维生素11月月报：叶酸开启涨势，巴斯夫第二轮分配方案出炉

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The report highlights significant price increases in various vitamins, particularly folic acid, which saw a price surge from 182.5 CNY/kg to 345 CNY/kg, marking an 89% increase [3][12] - BASF's second distribution plan for vitamins A and E was released following an incident, with prices for feed-grade vitamin A set at no less than 172 CNY/kg and vitamin E at 145 CNY/kg [2][47] - The report indicates a recovery in profits for white-feathered chickens, while pig farming profits have slightly declined [3][61] Summary by Sections Vitamin Prices Overview - Vitamin E price as of November 29 is 147.5 CNY/kg, up 13.5% from the previous month [3][12] - Vitamin A price is 161 CNY/kg, down 5.3% from the previous month [3][12] - Vitamin D3 price is 260 CNY/kg, up 7.2% from the previous month [3][12] - Folic acid price is 345 CNY/kg, up 89% from the previous month [3][12] Downstream Demand Tracking - As of October, the number of breeding sows in China is 40.73 million, a 0.3% increase from September [59] - The average price for white-feathered chickens is 7.7 CNY/kg, with a profit of -1.58 CNY per bird, showing a slight recovery [61] Investment Recommendations - The report suggests focusing on companies benefiting from rising prices of vitamins A and E, such as Zhejiang Medicine and New Hope Liuhe, as well as those benefiting from folic acid price increases like Shengda Biology and Tianxin Pharmaceutical [69]