Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The dairy industry is expected to see investment opportunities in 2026, driven by industrial upgrades that may boost raw milk demand and a potential upward turning point in milk prices, which could help leading dairy companies recover market share [4][8] - Supply-side dynamics indicate that raw milk prices are likely to rise, benefiting upstream farming companies. The price of fresh milk has declined for over four years, reaching 3.04 RMB/kg, a 30.6% drop from the 2021 peak of 4.38 RMB/kg. It is anticipated that the price stabilization will occur in the second half of 2025, with a turning point expected in 2026, significantly improving the performance of upstream farming companies [5] - On the demand side, there are structural opportunities in dairy product consumption, with potential for deep processing and domestic substitution to create new growth curves for dairy companies. The per capita consumption of dairy products in China is projected to be 40.6 kg in 2024, still below the 47 kg target set for 2030. The consumption structure is primarily focused on liquid milk, with low proportions of dairy solids [6] Summary by Sections - **Supply-Side Analysis**: The prolonged downturn in milk prices has been influenced by macroeconomic disturbances and the expansion led by large-scale enterprises during the previous price upturn. The ongoing losses in upstream farming companies are expected to lead to a supply-side contraction, with a price turning point anticipated in 2026 [5] - **Demand-Side Analysis**: The increasing health awareness among consumers is expected to drive the growth of low-temperature milk and cheese products, which will enhance raw milk demand. Regulatory changes are also expected to support the upgrade of the dairy industry by clarifying standards for deep-processed products and improving market access [6] - **Investment Recommendations**: Based on the positive outlook for the raw milk cycle and domestic substitution of deep-processed products, leading dairy companies are expected to benefit from the recovery of market share during the price upturn. Recommended companies include Yili Group and China Shengmu, with a focus on modern farming practices [8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國聖牧有機奶業有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01432 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.00001 HKD | | | 300,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.00001 HKD | | | 300,000 | 本月底法定/ ...

交易披露 2026 年 1 月 27 日 可能強制全面要約 就中國聖牧有機奶業有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收取 | 已支付或已收 | 已支付或已收 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | 的總金額 | 取的最高價 | 取的最低價 | | | | | | | | | | | | | （H） | （L） | | | 中信証券股份有 | 2026 | 年 | 1 月 | Delta 1 | 產品 | 將因客戶主動發出且由客戶需求帶動的交易而產生 | 賣出 | 317,000 | $124,834.6000 | $0.3938 | | $0.3938 | | 限公司 | 26 日 | | | | | 的自營交易持倉清結／平倉／解除。我確認，這已於 | | ...

2026 年 1 月 27 日 可能強制全面要約 就中國聖牧有機奶業有限公司的股份的交易披露 | 交易方 | 日期 | | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結日 | | | 參考價 | | 已支付／已收 | 交易後數額（包括 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 明 | | | 關的參照證券 | | | | | | | 取的總金額 | 與其訂有協議或 | | | | | | | | | | | 數目 | | | | | | | | 達成諒解的任何 | | | | | | | | | | | | | | | | | | | 人士的證券） | | | 中信証券股份 | 2026 | 年 1 | 月 26 | 日 | 衍生工具 | 其他類別產品 | 更改衍生工具 | | 317,000 | 2026 月 | 年 1 | 26 日 | | $0.3938 ...

完 註： 交易披露 2026 年 1 月 27 日 可能強制全面要約 就中國聖牧有機奶業有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | | 交易性質 | 買入／賣出 | 涉及的股份 | 已支付／已收取 | 已支付或已收 | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | 的總金額 | 取的最高價 | 取的最低價 | | | | | | | | | | | | （H） | （L） | | CITIC Securities | 2026 | 年 1 | 月 | Delta 1 | 產品 | 將因客戶主動發出且由客戶需求帶動的交易而產生 | 買入 | 317,000 | $124,834.6000 | $0.3938 | $0.3938 | | International | 26 日 | | | | | 的自營交易持倉清結／平倉／解除。我 ...

執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的 | 產品說明 | 交易性質 | 與衍生工具有關 | 到期日或清結日 | | | 已支付／已收 | 交易後數額（包括 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 說明 | | | 的參照證券數目 | | | | 取的總金額 | 與其訂有協議或 | | | | | | | | | | | | | | | 達成諒解的任何 | | | | | | | | | | | | | | | 人士的證券） | | | CITIC Securities | 2026 | 年 | 1 月 | 衍生工具 | 其他類別產品 | 更改衍生工具 | 317,000 | 2026 年 1 | 月 26 | $0.3938 | $124,834.6000 | | 0 | | International Capital | 26 日 | | | | | | | 日 ...

Core Viewpoint - China Shengmu (01432) experienced a stock price increase of 14.49%, currently trading at HKD 0.395, with a trading volume of HKD 29.1831 million. This surge is linked to a potential conditional cash offer from Modern Dairy, represented by CITIC Securities, to acquire all issued shares of China Shengmu, excluding those already owned or agreed to be acquired by Modern Dairy and Start Great Holdings Limited [6]. Group 1 - The announcement on January 19 indicates that the cash offer is contingent upon the completion of a share purchase agreement, which must meet certain preconditions and be finalized before the deadline [6]. - As of the announcement date, aside from the conditions listed in the share purchase agreement, other preconditions have not yet been met or waived [6]. - Modern Dairy has received approval from independent shareholders for the related transaction, although the announcement emphasizes that the offer remains a potential conditional cash offer, with uncertainties surrounding the completion of the share purchase agreement and the offer itself [6].

