本刊记者 宋杰 | 上海报道 每天生产1000吨液态奶；预处理只需要10名操控人员；整个生产过程看不见一滴牛奶，却能看到许多机 器控制的阀门和管道……这些阀门和管道像工厂的"毛细血管"，将牛奶从原奶入厂到成品出厂的每一步 都串联成密闭的自动化流程。 这种"人少效率高"的场景，正是光明乳业旗下华东中心工厂的缩影。近期，记者跟随着光明乳业工作人 员的脚步，探访这座现代化乳品基地。 每天，满载30吨左右鲜奶的奶车从牧场驶来，工作人员将鲜奶输送至三层楼高的原奶存储罐中暂存。生 产1瓶牛奶，涉及原奶检测、均质杀菌、无菌灌装等数十道工序，关联着数十家原奶供应商和物流团 队。在光明乳业华东中心工厂，1分钟就能产出1200 瓶牛奶，后台系统产生325万条数据/分钟…… 品质背后是智能生产+大数据加持的实时护航，这正是"无人工厂"的硬核实力。 工厂大门本刊记者 宋杰I摄 奶牛戴上计步器 来到上海市紫东路489号，首先映入眼帘的便是光明乳业华东中心工厂门口那十几座醒目的储料罐。其 中，最大的奶罐高达三层楼，可容纳120吨牛奶，旁边还有约65吨的小罐，它们共同构成了工厂的"第一 站"——原奶储存区。 光明乳业华东中心工厂自控工程师 ...

新华社乌鲁木齐9月21日电 题：天山焕新颜 丝路著华章——新疆维吾尔自治区成立70周年发展成 就综述 新华社记者李自良、曹志恒、于涛 20世纪50年代，库尔班·吐鲁木大叔想要骑着毛驴上北京看望毛主席的佳话传遍神州大地。历经旧 社会苦难的库尔班大叔当时可能不会想到，70年后，乡亲们下午从县城乘飞机出发，晚上就能到达北 京。 曾需数月艰难跋涉的旅程，如今一日可达。这正是新疆维吾尔自治区成立70周年来发展的一个缩 影。从百废待兴到百业兴旺，从闭塞边陲到璀璨明珠，新疆的变迁堪称一部波澜壮阔的史诗。 党的十八大以来，新疆各族干部群众沿着习近平总书记指引的方向，完整准确全面贯彻新时代党的 治疆方略，牢牢扭住社会稳定和长治久安总目标，紧扣铸牢中华民族共同体意识工作主线，书写了一个 又一个跨越式发展的奇迹。新时代的新疆，团结和谐、繁荣富裕、文明进步、安居乐业、生态良好，展 现出一幅欣欣向荣、充满活力的美好画卷。 西部边疆日新月异 新疆，这片占陆地国土面积约六分之一的地区，历来长路难行。新中国成立之初，新疆的公路总里 程仅有3000多公里，且路况极差。曾在新疆交通运输厅工作近40年的退休干部黄维回忆："人们要出远 门得先坐驴车 ...

天山焕新颜 丝路著华章——新疆维吾尔自治区成立70周年发展成就综述 新华社记者李自良、曹志恒、于涛 20世纪50年代，库尔班·吐鲁木大叔想要骑着毛驴上北京看望毛主席的佳话传遍神州大地。历经旧社会 苦难的库尔班大叔当时可能不会想到，70年后，乡亲们下午从县城乘飞机出发，晚上就能到达北京。 曾需数月艰难跋涉的旅程，如今一日可达。这正是新疆维吾尔自治区成立70周年来发展的一个缩影。从 百废待兴到百业兴旺，从闭塞边陲到璀璨明珠，新疆的变迁堪称一部波澜壮阔的史诗。 党的十八大以来，新疆各族干部群众沿着习近平总书记指引的方向，完整准确全面贯彻新时代党的治疆 方略，牢牢扭住社会稳定和长治久安总目标，紧扣铸牢中华民族共同体意识工作主线，书写了一个又一 个跨越式发展的奇迹。新时代的新疆，团结和谐、繁荣富裕、文明进步、安居乐业、生态良好，展现出 一幅欣欣向荣、充满活力的美好画卷。 西部边疆日新月异 新疆，这片占陆地国土面积约六分之一的地区，历来长路难行。新中国成立之初，新疆的公路总里程仅 有3000多公里，且路况极差。曾在新疆交通运输厅工作近40年的退休干部黄维回忆："人们要出远门得 先坐驴车走土路，再坐汽车在戈壁上颠簸……" ...

