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]

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 加工及动物保健等业务的上市公司证券作为指数样本，以反映畜牧养殖产业链相关上市公司证券的整体 表现。成分股覆盖了从上游饲料生产到下游养殖的全产业链企业。 （文章来源：每日经济新闻） 天风证券指出，生猪板块在行业亏损和政策引导下，后续产能有望持续去化，当前估值处于历史相对底 部区间。黄鸡方面，随着消费季节性提升，价格或已筑底完成，叠加行业亏损导致投苗意愿受限，供给 端可能进一步收缩，支撑未来价格弹性。蛋鸡行业受海外禽流感封关影响，2025年国内引种量同比大幅 收缩，预计后续供给将由松转紧，龙头企业凭借高市占率有望释放业绩弹性。肉牛方面，前期深度去化 推动价格步入上行通道，叠加进口监管趋严，国产牛肉价格涨幅可能超预期。水产养殖/饲料行业经历 低谷后，中小企业退出显著，养殖利润同比改善，预计明年多品种水产料景气延续。饲料企业在原材料 波动下通过套保和研发优势加速市占率提升，并成功拓展海外市场。动保板块中，传统畜禽疫苗竞争激 烈，宠物动保市场随老龄化扩容，国产大单品推动替代进程。 ...

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。 注：数据来源wind，权重数据截至2025年9月15日，养殖ETF"含猪量"约60%意为生猪含量口径为申万三 级行业中涉及生猪养殖、畜禽饲料、动物保健III相关标的权重之和。规模数据和含猪量数据变化波动， 不预示未来表现。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产品。基金有风险，投资需谨慎。 每日经济新闻 根据wind数据，养殖ETF（159865）盘中净流入2600万份，资金抢筹布局。 消息面，商务部2025年12月16日公布对原产于欧盟的进口相关猪肉及猪副产品反倾销调查的最终裁定， 最终认定原产于欧盟的进口相 ...

受盘面影响，畜牧养殖相关ETF涨超2%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 516760 | 养殖ETF | 0.689 | 0.015 | 2.23% | | 159867 | 畜牧ETF | 0.657 | 0.014 | 2.18% | | 516670 | 畜牧养殖ETF | 0.719 | 0.015 | 2.13% | | 159865 | 养殖ETF | 0.646 | 0.013 | 2.05% | 有券商表示，随着生猪产能去化初见成效，且行业在长期亏损后现金压力普遍较大，短期内产能扩建能力有限，有望推动 猪价于2026年下半年逐步上行。同时也需关注，生猪养殖企业仍将长期面临原材料、动物疫病、环保等方面的成本控制挑 战。未来，随着集团化养殖企业占比提升，产能对价格变化趋于钝化，市场整体产能变化趋于稳定，猪周期造成的行业波 动幅度有望进一步平滑。 养殖概念股走强，天康生物涨超7%，生物股份涨超3%，牧原股份、海大集团、立华股份涨超2%。 （文章来源：每日经济新闻） ...

Market Overview - A-shares showed a rebound after hitting a low, with the Shanghai Composite Index closing at 3889.35 points, up 0.41%, and the Shenzhen Component Index rising by 0.84% [1][15] - The trading volume in the Shanghai and Shenzhen markets reached approximately 2.1 trillion, an increase of over 200 billion from the previous day, indicating a recovery in trading sentiment [1][15] - The semiconductor equipment and electric grid sectors led the gains, while sectors like innovative pharmaceuticals, chemicals, and coal showed weaker performance [1][15] Economic Policy Insights - The Central Economic Work Conference held on December 10-11 addressed various topics including domestic demand, innovation, anti-involution, and opening up to the outside world [2][16] - The "anti-involution + technological innovation" sectors are expected to benefit from policy support and logical backing, potentially outperforming in the second phase of the bull market [2][16] - The conference emphasized the importance of domestic demand and the need to eliminate unreasonable restrictions in the consumption sector to unleash service consumption potential [2][16] Investment Strategy - The market is expected to continue its upward potential, supported by anticipated incremental policies aimed at boosting consumption, industrial investment, and technological innovation [3][18] - The current market fluctuations are seen as a rebalancing of funds between short-term data and long-term trends, with expectations of a recovery in corporate profits and economic signals [3][18] - A flexible investment strategy combining core positions with satellite rotation is recommended, focusing on ETFs that capture long-term investment opportunities in the Chinese economy [6][20] Sector Performance - The securities sector is experiencing optimism due to the potential for mergers and acquisitions among major brokerages, which could enhance profitability and market expectations [7][22] - The approval of licenses for stablecoin trading by brokerages opens new business opportunities, potentially increasing revenue from transaction fees and attracting new clients [8][23] - The performance of the securities sector is closely tied to market activity, with increased trading volumes likely to boost brokerage revenues across various business lines [7][22] Gold Market Dynamics - The gold market is supported by ongoing geopolitical tensions and economic uncertainties, with gold being favored as a "store of value" amid inflation and stagnation concerns in the U.S. economy [11][25] - The recent approval of stablecoin trading licenses is expected to create new growth avenues for brokerages, enhancing their performance and market valuation [8][23] - Investors are advised to monitor gold ETFs as they align with the long-term bullish outlook for gold prices, driven by systemic risks and economic conditions [12][26]

