Summary of Industry and Company Insights from Conference Call Records Industry: Dairy Products - Liquid milk revenue has declined, with ambient yogurt significantly impacted by competition from tea beverages, but leading dairy companies have achieved slight growth in dairy drinks through product innovation and market expansion [1][2][3] - Solid dairy products show weak demand for cheese in the A-end, while B-end domestic alternatives are accelerating; milk powder demand is improving due to population growth [1][2] - The upstream raw milk supply is expected to reach a supply-demand balance by mid-2026, potentially leading to a rebound in milk prices, with large dairy companies benefiting from scale advantages [1][3] - Major dairy companies like Yili and Mengniu are expected to see a recovery in market share as their valuations are at a low point [3] Industry: Snack Foods - The snack food industry is experiencing slowed growth, with high raw material costs and intense competition; however, categories like konjac and bulk channels still show potential [4] - Recommended companies include Wei Long and Ximai Foods, which have advantages in multi-channel distribution and are positioned well in the konjac category [4] Industry: Seed Industry - The seed industry is anticipated to see a turnaround in the second half of 2026, with opportunities for investment in companies like Kangnong Seed, which has achieved growth through its flagship product [5] - The sales area for Kangnong's product is expected to exceed 10 million mu, indicating strong performance potential [5] Industry: Grain and Economic Crops - If grain prices rise in the second half of 2026, the industry may see improved conditions, with companies like Suqian Agricultural Development showing significant earnings elasticity [6] - In the economic crop sector, companies involved in natural rubber and blueberry cultivation are highlighted for their growth potential [6] Industry: Agricultural Product Processing - The agricultural processing sector should focus on health-related investment opportunities, with companies like COFCO Sugar showing strong stock performance [7] - The tomato processing segment is showing signs of price stabilization, which could benefit companies like Guannong [7] Industry: Functional Food Ingredients - The functional food ingredients market is expected to grow significantly, driven by improvements in profitability and new product releases [8][9] Industry: Livestock and Poultry - The livestock industry is projected to bottom out and gradually recover, with recommendations for cost-leading companies like Wens Foodstuffs and DeKang Agriculture [10][12] - The pig market has seen price fluctuations, with expectations of continued pressure in early 2026 but potential recovery later in the year [11][12] Industry: Pet Food - The pet food sector has shown resilience, with domestic demand remaining strong and companies like Zhongchong and Guibao Pet Food achieving significant growth [15] Industry: Restaurant Supply Chain - The restaurant supply chain is facing weak demand, but leading companies are gaining market share through innovation and new product development [16][20] - Companies like Hai Tian and Anjing Foods are highlighted for their strong performance despite industry challenges [21][22] Key Investment Opportunities - Focus on companies with strong growth potential in their respective sectors, such as Wei Long in snacks, Kangnong in seeds, and Anjing Foods in the restaurant supply chain [4][5][22]

（编辑 姚尧） 证券日报网讯 11月18日晚间，农心科技发布公告称，农心作物科技股份有限公司（以下简称"公 司"或"本公司"）股东宁波农旗自有资金投资合伙企业（有限合伙）拟自本次股份减持计划预披露公告 披露之日起15个交易日后的九十个自然日内以集中竞价交易方式、大宗交易方式减持公司股份合计不超 过542，000股（含本数），不超过公司股份总数的0.5423%，不超过公司剔除回购专户持股数后股份总 数的0.5436%。 ...

（编辑 任世碧） 证券日报网讯 11月18日晚间，农心科技发布公告称，本次回购注销的限制性股票共计60，000股，约占 回购注销前公司股份总数100，000，000股的0.06%，该部分限制性股票的回购价格为8.59元/股、回购 金额为人民币515，400元、涉及人数为6人。本次回购的限制性股票已于2025年11月18日在中国证券登 记结算有限责任公司深圳分公司办理完成注销手续。本次回购注销完成后，公司股份总数已由100， 000，000股变更为99，940，000股。 ...