Group 1 - China Aluminum International (02068) saw a mid-day increase of over 2.4% after announcing a joint venture to undertake a new electrolytic aluminum project with an annual capacity of 394,000 tons, with the first phase set at 294,000 tons [1] - CGN Mining (01164) rose over 8.3% following the submission of a preliminary prospectus for a trust that plans to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months, with annual uranium procurement not exceeding 9 million pounds [1] - China Shengmu Organic Milk (01432) increased nearly 6% after a joint announcement regarding a potential conditional cash offer to acquire all issued shares of the company [1] Group 2 - Yijun Group Holdings (02442) surged over 18%, with a cumulative increase of nearly 500% since its resumption of trading in December, following the sale of shares by its controlling shareholder [2] - China Rare Earth Holdings (03788) rose over 10%, reaching a historical high of 5.49 HKD, after announcing the termination of its gold spin-off plan to focus on gold business [2] - Laopuqin Gold (06181) increased over 7.3% as consumer demand is expected to rise during the upcoming Spring Festival, driven by higher gold prices and anticipated price increases [2] Group 3 - Oil stocks continued to rise, with CNOOC (02883) up 4.19%, Sinopec (00386) up 2.54%, and PetroChina (00857) up 3.68%, amid escalating geopolitical tensions in Iran and Cuba [3] - Changfei Optical Fiber (06869) saw a rise of over 15.4% due to significant price increases and supply tightness in the G.652.D optical fiber market, with major manufacturers unable to meet their own orders [3] Group 4 - Nanshan Aluminum International (02610) increased over 2.6% after announcing plans to start construction on a 250,000-ton electrolytic aluminum project in 2026, with an investment of $437 million [4] - Xindong Company (02400) saw a slight increase of 0.43% as its mobile game "Xindong Town" surpassed 10 million downloads, indicating strong user growth [4] Group 5 - EquipmentShare.com (EQPT.US) debuted on the US stock market with an IPO price of $24.5, closing up 32.9% on its first day [5] - The solar energy sector saw initial gains, with JinkoSolar (JKS.US) up 9.03% and Canadian Solar (CSIQ.US) up 4.57%, following discussions at the Davos Forum [5] - Silver-related stocks experienced gains, with First Majestic Silver (AG.US) rising 5.04% as spot silver prices surpassed $100 [5] Group 6 - Lithium mining stocks mostly rose, with Sigma Lithium (SGML.US) up 17.54% after announcing additional sales of high-purity lithium powder [6] - Bank stocks declined, with Goldman Sachs (GS.US) down 3.75% amid legal issues involving President Trump and JPMorgan [6] - Redwire (RDW.US) increased by 4.51% following comments from Elon Musk about SpaceX's plans for reusable rocket technology [6] Group 7 - Semiconductor stocks showed strength, with AMD (AMD.US) up 2.35% and Nvidia (NVDA.US) up 1.53%, as Nvidia's CEO visited China to discuss future plans [7] - Ericsson (ERIC.US) rose 8.87% after reporting strong fourth-quarter earnings, with adjusted EBITA reaching 12.7 billion SEK, a 24% increase year-over-year [8] - Intel (INTC.US) fell 17.03% due to disappointing performance outlooks and manufacturing issues [8]

Group 1 - The core point of the article is that China Shengmu (01432) experienced a nearly 6% increase in stock price, reaching HKD 0.365, with a trading volume of HKD 9.77 million [1] - On January 19, Modern Dairy and China Shengmu jointly announced a potential conditional cash offer by CITIC Securities to acquire all issued shares of China Shengmu, excluding those already owned or agreed to be acquired by Modern Dairy Holdings and Start Great Holdings Limited [1] - The offer is contingent upon the completion of a share purchase agreement, which must meet certain conditions and be finalized before the deadline [1] Group 2 - As of the announcement date, aside from the conditions listed in the share purchase agreement, other prerequisite conditions have not been met or waived [1] - Modern Dairy Holdings has received approval from independent shareholders for the related transaction [1] - The announcement emphasizes that the offer is only a potential conditional cash offer, and both the completion of the share purchase agreement and the submission of the offer carry uncertainties [1]

Group 1 - The core point of the article is that China Shengmu (01432) experienced a nearly 6% increase in stock price, reaching HKD 0.365, with a trading volume of HKD 9.77 million [1] - On January 19, Modern Dairy and China Shengmu jointly announced a potential conditional cash offer by CITIC Securities to acquire all issued shares of China Shengmu, excluding those already owned or agreed to be acquired by Modern Dairy Holdings and Start Great Holdings Limited [1] - The offer is contingent upon the completion of a share purchase agreement, which must meet certain conditions and be finalized before the deadline [1] Group 2 - As of the announcement date, aside from the conditions listed in the share purchase agreement, other prerequisite conditions have not yet been met or waived [1] - Modern Dairy Holdings has received approval from independent shareholders for the related transaction [1] - The announcement emphasizes that the offer is only a potential conditional cash offer, and both the completion of the share purchase agreement and the offer itself carry uncertainties [1]