11月21日，通威股份跌5.04%，截至发稿，报23.35元/股，成交4.63亿元，换手率0.44%，总市值1051.21 亿元。 永赢合享混合发起A（014598）成立日期2021年12月22日，最新规模6576.44万。今年以来收益11.3%， 同类排名5413/8136；近一年收益9.43%，同类排名5539/8056；成立以来收益26.67%。 永赢合享混合发起A（014598）基金经理为曾琬云。 截至发稿，曾琬云累计任职时间4年196天，现任基金资产总规模12.07亿元，任职期间最佳基金回报 27.96%， 任职期间最差基金回报0.28%。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，永赢基金旗下1只基金重仓通威股份。永赢合享混合发起A（014598）三季度持有股数4.44万 股，占基金净值比例为1.17%，位居第十大重仓股。根据测算，今日浮亏损失约5.51万元。 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。 资料显示，通威股份有限公司位于中国(四川) ...

Core Viewpoint - Tongwei Co., Ltd. has experienced a decline in stock price and significant changes in shareholder structure, alongside a decrease in revenue and net profit for the first nine months of 2025 [1][2]. Financial Performance - As of October 20, 2025, Tongwei Co., Ltd. reported a revenue of 646.00 billion yuan, a year-on-year decrease of 5.38% - The company recorded a net profit attributable to shareholders of -52.70 billion yuan, representing a year-on-year decrease of 32.64% [2]. Stock Market Activity - On November 18, 2025, Tongwei's stock price fell by 2.02%, trading at 24.71 yuan per share with a total transaction volume of 12.33 billion yuan - The stock has increased by 11.76% year-to-date, but has seen a decline of 7.52% over the past five trading days [1]. Shareholder Structure - As of October 20, 2025, the number of shareholders decreased to 249,200, a reduction of 12.13% - The average number of circulating shares per shareholder increased by 13.81% to 18,065 shares [2]. Dividend Distribution - Since its A-share listing, Tongwei has distributed a total of 251.92 billion yuan in dividends, with 169.23 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, major institutional shareholders have reduced their holdings, with Hong Kong Central Clearing Limited holding 136 million shares, down by 27.91 million shares from the previous period [3].

Group 1 - The core point of the news is that Tongwei Co., Ltd. experienced a stock price increase of 5.17%, reaching 26.25 CNY per share, with a trading volume of 1.989 billion CNY and a turnover rate of 1.71%, resulting in a total market capitalization of 118.177 billion CNY [1] - Tongwei Co., Ltd. is primarily engaged in the research, production, and sales of aquaculture feed and livestock feed, as well as high-purity crystalline silicon and solar cells, with revenue composition being 65.86% from photovoltaic-related products, 32.89% from feed and food products, and 1.25% from other sources [1] Group 2 - According to data from the top ten heavy stocks of funds, Bosera Fund has one fund heavily invested in Tongwei Co., Ltd. The Bosera CSI Photovoltaic Industry Index A (015993) reduced its holdings by 8,000 shares in the third quarter, holding 241,400 shares, which accounts for 4.68% of the fund's net value, ranking as the fifth-largest heavy stock [2] - The Bosera CSI Photovoltaic Industry Index A (015993) has a current scale of 23.6162 million CNY and has achieved a return of 38.45% this year, ranking 1290 out of 4216 in its category, with a one-year return of 18.29%, ranking 2520 out of 3913, and a cumulative loss of 35.01% since inception [2]

Group 1 - The core viewpoint of the news is that Tianma Technology's stock has increased by 5.07%, reaching a price of 14.91 CNY per share, with a trading volume of 371 million CNY and a turnover rate of 5.06%, resulting in a total market capitalization of 7.509 billion CNY [1] - Tianma Technology, established on December 13, 2005, and listed on January 17, 2017, is primarily engaged in the research, production, and sales of special aquatic feed, with its main revenue sources being: livestock and poultry feed sales (52.67%), special aquatic feed sales (22.77%), breeding sales (20.46%), food sales (13.68%), raw material sales (5.27%), and other sales (0.42%) [1] Group 2 - From the perspective of Tianma Technology's top ten circulating shareholders, Guotai Fund's ETF, Guotai Zhongzheng Livestock Breeding ETF (159865), has increased its holdings by 2.6889 million shares, now holding a total of 7.6938 million shares, which accounts for 1.53% of the circulating shares [2] - The Guotai Zhongzheng Livestock Breeding ETF (159865) was established on March 1, 2021, with a current scale of 6.097 billion CNY, and has achieved a return of 15.11% this year, ranking 3262 out of 4216 in its category [2]

