Core Viewpoint - The traditional production model of Chitian tofu in Heyuan City, Guangdong, primarily relies on small workshops, which limits the industry's potential for growth and standardization [1][2]. Group 1: Industry Overview - Chitian tofu, a type of salt-brine tofu, is a traditional Hakka product from Chitian Town, Heyuan City, and has been included in the fifth batch of intangible cultural heritage listings in the city [1]. - The production of Chitian tofu is dominated by approximately 50 to 60 small workshops, producing around 80,000 to 100,000 pieces of tofu daily [1][2]. Group 2: Challenges and Opportunities - The main challenge facing the Chitian tofu industry is the lack of standardized production processes, which restricts capacity and prevents the full realization of brand value [1][3]. - The local government is actively seeking investment from food companies in Shenzhen and Guangzhou to modernize and scale the tofu production industry [2]. Group 3: Raw Material Supply - The availability of high-quality local green soybeans is a significant constraint, as local production is limited, leading to reliance on cheaper, more abundant soybeans from Northeast China [2][3]. - As of the third quarter of 2024, Heyuan City's soybean production was reported at 4,344 tons, reflecting a 7.0% increase, but the fragmentation of farmland remains a challenge for scaling up soybean cultivation [3]. Group 4: Future Development Directions - The local government aims to establish a large-scale soybean planting base, which will extend beyond Chitian Town to surrounding areas, to support the Chitian tofu industry [3]. - There is a need to diversify the product offerings beyond the current focus on steamed tofu, with potential for developing products like tofu skin and ready-to-eat meals [3][4].

Group 1 - The Livestock ETF (159865) has seen a significant increase, with a current fund size of 3.535 billion yuan, ranking first among similar ETFs. It experienced a net inflow of 105 million yuan the previous day and a total net inflow of 1.32 billion yuan over the past three days [1] - Recent developments in the agriculture and livestock sector include the establishment of a large-scale chicken breeding farm in Suixian County, which has achieved an annual output of over 8 million chickens, serving as a model for rural revitalization [1] - The Ministry of Agriculture and Rural Affairs has issued an implementation plan for a grain-saving action in the livestock industry, aiming to reduce reliance on corn and soybeans through precise feed formulations and smart feeding equipment, promoting a transition to a more efficient and sustainable industry [1] Group 2 - The Central Document No. 1 continues to emphasize support for the stable development of the livestock industry, focusing on pig production capacity regulation and the integration of breeding and processing, driving the industry's scale and digital upgrade [1] - The Livestock ETF tracks the China Securities Livestock Index (code: 930707), which selects listed companies involved in livestock breeding, feed processing, and veterinary vaccines, reflecting the overall performance of the livestock industry's upstream and downstream listed companies [1] - The index covers the entire livestock industry chain, demonstrating strong industry representation and market influence [1] Group 3 - Recent trends in grain prices show an increase in corn and wheat prices, while soybean meal prices have decreased. In North China, corn prices have reached high levels, with companies adjusting prices flexibly based on market conditions [2] - The continuous rise in grain prices suggests a potential bottoming out of the planting industry chain, with a significant decrease in domestic grain imports in the first quarter, particularly for corn and wheat [2] - The livestock prices remain low, with a stagnation in pig production capacity growth, leading to a slight decrease in the number of breeding sows as of March 2025 [2]