Group 1 - The China Livestock Breeding Index (930707) increased by 0.43% as of November 13, 2025, with notable gains in constituent stocks such as Bio-Stock (600201) up 8.27%, Huaying Agriculture (002321) up 4.82%, and others [1] - The price difference between standard pigs and fat pigs is currently larger than the same period last year, with a standard fat price difference of -0.68 yuan/kg as of November 7, indicating potential seasonal benefits for fat pigs as temperatures drop [1] - The weekly slaughter volume in the downstream market has shown a slight recovery of 0.27% compared to the previous week, suggesting a stabilization in demand [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 65.58% of the index, including companies like Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2] - The index tracks companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock breeding sector [2]

消息面上，资金继续逆势布局畜牧板块。国金证券指出，短期来看，生猪价格或仍有下降空间，近期行 业产能在政策调控和供给压力下已经有所减少，目前板块景气度底部企稳。中长期来看，生猪养殖行业 依旧有较为优秀的中枢利润，且非洲猪瘟之后行业的快速扩张中，仍有大量企业是低质量扩充产能，行 业成本方差依旧巨大，头部企业有充足的超额利润释放，建议优选低成本的优质企业。 畜牧ETF紧密跟踪中证畜牧养殖指数，中证畜牧养殖指数选取涉及畜禽饲料、畜禽药物以及畜禽养殖等 业务的上市公司证券作为样本，以反映畜牧养殖相关上市公司的整体表现。 截至2025年10月24日 10:52，中证畜牧养殖指数(930707)成分股方面涨跌互现，益生股份(002458)领涨 3.13%，生物股份(600201)上涨1.53%，华英农业(002321)上涨1.43%；晓鸣股份(300967)领跌。畜牧 ETF(159867)最新报价0.65元，盘中净申购50万份，冲刺连续8天净流入。 数据显示，截至2025年9月30日，中证畜牧养殖指数(930707)前十大权重股分别为牧原股份(002714)、温 氏股份(300498)、海大集团(002311)、新希望( ...

Group 1 - The core viewpoint indicates that the poultry industry, particularly the yellow-feathered chicken sector, has returned to profitability since August, with individual chicken profits estimated at 3-4 yuan, potentially offsetting earlier losses in the year [1] - The Pacific Securities report highlights a significant turnaround in the yellow chicken industry's integrated breeding model, which has led to substantial profits in August, contrasting with previous losses [1] - The recent increase in yellow chicken prices is attributed to low production capacity and a recovery in consumer demand, with expectations for continued price rebounds as the autumn and winter consumption peak approaches [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities Livestock Breeding Index account for 65.57% of the index, including major companies such as Muyuan Foods, Wens Foodstuff Group, and Haida Group [2]

Group 1 - The China Livestock Breeding Index (930707) increased by 0.65% as of September 4, 2025, with notable gains in constituent stocks such as Xiaoming Co. (300967) up 10.57%, Tianma Technology (603668) up 3.97%, and Minhe Livestock (002234) up 3.41% [1] - The price of white feather chicken seedlings surged, with Yisheng Co. reporting a price of 4.2 yuan per chick on August 11, 2025, an increase of 180% compared to early July [1] - The industry is experiencing strong demand for chicken seedlings, with orders booked until early October, driven by supply constraints from previous capacity reductions and seasonal factors [1] Group 2 - The livestock ETF closely tracks the China Livestock Breeding Index, which includes listed companies involved in livestock feed, veterinary drugs, and livestock farming [2] - As of August 29, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 65.57% of the index, including companies like Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2]

Fund Overview - The fund is named Penghua CSI Livestock Breeding ETF, managed by Penghua Fund Management Co., Ltd. and custodied by Huatai Securities Co., Ltd. [2] - The fund aims to closely track the CSI Livestock Breeding Index, with a target of keeping the average tracking deviation within 0.2% daily and annual tracking error within 2% [2][3] - As of June 30, 2025, the total fund shares amounted to 910,143,594 [2] Financial Performance - The fund reported a realized loss of approximately 10.12 million RMB and a profit of approximately 34.83 million RMB for the reporting period [3] - The net asset value of the fund at the end of the reporting period was approximately 552.17 million RMB, with a net asset value per share of 0.6067 RMB [3][15] - The cumulative net value growth rate of the fund was -39.33% since the fund's inception [3][4] Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the index constituents [9] - Adjustments to the investment portfolio will be made in response to changes in the index constituents or due to market conditions affecting liquidity [9][10] - The fund also utilizes stock index futures for hedging systemic risks and improving investment efficiency [2][9] Market Context - The CSI Livestock Breeding Index increased by 3.79% during the reporting period, outperforming the Shanghai Composite Index, which rose by 2.76% [8][9] - The livestock sector has shown signs of recovery, particularly in pig prices, which fluctuated between 14 to 15 RMB per kilogram, with expectations for further price increases in the second half of the year [9][10] - The overall economic environment remains challenging, with GDP growth at 5.3% but low CPI and PPI figures indicating weak market sentiment [10][11] Management and Governance - Penghua Fund Management Co., Ltd. has been operational since December 22, 1998, managing assets totaling approximately 1.25 trillion RMB across various funds [5] - The fund manager, Chen Long, has 16 years of experience in the securities industry and has been managing this fund since its inception [5][6] - The fund management adheres to strict compliance with regulations and has established a fair trading system to ensure equitable treatment of different investment portfolios [7][14]

