何应对。 营养不均衡 过度减肥时，进食不足或饮食单一，身体缺乏必要维生素、矿物质和蛋白质，皮肤干燥、面容蜡 黄、皱纹增多、头发干枯、指甲脆弱等问题接踵而至。严重时，身体分解肌肉组织获取能量，肌肉力量 下降，基础代谢率降低，恶性循环就此形成。 对策确保饮食多样化，摄入足够蛋白质、全谷物、蔬菜和水果，必要时补充维生素和矿物质。针对 减重手术后短期内不能正常进食的患者，口服维生素片、铁剂等药物补充营养物质，确保维生素和矿物 质吸收。 低血糖 月经紊乱 过度节食或应用减肥药，内分泌失调、月经紊乱会紧随其后。月经推迟、量少甚至闭经，长期如此 可能影响生育能力，导致不孕不育。 对策保持健康饮食结构，避免过度节食，月经紊乱持续存在应及时就医。 免疫力下降 营养摄入不足，机体免疫力下降，抗病能力减弱。过度减肥者更易感冒、感染疾病，且恢复时间更 长。 ...

Group 1 - The article highlights the financial support provided by the government to private enterprises in Kunming, including a 1 million yuan subsidy for a cable company to invest in R&D for new energy cables and high-grade flame-retardant cables [1] - In 2022, Kunming City allocated a total of 408 million yuan to support the development of the private economy and small and medium-sized enterprises (SMEs), marking a year-on-year increase of 66.1% [1] - The People's Bank of China and eight other departments issued a notice to strengthen financial support measures for the development of the private economy, emphasizing the importance of fiscal subsidies and insurance guarantees [1] Group 2 - Kunming City has implemented a digital marketing system for SMEs, allowing real-time monitoring of stock levels and improving sales efficiency, as demonstrated by the success of Kunming Xuelan Dairy Co., which saw significant sales growth after the system's implementation [2] - The city also provides tax relief to private enterprises, with one high-tech company benefiting from a tax reduction of approximately 1.5 million yuan due to R&D expense deductions [2] - In 2023, Kunming City plans to continue focusing on key industrial development areas and strengthen the coordination of various fiscal funds to promote high-quality development of the private economy and SMEs [2]

UHT 乳制品（超高温灭菌乳制品）是指采用 UHT （超高温）方法加工的乳制品。 UHT 是一种热处理工艺，旨在延长乳制品的保质期， 无需冷藏。该工艺需要将牛奶或其他乳制品在极短的时间内（通常为 2 至 5 秒）加热到极高的温度（通常约为 135 ° C 至 150 ° C 或 275 ° F 至 302 ° F ），然后迅速冷却。 据 QYResearch 调研团队最新报告"全球超高温 (UHT) 乳制品市场报告 2025-2031 "显示，预计 2031 年全球超高温 (UHT) 乳制品市场规模 将达到 1831.2 亿美元，未来几年年复合增长率 CAGR 为 3.2% 。 全球 超高温 (UHT) 乳制品 市场前 17 强生产商排名及市场占有率（基于 2024 年调研数据；目前最新数据以本公司最新调研数据为准） 根据 QYResearch 头部企业研究中心调研，全球范围内超高温 (UHT) 乳制品生产商主要包括 Nestle, Danone, Yili Group, Mengniu Dairy, Lactalis Group, DFA, Arla Foods, FrieslandCampina, Fon ...

Investment Rating - The report indicates a positive outlook for the fast-moving consumer goods (FMCG) market, with a steady growth trend observed in the first quarter of 2025 [5][69]. Core Insights - The FMCG market in China is experiencing a recovery, with a GDP growth rate of 5.4% and an increase in urban disposable income by 4.9% in the first quarter of 2025 [6][69]. - Consumer purchasing behavior is shifting towards smaller, more frequent purchases, reflecting a trend towards convenience and emotional value in products [11][69]. - Domestic products are gaining traction, while imported products face challenges due to declining prices and changing consumer preferences [70][69]. - The growth of the out-of-home consumption market is notable, particularly during festive periods, indicating a need for brands to focus on specific consumption scenarios [71][69]. Summary by Sections Market Overview - The FMCG market is showing signs of recovery with a growth rate of 4.2% year-on-year as of March 2025 [6][8]. - The overall market sentiment is positive, with food and daily chemical products accelerating in sales compared to the previous quarter [8][69]. Consumer Behavior - There is a notable trend of small-sized product purchases, with a 25.1% increase in small specifications [12][69]. - The frequency of purchases has increased by 6.3%, indicating a shift towards fragmented purchasing channels and diverse consumption scenarios [15][69]. Product Categories - Food and beverage categories are performing well, with food sales up by 4.5% and beverages by 6.1%, while dairy products are under pressure with a decline of 3.0% [11][69]. - The average purchase price for imported products has decreased by 7.6%, leading to a decline in household spending on these items [19][70]. Retail Channels - The modern retail channel is experiencing a bifurcation, with traditional supermarkets and convenience stores adapting to consumer needs [24][71]. - E-commerce continues to grow, with platforms like Douyin leading in penetration rates and purchase frequency [31][69]. Out-of-Home Consumption - The out-of-home consumption market is thriving, with significant growth during the Spring Festival, highlighting the importance of targeting specific consumer scenarios [71][69]. - Brands are encouraged to enhance their presence in various out-of-home settings, such as snack shops and entertainment venues, to effectively reach consumers [43][71]. Demographic Trends - The rise of single-person households is influencing consumption patterns, with a focus on self-enjoyment and convenience [54][71]. - Brands need to adapt their strategies to cater to the unique preferences of single households, emphasizing emotional value and efficient products [71][69].

