The CITIC Construction Investment Research Report indicates that the concentration of the VA and VE industries on the supply side is mainly due to several major domestic and foreign manufacturers such as Xinhe Cheng and BASF, which have gradually shrunk supply since 2023 due to equipment aging, rising costs, etc.; domestic maintenance & force majeure incidents have also occurred, and there are still many limiting factors in industry supply. Currently, many VA and VE manufacturers are in a state of suspension of reporting, and the European market has recently begun to raise prices, and market sentiment is strong. Looking ahead, as sow breeding stocks continue to degenerate, pig prices are expected to pick up at the bottom to drive a recovery in downstream demand. Currently, the price of VA/VE is still extremely low in history, and the upward flexibility is high after being low.
中信建投研报指出供给端VA、VE行业集中度高主要有新和成、巴斯夫等国内外几大厂家2023年以来由于装置老化、成本抬升等原因巴斯夫、帝斯曼轮番停产检修供给逐步收缩；国内检修&不可抗力事件也发生较多行业供给仍存较多限制因素。目前VA、VE多厂家处于停报状态且欧洲市场于近期开始提价市场推涨情绪浓厚。展望后续随着母猪能繁存栏持续去化生猪价格有望底部回暖带动下游需求回升。VA/VE目前价格仍处于历史极低、偏低位置后续向上弹性较大。
The CITIC Construction Investment Research Report indicates that the concentration of the VA and VE industries on the supply side is mainly due to several major domestic and foreign manufacturers such as Xinhe Cheng and BASF, which have gradually shrunk s
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