中证报中证网讯(王珞)12月8日，第三届A+水产饲料高峰论坛在广东湛江举行，行业领军企业粤海饲料 （001313）与国产智慧饲料工业软件服务商中农科龙腾达成全面合作，标志着我国水产饲料工业软件实 现从"跟跑"到"并跑"的历史性跨越，为行业智能化升级树立标杆。 本次论坛以"低蛋白饲料的理论与技术"为主题，汇聚院士专家、产业领袖等超800人。作为联合承办单 位，粤海饲料董事长郑石轩在论坛中强调，"蛋白减量、营养不减效"是行业转型核心，需通过精准配比 与全链条优化破解发展困局。 签约仪式上，郑石轩与中农科龙腾首席科学家薛敏共同签署合作协议。据悉，"中农科.龙腾"是首个国 产信创饲料配方工业软件，其搭载的专属数据库与AI助手，可实现原料替代、工艺优化等智能决策， 助力低蛋白日粮精准配置。 此次合作是双方技术积淀与自主创新的强强联合。粤海饲料通过"四重保障"体系，已在多品种饲料中验 证低蛋白技术可行性，华南小棚虾饲料蛋白含量低于行业常规的42%-44%，仍实现亩产18409斤、料比 0.9的优异成绩。借助中农科龙腾的AI赋能，粤海饲料将进一步优化配方精度，可智能推荐近千种原料 方案，能耗降低12%，形成降本增效闭环。 ...

Core Viewpoint - The third A+ Aquaculture Feed Summit held in Zhanjiang, Guangdong, focused on "theory and technology of low-protein feed," addressing industry challenges and promoting sustainable practices in aquaculture [1][2]. Group 1: Industry Challenges - The aquaculture industry faces multiple challenges, including weak terminal demand for aquatic products, high dependency on imported fishmeal (over 70%) and soybean meal (over 80%), and significant price volatility [2]. - The industry is experiencing a "high-protein competition" phenomenon, with feed protein levels in the Pearl River Delta reaching 48%-52%, leading to resource waste and environmental pollution [2]. - High-density farming practices have resulted in frequent disease outbreaks, while feed formulation remains relatively crude, failing to meet the precise needs of different species and growth stages [2]. Group 2: Company Innovations - Guangdong Yuehai Feed Group has proposed a core strategy of "reducing protein without compromising nutrition," encapsulated in the "three highs and three lows" framework: high quality, high health, high growth, and low protein, low waste, low feed conversion ratio [2]. - The company has achieved breakthroughs by precisely controlling the nutritional essence of fish through three technical pathways: amino acid balance, energy-to-protein ratio optimization, and functional additive selection [2]. - For instance, the addition of methionine and taurine in low fishmeal formulations has reduced the incidence of "black spot disease" from 38% to 10%, and specific additives have eliminated the occurrence of Nocardiosis within two weeks [2]. Group 3: Strategic Collaborations - During the summit, Guangdong Yuehai Feed Group signed a strategic cooperation agreement with "Zhongnong Kelong" feed formulation industrial software, which aims to break the foreign monopoly in the feed formulation software industry [3]. - The software, developed by the Chinese Academy of Agricultural Sciences and Yuan Data Technology, utilizes big data and artificial intelligence to support the precise configuration and processing of low-protein, low-soybean meal diets [3]. - This collaboration is expected to facilitate the transition from resource-intensive practices to sustainable development in the aquaculture sector [3].

