CITIC Securities: EU anti-subsidy ruling implemented, benefiting domestic milk products as substitutes

Citic Securities Research Report believes that on December 22, 2025, the European Union's anti-subsidy investigation on dairy products will announce the ruling results. China will impose "anti-subsidy tax deposit" on six categories of imported dairy products from the European Union, with a rate ranging from 28.6% to 42.7% based on value. The import volume of dairy products subject to anti-subsidy tax deposits from January to October is nearly 250,000 tons, which is expected to boost domestic demand in the short term. Domestic companies are expected to seize this opportunity to promote domestic substitution in the supply chain, and are optimistic about the acceleration of domestic substitution for cheese and cream.