Group 1 - The swine sector is experiencing a slowdown in the growth rate of breeding stock, with the industry capacity still showing slight inertia growth [1] - The planting sector emphasizes the need for self-sufficiency in food security, aiming to enhance yield through the integration of quality land, seeds, opportunities, and methods, with the commercialization of genetically modified corn expected to accelerate [1] - The pet sector is witnessing the rise of domestic brands through product innovation and refined marketing, while export business continues to grow rapidly [1] Group 2 - The animal health sector faces intense competition in traditional poultry vaccines, while the pet health market is expected to expand continuously due to aging trends [1] - The Livestock ETF tracks the China Securities Livestock Index, which is compiled by China Securities Index Co., and selects listed companies involved in livestock farming and feed processing to reflect the overall performance of the livestock industry [1] - The index constituents cover upstream and downstream enterprises in the livestock industry chain, effectively representing the overall development of the livestock sector [1]

Summary of Key Points Core Viewpoint - The company, Shenzhen Jinxinnong Technology Co., Ltd., is providing a guarantee of up to 40 million yuan for its subsidiary, Guangzhou Jinnong Modern Agriculture Co., Ltd., to support its business development and procurement of feed from Yinglian Feed (Shanghai) Co., Ltd. The guarantee is set to be effective until May 30, 2032, and can be used on a rolling basis [1][5]. Group 1: Guarantee Details - The total guarantee amount after this transaction will be 304 million yuan, which represents 200.73% of the company's most recent audited net assets [1][7]. - As of June 30, 2025, the actual external guarantee balance of the company and its subsidiaries is 160.91 million yuan, accounting for 106.25% of the most recent audited net assets [1][7]. - The guarantee covers 85.7143% of the principal, interest, penalties, and other costs related to the feed supply agreement [5][6]. Group 2: Subsidiary Information - Guangzhou Jinnong Modern Agriculture Co., Ltd. was established on March 3, 2020, with a registered capital of 47.38 million yuan [3][4]. - The company is primarily engaged in livestock breeding, feed production, and agricultural services [3][4]. - The total assets of Guangzhou Jinnong are reported at 120.96 million yuan, with total liabilities of 89.41 million yuan, resulting in net assets of 31.54 million yuan [4][5]. Group 3: Financial Performance - Guangzhou Jinnong reported a revenue of 10.85 million yuan and a net loss of 1.88 million yuan [5]. - The company has no external guarantees prior to this transaction, and its assets have been used as collateral for bank loans [5][6]. Group 4: Board Opinion - The board believes that the guarantee will facilitate the business expansion of Guangzhou Jinnong, stabilize the supply chain, and reduce costs, aligning with the overall interests of the company [6].

ETF Market Overview - The overall performance of ETF products has been good in the past two weeks, with the largest increase seen in the ChiNext Index ETF and the pharmaceutical industry ETF [4][12] - Major broad-based ETFs such as the Science and Technology 50, CSI 2000, and CSI 800 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [4][12] - After significant outflows at the beginning of the year, technology ETFs have shifted to net inflows since March, with a notable acceleration in inflow speed in the last two weeks [4][20] ETF Product Structure Distribution - As of July 11, 17 new ETFs were launched in the past two weeks, with a total issuance of 31.823 billion units, including 7 stock ETFs and 10 pure bond ETFs [27] - Compared to the end of 2024, the scale of various ETFs has increased, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs rising by 132.25%, 111.16%, 29.00%, 14.05%, and 2.70% respectively [27] Thematic ETF Tracking - In the technology theme ETFs, products tracking animation and gaming performed best, while overseas technology ETFs underperformed compared to domestic ones [33] - For dividend theme ETFs, those tracking the CSI Central State-Owned Enterprise Dividend had the highest return in the past two weeks, with significant net inflows for products tracking low-volatility dividend indices [4][33] - In the pharmaceutical theme ETFs, products tracking innovative drug indices showed strong performance, with net inflows for those tracking Hong Kong Stock Connect innovative drug indices [4][33] Fund Manager Scale Distribution - As of July 11, Huaxia Fund has the largest ETF scale at 762.281 billion yuan, while E Fund's ETF management scale has expanded by over 290 billion yuan compared to one year ago [28]

