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饲料、畜禽 养殖、疫苗兽药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 指数覆盖了畜牧业上下游产业链，具有较强的行业代表性。 （文章来源：每日经济新闻） 2月25日，养殖ETF（159865）收涨超1.4%，长期看生猪产能去化预计持续。 华福证券指出，长期来看，低猪价叠加产能调控政策推进，行业产能去化预计持续，有望推动长期猪价 中枢上移。家禽板块中，白羽鸡春节苗价走高，主要系节后短期鸡苗供应量不大，养殖端补栏积极；毛 鸡价格则保持稳定。当前海外引种受限，白鸡上游产能或收缩。蛋鸡方面，节后市场交投清淡，蛋价弱 势运行，但海外禽流感导致祖代鸡引种受阻，优质种源稀缺性持续，有望驱动远期价格回暖。牧业方 面，肉牛价格春节持稳，中长期能繁母牛去化将逐步传导至出栏缩量，预期2026-2027年牛价进入上行 周期。原奶价格则处于周期底部，产能去化预计持续，随着供给收缩，2026年原奶价格有望企稳回升。 ...

Core Viewpoint - The production capacity of breeding sows is expected to continue to decline until December 2025, remaining at historically high levels with further reduction potential. Pig prices are anticipated to gradually recover in 2026, leading to improved farming profitability. [1] Livestock Industry - The price of broiler chickens has seen a rebound, and farming profits are expected to gradually improve. [1] - The animal health sector should focus on leading companies with strong R&D capabilities and smooth progress in research. [1] Seed Industry - The revitalization of the seed industry is ongoing, aiming to achieve technological self-reliance and independent control over seed sources. [1] Pet Industry - There remains significant growth potential in both domestic and international markets for the pet industry. [1] Investment Products - The Livestock 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 farming industry chain. [1] - This index emphasizes allocation within the agriculture and biotechnology sectors. [1]

Core Viewpoint - The livestock farming index in China shows a strong upward trend, with significant gains in key stocks, indicating a potential recovery in the industry driven by improved profitability and market conditions [1][2]. Group 1: Market Performance - As of January 30, 2026, the China Livestock Farming Index (930707) increased by 1.28%, with notable stock performances including Xiaoming Co. up 14.44%, Dabeinong up 5.66%, and Lihua Co. up 4.15% [1]. - The Livestock ETF (516760) rose by 0.58%, marking its third consecutive increase, with the latest price at 0.69 yuan [1]. Group 2: Price and Profitability Insights - On January 21, 2026, the price of pork was reported at 13.39 yuan/kg, reflecting a 7.9% increase compared to the end of 2025 [1]. - Profit margins for self-breeding and purchased pig farming were 43.35 yuan/head and 115.84 yuan/head, respectively, indicating a turnaround in the industry and a potential slowdown in capacity reduction [1]. - The breeding sow inventory at the end of 2025 was 39.61 million heads, down 2.9% year-on-year [1]. Group 3: Future Outlook - China Galaxy Securities predicts that the average annual pork price may show a year-on-year decline, but there could be a rebound during the year influenced by seasonal disease impacts [1]. - The report suggests focusing on leading companies in cost control, those with healthy financials, and reasonably valued firms in the pig farming sector [1]. Group 4: Index Composition - As of December 31, 2025, the top ten weighted stocks in the China Livestock Farming Index included Muyuan Foods, Haida Group, and Wens Foodstuffs, collectively accounting for 67.66% of the index [2].

