Market Overview - The market experienced fluctuations with mixed performance across major indices, where the Shanghai Composite Index fell by 0.39% and the Shenzhen Component Index rose by 0.26% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.68 trillion yuan, a decrease of 462.1 billion yuan compared to the previous trading day [1] - Over 2800 stocks in the market saw gains, with agriculture and gaming sectors leading the increase, while small metals, AI chips, and rare earth permanent magnets faced pressure [1] Investment Outlook - There are no significant short-term negative factors, and capital inflows from foreign investors, new funds, and retail investors may accelerate, suggesting a potential challenge for the Shanghai index to reach 4000 points [1] - The market is expected to transition into a gradually rising trend, with faster sector rotation, where previously lagging sectors like food and beverage, power equipment, and aquaculture may see relative outperformance during minor market adjustments [1] - Investors are advised to set profit and stop-loss points based on technical indicators without significant deviations from preset levels [1] Livestock Sector - The livestock sector showed strong performance, with the Livestock ETF (159865) rising by 2.61% as "anti-involution" efforts continue [3] - Policies aimed at stabilizing prices and limiting production among the top 30 enterprises are being implemented, which may lead to a gradual stabilization of domestic sow inventory [3] - The swine farming industry is expected to enter a prolonged profit cycle with improved supply-demand dynamics, driven by enhanced efficiency and rigid consumer demand [3] Gaming Sector - The gaming sector performed well, with the Gaming ETF (516010) increasing by 2.12% as the supply of game licenses reached a new high in August [4][5] - A total of 173 game licenses were issued, including 166 domestic and 7 imported, indicating a continuous increase in license supply [5] - The global market share expansion of Chinese gaming companies is expected to enhance profit margins and optimize revenue structures, supported by AI technology that reduces costs and extends the lifecycle of older games [5] AI and Computing Hardware Sector - The Computing ETF (515880) experienced a decline of 2.11% after a period of significant gains, while related sectors like integrated circuits and chip ETFs also saw pullbacks [6] - Despite recent adjustments, the computing hardware sector remains buoyed by high demand driven by AI applications and domestic chip manufacturing trends [6][7] - Capital expenditures from major cloud service providers have remained high, with Q2 spending reaching approximately 95 billion USD, a 64% year-on-year increase [6] - The sentiment among AI enterprises and venture capitalists is optimistic, with expectations for increased adoption of enterprise-level generative AI [6][7]

资金流入方面，养殖ETF最新资金净流入69.38万元。拉长时间看，近17个交易日内有9日资金净流入， 合计"吸金"1080.08万元。 8月26日早盘，生猪板块逆市拉升，养殖ETF(516760)现涨2.43%，成交大幅放量，成分股牧原股份 (002714)上涨9.19%，晓鸣股份(300967)上涨7.19%，圣农发展(002299)上涨4.46%，温氏股份(300498)， 巨星农牧(603477)等个股跟涨。 8月21日发改委指出全国平均猪粮比价跌至6∶1以下，将于近期开展中央冻猪肉储备收储。华储网随后公 告将于8月25日单向收储猪肉1万吨，于8月26-29日轮储猪肉1.9万吨。收储助推猪价情绪见底，叠加前 期疫情、大猪出栏等因素导致生猪超卖，月末月初供给缩量消费好转，猪价新一轮上行逐步开启。 养殖ETF紧密跟踪中证畜牧养殖指数，中证畜牧养殖指数选取涉及畜禽饲料、畜禽药物以及畜禽养殖等 业务的上市公司证券作为样本，以反映畜牧养殖相关上市公司的整体表现。从估值层面来看，养殖ETF 跟踪的中证畜牧养殖指数最新市盈率（PE-TTM）仅13.71倍，处于近3年15.46%的分位，即估值低于近3 年84.54%以 ...

