养殖ETF（159865）流入近4亿份，资金积极布局“含猪量”约60%的养殖ETF

Core Viewpoint - The livestock ETF (159865) has seen significant capital inflow, indicating strong investor interest in livestock assets, with a net inflow of 377 million shares [1] Group 1: Market Trends - By the first half of 2025, an increase in pig supply is expected, leading to a slight year-on-year decline in pig prices [1] - The performance of listed companies in the pig farming sector is anticipated to show significant results in the 2025 mid-year reports, driven by cost reduction and efficiency improvements [1] Group 2: Company Performance - Leading pig farming companies are achieving profits per head that far exceed the industry average due to their competitive breeding costs [1] - These top companies are entering a new development phase characterized by reduced debt, slowed capacity expansion, decreased capital expenditures, and significantly increased free cash flow [1] - The strong performance and shareholder returns of leading pig farming companies are leading to a certain revaluation of their market 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 sector [1] - The China Securities Livestock Index covers multiple sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1]