“养猪ETF”——养殖ETF（159865）盘中净流入超3000万份！机构：关注养殖盈利修复

Group 1 - The livestock ETF (159865) has seen a net inflow of 34 million units, indicating strong capital interest in livestock assets [1] - The "pig cycle" is fundamentally an output capacity cycle rather than just a price cycle, with the time lag from sow replenishment to fattened pig output being significant [1] - Since 2019, the financial situation at the bottom of the current cycle is the most pressured since 2006, with a focus on reducing losses and debt rather than rapidly increasing production capacity [1] Group 2 - The livestock farming industry is expected to enter a profit cycle starting from Q2 2024, but the average speed of debt reduction indicates a long road ahead for the industry [1] - Market expectations regarding the impact of rising pig production capacity on the profit cycle may be overly pessimistic, potentially overlooking the positive effects of declining raw material costs and a potential macro demand rebound in 2025 [1] - The sustainability of the current profit period in the pig farming industry may exceed market pessimism [1]