Core Insights - On November 18, several companies disclosed their shareholding changes, with 康缘药业, 超达装备, and 海大集团 announcing share buybacks, while 15 companies, including 立达信 and 艾布鲁, reported share reductions [1][2]. Group 1: Share Buybacks - 康缘药业's actual controller and director, 肖伟, increased his shareholding by 20,000 shares [2]. - 超达装备 secured a stock repurchase loan commitment from China Bank for up to 450 million yuan [2]. - 海大集团 plans to repurchase shares worth no less than 1 billion yuan and up to 1.6 billion yuan [2]. Group 2: Share Reductions - 立达信's shareholder, 李春华, intends to reduce his stake by no more than 1.56% [2]. - 艾布鲁's controlling shareholder, 钟儒波, plans to reduce his stake by no more than 3% [2]. - 高德红外's actual controller, 黄立, aims to reduce his stake by no more than 3% [2]. - 嘉美包装's shareholders plan to collectively reduce their stake by no more than 1.16% [2]. - 蓄奥规划's shareholders intend to reduce their stake by no more than 1% [2]. - 君逸数码's shareholder, 成都高创投, plans to reduce his stake by no more than 1% [2]. - 联合水务's shareholder, 上海衡联, intends to reduce his stake by no more than 0.14% [2]. - 亚翔集成's second-largest shareholder has reduced 130,000 shares and is still in the reduction period [2]. - 芯朋微's controlling shareholder, 张立新, has terminated his reduction plan early [2]. - 安旭生物's shareholder, 马华祥, plans to reduce his stake by no more than 0.94% [2]. - 农心科技's shareholder, 宁波农旗, intends to reduce his stake by no more than 0.54% [2]. - 禾川科技's actual controller and others plan to reduce their stake by no more than 6% [2]. - 世龙实业's shareholder, 电化高科, plans to reduce his stake by no more than 3% [2]. - 中国化学's executive, 聂宁新, intends to reduce his stake by no more than 60,000 shares [2]. - 鸿泉技术's shareholder, 千方科技, plans to reduce his stake by no more than 3% [2].

截至发稿，农心科技市值为23亿元。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 每经AI快讯，农心科技（SZ 001231，收盘价：23.33元）11月18日晚间发布公告称，农心作物科技股份 有限公司股东宁波农旗自有资金投资合伙企业（有限合伙）拟自本次股份减持计划预披露公告披露之日 起15个交易日后的九十个自然日内（即自2025年12月11日起至2026年3月10日止，根据中国证券监督管 理委员会或深圳证券交易所相关规定禁止减持的期间除外）以集中竞价交易方式、大宗交易方式减持公 司股份合计不超过54.2万股（含本数），不超过公司股份总数的0.5423%，不超过公司剔除回购专户持 股数后股份总数的0.5436%。 截至本公告披露日，宁波农旗持有公司股份总数为217万股，占公司股份总数的比例为约2.17%，占剔 除公司回购专户持股数后股份总数的比例为约2.18%。 2025年1至6月份，农心科技的营业收入构成为：化学原料和化学制品制造业占比100.0%。 （记者 王晓波） ...

人民财讯11月18日电，农心科技（001231）11月18日公告，股东宁波农旗自有资金投资合伙企业(有限 合伙)(简称"宁波农旗")拟以集中竞价交易方式、大宗交易方式减持公司股份合计不超过54.2万股(含本 数)，不超过公司股份总数的0.5423%，不超过公司剔除回购专户持股数后股份总数的0.5436%。 ...

格隆汇11月18日丨农心科技(001231.SZ)公布，股东宁波农旗自有资金投资合伙企业（有限合伙）（简 称"宁波农旗"）拟自本次股份减持计划预披露公告披露之日起15个交易日后的九十个自然日内（即自 2025年12月11日起至2026年3月10日止，根据中国证券监督管理委员会或深圳证券交易所相关规定禁止 减持的期间除外）以集中竞价交易方式、大宗交易方式减持公司股份合计不超过542,000股（含本 数），不超过公司股份总数的0.5423%，不超过公司剔除回购专户持股数后股份总数的0.5436%。 ...

Core Viewpoint - Nongshim Technology (001231.SZ) announced that its shareholder Ningbo Nongqi plans to reduce its shareholding by a maximum of 542,000 shares, representing 0.5423% of the total shares, within a specified period [1] Summary by Relevant Sections - **Shareholding Reduction Plan** - Ningbo Nongqi intends to reduce its holdings through centralized bidding and block trading methods [1] - The reduction period is set from December 11, 2025, to March 10, 2026, excluding any periods prohibited by the China Securities Regulatory Commission or Shenzhen Stock Exchange [1] - The maximum reduction will account for 0.5436% of the total shares after excluding the shares held in the repurchase account [1]

格隆汇11月18日｜农心科技公告，股东宁波农旗自有资金投资合伙企业（有限合伙）拟自2025年12月11 日至2026年3月10日，通过集中竞价或大宗交易方式减持公司股份不超54.2万股，占公司股份总数 0.5423%，占剔除回购专户持股数后股份总数0.5436%。截至公告日，其持有217万股，占总股本 2.1713%，占剔除回购专户持股数后股份总数2.1764%。拟减持股份来源为首次公开发行前取得。 ...

南财智讯11月18日电，农心科技公告，股东宁波农旗自有资金投资合伙企业（有限合伙）拟自2025年12 月11日起至2026年3月10日止，通过集中竞价交易方式或大宗交易方式减持公司股份合计不超过54.2万 股，不超过公司股份总数的0.5423%。截至公告披露日，宁波农旗持有公司股份217万股，占公司股份 总数的2.1713%。本次减持原因为自身资金需要，股份来源为首次公开发行前发行的股份。减持期间、 数量及价格将根据市场情况决定，且不会导致公司控制权发生变化，不会对公司治理结构及持续经营产 生重大影响。 ...