Group 1 - The core viewpoint indicates that the global supply and demand situation for wheat, corn, rice, and soybeans is adjusting for the 2025/26 fiscal year, with an increase in wheat and rice consumption while production and inventory are being reduced. Conversely, corn production, consumption, and inventory are all being lowered, while soybean production, crushing volume, and ending inventory are being increased [1] - China's imports of corn and other agricultural products are expected to decrease, which may lead to improved planting efficiency due to relatively favorable grain prices [1] - The approval of clinical trials for ASF (African Swine Fever) subunit vaccines may benefit related vaccine companies if trials proceed successfully [1] Group 2 - In the first half of the year, the livestock and poultry farming industry saw a year-on-year increase in slaughter volume and meat production, with poultry meat production increasing by 7.4% and total feed production rising by 7.7%. The number of breeding sows also increased on a month-on-month basis, indicating a sustained improvement in the feed industry [1] - The pet consumption market remains robust, with pet food sales on the Douyin platform increasing by 73.97% year-on-year, highlighting a clear trend of rising domestic brands [1] - The Livestock ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in feed, livestock farming, vaccines, and veterinary drugs to reflect the overall performance of the livestock industry [1]