养殖ETF（159865）流入超2.4亿份，盘中小幅回调，资金低位布局“含猪量”约60%的养殖ETF

Group 1 - The core viewpoint of the article highlights a significant inflow of funds into the breeding ETF (159865), with a net inflow of 151 million shares, indicating strong market interest in breeding assets [1] - In the third quarter, pig prices experienced weak fluctuations primarily due to the release of production capacity from the first half of the year, leading to an increase in supply [1] - Forward indicators such as the number of breeding sows and piglets suggest that supply will continue to grow year-on-year by approximately 10% to 16% in the third and fourth quarters [1] Group 2 - The overall profitability of the industry has narrowed in the third quarter due to high prices of piglets and delayed feed costs from the first half of the year, resulting in a decline in self-breeding and continuous losses in external purchases [1] - Some regions have reported a decrease in the slaughter weight of commercial pigs, reflecting the initial effects of policy adjustments [1] - The Ministry of Agriculture and Rural Affairs has proposed controlling the number of breeding sows to 39.5 million and the slaughter weight to around 120 kg, indicating the potential onset of a capacity reduction cycle in the industry [1] Group 3 - It is anticipated that pig prices will stabilize at the bottom in the fourth quarter, with worsening industry losses, although the supply-demand structure is expected to improve [1] - The breeding ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock breeding and feed processing to reflect the overall performance of the livestock industry [1] - The CSI Livestock Index covers various sub-sectors, including livestock breeding, feed, and animal health, demonstrating strong industry representation [1]