养殖ETF（159865）盘中上涨1.2%，生猪养殖行业产能去化节奏有望加快

Group 1 - The core viewpoint is that the pig farming industry is expected to accelerate capacity reduction due to changes in fundamentals and policy guidance, leading to a short-term decline in profitability and the elimination of inefficient capacity [1] - The "anti-involution" policy will further drive the reduction of breeding sow inventory, with a target to reduce 1 million breeding sows within six months [1] - By the first half of 2025, an increase in pig supply is anticipated to cause a slight year-on-year decline in pig prices, but the industry is expected to improve performance through "volume compensating price" strategies and cost reduction [1] Group 2 - The industry is entering a phase of stable and high-quality development, with expectations for an increase in the profitability baseline and stability, leading to improved cash flow and reduced debt ratios for leading pig farming companies [1] - The livestock ETF (159865) tracks the CSI Livestock Index (930707), which reflects the overall performance of listed companies involved in livestock farming and feed processing [1] - Investors without stock accounts can consider the Guotai CSI Livestock Farming ETF Connect A (012724) and Connect C (012725) [1]