Group 1 - The core viewpoint indicates that while pig prices are rebounding during the peak season, the extent of the increase has narrowed due to ongoing capacity reduction in the pig farming industry, which is slowing down [1] - The pig farming industry is expected to continue capacity reduction under the pressures of rising epidemic risks and policy constraints [1] - The white chicken industry has a high capacity level, suggesting that chicken prices may continue to fluctuate in the medium term, while the yellow chicken industry is at historically low capacity levels, potentially leading to price increases [1] Group 2 - In the animal health sector, core antibiotic prices have recently experienced high-level fluctuations [1] - In the planting industry chain, grain prices of various types have recently increased, and are expected to trend upward in the medium term due to domestic and international factors, which will also support seed price increases [1] - The livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and veterinary medicine to reflect the overall performance of the livestock industry [1]

Core Viewpoint - The livestock ETF (159865) has risen over 1.1%, indicating improvements in industry supply and demand as well as profitability [1] Group 1: Industry Trends - Most upstream raw material prices are at cyclical lows, while large-scale livestock farming is showing structural local recovery, leading to an overall rebound in the feed industry [1] - The pig farming industry has entered a phase of losses again, prompting a market-driven capacity reduction, which is further supported by policies aimed at reducing internal competition in the pig industry [1] - Domestic breeding sow inventory, after a slow decline in previous months, is now showing a trend of accelerated reduction [1] Group 2: Market Outlook - The pig farming industry is expected to maintain a trend of capacity reduction during the off-season for pig prices in the first half of the year, which may lead to a recovery in the fundamentals and valuations of the industry [1] - The penetration rate of pet ownership in China is expected to continue increasing, with pet food remaining a relatively growth-oriented segment among various consumer industries [1] Group 3: ETF and Index Information - The livestock ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and veterinary vaccines to reflect the overall performance of related securities [1] - The constituent stocks cover the entire upstream and downstream industry chain of livestock farming, providing strong industry representation [1]

Report Industry Investment Rating - There is no information provided regarding the industry investment rating in the report. Core Viewpoints - The Financial Street Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs, referring to two strategy reports published in 2024 [1]. - From December 22 - 26, 2025, the strategy's cumulative net return was about 4.34%, and the excess return relative to the CSI 300 ETF was about 2.29%. From October 14, 2024, to the present, the strategy's out - of - sample cumulative return was about 32.21%, and the cumulative excess relative to the CSI 300 ETF was about 8.98% [2]. - In the week of December 29, 2025, the model recommended allocating to sectors such as securities, industrial metals, and precious metals. The strategy will newly hold products like Securities ETF Leader, Mining ETF, Gold Stocks ETF, and Communication ETF, and continue to hold products such as Power Grid Equipment ETF and Battery ETF [11]. Summary by Relevant Catalogs ETFs Information - The report lists information about multiple ETFs, including their fund codes, names, market values, holding situations, heavy - held Shenwan industries and weights, as well as weekly and daily timing signals. For example, Securities ETF Leader has a market value of 41.14 billion yuan, is being调入, and has 100% in the securities industry, with a weekly timing signal of - 1 and a daily timing signal of 1 [2]. Performance Tracking - In the period from December 22 - 26, 2025, the strategy's cumulative net return was about 4.34%, and the excess return relative to the CSI 300 ETF was about 2.29%. From October 14, 2024, to the present, the strategy's out - of - sample cumulative return was about 32.21%, and the cumulative excess relative to the CSI 300 ETF was about 8.98% [2]. Portfolio Adjustment - In the week of December 29, 2025, some ETFs were newly added, some continued to be held, and some were removed. For instance, Securities ETF Leader, Mining ETF, Gold Stocks ETF, and Communication ETF were newly added; Power Grid Equipment ETF and Battery ETF continued to be held; while Real Estate ETF, etc., were removed [2][11].

