Core Insights - The livestock ETF (159865) has seen significant inflows, with 103 million shares traded and a net inflow of 84 million shares, indicating strong investor interest in livestock assets [1] - According to Huaxi Securities, the national pig prices have significantly rebounded, and the market is currently in a supply-demand negotiation phase, with large-scale pig enterprises easing their selling pressure and adopting strategies to control supply and raise prices [1] - Despite the industry still being in a loss-making state, there has been a noticeable reduction in losses on a month-on-month basis, and proactive capacity reduction has begun [1] - In the medium to long term, domestic pig price levels are expected to rise, with the main trend in the industry being "quality improvement and efficiency enhancement," leading to the gradual elimination of outdated capacities and an increase in market share for high-quality capacities [1] - The livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and other related sectors to reflect the overall performance of the livestock industry [1] - The China Securities Livestock Index covers various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representativeness [1]

Group 1 - The core viewpoint is that there is a significant inflow of funds into the aquaculture ETF (159865), amounting to 104 million shares, indicating strong market interest in aquaculture assets [1] - According to Shenwan Hongyuan, the industry is expected to accelerate capacity reduction due to losses in aquaculture and policy guidance, which will enhance the profitability and stability of quality capacity in the medium to long term [1] - The aquaculture ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock farming and feed processing to reflect the overall performance of the livestock industry [1] Group 2 - The CSI Livestock Index covers multiple sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1]