畜牧ETF(159867)盘中净申购1350万份，能繁母猪存栏下降

Group 1 - The core viewpoint indicates that the pig farming industry is facing multiple pressures, including declining market prices, rising epidemic risks, and policy guidance, leading to an expected increase in the motivation for capacity reduction [1] - As of the end of Q3 2025, the number of breeding sows in China is reported at 40.35 million, a year-on-year decrease of 280,000 and a quarter-on-quarter decrease of 90,000 [1] - The Pacific Securities report highlights that the valuations of most listed breeding companies are at historical lows, suggesting significant potential for long-term investment value as they are still within the historical bottom range [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 66.06% of the index, with major companies including Muyuan Foods, Wens Foodstuff Group, and Haida Group [2]