Strategy Overview - Hengtai Securities has developed an ETF strategy based on industry rotation and thematic investments, referencing previous reports from October 2024[2] - The strategy includes a combination of industry and thematic ETFs to optimize investment performance[2] ETF Holdings and Performance - The total value of the ETFs held is approximately 144.96 billion CNY, with significant allocations in sectors such as communication equipment (73.61%) and gaming (81.29%)[3] - The strategy achieved a cumulative net return of about 2.04% from August 11 to August 15, 2025, underperforming the CSI 300 ETF by 0.64%[3] - Since October 14, 2024, the strategy's cumulative return is approximately 9.26%, with an underperformance of 1.20% relative to the CSI 300 ETF[3] Weekly Recommendations - For the week of August 18 to August 22, 2025, the recommended sectors include communication equipment, precious metals, and gaming[12] - New positions will be added in communication equipment ETF, industrial metals ETF, and innovative pharmaceuticals ETF, while continuing to hold positions in gold stocks, gaming ETF, and satellite ETF[12] Risk Considerations - There is a risk of rapid style shifts within a week, which could impact ETF performance[7] - Some ETFs may experience abnormal increases in discount rates, posing additional risks to investors[7]

Group 1 - The livestock ETF (516760.SH) experienced a fluctuation with a current increase of 0.59%, while key components such as Muyuan Foods (002714) rose by 1.86%, Wens Foodstuff Group (300498) by 0.99%, Haida Group (002311) by 0.49%, and New Hope Liuhe (000876) remained unchanged [1] - As of July 24, 2025, the livestock ETF has accumulated a 3.03% increase over the past week [1] - The Ministry of Agriculture and Rural Affairs held a meeting on July 23 to promote high-quality development in the pig industry, emphasizing the need to prevent significant fluctuations in production and prices, and to enhance the overall quality and competitiveness of the industry [1] Group 2 - CITIC Securities reported that the high-quality development of the pig industry is ongoing, with continued government guidance on capacity regulation [1] - The meeting highlighted the importance of capacity control and high-quality development, suggesting that further policy measures may be implemented to accelerate industry capacity reduction [1] - The livestock ETF closely tracks the CSI Livestock Breeding Index, which reflects the overall performance of listed companies involved in livestock feed, veterinary drugs, and breeding [2] Group 3 - The latest price-to-earnings ratio (PE-TTM) of the CSI Livestock Breeding Index is 13.34 times, indicating that it is at a historical low, being below 88.73% of the time over the past three years [2] - The current valuation of the sector remains low, suggesting a high margin of safety, and it is recommended to actively monitor the livestock ETF (516760.SH) [2]

Core Viewpoint - The pig farming ETF (159865) has shown a positive performance, with a 0.99% increase on July 16 and a 1.99% rise over the past 10 days [1][3]. Market Analysis - The pig market price has rebounded from a low of 14.1 yuan/kg at the end of June to 15.1 yuan/kg, although there has been a slight decline since then [3]. - The demand for pigs exhibits stable seasonality, with the peak consumption period typically occurring from the fourth quarter to early next year due to the Spring Festival. Currently, the market is in a low-demand season [5]. - The slaughtering rate in the pig industry is slightly higher than the same period last year, but the difference is minimal. Short-term support for pork consumption is lacking due to seasonal factors, such as school vacations and reduced outdoor activities, leading to a decline in group meal demand [5]. Supply Dynamics - The fluctuations in pig prices are primarily driven by supply-side factors, with the industry currently experiencing growth in supply, resulting in a strong supply and weak demand scenario [7]. - As of May, the number of breeding sows was reported at 40.42 million, an increase of 40,000 heads. In June, a sample of enterprises indicated a breeding sow count of 7.0337 million, up by 54,800 heads, which puts pressure on prices [7]. - The recent rebound in pig farming is attributed to expectations regarding supply-side policies and a short-term price increase. However, the fundamental supply-demand imbalance continues to exert downward pressure on future prices [7]. Investment Outlook - Despite the current supply-demand dynamics, the overall increase in the pig farming sector remains relatively low compared to other supply-side reform sectors, such as steel. Investors are advised to monitor the situation and consider buying on dips [7].