Group 1 - The livestock ETF (516760) has risen by 0.46%, marking a five-day consecutive increase, with significant gains in constituent stocks such as Brother Technology (002562) up 10.02%, Xinghuo Technology (600866) up 4.12%, and others [1] - Listed pig companies have begun releasing their 2025 semi-annual performance forecasts, indicating a continued high profit growth in Q2 2025. For instance, Muyuan Foods expects a net profit attributable to shareholders of 10.2-10.7 billion yuan for H1 2025, representing a year-on-year increase of 1129.97% to 1190.26% [1] - In Q2 2025, Muyuan Foods anticipates a net profit of 5.7-6.2 billion yuan, reflecting a year-on-year growth of 77.95% to 93.53%, with a total of 24.252 million pigs sold, an increase of 48.08% [1] Group 2 - The livestock ETF closely tracks the CSI Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and breeding, reflecting the overall performance of related listed companies [2] - The latest price-to-earnings ratio (PE-TTM) of the CSI Livestock Breeding Index is 13.34 times, which is at a historical low, being in the 11.27% percentile over the past three years, indicating a valuation lower than 88.73% of the time in the last three years [2] - The current valuation of the sector remains low, providing a high margin of safety, suggesting that investors should actively consider the livestock ETF (516760.SH) [2]

Group 1 - The central theme of the news highlights the mixed performance of the livestock breeding index and the impact of government policies on the industry, particularly focusing on the elimination of outdated production capacity and the enhancement of product quality [1][3] - As of July 4, the livestock ETF has seen a net value increase of 12.16% over the past six months, indicating a positive trend in the sector [1] - The Central Financial Committee's recent meeting emphasized the need for regulated competition and the orderly exit of outdated production capacities, which is expected to stabilize market prices and promote sustainable development in the pig farming industry [1][3] Group 2 - The CSI Livestock Breeding Index includes companies involved in animal feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [3] - As of June 30, 2025, the top ten weighted stocks in the CSI Livestock Breeding Index accounted for 65.27% of the index, with major players including Muyuan Foods, Wens Foodstuff, and Haida Group [3] - The performance of the top ten stocks shows a mixed trend, with some stocks like Haida Group and Wens Foodstuff experiencing slight declines, while others like Shengnong Development and Biological Shares showed positive growth [5]

Core Insights - Sichuan's livestock industry has surpassed a total output value of 730 billion yuan, with a goal to exceed 1 trillion yuan within 3 to 5 years by focusing on five key sectors: pigs, poultry, cattle, sheep, and rabbits [1][2] - The industry faces challenges such as a lack of leading enterprises, incomplete deep processing chains, and a need for competitive deep processing products, which are critical for reaching the trillion-yuan target [1] - Recent developments include the release of 11 group standards aimed at improving livestock health, disease prevention, and feed precision, which are expected to support the standardization and modernization of the industry [2] Group 1: Industry Overview - Sichuan is a major player in the livestock sector, consistently ranking high in the production of pigs, cattle, poultry, and rabbits [1] - The current output value of the livestock industry in Sichuan is the largest among agricultural sectors in the province, having surpassed 730 billion yuan [2] Group 2: Challenges and Opportunities - The industry is constrained by a limited number of leading enterprises and a lack of deep processing capabilities, with deep processing of pork currently accounting for less than 25% of consumption [1] - There is an urgent need for updated standards in site selection, facility design, biosecurity, and disease management to meet the demands of modern livestock farming [1] Group 3: Recent Developments - The Sichuan Provincial Animal Husbandry and Veterinary Association has introduced new group standards, including the "Immunization Technical Regulations for Sichuan Black Pig," to enhance industry practices [2] - The "Double Cultivation Action" initiative was launched to strengthen and develop key agricultural industries, including livestock, with a focus on building robust industry chains [2]