Core Viewpoint - The current market is in a stage of supply-demand negotiation, with supply pressures easing and demand expected to improve as the weather cools and the curing season approaches [1] Supply Side - Large-scale pig farms are advancing their slaughtering pace, leading to a relative easing of slaughter pressure, and they are generally adopting strategies to control supply and raise prices, with notable price increases for standard pigs [1] Demand Side - As the weather turns colder and the curing season arrives, demand for pork is anticipated to gradually improve [1] Industry Trends - Under the guidance of national policies, the main trend in the pig farming industry will be "quality improvement and efficiency enhancement," leading to the gradual elimination of outdated production capacity [1] - High-quality production capacity with low costs and good financial conditions is expected to increase its market share [1] Investment Vehicle - 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 industry [1] - The China Securities Livestock Index covers various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1]

Group 1 - The current market is in a supply-demand game, with supply pressures easing as large-scale pig farms adopt strategies to control output and raise prices, leading to notable increases in pig prices [1] - The demand side is expected to improve gradually due to colder weather and the arrival of the curing season, which typically boosts demand [1] - The pig farming industry is still in a loss-making state, with self-breeding farms experiencing an average loss of 114.81 yuan per head, and purchased piglets facing an average loss of 205.64 yuan per head, indicating an expansion of losses [1] Group 2 - The industry is actively reducing production capacity under the current losses, and measures to combat internal competition are being implemented, suggesting a potential long-term increase in domestic pig price levels [1] - Future development in the pig farming industry is expected to focus on "quality improvement and efficiency enhancement," leading to the gradual elimination of outdated production capacity and an increase in market share for financially stable and low-cost producers [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which reflects the overall performance of listed companies involved in livestock farming, feed processing, and related sectors, indicating strong industry representation [1]

Core Insights - The swine industry is experiencing significant losses, with the average selling price of live pigs dropping to 11.56 yuan/kg, leading to a loss of 71.95 yuan per head for self-bred pigs [1] - Analysts suggest that the current oversupply and weak demand may result in a "non-peak" season for pork prices in Q4, indicating potential investment opportunities in the sector [1] - The industry is expected to undergo capacity reduction, which may lead to an upward adjustment of pork price levels by 2026, benefiting low-cost producers [1] Group 1: Market Performance - As of November 18, 2025, the China Livestock Breeding Index (930707) showed mixed performance among its constituent stocks, with Muyuan Foods (002714) leading with a 0.43% increase [1] - The Livestock ETF (516760) was quoted at 0.7 yuan [1] - The top ten weighted stocks in the index accounted for 65.58% of the total index weight, indicating a concentration in a few key players [2] Group 2: Stock Performance - The stock performance of key companies includes: - Muyuan Foods (002714): +0.43%, weight 11.37% - Haida Group (002311): +0.34%, weight 9.52% - Biological Shares (600201): +0.25%, weight 3.91% - Other notable declines include New Hope (000876): -1.01% and Tian康 Biological (002100): -1.96% [4]

Core Viewpoint - The pig farming industry is experiencing significant losses, leading to accelerated capacity reduction, while the dairy market faces supply-demand imbalances, impacting livestock numbers and prices [1][2]. Group 1: Pig Farming Industry - The pig farming sector has been in a state of continuous loss for several weeks, with the national average price of commercial pigs dropping by 28% year-on-year in Q3 2025, and major listed pig companies seeing a 68% decline in net profit [1]. - Current asset-liability ratios in the industry are well-controlled, but there is a noticeable divergence between the growth rate of pig sales and cost control, indicating a shift from cyclical to efficiency-driven competition [1]. - Due to ongoing losses and policy guidance, it is expected that capacity reduction will accelerate, laying the groundwork for a future price recovery [1]. Group 2: Dairy and Beef Market - Dairy prices have fallen below the previous cycle's bottom, highlighting a significant supply-demand imbalance, with dairy cow inventory decreasing by over 8% cumulatively in October [1]. - The beef market is entering an upward price trend, with expectations of price fluctuations in November and December due to the winter consumption peak [1]. - Long-term projections suggest that the beef cycle's price increase may exceed expectations, particularly benefiting companies with cow resources [1]. Group 3: Index and Stock Performance - The CSI Livestock Breeding Index (930707) shows mixed performance among its constituent stocks, with Tianma Technology (603668) leading with a 5.06% increase, while Jinnong (002548) is the biggest loser [1]. - As of October 31, 2025, the top ten weighted stocks in the CSI Livestock Breeding Index account for 65.58% of the index, with Muyuan Foods (002714) and Wens Foodstuffs (300498) being the largest components [2]. - The performance of the top ten stocks varies, with Muyuan Foods down 3.63% and Wens Foodstuffs down 2.10% [3].