"中国乳业：上游板块上升与下游竞争"

The report from Macquarie on the Chinese dairy industry highlights the positive outlook for the upstream sector, with demand expected to outgrow supply and raw milk prices rising by 5% year on year. However, the downstream sector faces challenges due to a prisoner's dilemma, leading to only mild easing of competition. The report also discusses the IMF's caution towards China as the relaxation of the one-child policy benefits begin to wind down. This could have implications for the dairy industry as consumer demand may be affected. Specific companies within the Chinese dairy industry are also analyzed, including China Modern Dairy, Want Want China, and Yili. The report provides insights into their performance and potential investment opportunities. Overall, the report emphasizes the importance of understanding both the upstream and downstream dynamics in the Chinese dairy industry in order to make informed investment decisions. Readers are encouraged to refer to page 48 for important disclosures and analyst certification, or visit the Macquarie website for more information.