Core Viewpoint - The agricultural, animal husbandry, and fishery sector is experiencing a strong upward trend, with the first agricultural ETF (159275) showing significant gains, driven by rising prices in key components like edible fungi and poultry feed [1][3]. Market Performance - The agricultural ETF (159275) opened with a maximum intraday increase of 1.84%, closing with a gain of 1.53% [1]. - Key stocks in the sector, such as Zhongxing Junye and Tiankang Biology, saw substantial increases, with some stocks reaching their daily limit [1]. Price Trends - As of October 24, 2025, the average price of live pigs in China was 11.81 CNY/kg, reflecting a week-on-week increase of 0.63 CNY/kg but a year-on-year decrease of 5.74 CNY/kg [2][3]. Industry Insights - Short-term price increases in pig farming are attributed to seasonal consumption recovery and heightened second fattening sentiment, while long-term trends indicate a downward shift in pig prices, leading to increased production losses [3]. - The agricultural sector's valuation remains relatively low, with the market's first agricultural ETF showing a price-to-book ratio of 2.53, placing it in the lower 25.1% of the past decade [3]. Future Outlook - Analysts suggest that the current low prices of live pigs are putting pressure on cash flow for farming entities, potentially accelerating capacity reduction in the industry [4]. - Continuous monitoring of breeding sow inventory is recommended as the industry faces significant losses and ongoing regulatory policies [4]. - The agricultural ETF (159275) is highlighted as a key investment opportunity, tracking the CSI Agricultural Index, with a focus on leading companies in the sector [5].

Group 1 - The core viewpoint of the news highlights the impact of the recent tariff increases between China and the United States on domestic agricultural prices, particularly pork prices, which are expected to rise due to increased costs of feed and imported meat [1][2] - China has announced a 34% tariff on all imports from the U.S., which, combined with previous tariffs, brings the total tariff rate on U.S. goods to 54% [1] - The domestic supply and demand outlook suggests that pork prices will have support in the medium term, with a gradual upward trend expected as the market adjusts to the new tariff environment [1] Group 2 - COFCO Jiajia Kang reported a revenue of 16.326 billion RMB for the fiscal year 2024, a decrease of 5.29% year-on-year, but achieved a net profit of 538 million RMB, reversing a loss from the previous year [2] - The improvement in profitability is attributed to significant cost reductions in pig farming, driven by better management practices and operational efficiencies [2] - The company has increased its breeding stock to 345,000 heads by the end of 2024, a 4.5% increase compared to the previous year, with plans for further capacity expansion [2]