维生素A、维生素E价格大幅上涨，国内龙头企业将受益

Industry Overview - The report highlights a significant increase in the prices of Vitamin A and Vitamin E, benefiting leading domestic companies in the sector [3][4] - The ongoing geopolitical conflicts in the Middle East have led to substantial fluctuations in oil and gas prices, impacting the production costs of various chemical products [3][4] Price Trends - As of March 13, 2026, Brent crude oil prices rose to $103.89 per barrel, with a weekly increase of over 11%, while European TTF gas prices surged to €49.127 per megawatt-hour, marking a weekly increase of over 67% [3] - The price of Vitamin A increased from ¥59 per kilogram to ¥80 per kilogram, representing a 35% rise, while Vitamin E prices rose from ¥57 per kilogram to ¥79 per kilogram, reflecting a 38% increase [3][4] Production Insights - The global production of Vitamin A is dominated by approximately seven major manufacturers, with BASF holding a capacity of 14,000 tons per year, accounting for about 27% of the global market [4] - The supply structure for Vitamin E mirrors that of Vitamin A, with European production accounting for around 40% of the total [4] Investment Recommendations - The report suggests focusing on leading companies in the Vitamin A and Vitamin E sectors due to the anticipated benefits from rising prices and potential production disruptions caused by geopolitical tensions [4]