养殖ETF（159865）微幅回调，行业产能去化趋势或不改，回调或可布局

Core Viewpoint - The livestock ETF (159865) has declined over 0.4%, indicating that the trend of capacity reduction in the industry may continue, and a potential rebound could be an opportunity for investment [1]. Industry Summary - According to Zhonghang Securities, pig prices will continue to face pressure, and the trend of capacity reduction is likely to persist. Data from Mysteel shows that the number of breeding sows in China has been increasing since 2024, with a peak expected in August 2025 before a decline [1]. - Considering previous capacity levels and improvements in farming efficiency, the supply of pigs in the industry may remain high until early 2026. Especially during the off-season, pig prices are expected to be under pressure [1]. - As of the end of November, the number of breeding sows in China has decreased by approximately 1.4% according to Mysteel's sample data. Historically, the current level of capacity reduction in the industry is relatively low, and with future price pressures, the trend of capacity reduction is expected to continue [1]. Company Summary - The livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and veterinary vaccines from the Shanghai and Shenzhen markets. This index aims to reflect the overall performance of securities related to the livestock industry [1]. - The constituent stocks cover the entire upstream and downstream supply chain of the livestock industry, demonstrating strong industry representativeness [1].