四季度随着消费端开始逐渐进入旺季,奶价有阶段性止跌企稳之势。受大环境影响,多数乳品企业全年业绩下滑已成定局。四季度各乳品企业纷纷加大销售力度,力争全年业绩有一个较好的结尾。本文从第三方的角度对第四季度的乳制品市场进行了分析,以期为乳品企业了解行业现状提供参考价值。本文主要内容包括：四季度行业基本面、乳业上市公司三季报解读、四季度行业/企业动态评析、四季度重点新品评析。

In the fourth quarter,as the consumer end gradually enters the peak season,there is a trend of temporary stabilization in milk prices. Affected by the overall environment,the decline in annual performance of most dairy companies has become a foregone conclusion. In the fourth quarter,various dairy companies have increased their sales efforts,striving for a good end to the annual performance.This paper analyzed the dairy market in the fourth quarter from a third-party perspective,in order to provide reference value for dairy companies to understand the current situation of the industry.The main content of this paper includes: industry fundamentals for the fourth quarter,interpretation of the third quarter reports of listed dairy companies,fourth quarter industry/enterprise dynamic analysis,fourth quarter key new product analysis.