养殖行业产能周期触底，农业板块市场情绪获提振

Group 1 - The core viewpoint of the news is that Muyuan Foods has submitted a listing application to the Hong Kong Stock Exchange, aiming to expand its financing channels and enhance its international influence, which could invigorate the livestock sector [1] - Muyuan Foods is a modern enterprise focused on pig farming, integrating feed processing, breeding, pig farming, and slaughtering, and has maintained the highest global pig output since its listing on the Shenzhen Stock Exchange in 2014 [1] - According to招商证券, the pig price performance has exceeded market expectations due to a seasonal narrowing of the price gap and accelerated selling pace in the breeding industry, with limited supply growth expected in Q2 2024 [1] Group 2 - According to 光大证券, the pig farming industry's capacity cycle has bottomed out, with current inventory levels remaining relatively high, indicating a potential turning point in inventory that could drive a reduction in production capacity [2] - The agricultural 50 ETF (516810) is considered worthy of attention as it is at a bottom region, and if pig prices rise, companies may benefit from the widening "scissors difference" between rising prices and falling costs, potentially exceeding market profit expectations [2] - The long-term perspective suggests that after the end of destocking, the sector may enter a prolonged period of profit growth [2]