Group 1 - The project of Junlebao's South China dairy industry integration base has officially started construction at the end of 2023 and has recently completed the main structure of the office building after 20 months of construction [1] - The total planned investment for the project is 3 billion yuan, which will include a dairy source base, liquid milk R&D center, production base, dairy science popularization base, liquid milk industrial tourism center, and South China sales headquarters [1][3] - The project aims to significantly enhance Junlebao's coverage of the South China market and is a key part of the company's strategy to deepen its national layout and integrate into the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 2 - The liquid milk production base and ranch construction will have a total investment of approximately 1.5 billion yuan, covering an area of about 100 acres, and will serve markets in Guangdong, Guangxi, Hunan, Fujian, Jiangxi, and Hainan [3] - The project is planned to be built in two phases, with the first phase focusing on the production lines for fresh milk, yogurt, dairy beverages, and student milk, while the second phase will expand based on market demand [3] - Junlebao plans to develop a full industry chain model in Jiangmen, investing in multiple large modern ranches covering about 300 acres, utilizing international standards in ranch construction and dairy farming [5] Group 3 - Junlebao's chairman, Wei Lihua, emphasized the company's increased investment in R&D across the entire industry chain to enhance product quality through technological innovation and to actively explore markets [5] - The completion of the South China dairy industry integration base project is expected to become a new growth point for Junlebao and inject momentum into the revitalization of the dairy industry and improvement of livelihoods in the South China region [5]

湖北因湖得名，与湖同兴。数不清的江河湖泊滋养哺育了"湖广熟，天下足"的农耕文明，成就了千里沃野的鱼米之乡，使其成为我国主要粮食生产 基地之一。 行走在暮夏时节的湖北大地，田畴沃野间仍可见满目生机，涌动着农业现代化的澎湃活力。孝感市的"超级菜篮子"、随州市随县的小香菇、襄阳市 南漳县的智慧牧场……湖北正以流通兴农、品牌强农、智慧富农，在产业升级中书写鱼米之乡新篇章。 本报记者 赵 曦 □ 唐 瑞 孝感首衡城：打造华中最大"菜篮子" 8月26日，记者走进孝感首衡城蔬菜、水果交易区，只见生鲜蔬菜、时令水果琳琅满目，采购的货车往来穿梭，订单几乎在几分钟内就能成交。"每 天清晨五点，市场里就热闹起来。近期日均交易量稳定在1.7万吨，交易额达1.5亿元。"市场工作人员告诉记者。 据统计，今年6月，孝感首衡城运营一年半时间便实现累计交易量突破1000万吨。记者还注意到，在孝感首衡城二期项目建设现场，50万吨级智慧冷 链中心施工进入收尾阶段。"智慧冷链中心建成后，联合一期15万吨冷库，将极大提升区域生鲜仓储保鲜能力，成为华中最重要的绿色农产品安全保 供基地。"现场负责人介绍。 随县香菇：一朵小菇"开"遍全世界 图为采访团记者 ...

Core Insights - The retail industry is witnessing a significant shift towards hard discount supermarkets, driven by major players like JD, Meituan, and Hema expanding their presence in this sector [3][5][6] - The core appeal of hard discount supermarkets lies in their low prices, which cater to increasingly rational consumers who prioritize value for money [5][6] - The trend reflects a broader consumer behavior shift from impulsive to pragmatic spending, indicating a move towards "consumption grading" rather than mere consumption downgrade [6][7] Group 1: Market Dynamics - Major companies such as JD and Meituan are aggressively opening hard discount stores, with JD launching five new stores in Jiangsu and Hebei, and Meituan planning to open 1,000 stores by 2025 [3][5] - Hema's hard discount brand, Hema NB, has also expanded rapidly, with nearly 300 stores primarily in East China [5] - Traditional retail giants like Wumart and specialized players like Ole' and Lele are intensifying competition in the hard discount space [5] Group 2: Consumer Behavior - Consumers are becoming more rational and less willing to pay a premium, which aligns with the hard discount model that emphasizes high quality at low prices [5][6] - The hard discount approach involves streamlining SKUs, increasing private label offerings, and reducing intermediaries to achieve cost efficiency [5][6] - There is a growing skepticism among consumers regarding the quality of low-priced goods, yet some believe that current prices may reflect more appropriate market values [7]