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]

国信证券指出，农林牧渔行业中养殖业各细分领域呈现差异化趋势。肉牛及原奶方面，2025年国内 肉牛大周期或迎拐点，海内外景气有望共振上行，牛肉价格淡季不淡，7月11日国内牛肉市场价为59.23 元/kg，同比+27.38%。生猪养殖方面， 7月11日生猪价格14.70元/公斤，预计2025年猪价景气有望延 续，能繁母猪存栏保持理性。饲料行业白马企业超额收益明显，有望受益水产景气复苏。整体来看，养 殖细分龙头估值修复空间值得关注，尤其是肉牛周期的反转机遇。 养殖ETF跟踪的是中证畜牧指数，该指数由中证指数有限公司编制，从沪深市场中选取涉及畜禽养 殖、饲料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。该指 数侧重于农业及食品供应链上游企业，具有较强的行业代表性，能够全面展现畜牧产业链上市企业的市 场走势。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的 ...

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]

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The industry is experiencing continuous fluctuations, with a focus on the turning points of dividend and growth styles [19][20] - The macro model indicates that the market may face adjustment pressure in the near term, with a potential for a slight rebound later in June [19][24] - The report highlights the importance of monitoring event-driven impacts, particularly regarding U.S. tariff policies [20] Market Overview (May 26 - May 30, 2025) - Major broad-based indices showed varied performance, with the top three being North Securities 50 (up 2.82%), Wind Micro-Equity Daily Equal Weight Index (up 2.65%), and CSI 2000 (up 1.09%). The bottom three were ChiNext Index (down 1.40%), Shanghai 50 (down 1.22%), and CSI 300 (down 1.08%) [9][10] - Style indices also varied, with small-cap value (up 0.56%) and large-cap growth (down 2.71%) showing significant differences [10][13] - Among the Shenwan first-level industry indices, Environmental Protection (up 3.42%) and Pharmaceutical Biology (up 2.21%) performed well, while Automotive (down 4.11%) and Electric Equipment (down 2.44%) lagged [14][15] Market Outlook (June 3 - June 6, 2025) - The market is expected to remain volatile, with a focus on the transition between dividend and growth styles [19] - The macro model for June indicates a score of 0, suggesting a generally flat performance for the month, with potential for a slight increase after initial adjustments [24] - The report anticipates that the dividend style may face headwinds while the growth style could perform better in the latter half of June [19][20] Fund Allocation Recommendations - The report suggests a balanced allocation strategy for ETFs, anticipating a period of market adjustment [20]

Market Overview - As of May 30, 2025, the Shanghai Composite Index closed down 0.47% at 3347.49 points, the Shenzhen Component Index down 0.85% at 10040.63 points, and the ChiNext Index down 0.96% at 1993.19 points, indicating a broad market decline [1] - The total trading volume of both markets reached 1.14 trillion yuan [1] Sector Performance - The top three sectors in terms of gains were the breeding industry (up 2.81%), rural commercial banks (up 1.70%), and chemical pharmaceuticals (up 1.21%) [1] - The sectors with the largest declines were packaging and printing (down 3.15%), electric machinery (down 2.83%), and consumer electronics (down 2.72%) [1] ETF Performance - A total of 208 non-currency ETFs rose, with an increase ratio of 18% [1] - The CSI Modern Agriculture Theme Index rose by 1.47%, with the E Fund Agriculture ETF increasing by 1.91% [1] - The CSI Livestock Breeding Index increased by 1.38%, with various livestock ETFs showing gains between 1.36% and 1.91% [1] Specific ETF Details - The Livestock ETF (516760.SH) has a latest share size of 205 million, closely tracking the CSI Livestock Breeding Index, which includes major companies like Haida Group and Muyuan Foods [3] - The Agriculture 50 ETF (159827.SZ) has a share size of 136 million, tracking the CSI Agriculture Theme Index, which includes companies like Muyuan Foods and Haida Group [4] - The current P/E ratio for the CSI Livestock Breeding Index is 12.55, which is lower than the average over the past three years [4] - The P/E ratio for the CSI Agriculture Theme Index is 14.73, also below the average for the past three years [4] Declining ETFs - A total of 901 non-currency ETFs fell, with a decline ratio of 79% [4] - The top declining ETFs included the Xinchuang ETF (down 5.19%) and the Hang Seng Internet ETF (down 2.77%) [6] Premium Rates - The S&P 500 Consumer Select Index showed a premium of 24.33%, while the S&P 500 ETF had a premium of 18.25% [7][9]