养殖ETF（159865）净流入超2亿份，产能去化趋势已现，关注“含猪量”约60%的养殖ETF

Core Viewpoint - The livestock ETF (159865) has seen a net inflow of 210 million shares, indicating strong investor interest in livestock assets [1] Supply Side - In September, there was a concentrated release of live pig output, with an increase in both the scale and social market's output plans as temperatures cooled, leading to higher weights at slaughter [1] - The supply of pigs and the amount of meat available in the market have both increased, but post-October, supply-side pressures are expected to continue, putting significant downward pressure on pig prices [1] Demand Side - The demand side experienced a slight boost due to pre-holiday stocking for the Mid-Autumn Festival and National Day, along with cooler weather, although slaughter enterprises remain cautious [1] - The slow de-stocking of frozen products has limited the increase in fresh product consumption [1] - By mid-October, the second round of fattening is expected to accelerate at around 10 yuan/kg, providing slight support for short-term pig prices [1] 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 industry [1] - The China Securities Livestock Index covers various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1]