证券研究报告 投资要点 2 ◼ 【聚氨酯板块】本周纯MDI/聚合MDI/TDI行业均价为18043/14171/14478元/吨，环比分别-57/-129/+59元/吨，纯 MDI/聚合MDI/TDI行业毛利分别为5131/2259/2936元/吨，环比分别+1/-70/+0元/吨。 ◼ 【油煤气烯烃板块】①本周乙烷/丙烷/动力煤/石脑油均价分别为1165/4172/520/3745元/吨，环比分别- 85/+45/+0/-18元/吨。②本周聚乙烯均价为6800元/吨，环比+30元/吨，乙烷裂解/CTO/石脑油裂解制聚乙烯理论利 润分别为701/1198/-171元/吨，环比分别+100/+20/+34元/吨。③本周聚丙烯均价为6100元/吨，环比+120元/吨， PDH/CTO/石脑油裂解制聚丙烯理论利润分别为-673/946/-260元/吨，环比分别+54/+93/+106元/吨。 ◼ 【煤化工板块】本周合成氨/尿素/DMF/醋酸行业均价为2213/1724/3787/2546元/吨，环比分别-34/+12/+24/+41 元/吨，合成氨/尿素/DMF/醋酸行业毛利分别为223/58/-160/379元/ ...

Group 1 - The core viewpoint of the report is that Xinheng (002001.SZ) is rated as "Buy" due to strong performance in the first three quarters of 2025, aligning with expectations, and steady progress in liquid egg and nylon new material projects [1] - The report highlights that the rising demand for methionine is aiding in the recovery of profitability, while the advancement of new projects and products is providing growth momentum [1] Group 2 - The report indicates that the competition in the vitamin and methionine industry is intensifying, which could pose challenges [1] - There are concerns regarding the potential underperformance of project launches and fluctuations in exchange rates [1]

Core Insights - The average wholesale price of eggs in China has dropped from 6.25 yuan per jin to 3.75 yuan per jin, marking a five-year low, leading most egg production companies to report losses of 600 yuan per ton [1] - Sichuan Houfu Food Co., Ltd. has found profitability by processing eggs into liquid form, achieving a net profit of 300 yuan per ton [1] - The company operates the largest single liquid egg production line in China, processing over 2 million eggs daily, and has established a close relationship with downstream enterprises [1] Company Overview - Sichuan Houfu Food was established as a "factory within a factory" in partnership with leading egg product companies, allowing for efficient processing and reduced logistics costs [1] - The company has a daily processing capacity of 150 tons of eggs but is currently operating at 75 tons, indicating room for expansion [1][2] - The liquid egg produced has a shelf life of 24 months, significantly longer than fresh eggs, enhancing market competitiveness [1] Industry Trends - The trend of converting eggs into liquid form is expected to grow, driven by increasing demand from the food processing industry and changing consumer habits [2] - The current conversion rate of eggs to liquid in China is below 20%, compared to over 50% in developed countries, indicating significant growth potential [1][2] - The partnership with major food companies has positioned Sichuan Houfu Food as a key supplier in the local market, with increasing orders from well-known brands [1]

Macro News - The People's Bank of China will conduct a 400 billion yuan reverse repurchase operation on June 16, 2025, to maintain ample liquidity in the banking system, with a term of 6 months [1][6] - China has successfully conducted its first invasive brain-computer interface clinical trial, becoming the second country globally to enter the clinical trial phase after the United States [2][13] - The National Bureau of Statistics released various economic reports on June 16, including the monthly report on commodity residential sales price index and industrial production [2][12] Regulatory Updates - The State Council announced new regulations for individual business registration management, effective July 15, aimed at promoting high-quality development of individual businesses [4] - The Beijing Stock Exchange extended the exemption of bond trading fees until December 31, 2026, to stimulate market activity and reduce costs [4][5] - The China Securities Regulatory Commission has implemented new regulations to strengthen the supervision of program trading in the futures market, effective October 9, 2025 [7] Market Trends - The Guangzhou government proposed a consumption stimulus plan, including the removal of restrictions on real estate purchases and the promotion of sports consumption [5][10] - The food and beverage sector showed a structural market trend in May, with a focus on new channels and product categories [11] - The ice cream market is experiencing intense competition this summer, with companies preparing earlier and introducing new products [22] Company Developments - GAC Group committed to completing dealer rebate payments within two months to foster trust and cooperation with dealers [16] - Pop Mart Korea announced a temporary halt to offline sales of LABUBU products due to safety concerns [17] - AstraZeneca and CSPC Pharmaceutical Group have entered a strategic research collaboration to develop new oral candidate drugs for multiple chronic diseases [26]

Overview - Eggs are a significant source of protein in daily diets, with increasing consumer awareness regarding quality and nutritional value, leading to a rising demand for high-quality eggs such as organic and antibiotic-free eggs [1][12] - The fast-paced lifestyle is driving the demand for processed egg products like liquid eggs and egg powder, contributing to the growth of the deep processing sector [1][12] - In 2024, China's egg demand is projected to reach 30.62 million tons, with production at 30.76 million tons, resulting in a market size of 387.9 billion yuan and an average product price of approximately 12.67 yuan per kilogram [1][12] Market Policies - The Chinese government has implemented various policies to support the development of the agricultural sector, including the egg industry, creating a favorable policy environment [5][7] - Key policies include enhancing food safety regulations, improving agricultural product circulation, and promoting rural e-commerce [5][7] Industry Chain - The upstream of the egg industry primarily includes egg-laying hen breeding, machinery, and packaging materials, with egg-laying hen breeding being the most critical segment [8] - In 2024, the stock of breeding hens is expected to reach approximately 634,000 sets, with a steady increase in the stock of laying hens, which is crucial for the industry's growth [8] Consumption Structure - Currently, fresh consumption dominates the egg market in China, accounting for over 80% of total consumption, while the deep processing sector is still in its infancy [10][12] - The demand for processed egg products is expected to grow significantly due to diverse consumer needs and the development of the baking industry [10][12] Competitive Landscape - The Chinese egg market is characterized by a large number of small-scale producers, leading to intense competition [16] - Major players in the industry include Beijing Deqingyuan Agricultural Technology Co., Ltd., Fujian Guangyang Egg Industry Co., Ltd., and Wens Foodstuff Group Co., Ltd., among others [16][18] Development Trends - Future trends indicate that household consumption will remain dominant, but there will be a gradual diversification in outdoor and industrial consumption [22] - The demand for convenient, nutritious, and diverse egg products is expected to rise, with a growing market for high-quality liquid eggs and egg powders [22] - As consumer awareness of egg quality and safety increases, branded eggs are likely to gain market share, prompting companies to enhance product traceability and quality assurance [22]