Core Viewpoint - The article discusses the significant price reductions in supermarkets, particularly in Shanghai, where consumers are experiencing a shift towards lower-priced goods while questioning the quality of these products [3][5][15]. Price Trends - Supermarkets are offering extremely low prices, such as 9.9 yuan for a pack of 24 bottles of drinking water, and fresh milk priced below 10 yuan per liter [3][11]. - The price of fresh milk has seen a consistent decline, with prices as low as 7.5 yuan for 950ml in certain stores [11][23]. Consumer Behavior - Consumers are becoming more discerning about product quality despite the low prices, often scrutinizing labels for supplier information and nutritional content [5][23]. - There is a notable shift in purchasing habits, with consumers now opting for lower-priced items that were previously considered too cheap [8][15]. Market Dynamics - The emergence of hard discount supermarkets has changed the pricing landscape in Shanghai, leading to a perception that prices are more reasonable than in the past [15][19]. - Competitors like JD and Meituan are also entering the hard discount market, indicating a growing trend in this retail segment [19]. Quality Concerns - There is a divide in consumer opinions regarding the quality of low-priced products, with some praising the value while others express skepticism about the quality [21][23]. - Specific products, such as fresh milk and personal care items, have received mixed reviews, highlighting the varying consumer expectations [21][23].

Core Viewpoint - The dairy industry is undergoing a prolonged adjustment period, and Mengniu has not yet seen signs of recovery, facing challenges from declining sales and market share in the liquid milk segment [1][4][7]. Financial Performance - In the first half of the year, Mengniu achieved operating revenue of 41.567 billion yuan, a year-on-year decline of 6.9%, with both sales volume and prices experiencing low single-digit decreases [1]. - The company's net profit attributable to shareholders decreased by 16.4% to 2.046 billion yuan, with a net profit margin decline of 0.6 percentage points [2]. - Despite a 1.4 percentage point increase in gross margin to 41.7% due to falling raw milk prices, Mengniu faced a 545 million yuan loss from joint ventures, offsetting the benefits of cost reductions on net profit [1][2]. Industry Outlook - The industry outlook for demand recovery and improved competitive dynamics is pessimistic, with a continuous decline in the domestic dairy cow inventory expected from 2024 onwards [3]. - Although the industry is in a capacity clearing phase, milk production still saw a 0.5% year-on-year increase in the first half of the year, with milk prices hovering around 3 yuan per kilogram [3]. Market Dynamics - The anticipated turnaround in the industry cycle has been pushed back to 2026, with Mengniu facing pressures not only from macroeconomic consumption fatigue but also from imbalances in product categories and channel distribution [4][5]. - The liquid milk market is under significant pressure, with Mengniu's liquid milk revenue declining by 11.2% to 32.2 billion yuan, marking a drop in revenue share to 77.4%, the first time below 80% in recent years [7][8]. Competitive Landscape - Mengniu's market share in the liquid milk segment is shrinking, with a widening gap of 4 billion yuan between Mengniu and its competitor Yili [8]. - The company is facing internal competition pressures as lower raw milk prices allow smaller dairy companies to engage in price wars, further eroding market share from leading firms [11]. Strategic Initiatives - Mengniu has accelerated product innovation, launching over a hundred new products in the first half of the year across various categories, including ambient, chilled, ice cream, and functional milk [19]. - The company is focusing on enhancing operational efficiency, reducing inventory turnover days to 36 days, and cutting sales and distribution expenses by approximately 1 billion yuan [14]. Future Projections - Mengniu's management has lowered its full-year guidance from low single-digit growth to a mid-to-high single-digit decline, reflecting a cautious outlook for the second half of the year [12]. - The company aims to optimize its product structure and improve profitability, with expectations that the operating profit margin will remain stable compared to the previous year [17].

