Xin Lang Ji Jin·2025-10-20 01:51Core Insights - The agricultural and livestock ETF (159275) showed weak performance with a price drop of 0.5% and a trading volume of 997,400 yuan, while the fund's latest scale is 207 million yuan [1] - Notable performers among constituent stocks include Hainan Rubber, Ronniu Mountain, and Zhongxing Mushroom Industry, with increases of 3.7%, 3.63%, and 3.0% respectively [1] - Conversely, Haida Group, Juxing Agriculture, and Tianma Technology experienced declines of 3.34%, 2.91%, and 2.61% respectively [1] - The Northeast Animal Husbandry Expo has been officially renamed and focuses on industry innovation and resource integration, while the 14th World Pig Industry Expo opened on October 18 in Changsha, covering 100,000 square meters and attracting over 800 global enterprises [1] - Dongguan Securities reported that pig prices have fallen to 11.17 yuan/kg, leading to continuous losses in breeding profits, with an average loss of 244.7 yuan per self-breeding pig [1] - The number of breeding sows remains high at 40.38 million, indicating significant future capacity reduction potential [1] - In poultry farming, the average price of white feather chickens is 6.87 yuan/kg, showing a slight decline, but breeding profits have marginally improved to -2.03 yuan per bird [1] - The industry valuation is at a PB of 2.85 times, which is at the historical 63.8% percentile, maintaining an "overweight" rating [1] Industry Analysis - The pig farming industry is experiencing supply pressure release, with prices continuing to decline; self-breeding and purchased piglet farming are both operating at losses of 244.70 yuan and 375.29 yuan per head respectively [2] - Under policy guidance, capacity reduction may accelerate, with a slight decrease in the number of breeding sows in September [2] - In poultry farming, the outbreak of avian influenza overseas creates uncertainty in the breeding of grandparent chickens, which is beneficial for the white feather chicken industry chain prices [2] - The demand in the animal health industry is expected to bottom out, with year-on-year changes in vaccine approvals for roundworms and pseudorabies at -17% and -11% respectively [2] - The seed industry is focusing on the progress of biological breeding expansion, the promotion of genetically modified corn, and industry mergers and acquisitions [2] - Pet food exports are minimally affected by tariff disturbances, while domestic sales continue to grow rapidly, with a 3% increase in e-commerce platform sales in September [2] - The agricultural and livestock ETF (159275) and its linked funds passively track the agricultural and livestock index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, New Hope Liuhe, Meihua Holdings, Dabeinong Technology, Shennong Development, Bio-Stock, Beidahuang, and Longping High-Tech [2]