Core Viewpoint - The third A+ Aquaculture Feed Summit highlighted the importance of low-protein feed innovation to address the industry's challenges of high protein dependency, rising costs, and environmental pressures [1][2]. Group 1: Low-Protein Feed Innovation - The core principle of the industry transformation is "reducing protein without compromising nutrition," which requires precise formulation and optimization across the entire supply chain to ensure the health of fish and shrimp as well as farming efficiency [1]. - The collaboration between Yuehai Feed and the domestic smart feed software "Zhongnongke Longteng" marks a significant leap from "catching up" to "running alongside" in China's aquaculture feed software industry [1]. - The partnership is based on over 30 years of technological accumulation from Yuehai Feed and the independent innovation of Zhongnongke Longteng, breaking a 20-year technical monopoly held by Western companies [1]. Group 2: Strategic Significance of the Partnership - The partnership addresses three major challenges in the aquaculture industry: weak consumer demand, high dependence on imported raw materials, and increasing environmental pressures [2]. - Yuehai Feed has validated the feasibility of low-protein technology across various products, achieving excellent results such as a protein content of 42%-44% in shrimp feed, which is lower than the industry norm, yet yielding 18,409 pounds per acre with a feed conversion ratio of 0.9 [2]. - The AI capabilities of Zhongnongke Longteng will further optimize formulation accuracy, providing nearly a thousand raw material recommendations and reducing energy consumption by 12%, thus supporting cost reduction and efficiency for farmers [2]. Group 3: Future Outlook - The collaboration is seen as a model for industrial win-win scenarios, with both parties aiming to refine low-protein feed standards and deepen digital applications to benefit more farmers with efficient and environmentally friendly farming practices [3]. - This partnership is viewed as a new starting point for high-quality industry development, with a focus on technological innovation to drive sustainable growth and profitability [3].

Core Viewpoint - The third A+ Aquatic Feed Summit focuses on addressing the industry's reliance on high-protein feeds, which leads to increased costs and environmental pressures, promoting a shift towards precision, efficiency, and eco-friendly practices in aquaculture [1][2] Group 1: Industry Challenges - The aquaculture feed industry is facing significant issues related to high-protein competition, leading to increased raw material consumption and negative impacts on water quality and fish metabolism [1] - The low protein retention rate and conversion efficiency in the industry indicate substantial room for improvement [1] Group 2: Company Solutions - The company proposes a "Three Highs and Three Lows" technical strategy, focusing on high quality, health, and growth while reducing protein, loss, and feed ratio [1] - The "Four Guarantees" product quality system aims to enhance growth speed by 10%, reduce feed ratio by 10%, and cut losses by 50%, achieving "reduced protein without compromising nutrition" [1] Group 3: Implementation and Results - A comprehensive support system has been established, including professional procurement teams, expert-led production processes, and a feedback mechanism involving all staff to gather practical data from aquaculture sites [2] - The strategy has been successfully applied to various species, resulting in lower protein levels than industry standards, improved stability in high-temperature and high-density farming scenarios, reduced disease incidence, and better water quality [2] Group 4: Future Directions - The company aims to leverage the summit to share technical experiences and product systems, collaborating with industry partners to enhance raw material optimization, formula iteration, and service upgrades [2] - The goal is to help the aquaculture industry overcome resource constraints and progress towards a high-quality development phase characterized by precision, efficiency, and environmental sustainability [2]

格隆汇12月8日丨粤海饲料(001313.SZ)在互动平台表示，公司始终密切关注海洋渔业，尤其是深远海工 业化养殖这一前沿领域的发展，并视其为重要的市场。我们高度重视包括"国信一号"在内的所有行业创 新项目所带来的机遇。截至目前，公司暂未与"国信一号"项目方就饲料供应达成正式合作协议。 公司 是一家主要从事水产饲料研发、生产与销售的国家创新型试点企业及高新技术企业，是我国大型集团化 水产饲料企业，自 1994 年成立以来，始终深耕特种水产饲料领域，拥有深厚的技术底蕴，丰富的产品 种类，完善的营销网络，水产饲料品类齐全，并以海水鱼料、虾料等特种水产饲料为主，特种水产饲料 占比70%以上，是国内海水养殖饲料领域的核心供应商，已积累深厚的海水养殖服务经验，尤其在深海 网箱养殖金鲳鱼以及海鲈鱼等海洋品种饲料的研发与技术支持方面表现突出，能精准匹配深远海及近海 养殖场景需求。 ...

