Core Viewpoint - The aquaculture sector in China is experiencing a significant surge, with multiple stocks reaching their daily limit up, indicating strong market interest and potential investment opportunities [1][3]. Industry Summary - As of November 19, several aquaculture stocks, including Guolian Aquatic (300094), have hit the daily limit up, reflecting a robust performance in the sector [1]. - Longjiang Securities reports that the Chinese aquaculture industry is expected to see a notable recovery by 2025, with major aquatic product prices rising to historical highs [3]. - Specific price increases include grass carp reaching 14 yuan/kg, a 25% increase from the beginning of the year, and prices for specialty aquatic products such as California bass and yellow catfish hitting 22.1 yuan/lb and 15.8 yuan/lb, respectively, both surpassing levels not seen since 2021 [3]. - The report suggests that this price rebound is a natural outcome following two years of stock adjustment in 2023 and 2024 [3].

从天马科技十大流通股东角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，国泰基金旗下1只基金位居天马科技十大流通股东。国泰中证畜牧养殖ETF（159865）三季 度增持268.89万股，持有股数769.38万股，占流通股的比例为1.53%。根据测算，今日浮盈赚取约653.97 万元。 责任编辑：小浪快报 11月19日，天马科技涨5.61%，截至发稿，报16.00元/股，成交4.33亿元，换手率5.55%，总市值80.58亿 元。 截至发稿，梁杏累计任职时间9年167天，现任基金资产总规模306.17亿元，任职期间最佳基金回报 1112.34%， 任职期间最差基金回报-55.54%。 资料显示，福建天马科技集团股份有限公司位于福建省福清市上迳镇工业区，成立日期2005年12月13 日，上市日期2017年1月17日，公司主营业务涉及从事特种水产配合饲料研发、生产、销售。主营业务 收入构成为：畜禽饲料销售52.67%，特水饲料销售22.77%，养殖销售20.46% ...

Core Insights - The feed sector experienced a slight increase of 0.07% on November 17, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Feed Sector Performance - Tianma Technology (603668) closed at 15.33, up 6.16% with a trading volume of 898,500 shares and a transaction value of 1.402 billion [1] - Other notable performers included: - Zhongchong Co., Ltd. (002891) at 59.69, up 3.86% [1] - Zhenghong Technology (000702) at 7.65, up 1.06% [1] - Petty Holdings (300673) at 17.70, up 0.91% [1] - Guibao Pet (301498) at 72.62, up 0.54% [1] Capital Flow Analysis - The feed sector saw a net outflow of 118 million from institutional investors and 78.86 million from retail investors, while retail investors had a net inflow of 197 million [2] - The capital flow for key stocks included: - Tianma Technology had a net inflow of 1.03 billion from institutional investors, but a net outflow of 130 million from retail investors [3] - Haida Group (002311) had a net inflow of 11.08 million from institutional investors [3] - Other stocks like Petty Holdings and Zhenghong Technology experienced net outflows from institutional investors [3]

Core Viewpoint - The aquaculture sector is experiencing active bidding, with several stocks reaching their daily limit up, indicating strong investor interest and potential growth in the industry [1] Group 1: Stock Performance - Major stocks such as Dahu Co., Zhongshui Fisheries, Kaichuang International, Tianma Technology, Dongfang Ocean, and Haodangjia have all hit the daily limit up during the active bidding session [1]

国泰中证畜牧养殖ETF（159865）基金经理为梁杏。 11月17日，天马科技涨9.97%，截至发稿，报15.88元/股，成交9581.56万元，换手率1.20%，总市值 79.98亿元。 资料显示，福建天马科技集团股份有限公司位于福建省福清市上迳镇工业区，成立日期2005年12月13 日，上市日期2017年1月17日，公司主营业务涉及从事特种水产配合饲料研发、生产、销售。主营业务 收入构成为：畜禽饲料销售52.67%，特水饲料销售22.77%，养殖销售20.46%，食品销售13.68%，原料 销售5.27%，其他(补充)0.42%，动保产品销售0.13%。 从天马科技十大流通股东角度 数据显示，国泰基金旗下1只基金位居天马科技十大流通股东。国泰中证畜牧养殖ETF（159865）三季 度增持268.89万股，持有股数769.38万股，占流通股的比例为1.53%。根据测算，今日浮盈赚取约1107.9 万元。 国泰中证畜牧养殖ETF（159865）成立日期2021年3月1日，最新规模60.97亿。今年以来收益16.52%， 同类排名3092/4216；近一年收益12.55%，同类排名3012/3956；成立以来亏 ...

