YOURAN DAIRY (09858) rose more than 9%, reaching HK$3.98 by the time of writing, with a trading volume of HK$106 million. Huayuan Securities noted in a recent report that YOURAN DAIRY is the world's largest raw milk supplier, covering the entire upstream dairy industry chain, including breeding, forage, feed, and dairy farming, with leading positions in each segment. The brokerage expects raw milk prices to stabilize and recover in the first half of 2026 as supply-demand dynamics improve after a prolonged downtrend. It projects significant revenue growth for the raw milk sales business amid rising milk prices. Additionally, the upward trend in beef cattle prices is likely to persist, potentially boosting the company's profits. CITIC Securities highlighted that since 2024, the breeding cow inventory may have declined by over 10%, with domestic cattle supply shortages driving the current price rally. In the previous beef cycle, a 11% herd reduction led to a cumulative price surge of over 60% for fattened cattle, whereas the current cycle has seen less than a 20% increase. Given potential supply constraints by 2026, further price upside is anticipated. On November 25, China's Ministry of Commerce extended its safeguard investigation on beef imports, though import uncertainties do not alter the domestic cycle reversal logic. Overall, analysts remain optimistic about the dual-cycle synergy in beef and dairy, expecting profit improvements for leading dairy enterprises.