“反内卷”持续推进，关注养殖ETF（159865）投资机会

Group 1 - The core viewpoint of the article emphasizes the government's ongoing guidance to the top 30 enterprises to stabilize prices and limit production through measures such as reducing breeding sows, lowering weights, and banning second breeding [1] - The policy aims to stabilize market expectations, reduce speculative operations, and promote supply-demand balance and healthy development in the industry [1] - With the pressure of pig prices on CPI increasing in July and August, and the accumulated supply from previous periods, there is a possibility of further policy intensification to accelerate industry capacity reduction [1] Group 2 - Under the dual influence of policy constraints and market mechanisms, the domestic breeding sow inventory is expected to stabilize after a reduction [1] - Improvements in breeding efficiency, strengthened cost control, and rigid demand from consumers are expected to support the pig farming industry entering a prolonged profit cycle with reduced volatility [1] - The breeding sector may have gradually entered a configuration range, and interested investors are encouraged to pay attention to the marginal changes in the breeding ETF (159865) [1]