Market Overview - The military equipment sector showed strong performance with Jianglong Shipbuilding hitting a 20% limit up, Great Wall Military and Beifang Longzhong also reaching limit up, while Tianhai Defense, Guoke Military, and Inner Mongolia First Machinery increased by over 5% [3][6]. - The aquaculture sector opened collectively high, with Guolian Aquatic, Zhongshui Fishery, Dongfang Ocean, and others hitting limit up, while Dahu Shares, Zangzi Island, and Baiyang Shares saw significant gains [3]. Index Performance - The A-share market opened lower with the Shanghai Composite Index down 0.05%, Shenzhen Component down 0.12%, and ChiNext down 0.46% [4][5]. - The Hang Seng Index opened down 0.49%, and the Hang Seng Technology Index fell by 0.71%, with technology stocks generally retreating [7][8]. Sector Performance - The military equipment and textile manufacturing sectors were on the rise, while gold, shipping, and duty-free concept sectors were sluggish [6].

Core Points - The company reported a total eel output of approximately 1,732.99 tons for October 2025, with 680.47 tons for export and 1,052.52 tons for internal use [2] - Cumulative eel output from January to October 2025 reached approximately 15,218.73 tons, with 8,478.82 tons for export and 6,739.90 tons for internal use [2] - The sales price range for eels in October was between 55,000 yuan/ton and 100,000 yuan/ton, while the cumulative price range from January to October was between 50,000 yuan/ton and 130,000 yuan/ton [2][5] Output Specifications - The eel output specifications are categorized by the number of eels per kilogram, referred to as "P" numbers [3] - The data provided is preliminary and unaudited, and may differ from figures disclosed in regular reports [3][6] - Price fluctuations in October were attributed to a small quantity of live eel exports to Japan and South Korea, which had different pricing compared to domestic sales [5] Additional Information - The data presented is based on internal statistics and is intended to provide investors with timely insights into the company's eel farming operations [6] - The company does not make any commitments or guarantees regarding future operational performance based on this data [6]

Group 1 - The core viewpoint of the article is that the stock price of Tianma Technology (603668) is influenced by multiple factors including macroeconomic conditions, policies, industry trends, market conditions, sector hotspots, and investor preferences, leading to uncertainty in the secondary market [1] - The company is focused on enhancing its core competitiveness, improving operational management quality, increasing the quality of information disclosure, and strengthening communication with investors to promote the growth of its intrinsic value alongside market value [1]

Core Viewpoint - Tianma Technology (603668) positions itself as a leading global aquaculture group driven by technology, focusing on the integration of various agricultural sectors and promoting the development of eight major aquaculture industry clusters [1] Group 1: Company Overview - Tianma Technology operates across the entire modern agricultural aquaculture value chain, including smart breeding, food processing, aquatic seed industry, animal nutrition, and feed [1] - The company emphasizes a technology-driven approach, leveraging AI to create smart aquaculture solutions and enhance the synergy between aquaculture and solar energy [1] Group 2: Strategic Focus - The company is concentrating on marine economy, green economy, and digital economy, aiming to revitalize the industry through its unique eel industry [1] - Tianma Technology's initiatives are aligned with rural revitalization efforts, contributing to farmers' income growth and striving to achieve the goal of "one eel swimming worldwide" [1]

Core Viewpoint - The company is committed to developing a world-class food supply chain platform centered around the eel industry, with a focus on food as a new growth area and feed as a foundational element [1] Group 1: Industry Strategy - The company aims to fully promote the integration of primary, secondary, and tertiary industries [1] - The company operates over a hundred subsidiaries globally, positioning itself as a key player in agricultural industrialization and a national technology innovation demonstration enterprise [1] Group 2: Subsidiary Operations - The company has a controlling subsidiary, Hainan Tianma Biotechnology Co., Ltd., located in Haikou, Hainan Province, which specializes in the sale of aquatic feed [1]