欧洲化工企业遭受较大打击，维生素A、E产能占比高

Group 1: European Natural Gas Market - The European natural gas prices have surged significantly this year due to the impact of the Russia-Ukraine war [1] - In 2021, natural gas accounted for approximately 25% of Europe's energy consumption, with over 60% of its supply being imported, about 50% of which came from Russia [1] - The Nord Stream 1 pipeline had a normal annual transmission capacity of around 55 billion cubic meters, representing about 30% of Russia's pipeline gas supply to Europe in 2021 [1] Group 2: Chemical Industry Impact - The chemical industry relies heavily on natural gas, both as a primary energy source and as a key raw material for certain chemical products [1] - In Germany, nearly 40% of the industrial demand for natural gas comes from the chemical and petrochemical sectors, which alone account for 14% of the downstream demand structure for natural gas [1] - Due to the current tight supply and high prices of natural gas in Europe, some chemical companies have reduced or halted production [1] Group 3: Vitamin Production and Demand - Over 40% of the global production capacity for Vitamin A and about 30% for Vitamin E is located in Europe, which may tighten further if the energy crisis persists, supporting prices [4] - The downstream demand for Vitamin A primarily comes from animal feed, accounting for 84.81%, while Vitamin E's demand also largely stems from feed, at around 70% [4] - Global feed production has maintained low but stable growth over the past three years, with China's feed production reaching 261 million tons in 2021, a year-on-year increase of 8.94% [4] Group 4: Pig and Poultry Feed Market - In 2021, pig feed accounted for approximately 45% of China's total feed production, while poultry feed represented about 41% [6] - The poultry farming cycle is often influenced by the pig farming cycle, with a recovery in pig and breeding sow inventories observed since 2020 after a decline due to African swine fever [6] - As of the end of 2021, the inventory of pigs and breeding sows reached 449 million and 43.29 million heads, respectively, with rising pig prices improving farming profitability and encouraging farmers to increase stock [6]