智通财经APP获悉，乳业股涨幅居前，截至发稿，蒙牛乳业(02319)涨4.58%，报17.8港元；优然牧业(09858)涨3.11%，报1.66港元；现代牧业(01117)涨2.22%，报0.92港元；中国飞鹤(06186)涨1.3%，报5.46港元。
消息面上，近期春节备货开始，需求提升利好乳制品行业供需改善。中信建投证券表示，分供需两方面来看，乳制品供给在持续优化，且从需求端来看，政策也逐渐对消费形成一定有利刺激，后续有望持续拉动乳制品消费，助力奶价早日企稳，短期关注春节备货情况。整体来看，明年供需结构趋势应该较今年有所改善。同时，从成本来看，未来原奶成本可能还会在低位运行，饲料中，如玉米价格，也有所下降，养殖成本有所改善，对乳企而言成本压力减小。
光大证券指出，乳制品逐步进入春节备货阶段，得益于前期持续推进的去库存工作，下半年渠道库存水平已回落至相对合理水平。价格竞争对比上半年持续缓解，常温液奶的终端价格逐步修复，折扣力度环比上半年有所降低。费用方面下半年对比上半年亦有降低。乳企对于本次春节及25年全年的增长目标设定更为理性，费用投放更为谨慎，对利润端提出更高要求。
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