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.