1月6日，养殖ETF（159865）收涨超1.2%，生猪产能去化加速或支撑板块预期。 国信证券指出，生猪养殖方面，头部企业现金流快速好转，并有望转型为红利标的，在全行业产能收缩 的背景下，龙头的成本优势有望明显提高。饲料行业受益畜禽养殖工业化加深，产业分工明确，饲料龙 头凭借技术和服务优势，有望进一步拉大竞争优势。 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涉及畜禽养殖、饲料 加工及兽药生产等业务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。成 分股覆盖了畜牧业全产业链，具有较强的行业代表性。 （文章来源：每日经济新闻） ...

1月6日，养殖ETF（159865）涨超1.2%，机构称生猪产能去化加速或支撑板块预期。 国信证券指出，牧业大周期反转预计在即，看好国内肉奶景气共振上行，牧业公司业绩有望迎来高弹性 修复。国内肉牛产能去化级别或及2019年猪周期，2025年已迎来价格拐点，后续有望持续上涨至2028 年；国内原奶价格已累计下跌近4年，持续亏损带来产能出清压力，同时肉奶比价已至历史高位，后续 有望推动奶牛淘汰加快，实现"肉奶共振"。生猪养殖方面，头部企业现金流快速好转，并有望转型为红 利标的，在全行业产能收缩的背景下，龙头的成本优势有望明显提高。禽养殖方面，供给波动幅度有 限，行情有望随需求复苏，龙头企业凭借单位超额收益优势有望实现更高现金流分红回报。饲料行业受 益畜禽养殖工业化加深，产业分工明确，饲料龙头凭借技术和服务优势，有望进一步拉大竞争优势。宠 物作为新消费优质赛道，长期景气受益人口趋势，且国内自主品牌正快速崛起，头部宠食标的中期业绩 增长确定性仍较强。 （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涉及畜禽养殖、饲料 加工及兽药生产等业务的上市公司证券 ...

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]