养殖ETF（159865）流入超1.3亿份，盘中回调超1%，资金低位布局“含猪量”约60%的养殖ETF

Core Insights - The livestock ETF (159865) has seen significant inflows, with 131 million shares traded and a net inflow of 75 million shares, indicating strong capital interest in livestock assets [1] - The pig price has declined, leading to industry-wide losses and a substantial year-on-year drop in the performance of pig farming companies, with supply increasing in Q3 2025 while consumption remains stagnant [1] - The outlook suggests that losses in livestock farming, combined with policy restrictions, will accelerate capacity reduction; however, in the medium to long term, the profitability and stability of high-quality production capacity are expected to improve significantly, highlighting the potential for value reassessment of leading pig farming companies [1] Industry Overview - 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 encompasses various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1]