维生素12月月报：VE主流厂商陆续宣布检修计划，预计价格维持高位震荡

Investment Rating - The industry rating is "Outperform the Market" [58] Core Viewpoints - The report highlights that major manufacturers of Vitamin E have announced maintenance plans, which are expected to keep prices stable at high levels [58] - The report suggests focusing on companies that will benefit from the price increases of Vitamin A and E, specifically Zhejiang Medicine and Xinhecheng, as well as Garden Bio benefiting from the price increase of Vitamin D3, and Shengda Bio and Tianxin Pharmaceutical benefiting from the price increase of folic acid [58] Summary by Sections 1. Vitamin and Raw Material Price Overview - Vitamin A price as of December 27 is 137.5 CNY/kg, down 14.6% from 161 CNY/kg at the end of last month [3][58] - Vitamin E price as of December 27 is 142.5 CNY/kg, down 3.4% from 147.5 CNY/kg at the end of last month [58] - Vitamin D3 price as of December 27 is 265 CNY/kg, up 1.9% from 260 CNY/kg at the end of last month [13][58] - Folic acid price as of December 27 is 352.5 CNY/kg, up 2.2% from 345 CNY/kg at the end of last month [95] 2. Export Situation of Various Vitamins - Vitamin A export volume in November was 531.06 tons, a year-on-year increase of 13.8%, with a cumulative year-on-year increase of 29.3% from January to November [24] - Vitamin B3 or B5 export volume in November was 2,308.34 tons, a year-on-year increase of 33.0%, with a cumulative year-on-year increase of 21.5% from January to October [25] - Vitamin C export volume in November was 19,516.64 tons, a year-on-year increase of 23.4%, with a cumulative year-on-year increase of 3.1% from January to November [26] 3. Production Facility Status - Xinhecheng's Vitamin A production is operating normally with no maintenance plans [11] - Zhejiang Medicine's Changhai Biological subsidiary plans to conduct maintenance from mid-January 2025 for 4-5 weeks [45][90] - DSM-Firmenich announced that its joint venture with China Energy will undergo temporary maintenance from January to February 2025, with another closure planned for June 2025, each lasting about 2 weeks [2][90] 4. Downstream Demand Tracking - As of December 27, the average price of white feather broilers in major production areas is 7.61 CNY/kg, down 0.09 CNY/kg from the end of last month, with breeding profits at -1.22 CNY per bird, an increase of 0.36 CNY per bird from the end of last month [68]