Core Viewpoint - The performance gap between national dairy companies and regional dairy companies is widening, with regional companies facing significant pressure to find new differentiation strategies in the market [1][2][3]. Group 1: Performance Trends - In 2023-2024, domestic dairy companies experienced a general decline in performance due to market demand and external factors, but signs of recovery were noted in early 2025 [2]. - Leading dairy companies like Yili achieved a revenue of 32.94 billion yuan in Q1 2025, a year-on-year increase of approximately 1.5%, with a net profit of 4.64 billion yuan, up 24.2% compared to 2024 [2]. - In contrast, regional dairy companies like Tianrun Dairy and Yantang Dairy reported declines in revenue and profits, with Tianrun's revenue dropping by 2.5% to 620 million yuan and a net loss of 73.03 million yuan [2][3]. Group 2: Competitive Landscape - Regional dairy companies are facing increased competition from national players who have expanded into the fresh milk market, which has historically been a differentiating factor for regional firms [3]. - Yili's high-end low-temperature milk revenue grew by over 30% in 2024, while Mengniu's fresh milk brand maintained double-digit growth [3]. - The overall dairy consumption in China is reaching a bottleneck, leading to intensified competition among existing players, particularly affecting regional companies [3][6]. Group 3: Differentiation Strategies - To survive, regional dairy companies must establish new differentiation strategies, as exemplified by New Dairy, which has performed better than its peers by focusing on a 24-hour fresh milk product line [4][5]. - New Dairy's revenue for 2024 was 10.67 billion yuan, with a net profit of 540 million yuan, and its 24-hour fresh milk series has seen significant growth [4][5]. - The company has also emphasized direct-to-consumer (DTC) sales, achieving 6.23 billion yuan in direct sales revenue, accounting for 58.4% of its total revenue [5]. Group 4: Future Outlook - The competitive landscape in the dairy market is expected to remain intense in 2025, with increasing market concentration [6]. - Regional dairy companies that fail to find unique brand positioning and product differentiation may face marginalization or even elimination from the market [6].

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The report highlights a significant increase in consumer demand for new products, particularly in the fashion sector, indicating a strong growth opportunity for businesses that can effectively leverage seasonal trends [11][12][13]. - The report emphasizes the importance of strategic marketing and promotional activities during peak seasons, particularly from late February to early April, to maximize sales potential [19][21][30]. - The introduction of new marketing tools and strategies, including platform subsidies and innovative promotional activities, is expected to enhance product visibility and sales conversion rates [22][26][30]. Summary by Sections PART 01: Spring Trends and Platform Play Analysis - The report discusses the concentration of new product launches in the first half of the year, particularly during the spring season, which significantly impacts sales in the apparel sector [12][13]. - It notes that over 50% of sales during March and April are attributed to new products, highlighting the critical timing for product launches [13][15]. PART 02: Strategies for Creating New Product Categories - The report outlines strategies for businesses to create and promote new product categories effectively, focusing on understanding consumer preferences and leveraging social media platforms for marketing [41][48]. - It emphasizes the need for businesses to align their product offerings with trending styles and consumer demands to capture market share [49][52]. PART 03: Case Studies of New Product Categories - The report provides case studies demonstrating successful product launches and marketing strategies, particularly in the children's clothing sector, showcasing how brands can build loyalty and drive sales through targeted marketing efforts [130][132]. - It highlights the importance of community engagement and co-creation with consumers to enhance brand loyalty and product acceptance [133].