Core Viewpoint - The current market is in a stage of supply-demand negotiation, with supply pressures easing and demand expected to improve as the weather cools and the curing season approaches [1] Supply Side - Large-scale pig farms are advancing their slaughtering pace, leading to a relative easing of slaughter pressure, and they are generally adopting strategies to control supply and raise prices, with notable price increases for standard pigs [1] Demand Side - As the weather turns colder and the curing season arrives, demand for pork is anticipated to gradually improve [1] Industry Trends - Under the guidance of national policies, the main trend in the pig farming industry will be "quality improvement and efficiency enhancement," leading to the gradual elimination of outdated production capacity [1] - High-quality production capacity with low costs and good financial conditions is expected to increase its market share [1] Investment Vehicle - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming and feed processing 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 representation [1]

Group 1 - The current market is in a supply-demand game, with supply pressures easing as large-scale pig farms adopt strategies to control output and raise prices, leading to notable increases in pig prices [1] - The demand side is expected to improve gradually due to colder weather and the arrival of the curing season, which typically boosts demand [1] - The pig farming industry is still in a loss-making state, with self-breeding farms experiencing an average loss of 114.81 yuan per head, and purchased piglets facing an average loss of 205.64 yuan per head, indicating an expansion of losses [1] Group 2 - The industry is actively reducing production capacity under the current losses, and measures to combat internal competition are being implemented, suggesting a potential long-term increase in domestic pig price levels [1] - Future development in the pig farming industry is expected to focus on "quality improvement and efficiency enhancement," leading to the gradual elimination of outdated production capacity and an increase in market share for financially stable and low-cost producers [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which reflects the overall performance of listed companies involved in livestock farming, feed processing, and related sectors, indicating strong industry representation [1]