养殖ETF（159865）涨超0.7%，行业产能去化与价格修复预期受关注

Group 1 - The swine sector is expected to continue capacity reduction due to industry losses and policy guidance, with current valuations at historically low levels [1] - In the broiler chicken sector, prices may have bottomed out due to seasonal consumption increases, and limited willingness to invest in breeding may further tighten supply, supporting future price elasticity [1] - The egg-laying chicken industry is facing a significant reduction in domestic breeding volume by 2025 due to overseas avian influenza bans, leading to a shift from loose to tight supply, with leading companies likely to release performance elasticity due to high market share [1] Group 2 - The beef sector has entered an upward price channel due to previous deep capacity reductions and stricter import regulations, with domestic beef prices potentially rising more than expected [1] - The aquaculture and feed industries have seen significant exits of small and medium enterprises after a low point, improving breeding profits year-on-year, with expectations of continued prosperity for various aquaculture feeds next year [1] - Feed companies are enhancing market share through hedging and R&D advantages amid raw material fluctuations, successfully expanding into overseas markets [1] Group 3 - In the animal health sector, competition in traditional poultry vaccines is intense, while the pet health market is expanding due to aging demographics, with domestic major products driving the replacement process [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock breeding, feed processing, and animal health to reflect the overall performance of the livestock breeding industry chain [1] - The constituent stocks cover the entire industry chain from upstream feed production to downstream breeding [1]