Core Viewpoint - The article discusses the phenomenon of "involution" in various industries, leading to issues such as price wars and low innovation, which have resulted in insufficient market demand and inefficient resource allocation. The "anti-involution" policies aim to regulate market competition and promote industrial upgrades for sustainable economic development. The consumer sector, including automotive, agriculture, and new energy, is identified as a key beneficiary of these policies [1][28]. Group 1: BYD - BYD is a leading player in the new energy vehicle sector, achieving a revenue of 76.463 billion yuan in the first half of 2025, a year-on-year increase of 34.46%, and a net profit of 10.530 billion yuan, up 1170% [3][5]. - The company has implemented cost advantages through technological reductions and management innovations, with the cost of pig farming dropping to 11.8 yuan/kg, a decrease of 1.3 yuan/kg since the beginning of the year [4]. - BYD's strong brand influence and market share position it well to further consolidate its market presence and enhance profitability through innovation and cost control [5]. Group 2: Wens Foodstuffs - Wens Foodstuffs, primarily engaged in poultry and pig farming, reported a revenue of 49.852 billion yuan in the first half of 2025, a 5.91% increase, and a net profit of 3.475 billion yuan, up 159.12% [6][8]. - The company has reduced its comprehensive pig farming cost to 6.2 yuan per jin, a decrease of 1 yuan per jin compared to the previous year [7]. - Wens Foodstuffs holds a leading market position in pig farming and is expected to enhance its market share and profitability through cost control and technological innovation [8]. Group 3: Muyuan Foods - Muyuan Foods is a leading enterprise in the domestic pig farming industry, achieving a revenue of 76.463 billion yuan in the first half of 2025, with a net profit of 10.530 billion yuan, reflecting a 1170% year-on-year growth [9][11]. - The company has significantly lowered its pig farming costs to 11.8 yuan/kg, a reduction of 1.3 yuan/kg since the beginning of the year [10]. - Muyuan Foods is positioned to strengthen its market presence through cost control and technological advancements as anti-involution policies progress [11]. Group 4: New Hope Group - New Hope Group is a major player in the modern agricultural and food industry, with the largest feed production capacity globally and the leading poultry processing capability in China [12]. - The company has diversified its operations to reduce reliance on a single business, enhancing profitability across various sectors through technological innovation and cost control [13]. - New Hope Group is expected to further increase its market share and profitability through diversification and innovation as anti-involution policies advance [14]. Group 5: CATL - CATL is a global leader in new energy innovation, consistently ranking first in global power battery usage for eight consecutive years and in energy storage battery shipments for four years [15]. - The company has achieved significant breakthroughs in product performance and cost reduction through technological innovation [16]. - CATL is well-positioned to consolidate its market share and enhance profitability through continued innovation and cost control as anti-involution policies are implemented [17]. Group 6: Ganfeng Lithium - Ganfeng Lithium is a leading enterprise in lithium deep processing, involved in the research, production, and sales of lithium products [18]. - The company has established a full industry chain to lower raw material procurement costs and is recognized for its leading technology and processes [19]. - Ganfeng Lithium is expected to enhance its market share and profitability through its comprehensive industry chain and cost control as anti-involution policies take effect [20]. Group 7: Tongwei Co. - Tongwei Co. is a significant player in the global photovoltaic industry, focusing on the research, production, and sales of polysilicon and solar cells [21]. - The company has optimized production capacity and implemented technological innovations to address challenges in the photovoltaic sector [22]. - Tongwei Co. is likely to strengthen its market position through capacity optimization and innovation as anti-involution policies progress [23]. Group 8: Enjie Co. - Enjie Co. is a leading supplier of lithium-ion battery separators, focusing on the research, production, and sales of wet and dry separators [24]. - The company has enhanced its market competitiveness through technological innovation and capacity expansion [25]. - Enjie Co. is expected to further solidify its market position through innovation and cost control as anti-involution policies are implemented [26]. Group 9: Tianci Materials - Tianci Materials is a leading supplier of electrolytes for lithium-ion batteries, focusing on the research, production, and sales of these products [27]. - The company has improved its market competitiveness through cost control and technological innovation [28]. - Tianci Materials is positioned to enhance its market share and profitability through continued innovation and cost management as anti-involution policies advance [28].

Core Viewpoint - UBS report indicates that Mengniu Dairy's management acknowledges that declining sales remain a major challenge for the company, although certain segments like fresh milk and cheese show resilience and growth [1] Financial Performance - Management expects a mid to high single-digit decline in annual revenue, while operating profit margin is anticipated to remain stable [1] - Due to falling product prices, profits are expected to decline in the second half of the year, but the goal is to expand operating profit margin by 30 to 50 basis points annually over the next three years [1] Shareholder Returns - The company aims to maintain a dividend payout ratio of no less than 45% compared to last year and plans an additional stock buyback program worth 1 billion [1] Investment Rating - UBS maintains a "Buy" rating for the group, reflecting the long-term profit improvement potential and capital allocation [1] - However, the firm has lowered its earnings per share estimates for 2025 to 2027 by 10% to 16% due to weaker-than-expected liquid milk sales, resulting in a target price reduction from HKD 23.3 to HKD 21.1 [1]