养殖ETF（159865）涨超1%，含“猪”量约60%，资金持续左侧布局，当前规模超80亿元

Core Viewpoint - The livestock sector is experiencing a rebound, with the Livestock ETF (159865) rising over 1%. However, the pig prices have been on a downward trend since the beginning of the year, leading to profitability for breeding companies in the first half of the year, but with increasing supply, prices are expected to decline further [1] Industry Summary - Since the beginning of the year, pig prices have shown a downward trend, with the national average price in Q3 2025 at 13.79 yuan/kg, a year-on-year decrease of 29.05% [1] - Due to the significant drop in pig prices, some companies are beginning to report losses, indicating that the industry may start to reduce production capacity [1] - The policy direction remains focused on controlling the breeding sow inventory downwards, which is expected to lead to a decrease in the breeding sow inventory of large-scale groups, while smaller enterprises may also reduce production capacity due to cost pressures [1] - With the orderly adjustment of industry capacity, it is anticipated that the breeding sow inventory will decline to a reasonable range, potentially enhancing the mid-term profitability of the industry [1] Financial Summary - As pig prices continue to decline, the livestock sector remains volatile, but there is ongoing inflow of funds for left-side positioning, with the Livestock ETF (159865) seeing a share growth of over 118% this year, currently exceeding 8.1 billion yuan in scale [1] - The Livestock ETF (159865) tracks the China Securities Livestock Breeding Index, with approximately 60% exposure to "pigs," presenting potential investment opportunities for interested investors [1]