Sales Performance - In June 2025, the company sold 112,200 pigs, including 52,300 commercial pigs, 57,800 piglets, and 2,100 breeding pigs, generating sales revenue of 122.40 million yuan, with an average selling price of 14.76 yuan per kilogram for commercial pigs [1]. - From January to June 2025, the total pig sales reached 632,300, comprising 343,600 commercial pigs, 284,900 piglets, and 3,700 breeding pigs, reflecting a year-on-year increase of 5.57%. However, the total sales revenue for this period was 762.52 million yuan, showing a year-on-year decline of 1.23% [1]. Data Disclosure - The sales data provided does not include figures from the company's affiliated companies and is unaudited, which may differ from the data disclosed in regular reports. This data serves as a reference for investors [2].

Sales Performance - In June 2025, the company reported a sales revenue of 122.40 million yuan from live pig sales, with an average selling price of 14.76 yuan per kilogram [1] - The total number of piglets sold was 284,900, and the number of breeding pigs sold was 3,700, representing a year-on-year increase of 5.57% [1] - The cumulative sales revenue from live pigs amounted to 762.52 million yuan, showing a year-on-year decrease of 1.23% [1] Additional Information - The disclosed sales data only includes the company's livestock breeding business and does not account for other business segments [2] - The sales data is preliminary and unaudited, and may differ from the figures reported in periodic disclosures [1]

Group 1 - The article highlights the advancements in agricultural technology in Heyuan, focusing on the implementation of smart farming practices and the cultivation of high-quality crops such as "space rice" and local potato varieties [1][4][6] - The Wanlv Smart Unmanned Farm has achieved full mechanization across 5,200 acres of rice fields, requiring only six workers for daily management, with 1,500 acres demonstrating fully automated operations [9][10][11] - The Guangdong Zhaohua Seed Industry Co., Ltd. is leading efforts in rice breeding, having developed a new variety "Huahang Xiangyin" that has been recognized as a super rice variety for 2025, with plans to plant 250,000 acres in 2024 and generate sales of 9 million yuan [17][18][19] Group 2 - The article discusses the establishment of a potato breeding base in the Lighthouse Basin, which aims to solve the issue of transporting seed potatoes from northern regions to Guangdong, thus enhancing local production capabilities [30][34][36] - The base has successfully cultivated 800 million micro potatoes, which are expected to be used for large-scale planting in the upcoming winter season, contributing to the high-quality development of the potato industry in the province [41][51][52] - The article also mentions the establishment of a modern agricultural complex by Dongrui Co., which combines traditional breeding methods with advanced genetic selection, producing a significant number of breeding pigs and poultry [56][58][70] Group 3 - The article outlines the growth of the pig and poultry breeding industry in Heyuan, with several companies achieving national and provincial recognition for their breeding programs, including the establishment of a state-level core breeding farm [60][61][70] - The Guangdong Huifeng Agricultural Technology Co., Ltd. is investing over 400 million yuan in a poultry breeding base, expected to supply over 4 million quality poultry seedlings annually, with a projected annual output value of around 200 million yuan [70][72][73] - The article emphasizes the importance of protecting and utilizing genetic resources in agriculture, with ongoing efforts to collect and preserve various agricultural species to support innovation in breeding [83][84][88]

Group 1 - The core viewpoint indicates that the pig price is expected to maintain a central level above 15 yuan/kg in 2025 due to limited supply growth and cautious breeding practices [1][2] - The industry is experiencing a supply gap, with a notable increase in piglet losses due to a virus mutation, which is expected to drive up pig prices in Q3 2025 [1] - Recent government policies aim to regulate the pig industry, including measures to curb low-price competition and promote the orderly exit of outdated production capacity [1][2] Group 2 - The pig price is under significant downward pressure in H2 2025, but multiple government policies are expected to support price increases and alleviate CPI pressure [2] - The overall investment logic in the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive outlook for investment [2] - The CSI Livestock Breeding Index reflects the performance of listed companies involved in livestock feed, veterinary drugs, and breeding, with the top ten weighted stocks accounting for 65.27% of the index [2]