这是我之前几周在汇添富实习时完成的一项行业研究，简单考察了一下中国乳制品市场的构成、竞争、发展前景和成本分布，以及相关的上下游产业。不构成投资建议也不代表汇添富基金或其他相关人员的意见。

This is an industry research I conducted during my internship at CUAM, in which I explored the competitive landscape, future prospects, costs, as well as the overall supply chain of the Chinese dairy industry. I wish I could attach an English translation of this study, just like I did with the two earlier posts, but alas, I could not. But I will start working on it when I get some leisure in the next few months.

NOTE: This piece represents solely my personal, academic opinions, and should NOT be construed or interpreted as the official opinions provided by CUAM or any of its staff.