根据wind数据，养殖ETF（159865）盘中流入3.01亿份，盘中净流入2.44亿份，资金抢筹养殖资产。 长江证券表示，生猪养殖行业正式进入亏损去产能阶段，预计未来几年供应压力持续较大。由于行业负 债率和流动比率改善有限，产能去化可能进一步加速。此外，行业产能调控政策与亏损去产能相互作 用，可能导致本轮产能去化比2021和2023年更为彻底。 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业务涉及畜禽养殖、 饲料加工等领域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。中证畜牧 指数覆盖了畜禽养殖、饲料及动保等多个细分领域，具有较强的行业代表性。 （文章来源：每日经济新闻） ...

Group 1 - The swine breeding industry has entered a phase of loss and capacity reduction, with significant supply pressure expected to persist into the first half of 2026 due to both forward-looking indicators and seasonal demand declines [1] - The ongoing process of capacity reduction is influenced by the large variance in breeding costs, with less competitive operators likely to exit the market first, leading to a more optimized competitive landscape in the industry [1] - Companies with cost advantages and strong cash flow are expected to experience longer profit cycles in the current downturn [1] Group 2 - The Livestock ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock breeding and feed processing to reflect the overall performance of the livestock sector [1] - The CSI Livestock Index covers multiple sub-sectors, including livestock breeding, feed, and animal health, demonstrating strong industry representation [1]

Core Viewpoint - The supply pressure in the pig farming industry remains significant in Q4, but ongoing "anti-involution" measures are expected to positively impact pig prices in 2024 [1] Supply and Demand Analysis - Since May 2024, pig production capacity has increased, leading to continued supply growth expected in Q4 2025 and Q1 2026, which will exert pressure on pig prices [1] - The industry is actively implementing "anti-involution" strategies, focusing on controlling production capacity, reducing weight, and limiting second breeding [1] Policy and Market Impact - The enforcement of policies is expected to intensify, coupled with recent low pig prices and increasing losses, which may accelerate the reduction of production capacity [1] - A new upward trend in pig prices is anticipated in the second half of next year [1] Industry Index Overview - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming and feed processing to reflect the overall performance of the livestock sector [1] - The China Securities Livestock Index covers various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1]

Core Insights - The livestock ETF (159865) has seen significant inflows, with 103 million shares traded and a net inflow of 84 million shares, indicating strong investor interest in livestock assets [1] - According to Huaxi Securities, the national pig prices have significantly rebounded, and the market is currently in a supply-demand negotiation phase, with large-scale pig enterprises easing their selling pressure and adopting strategies to control supply and raise prices [1] - Despite the industry still being in a loss-making state, there has been a noticeable reduction in losses on a month-on-month basis, and proactive capacity reduction has begun [1] - In the medium to long term, domestic pig price levels are expected to rise, with the main trend in the industry being "quality improvement and efficiency enhancement," leading to the gradual elimination of outdated capacities and an increase in market share for high-quality capacities [1] - The livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and other related sectors to reflect the overall performance of the livestock industry [1] - The China Securities Livestock Index covers various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representativeness [1]

Group 1 - The livestock ETF (159865) has increased by over 1.2%, with a net inflow of nearly 300 million yuan in the past 10 days according to Wind data [1] - As of the time of reporting, over 60 million shares have been subscribed today [1] - Dongxing Securities indicates that capacity regulation driven by policy will remain a core theme for the foreseeable future, with expectations for the elimination of outdated capacity increasing, leading to significant catalysts for the sector [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 to reflect the overall performance of related securities [1] - The constituent stocks cover the entire industry chain from farming to processing, demonstrating strong industry representation [1] - Investors without stock accounts can consider the Guotai CSI Livestock Farming ETF Connect A (012724) and Guotai CSI Livestock Farming ETF Connect C (012725) [1]

Group 1 - The core viewpoint is that the livestock and aquaculture industry is expected to experience a cyclical reversal by 2025, particularly in the beef and raw milk sectors, with domestic and international markets likely to resonate positively [1] - The pet industry is identified as a rare growth area, expected to benefit from demographic changes [1] - In the feed sector, leading companies are anticipated to achieve excess returns, benefiting from the recovery of the aquaculture market [1] Group 2 - The pig farming industry is projected to maintain its favorable conditions in 2025, with a focus on the recovery of undervalued leading companies [1] - In the poultry sector, the long-term consumption center for white chickens is expected to rise, while yellow chickens may benefit first from domestic demand [1] - The egg production sector is seeing growth in parent stock inventory, while short-term sugar imports are increasing [1] Group 3 - Rubber prices are expected to stabilize in the short term, with a positive outlook for the medium term [1] - Domestic corn supply and demand are tightening, leading to a moderate price increase forecast [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which reflects the overall performance of companies involved in livestock feed, breeding, animal vaccines, and veterinary drugs [1]

Group 1 - The core viewpoint of the article highlights a slight recovery in the breeding capacity of sows in the second quarter, with a total stock of 40.43 million heads by the end of June, reflecting a 0.1% increase compared to the previous month, nearing the levels expected by the end of Q2 2024 [1] - In terms of pig supply, the total output expected by Q2 2025 is 171.43 million heads, which is a year-on-year increase of 1.2%, with an average meat yield per head of 82.72 kg, up by 0.46 kg from the previous period [1] - The average price of commercial pigs dropped to 14.57 yuan/kg in June, a decrease of 20.6% year-on-year, while the price of piglets fell by 14.5% year-on-year, leading to a narrowing of average profits for large-scale farms to 7 yuan per head, with smallholders facing a loss of 6 yuan per head [1] Group 2 - The breeding ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock feed, breeding, vaccines, and veterinary drugs to reflect the overall performance of the livestock industry [1] - The index comprehensively covers the upstream and downstream industries of livestock, effectively representing the overall development status of the sector [1] - Investors without stock accounts can consider the Guotai China Securities Livestock Breeding ETF Connect A (012724) and Connect C (012725) [1]

Group 1 - The livestock sector continues to rebound, with the Livestock ETF (159865) rising over 1.3% and experiencing net inflows for four consecutive days [1] - According to Everbright Securities, the industry capacity cycle for pig farming has bottomed out, but high inventory levels continue to impact market dynamics [1] - Recent policy initiatives are accelerating the industry's efforts to reduce inventory, which is expected to realign the supply-demand relationship, potentially leading to a long-term profit uptrend after inventory reduction concludes [1] Group 2 - The Livestock ETF (159865) tracks the China Securities Livestock Index (code: 930707), which is compiled by China Securities Index Co., Ltd. and reflects the overall performance of listed companies involved in livestock farming, feed processing, and veterinary drug production [1] - The China Securities Livestock Index covers the entire livestock industry chain, including pig and chicken farming as well as related support services, demonstrating strong industry representation [1] - The recovery in pig inventory levels is boosting demand for feed and animal health products, with performance gradually improving [1]