Group 1 - The core viewpoint indicates that the suspension of qualifications for several Thai poultry companies by the General Administration of Customs has led to a halt in poultry imports from Thailand, along with restrictions on imports from Brazil and the United States, potentially causing structural price increases in frozen products, particularly chicken feet and wings, by 20-30% due to a short-term supply gap of 5% [1] - As of August 6, 2025, the China Securities Livestock Breeding Index (930707) shows mixed performance among its constituent stocks, with Jinhe Biological leading with a 2.50% increase, while Xiongdi Technology experienced a 2.18% decline [1] - The Livestock ETF (159867) is closely tracking the China Securities Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the China Securities Livestock Breeding Index (930707) account for 64.83% of the index, with major companies including Muyuan Foods, Wens Foodstuff Group, and Haida Group among others [2]

Group 1 - The China Livestock Breeding Index (930707) increased by 0.05% as of May 27, 2025, with notable gains from companies such as Ruip Bio (300119) up 1.68% and Yike Food (301116) up 1.44% [1] - The Livestock ETF (516760) rose by 0.16%, with a latest price of 0.63 yuan, and has accumulated a 0.64% increase over the past two weeks [1] - The Livestock ETF has shown a net value increase of 3.27% over the past six months, with a maximum single-month return of 17.22% since its inception [1] Group 2 - Sichuan Province has drafted ten measures to promote high-quality development in the livestock industry, focusing on strengthening leading enterprises and supporting their participation in large-scale projects [2] - The measures aim to enhance the capabilities of leading livestock enterprises to drive the development of farms and households [2] Group 3 - Short-term pig prices are expected to remain stable, with a balanced supply-demand situation anticipated in the second half of the year, leading to a more optimistic outlook for pig price expectations and profitability of pig enterprises [3] - Current pig prices allow for slight profitability for breeding enterprises, but the industry faces challenges in capacity reduction, with cost competition becoming a key focus [3] Group 4 - As of May 26, 2025, the Livestock ETF has experienced a maximum drawdown of 5.00% this year, with a management fee of 0.50% and a custody fee of 0.10% [5] - The Livestock ETF tracks the China Livestock Breeding Index, which has a current price-to-earnings ratio (PE-TTM) of 12.33, indicating a historical low valuation [5] - The top ten weighted stocks in the China Livestock Breeding Index account for 69.38% of the index, with companies like Haida Group (002311) and Muyuan Foods (002714) being the largest contributors [5]

Group 1 - The A-share market shows a diverse range of hot sectors, with significant gains in aquaculture, pet economy, and synthetic biology [1] - In the ETF market, livestock-related ETFs have performed well, with an average increase of over 0.5% [1] - The Livestock ETF (159865) rose by 0.68% today, with a current price of 0.594 and a total share count of 5.805 billion [2][3] Group 2 - The livestock industry is undergoing a critical transformation towards quality improvement and efficiency, driven by the rural revitalization strategy [2] - The China Livestock Breeding Index, which tracks companies involved in feed, veterinary medicine, and livestock farming, has shown the best historical returns among agricultural indices [3] - Key weight stocks in the China Livestock Breeding Index include Hai Da Group (12.43%), Mu Yuan (10.03%), and Wen's Shares (9.79%) [4][5]

Core Viewpoint - The aquaculture sector is experiencing positive momentum, with the introduction of innovative technologies and a potential recovery in consumer demand, which may lead to improved pricing in the medium term [1][3]. Group 1: Market Performance - As of April 29, 2025, the China Livestock Breeding Index (930707) increased by 0.04%, with notable gains from companies such as RuiPu Bio (300119) up 4.81% and PuLaike (603566) up 3.79% [1]. - The Aquaculture ETF (516760) rose by 0.16%, with a recent price of 0.62 yuan, and has seen a cumulative increase of 2.14% over the past month, ranking first among its peers [1]. Group 2: Industry Developments - The world's first large-scale deep-sea aquaculture vessel, "Bay Area Lingding," is expected to be delivered in June 2025, with an annual production capacity of 5,000 tons, equivalent to the output of 5,000 mu of fish ponds [1]. - Huaxi Securities anticipates that while short-term consumer demand is recovering, supply remains ample. However, due to a slow recovery in production capacity in 2024, pig prices may exceed expectations in the second half of 2025 [1]. Group 3: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Aquaculture ETF is 13.13, which is in the 1.18% percentile over the past year, indicating that the valuation is lower than 98.82% of the time in the last year, suggesting historical low valuations [1]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index include HaiDa Group (002311), Wen's Foodstuffs (300498), and MuYuan Food (002714), collectively accounting for 69.05% of the index [3].