China Consumer: Raw Materials Price Chartbook: Raw Materials Price Movements (May-26) and Stock Implications

研报英文原文证据摘录

China Consumer: Raw Materials Price Chartbook: Raw Materials Price Movements (May-26) and Stock Implications

Idea

June 10, 2026 01:10 PM GMT

Morgan Stanley Asia Limited+MChina Consumer: Raw Materials Price Chartbook Lillian Lou

| Asia Pacific Equity Analyst

Lillian.Lou@morganstanley.com +852 2848-6502

Dustin Wei

Equity AnalystRaw Materials Price Movements Dustin.Wei@morganstanley.com +852 2239-7823

Morgan Stanley Taiwan Limited+

(May-26) and Stock Implications Terence Cheng

Equity Analyst

Terence.Cheng@morganstanley.com +886 2 2730-2873

In last month's summary of key raw material price trends and

implications for relevant Hong Kong/China consumer stocks, we Morgan Stanley Asia Limited+

Hildy Ling

Equity Analysthighlight the uptick in tin and copper prices, while PET and gold

Hildy.Ling@morganstanley.com +852 2239-7834

prices declined.

Jenny Yu

Research Associate

Implications for stocks Jenny.Yu1@morganstanley.com +852 3963-1925

Yili (600887.SS, OW), Mengniu (2319.HK, OW): We expect raw milk prices to Morgan Stanley Taiwan Limited+

Jenny Ting

gradually stabilize in 2026, and we see more balanced supply-demand dynamics in

2026. Both Mengniu and Yili target liquid milk to resume growth in 2026, and Jenny.Ting@morganstanley.com +886 2 2730-2995

expect market share gains from smaller players amid potential recovery of raw milk Morgan Stanley Asia Limited+

prices. On the other hand, provisions for inventory will likely be largely reduced in Carlos Liu, CFA

2026, which should benefit net margin. Research Associate

Carlos.Liu@morganstanley.com +852 2848-5206

WH Group (288.HK, OW): Unit returns for packaged meat could remain elevated

amid lower hog prices in China, which reduce raw material costs for downstream

operations – the company's core business in the market.