Group 1 - The core viewpoint of the article highlights that the livestock ETF (159865) has risen over 1.2% due to accelerated de-capacity in the pig farming sector, which may support expectations for the sector [1] - Guosen Securities indicates that leading companies in pig farming are experiencing rapid improvement in cash flow and are expected to transform into dividend stocks, with cost advantages becoming more pronounced amid industry-wide capacity reduction [1] - The feed industry is benefiting from the deepening industrialization of livestock and poultry farming, with clear division of labor, allowing leading feed companies to further enhance their competitive advantages through technology and service [1] Group 2 - The livestock ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and veterinary drug production from the Shanghai and Shenzhen markets to reflect the overall performance of related securities [1] - The constituent stocks cover the entire livestock industry chain, demonstrating strong industry representativeness [1]

Group 1 - The livestock ETF (159865) rose over 1.2%, with institutions indicating that the accelerated reduction in pig production capacity may support sector expectations [1] - Guosen Securities predicts an imminent reversal in the livestock cycle, optimistic about the domestic meat and dairy sectors experiencing a synchronous upward trend, with livestock companies likely to see high elasticity recovery in performance [1] - Domestic beef production capacity reduction may reach levels comparable to the 2019 pig cycle, with a price turning point expected in 2025, potentially leading to continuous price increases until 2028 [1] Group 2 - Domestic raw milk prices have declined for nearly four years, leading to continuous losses and production capacity exit pressure, while the meat-to-milk price ratio has reached historical highs, likely accelerating the elimination of dairy cows and achieving "meat and milk resonance" [1] - In pig farming, leading enterprises are experiencing rapid cash flow improvement and are expected to transform into profitable entities, with cost advantages becoming more pronounced amid industry-wide capacity contraction [1] - In poultry farming, supply fluctuations are limited, and market conditions are expected to improve with demand recovery, allowing leading companies to achieve higher cash flow dividend returns due to excess unit returns [1] Group 3 - The feed industry benefits from the deepening industrialization of livestock and poultry farming, with clear industry division of labor, and leading feed companies are expected to further enhance competitive advantages through technology and service [1] - The pet sector is emerging as a high-quality consumption track benefiting from long-term demographic trends, with domestic brands rapidly rising, and leading pet food companies showing strong mid-term performance growth certainty [1] Group 4 - The livestock ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and veterinary drug production to reflect the overall performance of the livestock industry [2] - The constituent stocks cover the entire livestock industry chain, demonstrating strong industry representativeness [2]

Group 1 - The core viewpoint indicates that soybean meal prices are steadily rising to 3096.86 yuan/ton, supported by active terminal purchases and adjustments in South American production expectations [1] - In the pig farming sector, the price of commercial pigs has slightly increased to 13.76 yuan/kg, with the bottom of the piglet production cycle becoming clearer, suggesting a potential long-term profitability uptrend for the industry [1] - The price of white feather broilers is fluctuating at a high level of 7.2 yuan/kg, while chick prices surged by 14.38% to 3.58 yuan/chick, driven by increased restocking sentiment and reduced supply of breeding chickens [1] Group 2 - Natural rubber futures prices have risen by 1.81% to 15780 yuan/ton, with ongoing inventory depletion [1] - The trend of rising grain prices has been established, with the fundamentals of planting and seed industry continuing to improve [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and veterinary drug production to reflect the overall performance of related securities [1]

Group 1 - The company provides a guarantee of up to RMB 0.52 billion for its subsidiary Zhongmu Muyuan (Henan) Biopharmaceutical Co., Ltd, which is not an affiliated entity [2][10] - The total amount of guarantees provided by the company to its subsidiaries is RMB 3.3741 billion, accounting for 6.13% of the audited net assets as of the end of 2024 [13] - The guarantee is a renewal of a previous guarantee and is necessary for the funding of project construction, ensuring the smooth implementation of the project [11][12] Group 2 - The internal decision-making process for the guarantee has been approved by more than two-thirds of the board members during a meeting held on April 22, 2025 [7][12] - The subsidiary Zhongmu Muyuan was established on May 23, 2022, with a registered capital of RMB 120 million and operates in the veterinary medicine sector [8][9] - The guarantee will cover the principal, interest, penalties, and all costs related to the creditor's rights realization, with the company bearing 52% of the guarantee responsibility [10]