Group 1 - The core point of the news is that Tongwei Co., Ltd. experienced a 5.07% drop in stock price, closing at 23.58 yuan per share, with a trading volume of 2.46 billion yuan and a turnover rate of 2.25%, resulting in a total market capitalization of 106.16 billion yuan [1] - Tongwei Co., Ltd. is located in Chengdu, Sichuan, China, and was established on December 8, 1995, with its stock listed on March 2, 2004. The company primarily engages in the research, production, and sales of aquaculture feed, livestock feed, high-purity crystalline silicon, and solar cells [1] - The revenue composition of Tongwei Co., Ltd. is as follows: 65.86% from photovoltaic-related products, 32.89% from feed, food, and related products, and 1.25% from other supplementary products [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Invesco Great Wall holds a significant position in Tongwei Co., Ltd. The Invesco Great Wall Jingli Growth Mixed A fund (010706) held 91,400 shares in the second quarter, accounting for 3.65% of the fund's net value, ranking as the tenth largest heavy stock [2] - The Invesco Great Wall Jingli Growth Mixed A fund was established on May 7, 2021, with a latest scale of 41.95 million yuan. Year-to-date, it has achieved a return of 15.57%, ranking 5061 out of 8160 in its category, and a one-year return of 9.25%, ranking 6111 out of 8021. Since its inception, it has incurred a loss of 6.55% [2]

Core Insights - Tianma Technology's stock price increased by 2.06% on September 30, reaching 16.34 CNY per share, with a total market capitalization of 8.209 billion CNY [1] - The company has seen a year-to-date stock price increase of 28.26%, with notable gains of 4.95% over the last five trading days and 17.72% over the last twenty days [1] Financial Performance - For the first half of 2025, Tianma Technology reported a revenue of 2.974 billion CNY, a year-on-year decrease of 1.18%, while the net profit attributable to shareholders was 60.217 million CNY, reflecting a year-on-year growth of 7.40% [2] - Cumulative cash dividends since the company's A-share listing amount to 103 million CNY, with 33.1775 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 2.41% to 17,100, with an average of 29,450 circulating shares per shareholder, a decrease of 2.35% [2] - The eighth largest circulating shareholder is Guotai Zhongzheng Livestock Breeding ETF, holding 5.0048 million shares, an increase of 872,700 shares compared to the previous period [3] Business Overview - Tianma Technology, established on December 13, 2005, and listed on January 17, 2017, is primarily engaged in the research, production, and sales of special aquatic feed [1] - The company's revenue composition includes 57.62% from livestock feed sales, 28.94% from special aquatic feed, 18.70% from breeding sales, 7.20% from food sales, 1.86% from raw material sales, and 0.36% from other sources [1]

Group 1 - The core viewpoint of the news is that Tongwei Co., Ltd. has shown a positive stock performance recently, with a 2.01% increase in stock price on September 30, reaching 22.33 yuan per share, and a total market capitalization of 100.53 billion yuan [1] - As of July 31, the number of shareholders of Tongwei Co., Ltd. was 289,300, a slight decrease of 0.16% from the previous period, while the average circulating shares per person increased by 0.16% to 15,559 shares [2] - The company reported a revenue of 40.51 billion yuan for the first half of 2025, a year-on-year decrease of 7.51%, and a net profit attributable to shareholders of -4.96 billion yuan, down 58.35% year-on-year [2] Group 2 - Tongwei Co., Ltd. has distributed a total of 25.19 billion yuan in dividends since its A-share listing, with 16.92 billion yuan distributed in the last three years [3] - As of June 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 164 million shares, a decrease of 29.92 million shares from the previous period [3] - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as Huatai-PB CSI 300 ETF increasing its holdings by 3.88 million shares [3]

Core Viewpoint - Tongwei Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decline in revenue and net profit in the first half of 2025, while maintaining a significant market presence in the photovoltaic and feed industries [1][2]. Financial Performance - As of July 31, 2025, Tongwei Co., Ltd. reported a revenue of 40.51 billion yuan, a year-on-year decrease of 7.51% [2]. - The company recorded a net profit attributable to shareholders of -4.96 billion yuan, reflecting a year-on-year decline of 58.35% [2]. Stock Market Activity - On September 24, 2025, Tongwei's stock price increased by 2.07%, reaching 21.20 yuan per share, with a trading volume of 620 million yuan and a turnover rate of 0.66% [1]. - The company's market capitalization stood at 95.44 billion yuan [1]. - Year-to-date, the stock price has decreased by 4.12%, with a 7.79% drop over the last five trading days, but a 19.10% increase over the past 60 days [1]. Shareholder Information - As of July 31, 2025, the number of shareholders was 289,300, a slight decrease of 0.16% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.16% to 15,559 shares [2]. Dividend Distribution - Since its A-share listing, Tongwei has distributed a total of 25.19 billion yuan in dividends, with 16.92 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 164 million shares, a decrease of 29.92 million shares from the previous period [3]. - Various ETFs, including Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, have adjusted their holdings, with some increasing and others decreasing their share counts [3].

