Core Viewpoint - The livestock farming industry has transitioned from a rapid growth phase to a stable development phase, with long-term capacity regulation becoming the new norm, leading to improved profit margins for quality farming enterprises [1] Group 1: Industry Overview - The livestock ETF (159865) saw a net inflow of 74 million units, indicating strong capital interest in livestock assets [1] - Long-term capacity regulation is now a standard practice in the livestock farming industry, which is expected to enhance the profit base and earnings potential of quality farming companies [1] Group 2: Performance Insights - The third quarter showed a divergence in profitability within the livestock sector, with quality farming enterprises still achieving commendable performance [1] - The CSI Livestock Index (930707), which the livestock ETF tracks, includes listed companies involved in livestock farming and feed processing, reflecting the overall performance of the livestock-related securities [1]

（文章来源：每日经济新闻） 养殖ETF（159865）跟踪的是中证畜牧指数（930707），该指数从沪深市场中选取业务涉及畜禽养殖、 饲料加工等领域的上市公司证券作为指数样本，以反映畜牧业相关上市公司证券的整体表现。中证畜牧 指数覆盖了畜禽养殖、饲料及动保等多个细分领域，具有较强的行业代表性。 根据wind数据，养殖ETF（159865）盘中流入1.31亿份，净流入7500万份，资金抢筹养殖资产。 猪价走低，行业性亏损再现；猪企业绩同比大幅回落，盈亏分化。25Q3行业供给增加，消费未有显著 起色，猪价同环比有所下跌。展望后市，养殖亏损叠加政策指引限制下预计产能将加速调减；中长期 看，优质产能盈利中枢和稳定性均有望显著提升，关注头部猪企确定性价值重估。 ...

Core Viewpoint - The livestock ETF (159865) has seen significant capital inflow, indicating strong investor interest in livestock assets, with a net inflow of 377 million shares [1] Group 1: Market Trends - By the first half of 2025, an increase in pig supply is expected, leading to a slight year-on-year decline in pig prices [1] - The performance of listed companies in the pig farming sector is anticipated to show significant results in the 2025 mid-year reports, driven by cost reduction and efficiency improvements [1] Group 2: Company Performance - Leading pig farming companies are achieving profits per head that far exceed the industry average due to their competitive breeding costs [1] - These top companies are entering a new development phase characterized by reduced debt, slowed capacity expansion, decreased capital expenditures, and significantly increased free cash flow [1] - The strong performance and shareholder returns of leading pig farming companies are leading to a certain revaluation of their market value [1] Group 3: Index Information - 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 sector [1] - The China Securities Livestock Index covers multiple sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1]