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14.46倍，处于近3年18.68%的分位，即估值低于近3 年81.32%以上的时间，处于历史低位。当前行业景气度已在底部，有足够的安全边际，反内卷政策预 期下，供给端预计会有收缩，企业盈利中枢与盈利稳定性均有望明显抬升，优质猪企将迎来估值重估， 建议积极关注养殖ETF(516760.SH)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 从资金净流入方面来看，养殖ETF近6天获得连续资金净流入，最高单日获得2696.09万元净流入，合 计"吸金"4563.25万元，日均净流入达760.54万元。 据涌益咨询，截至2025年9月21日，全国生猪均价12.71 元/公斤，周环比-0.50 元/公斤，同比-5.73 元/公 斤。截至2025年9月18日，涌益样本生猪出栏均重128.45 公斤/头，周环比+0.13 公斤/头，同比+2.49 公 斤/头，1 ...

当前仔猪和生猪价格持续下跌至盈亏平衡线附近，随着供给压力增加，现货预计将亏损，那么市场化进 行增产的意愿较弱，这为Q4能繁母猪去化幅度扩大提供了基础。 畜牧养殖板块近期的强势表现，主要受到"反内卷"政策催化。政策端严控新增产能，推动行业逐步走出 低价竞争阶段，引导猪价进入合理盈利区间。近期能繁母猪存栏量不增反降，进一步验证了去产能政策 的实效，行业正从粗放扩张转向结构优化，头部企业凭借成本和规模优势更为受益。 从短期市场风格来看，养殖ETF跟踪的中证畜牧养殖指数最新市盈率（PE-TTM）仅15倍，处于近3年 19.35%的分位，即估值低于近3年80.65%以上的时间，处于历史低位，安全边际较高。若科技板块热度 回落，资金出现"高低切"，养殖板块具备明显的补涨潜力。建议积极关注养殖ETF(516760.SH)。 9月17日午盘，养猪概念股持续颓势，养殖ETF(516760)现跌0.97%，持续溢价，产品连续3日获得净申 购。成分股方面涨跌互现，兄弟科技(002562)领涨10.02%，星湖科技(600866)上涨0.67%，温氏股份 (300498)上涨0.46%；金新农(002548)领跌3.73%，海大集团 ...

Group 1 - The core viewpoint of the news is that the livestock sector is experiencing a positive trend due to capacity regulation policies, leading to a rise in related stocks and ETFs [1] - The Ministry of Agriculture and Rural Affairs, along with the National Development and Reform Commission, is holding a meeting on September 16 to discuss pig production capacity regulation with 25 companies, including major players like Muyuan, Wens, and New Hope [1] - Recent policies aimed at controlling new production capacity are helping the industry move away from low-price competition, guiding pig prices into a reasonable profit range [1] Group 2 - The livestock ETF is currently trading at a low price-to-earnings ratio (PE-TTM) of 14.95, which is below 80.76% of the time over the past three years, indicating a high safety margin [2] - There is potential for the livestock sector to experience a rebound if funds shift from high-performing technology stocks to lower-valued sectors [2]

Group 1 - The pig farming sector stocks experienced a collective surge, with the Livestock ETF (516760) rising by 2.13% [1] - Key stocks such as Lihua Co. (300761) increased by 12.29%, Muyuan Foods (002714) by 6.56%, and Wens Foodstuff Group (300498) by 6.13% [1] - A meeting on September 16 will be held by the Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission to discuss pig production capacity regulation, involving 25 companies including Muyuan and Wens [1] Group 2 - Guojin Securities noted that after a period of adjustment, the valuations of pig farming companies are at a bottom range, with leading firms still achieving good profitability [1] - The report anticipates that if supply pressure leads to capacity reduction in the second half of the year, leading companies can leverage their cost advantages to steadily increase market share [1] - The livestock ETF closely tracks the CSI Livestock Breeding Index, which reflects the overall performance of listed companies in the livestock sector, currently showing a low PE-TTM of 14.11, indicating a historical low valuation [2]

Group 1 - The core viewpoint is that the pig farming sector is experiencing a strong performance, with a focus on the upcoming meeting to discuss production capacity regulation among major companies [1][2] - The Agricultural and Rural Affairs Department, along with the National Development and Reform Commission, will hold a meeting on September 16 to analyze the current pig production situation and discuss capacity regulation measures with 25 participating companies [1] - Major companies like Muyuan, Wens, and New Hope are expected to share their experiences and strategies regarding capacity control during the meeting [1] Group 2 - Guojin Securities states that after a period of adjustment, the valuations of pig farming companies are at a bottom range, with leading companies still achieving good profitability [2] - The industry is expected to stabilize at the bottom of the economic cycle, with a potential for supply-side contraction leading to improved profitability for top-tier companies [2] - The latest price-to-earnings ratio (PE-TTM) for the livestock farming index tracked by the breeding ETF is 14.11 times, indicating it is at a historical low compared to the past three years [2]

9月8日早盘，低位板块集体爆发，科技降温资金流入生猪养殖板块，养殖ETF(516760)上涨3.21%，冲 击3连涨。成分股立华股份(300761)上涨7.95%，晓鸣股份(300967)上涨5.70%，神农集团(605296)上涨 5.54%，金新农(002548)，新五丰(600975)等个股跟涨。 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14.11倍，处于近3年17.5%的分位，即估值低于近3 年82.5%以上的时间，处于历史低位。当前行业景气度已在底部，有足够的安全边际，反内卷政策预期 下，供给端预计会有收缩，企业盈利中枢与盈利稳定性均有望明显抬升，优质猪企将迎来估值重估，建 议积极关注养殖ETF(516760.SH)。 国金证券称，经历了一段时间的调整后生猪养殖企业估值处于底部区间，短期来看，头部养殖企业依旧 实现较好盈利，预计资产负债表持续改善；若下半年因为供给压力导致行业出现去产能行为，头部企业 依旧 ...