Group 1 - The core point of the news is that Tianma Technology's stock price has decreased by 5.17%, currently trading at 15.03 CNY per share, with a total market capitalization of 7.551 billion CNY [1] - Tianma Technology, established on December 13, 2005, and listed on January 17, 2017, is primarily engaged in the research, production, and sales of special aquatic feed [1] - The revenue composition of Tianma Technology includes: 57.62% from livestock and poultry feed sales, 28.94% from special aquatic feed, 18.70% from breeding sales, 7.20% from food sales, 1.86% from raw material sales, 0.36% from other sources, and 0.12% from animal health products [1] Group 2 - According to data, Qianhai Kaiyuan Fund has a significant holding in Tianma Technology, with its fund, Qianhai Kaiyuan Hong Kong-Shenzhen Agricultural Mixed (LOF) A, reducing its holdings by 671,600 shares, now holding 2.3333 million shares, which constitutes 7.5% of the fund's net value [2] - The fund has reported a floating loss of approximately 1.9133 million CNY due to this reduction in holdings [2] - The Qianhai Kaiyuan Hong Kong-Shenzhen Agricultural Mixed (LOF) A fund was established on July 20, 2016, with a current size of 261 million CNY, and has achieved a year-to-date return of 12.97% [2]

Summary of Haida Group's Conference Call Company Overview - Haida Group focuses on aquaculture feed, which is the core profit driver, particularly in domestic and international markets [2][4] - The aquaculture industry chain is fragmented, allowing leading companies to dominate changes and penetrate various segments like seedlings and feed, creating a comprehensive service loop to enhance farming efficiency [2] Key Insights Industry Dynamics - Significant differences exist between aquaculture and livestock farming. Aquaculture upstream is highly fragmented, giving leading companies stronger bargaining power, while livestock farming is more centralized with large enterprises holding more influence [2][6] - Haida Group holds approximately 20% market share in domestic aquaculture feed, with some core varieties reaching 40%-50% in specific regions. Long-term potential exists to increase this to 40%-50% [2][9] - The livestock feed market share is around 10%, with a long-term target of over 15% [2][9] Business Strategy - The strategy for the pig farming segment focuses on cost optimization rather than aggressive growth, with expected stable production levels of 6-7 million pigs over the next two years [2][11] - Haida Group's diversified operations in aquaculture, poultry, and pig feed allow for a robust procurement system and negotiation advantages, thereby reducing costs and solidifying its cost leadership position [2][13] Market Performance and Growth - The aquaculture feed market is performing well this year, with positive growth expected to continue into the next year, despite some marginal changes in overall growth rates [3] - The international strategy has shown significant results, with leading positions in markets like Vietnam, Egypt, and Indonesia, and plans to double overseas business volume by 2030, primarily in aquaculture feed [5][16] Competitive Advantages - Haida Group's core competitiveness in feed business lies in its strong position in aquaculture feed, which remains the most important profit source despite the rapid growth of livestock feed sales [4] - The company has implemented innovative management practices, enhancing operational efficiency and creating a closed-loop development model for feed, seedlings, and health products [14][15] Financial Projections - The pure feed business segment is expected to see profits grow by over 20%, while the pig farming segment is projected to maintain profitability above 1 billion RMB [5][29] - Overall profit for the current year is estimated to exceed 5 billion RMB, with projections for the next year reaching 6 billion RMB, indicating a growth rate of approximately 25-30% [29] Market Trends - The aquaculture industry is expected to experience growth driven by supply-demand changes and price cycles, with specific species like the California sea bass showing strong price performance [20][21] - The pig feed market may face challenges due to high supply levels, but long-term trends suggest potential price recovery and demand stabilization [23] Conclusion - Haida Group's diversified approach, strong market positioning, and innovative strategies provide a solid foundation for future growth, with optimistic projections for market share and profitability across various segments [30]