养殖ETF（159865）净流入超3亿份，近10日净流入近9亿元，资金积极布局“含猪量”约60%的养殖ETF（159865）

Core Viewpoint - The livestock ETF (159865) has seen a net inflow of 319 million shares, indicating strong capital interest in livestock assets. The industry is expected to experience a shift towards stable, high-quality development, with leading companies improving profitability and cash flow [1]. Group 1: Industry Trends - In the first half of 2025, pig supply is expected to increase, leading to a slight year-on-year decline in pig prices. However, listed companies in the pig farming sector are projected to report significant earnings in their mid-year reports due to cost reduction and efficiency improvements [1]. - The industry is entering a new development phase characterized by reduced debt, slowed capacity expansion, decreased capital expenditure, and significantly improved free cash flow [1]. - Short-term profitability may decline, accelerating the elimination of inefficient production capacity, while a "de-involution" trend will drive a decrease in sow inventory [1]. Group 2: Company Performance - Leading pig farming companies, such as Muyuan Foods, are experiencing continuous balance sheet recovery and significant cash flow improvements, enhancing shareholder returns and highlighting dividend value [1]. - The performance and shareholder returns of top pig farming companies are expected to lead to a certain revaluation of their value [1]. Group 3: Index Information - The livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming and feed processing to reflect the overall performance of the livestock industry [1]. - The China Securities Livestock Index covers various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1].