生猪有望逐步走出低价竞争阶段，养殖ETF(516760)持续溢价

Group 1 - The pig farming sector is currently experiencing a downturn, with the breeding ETF (516760) down by 0.97% and showing continuous premium, having received net subscriptions for three consecutive days [1] - The Agricultural and Rural Affairs Ministry, along with the National Development and Reform Commission, held a meeting to analyze the current pig production situation and discuss capacity regulation measures with 25 participating companies, including Muyuan, Wens, and New Hope [1] - Current prices for piglets and pigs have dropped to near breakeven levels, leading to weak market willingness to increase production, which may result in a larger reduction of breeding sows in Q4 [1] Group 2 - The livestock farming sector's recent strong performance is driven by "anti-involution" policies that control new capacity and guide pig prices into a reasonable profit range [2] - The reduction in the number of breeding sows further validates the effectiveness of capacity reduction policies, indicating a shift from extensive expansion to structural optimization, benefiting leading companies with cost and scale advantages [2] - The breeding ETF's tracking index has a low price-to-earnings ratio (PE-TTM) of 15, indicating a high safety margin and potential for rebound if funds shift from high to low sectors [2]