Core Viewpoint - Recent disclosures from multiple listed companies regarding share buybacks reveal significant shifts in institutional investor positions, indicating divergent strategies among institutions towards traditional industries and favoring certain sectors like technology, military, and pharmaceuticals [1][2]. Institutional Dynamics - Intense competition among institutions is evident, particularly with Hai Da Group, where 8 out of the top 10 shareholders are public funds and social security funds, collectively holding over 120 million shares, accounting for more than 7% of total equity [1][2]. - Notable fund manager Liu Yanchun's fund reduced its holdings in Hai Da Group by 362,600 shares, while foreign institution Merrill Lynch exited the top 10 shareholders list [1][2]. Contrasting Strategies - Social security funds, such as the National Social Security Fund's 106 and 109 portfolios, have increased their stakes in Hai Da Group, contrasting with the reductions by other institutions [2]. - Similar trends are observed with Xiangyuan Cultural Tourism, where certain funds increased their holdings while others, like Zhuque Fund, reduced theirs significantly [2]. Performance Metrics - Hai Da Group reported a net profit of 4.177 billion yuan for the first three quarters, a year-on-year increase of 18.71%, while Xiangyuan Cultural Tourism achieved a net profit of 143 million yuan, up 33.47% [2]. - Other companies like Hengmingda and Huaron Co. have also seen institutional increases in holdings, particularly in popular sectors such as consumer electronics and pharmaceuticals [3][4]. Sector Trends - Companies in high-growth sectors, such as Hengmingda and Huaron Co., have attracted significant institutional investment, with notable increases from social security funds [3][4]. - Conversely, stocks that have experienced substantial price increases, such as Hot Scene Biology and Shanghai Mechanical, have faced reductions in institutional holdings as investors seek to realize profits [5][6]. ETF Influence - The presence of ETFs in the top 10 shareholders of nearly 30% of A-shares indicates a growing trend where ETF movements are influencing individual stock holdings, often due to changes in fund subscriptions or index compositions [6].

Core Insights - Recent announcements from multiple listed companies reveal significant adjustments in the top ten shareholders, indicating shifts in institutional investment strategies, particularly in traditional industries and popular sectors like technology, military, and pharmaceuticals [1][2]. Group 1: Institutional Investment Dynamics - There is a notable divergence in investment strategies among institutions regarding traditional industry stocks, with some institutions increasing their holdings while others are reducing them [2]. - For instance, Hai Da Group (002311) saw mixed actions from institutions, with some reducing their stakes while others, like social security funds, significantly increased their holdings [2]. - Social security funds have shown a tendency to increase their positions in certain stocks, such as Hai Da Group, which reported a net profit growth of 18.71% year-on-year for the first three quarters of 2025 [2]. Group 2: Popular Sectors Gaining Attention - Stocks in high-demand sectors such as consumer electronics, military, chips, and pharmaceuticals have attracted institutional interest, with significant increases in holdings from various funds [4]. - Companies like Hengmingda (002947) and Huaron Co. (603855) have seen substantial increases in shares held by institutions, reflecting a positive outlook on their business prospects [4]. - Performance metrics indicate that companies favored by social security funds, like Hengmingda and Huida Technology, have reported impressive profit growth, with Hengmingda achieving a 30.05% increase in net profit for the first three quarters [5]. Group 3: Reduction in High-Growth Stocks - Some stocks that experienced significant price increases earlier in the year have faced reductions in institutional holdings, indicating a potential shift in market sentiment [6]. - For example, Shanghai Mechanical (600835) and Naxin Micro (300184) have seen reductions in shares held by major institutions after substantial price gains [6]. - The trend of reducing holdings in previously high-performing stocks suggests a cautious approach from institutions as they reassess their investment strategies [6].

