（记者 王晓波） 每经AI快讯，开源证券10月30日发布研报称，给予新和成（002001.SZ，最新价：24.24元）"买入"评 级。评级理由主要包括：1）2025前三季度业绩同比高增、符合预期，稳步推进液蛋、尼龙新材料项目 等；2）蛋氨酸景气上行助力盈利能力修复，稳步推进新项目、新产品带来成长动力。风险提示：维生 素、蛋氨酸行业竞争加剧，项目投产不及预期，汇率波动等。 每日经济新闻 每经头条（nbdtoutiao）——"十五五"规划建议的18个新提法，释放了哪些重要信号？ 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

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]