养殖ETF（159865）收跌，产能去化趋势或不改，把握回调布局机会

Core Viewpoint - The trend of capacity reduction in the pig farming sector is expected to continue, presenting opportunities for investment during market corrections [1]. Group 1: Industry Trends - According to Zhonghang Securities, the capacity reduction trend in the pig farming sector is likely to persist. Data from Mysteel indicates that the number of breeding sows in China has been increasing since 2024, with a decline expected starting in August 2025 [1]. - As of the end of November, the number of breeding sows in China has decreased by approximately 1.4% [1]. - Historical data shows that the current capacity reduction in the industry is relatively low, and with future pressure on pig prices, the trend of capacity reduction is expected to continue [1]. Group 2: ETF and Index Information - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and veterinary pharmaceuticals to reflect the overall performance of the livestock industry [1]. - The constituent stocks of the index cover the upstream and downstream supply chain of the livestock industry, providing strong industry representation [1].