“反内卷”持续推进，生猪养殖行业攻守兼备

Group 1 - The livestock ETF (516760.SH) experienced a fluctuation with a current increase of 0.59%, while key components such as Muyuan Foods (002714) rose by 1.86%, Wens Foodstuff Group (300498) by 0.99%, Haida Group (002311) by 0.49%, and New Hope Liuhe (000876) remained unchanged [1] - As of July 24, 2025, the livestock ETF has accumulated a 3.03% increase over the past week [1] - The Ministry of Agriculture and Rural Affairs held a meeting on July 23 to promote high-quality development in the pig industry, emphasizing the need to prevent significant fluctuations in production and prices, and to enhance the overall quality and competitiveness of the industry [1] Group 2 - CITIC Securities reported that the high-quality development of the pig industry is ongoing, with continued government guidance on capacity regulation [1] - The meeting highlighted the importance of capacity control and high-quality development, suggesting that further policy measures may be implemented to accelerate industry capacity reduction [1] - The livestock ETF closely tracks the CSI Livestock Breeding Index, which reflects the overall performance of listed companies involved in livestock feed, veterinary drugs, and breeding [2] Group 3 - The latest price-to-earnings ratio (PE-TTM) of the CSI Livestock Breeding Index is 13.34 times, indicating that it is at a historical low, being below 88.73% of the time over the past three years [2] - The current valuation of the sector remains low, suggesting a high margin of safety, and it is recommended to actively monitor the livestock ETF (516760.SH) [2]