According to the Guohai Securities Research Report, according to Baichuan Yingfu, about 71% of the downstream vitamins are feed. Fluctuations in demand for vitamins are mainly due to changes in the amount added to feed, and the amount added has a lot of room for adjustment. When the profitability of the aquaculture side increases, there is a high tolerance for the amount and price of vitamins added downstream. Since 2023, domestic pig farming has experienced a significant reduction in pig production capacity after experiencing long-term losses due to the epidemic. Currently, downstream farming has entered a profit cycle, which is expected to strongly support the demand for vitamins. Meanwhile, in 2024, overseas vitamins will enter a stock replenishment cycle. As the main supplier of vitamins, China's vitamin exports have increased dramatically. According to the General Administration of Customs, in the first half of 2024, VA and VE exports increased by 17.4% and 29.5%, respectively, over the same period last year. Domestic and foreign demand resonates, forming a strong support for vitamin prices. Industry ratings and investment strategies take into account favorable support from both supply and demand sides of vitamins, and the upward trend has accelerated, maintaining the industry's “recommended” rating. The focus is on individual stocks Xinhecheng, Zhejiang Pharmaceutical, Huayuan Biotech, Zhenhua Co., Ltd., Brother Technology, and Andisu.