Group 1 - The pig farming sector experienced a rise in stock prices, with the breeding ETF (516760) increasing by 0.72% and key stocks such as Muyuan Foods (002714) up by 3.02%, Shennong Development (002299) by 2.14%, and Wens Foodstuff Group (300498) by 1.73% [1] - The National Development and Reform Commission reported that the national average pig-to-grain price ratio fell below 6:1, prompting the government to initiate central frozen pork reserve storage, with 10,000 tons to be stored on August 25 and 19,000 tons from August 26 to 29 [1] - The storage initiatives are expected to support pig prices, which are anticipated to begin a new upward trend due to previous factors such as the pandemic and large pig sales leading to overselling [1] Group 2 - The breeding ETF closely tracks the CSI Livestock Breeding Index, which includes listed companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of the livestock breeding sector [2] - The latest price-to-earnings ratio (PE-TTM) for the CSI Livestock Breeding Index is 13.71 times, which is below the historical average of 15.46%, indicating that the valuation is low compared to 84.54% of the time over the past three years [2] - The current low valuation and high safety margin in the sector suggest that investors should actively consider the breeding ETF (516760.SH) [2]

Group 1 - The pig farming sector experienced a rise in stock prices, with the breeding ETF (516760) increasing by 1.43% and key stocks such as Muyuan Foods (002714) rising by 4.09% [1] - The National Development and Reform Commission reported that the average pig-to-grain price ratio fell below 6:1, prompting the government to initiate central frozen pork reserves [1] - The China National Storage Network announced a plan to store 10,000 tons of pork on August 25 and an additional 19,000 tons from August 26 to 29, which is expected to boost market sentiment and support rising pork prices [1] Group 2 - The breeding ETF closely tracks the CSI Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and livestock farming [2] - The latest price-to-earnings ratio (PE-TTM) for the CSI Livestock Breeding Index is 13.71, indicating it is at a historical low, below 84.54% 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 breeding ETF (516760.SH) [2]

Group 1 - The pig farming sector experienced a rise in stock prices, with the breeding ETF (516760) increasing by 0.43% and key stocks like Xinghuo Technology (600866) and Muyuan Foods (002714) rising by 2.04% and 2.02% respectively [1] - The National Development and Reform Commission reported that the national average pig-to-grain price ratio fell below 6:1, prompting the government to initiate central frozen pork reserves, with 10,000 tons to be stored on August 25 and 19,000 tons from August 26 to 29 [1] - The storage initiative is expected to boost market sentiment for pig prices, which are anticipated to rise due to previous factors such as outbreaks of disease and oversupply, leading to a reduction in supply and improved consumption at the end of the month [1] Group 2 - The breeding ETF closely tracks the China Securities Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2] - The latest price-to-earnings ratio (PE-TTM) for the breeding ETF is 13.71 times, which is below the historical average of 15.46%, indicating that the valuation is low compared to 84.54% of the time over the past three years [2] - The current low valuation of the sector suggests a high margin of safety, prompting a recommendation to actively monitor the breeding ETF (516760.SH) [2]

Core Viewpoint - The pig farming sector is experiencing significant growth, with stocks like Muyuan Foods and related ETFs showing strong performance following impressive financial results from Muyuan Foods [1][2] Group 1: Company Performance - Muyuan Foods reported a revenue of approximately RMB 81.2 billion for the first half of 2025, representing a year-on-year increase of 187% [1] - The net profit attributable to shareholders reached RMB 15.24 billion, a staggering year-on-year increase of 1170.8% [1] - The company's operating cash flow net amount exceeded RMB 20 billion for the first time, marking a year-on-year growth of 4.5 times [1] - The increase in revenue is primarily attributed to a rise in pig sales volume compared to the same period last year, alongside a decrease in pig farming costs [1] Group 2: Market Trends and Investment Insights - The livestock ETF (516760) has seen a strong upward trend, with a 1.32% increase and significant trading volume, indicating investor confidence [1] - Over the past 10 trading days, the livestock ETF has recorded net inflows on 8 occasions, totaling RMB 13.52 million, with an average daily net inflow of RMB 1.35 million [2] - The livestock ETF closely tracks the CSI Livestock Breeding Index, which reflects the overall performance of listed companies in the livestock sector [2] - The current price-to-earnings ratio (PE-TTM) of the CSI Livestock Breeding Index is 13.51, indicating it is at a historical low, below 87.35% of the time over the past three years, suggesting a high safety margin for the sector [2]