格隆汇11月25日丨粤海饲料(001313.SZ)在互动平台表示，目前，公司产品未直接销往中国台湾地区。 中国台湾地区四面环海，水产资源丰富，养殖业是其渔业的重要组成部分，未来公司将积极开拓布局， 推动两岸在水产领域的合作与交流。公司作为国内领先的水产饲料企业，自1994年成立以来，始终专注 于水产饲料的研发、生产、销售，是国家创新型试点企业和高新技术企业。公司拥有深厚的技术底蕴、 丰富的产品种类、完善的营销网络，水产饲料种类齐全，产品覆盖水产动物的不同生长阶段，并以虾 料、海特鱼料等水产饲料为主，销售产品覆盖国内主要的水产养殖区域，在华南、华东、华中等国内多 个省份以及越南等国内外地区共投资设立了30余家子公司，凭借过硬的产品质量和良好的服务得到养殖 户的广泛认可。 ...

Core Viewpoint - The agricultural, animal husbandry, and fishery sector experienced a significant surge in the market, driven by strong performance in the aquaculture stocks, particularly due to external factors affecting supply and increasing domestic demand for quality aquatic products [1][4]. Group 1: Market Performance - The only agricultural, animal husbandry, and fishery ETF (159275) saw a 0.5% increase in price during the trading session, recovering from earlier weakness [1]. - Key stocks in the aquaculture sector, such as Guolian Aquatic Products, Zangzi Island, and Tianma Technology, reached their daily limit up, indicating strong investor interest [1][4]. Group 2: Supply and Demand Factors - Supply-side influences include ongoing concerns regarding the impact of Japan's nuclear wastewater discharge, which may lead consumers to prefer domestic aquatic products, thereby boosting demand for local offerings [4]. - On the demand side, there is a growing consumer preference for high-quality protein sources from aquatic products, further supporting the sector's growth [4]. Group 3: Policy and Future Outlook - Policy initiatives, such as the 2025 Central Document No. 1 promoting "green and healthy aquaculture," and the release of the "Smart Fishery Development White Paper," are expected to inject new momentum into the aquaculture industry [4]. - Long-term projections indicate a significant recovery in the aquaculture sector by 2025, with major aquatic product prices expected to rebound to historical highs, driven by market adjustments following previous years of overproduction [4]. Group 4: Valuation and Investment Opportunities - The agricultural, animal husbandry, and fishery sector is currently viewed as an attractive investment opportunity, with the agricultural ETF's price-to-book ratio at 2.58, placing it in the lower 31.25% percentile over the past decade [3]. - Analysts recommend focusing on the agricultural, animal husbandry, and fishery ETF (159275) for exposure to a diversified range of stocks within the sector, including aquaculture, pig farming, feed, and crop planting [5].

Core Viewpoint - Haida Group's stock has shown a year-to-date increase of 23.27%, with recent fluctuations indicating a slight decline over the past five days and a modest increase over the past 20 days [1][2] Financial Performance - For the period from January to September 2025, Haida Group achieved a revenue of 96.094 billion yuan, representing a year-on-year growth of 13.24% [2] - The net profit attributable to shareholders for the same period was 4.142 billion yuan, reflecting a year-on-year increase of 14.31% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Haida Group was 19,000, a decrease of 11.81% from the previous period [2] - The average number of circulating shares per shareholder increased by 13.39% to 87,561 shares [2] Dividend Distribution - Haida Group has cumulatively distributed 7.6 billion yuan in dividends since its A-share listing, with 3.739 billion yuan distributed over the last three years [3] Major Shareholders - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 70.8701 million shares, an increase of 8.015 million shares from the previous period [3] - Other notable shareholders include Invesco Great Wall New Growth Mixed Fund and Huatai-PineBridge CSI 300 ETF, with varying changes in their holdings [3] Stock Performance - As of November 19, Haida Group's stock price was 58.86 yuan per share, with a market capitalization of 97.928 billion yuan [1] - The stock experienced a trading volume of 159 million yuan and a turnover rate of 0.16% on the same day [1]