智通财经网·2026-02-11 05:56Core Viewpoint - The report from Kaiyuan Securities indicates a strong price support for methionine and vitamins due to various factors including downstream stocking demand and supply constraints, suggesting potential price rebounds in the near future [1][2][4]. Methionine Market - Methionine prices have reached 18.50 CNY/kg as of January 2026, with major domestic factories halting orders at 18.0 CNY/kg due to strong pricing strategies during the Spring Festival stocking period [2]. - The average market prices for solid and liquid methionine in 2025 were 21.68 CNY/kg and 16.49 CNY/kg, reflecting year-on-year increases of 1.6% and 3.0% respectively [2]. - Domestic methionine export volume in 2025 was 319,000 tons, up 22.7% year-on-year, while imports were 182,000 tons, up 13.8% year-on-year, resulting in a net export of 137,000 tons [2]. Supply and Demand Dynamics - Global methionine production capacity is 2.6 million tons, with China accounting for 1.07 million tons (41% of global capacity) [3]. - Major companies like Evonik, Adisseo, and New Hope account for 74% of the global market share, indicating a high industry concentration [3]. - The global demand for methionine is expected to grow at a stable rate of 5%-6% annually, driven by its essential role in animal nutrition and other applications [3]. Vitamin Market - The vitamin market is experiencing increased supply-demand imbalances, with current prices at historical lows, prompting manufacturers to adopt a firm pricing stance [4]. - As of February 9, 2025, the market prices for various vitamins were reported, with significant historical percentile rankings indicating low pricing levels [4]. - The price of feed-grade vitamin E (VE) was raised by 15% on February 5, with subsequent increases in export prices from major manufacturers [4]. Investment Recommendations - Given the current low prices of methionine and vitamins, along with cost support and stable demand growth, companies with cost and scale advantages are expected to see profit recovery [5]. - Recommended stocks include methionine producers like New Hope (002001.SZ) and Hebang Biotechnology (603077.SH), as well as vitamin producers like New Hope and Zhenhua Co. (603067.SH) [5].