Market Performance - The Shanghai Composite Index rose by 0.53%, the Shenzhen Component Index increased by 0.88%, the ChiNext Index gained 0.77%, and the Northbound 50 Index was up by 0.39% [1] - The total market turnover was 1,897.2 billion yuan, a decrease of 24.1 billion yuan compared to the previous day [1] Sector Performance - The power and commercial aerospace sectors were active, while the precious metals and Hainan sectors experienced adjustments [1] - The commercial aerospace sector rebounded, with several ETFs such as the招商基金卫星产业ETF, 广发卫星ETF, 富国基金卫星ETF, and 永赢基金卫星ETF all rising over 5% [1] ETF Performance - In the ETF market, the mini-sized Hong Kong stock ETFs saw significant gains, with the国泰基金港股通50ETF hitting the daily limit, and the广发基金恒生ETF港股通 and 易方达基金港股通100ETF rising by 3.75% and 3.24% respectively, with latest premium/discount rates of 10.48%, 3.92%, and 4.32% [1] - The agricultural sector saw declines, with畜牧ETF, 农业ETF易方达, and 养殖ETF all dropping by 1% [1] - The Hong Kong innovative drug ETFs expanded their afternoon losses, with the 恒生生物科技ETF鹏华 down by 0.95% [1]

Group 1 - The swine sector is expected to continue capacity reduction due to industry losses and policy guidance, with current valuations at historically low levels [1] - In the broiler chicken sector, prices may have bottomed out due to seasonal consumption increases, and limited willingness to invest in breeding may further tighten supply, supporting future price elasticity [1] - The egg-laying chicken industry is facing a significant reduction in domestic breeding volume by 2025 due to overseas avian influenza bans, leading to a shift from loose to tight supply, with leading companies likely to release performance elasticity due to high market share [1] Group 2 - The beef sector has entered an upward price channel due to previous deep capacity reductions and stricter import regulations, with domestic beef prices potentially rising more than expected [1] - The aquaculture and feed industries have seen significant exits of small and medium enterprises after a low point, improving breeding profits year-on-year, with expectations of continued prosperity for various aquaculture feeds next year [1] - Feed companies are enhancing market share through hedging and R&D advantages amid raw material fluctuations, successfully expanding into overseas markets [1] Group 3 - In the animal health sector, competition in traditional poultry vaccines is intense, while the pet health market is expanding due to aging demographics, with domestic major products driving the replacement process [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock breeding, feed processing, and animal health to reflect the overall performance of the livestock breeding industry chain [1] - The constituent stocks cover the entire industry chain from upstream feed production to downstream breeding [1]

Group 1 - The core viewpoint of the news is that the Chinese government has decided to impose anti-dumping duties on pork and pork by-products imported from the EU, which is expected to alleviate domestic supply pressure and potentially lead to a price reversal in the pork market [1] - The anti-dumping tax rates will range from 4.9% to 19.8%, effective from December 17, 2025, following the final ruling by the Ministry of Commerce [1] - In the first ten months of 2025, China imported 1.93 million tons of pork and related products, with 990,000 tons (51%) coming from the EU, making Spain the largest supplier [1] Group 2 - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which includes companies involved in livestock farming and feed processing, reflecting the overall performance of the livestock sector [2] - The Livestock ETF has a "pig content" of approximately 60%, indicating the weight of companies related to pig farming, feed, and animal health within the index [2]

Group 1 - Livestock-related stocks have strengthened, with TianKang Biological rising over 7%, BioShares up over 3%, and MuYuan, HaiDa Group, and LiHua shares each increasing over 2% [1] - Livestock-related ETFs have also seen gains, with an increase of over 2% [1] Group 2 - Several ETFs related to livestock are showing positive performance, with the following price changes: - 516760 Livestock ETF: 0.689 (+2.23%) - 159867 Animal Husbandry ETF: 0.657 (+2.18%) - 516670 Livestock Farming ETF: 0.719 (+2.13%) - 159865 Livestock ETF: 0.646 (+2.05%) [2] - Analysts indicate that the reduction in pig production capacity is beginning to show results, and after a prolonged period of industry losses, cash pressure is significant, limiting short-term capacity expansion [2] - It is expected that pig prices will gradually rise in the second half of 2026, although challenges remain in cost control related to raw materials, animal diseases, and environmental regulations [2] - As the proportion of group farming enterprises increases, the impact of capacity changes on prices is expected to become less pronounced, leading to a more stable overall market capacity and smoother fluctuations in the pig cycle [2]