截至2026年1月30日 13:35，中证畜牧养殖指数(930707)上涨0.61%，成分股兄弟科技上涨6.66%，晓鸣股 份上涨5.13%，回盛生物上涨3.69%，罗牛山上涨3.08%，大北农上涨2.94%。养殖ETF(516760)多空胶 着，最新报价0.69元。 农业种植走强，消息面上，1月29日，生意社大豆基准价为4468.00元/吨，与本月初相比，上涨了 1.18%。此外，我国粮食产量达到了14298亿斤，再创历史新高。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的 ...

Group 1 - The core viewpoint of the articles highlights the positive trend in pig prices driven by the consumption peak season, with the average price of lean pigs reaching 12.49 CNY/kg, a 2.6% increase month-on-month [1] - The stock performance of the livestock breeding index shows mixed results, with leading stocks like Ruisheng Biological rising by 9.91% and the Livestock ETF priced at 0.68 CNY [1] - The overall pig farming sector is experiencing a "tug-of-war" state, where companies with cost advantages are more resilient in competition [1] Group 2 - According to Huaxi Securities, the average price of external three yuan pigs reached 12.7 CNY/kg, a week-on-week increase of 1.26%, indicating a steady rise in pig prices [2] - As of the end of October, the number of breeding sows in China was 39.9 million, a decrease of 1.1% month-on-month, reflecting ongoing adjustments in pig production capacity [2] - The self-breeding and external purchasing pig farming models have turned profitable, with profits of 7.39 CNY/head and 2.31 CNY/head respectively [2] Group 3 - The CSI Livestock Breeding Index (930707) includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] - The top ten weighted stocks in the CSI Livestock Breeding Index account for 67.66% of the index, with major companies including Muyuan Foods, Haida Group, and Wens Foodstuffs [2]

Group 1 - The livestock sector is showing strength despite the overall market decline, with the Livestock ETF (516760) rising by 1.87% and key stocks like TianKang Biological (002100) and LuoNiuShan (000735) both increasing by 4.19% [1] - In October, the number of breeding sows decreased by 0.77% month-on-month, indicating a faster pace of capacity reduction across different farm sizes [1] - Current prices for fat pigs have dropped below 12 yuan per kilogram, and weaning pig prices are around 200 yuan per head, leading the industry into a phase of overall losses [1] Group 2 - The Livestock ETF closely tracks the CSI Livestock Breeding Index, which includes companies involved in animal feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2] - The latest price-to-book ratio (PB) for the CSI Livestock Breeding Index is 2.69, which is lower than 80.76% of the time over the past five years, indicating a strong valuation appeal [2] - With the industry at a low point in terms of economic conditions and expected supply-side contraction, the profitability of quality pig farming companies is likely to improve, suggesting a potential revaluation of these firms [2]

Group 1 - The core viewpoint indicates that the pig farming industry is experiencing a shift towards capacity reduction due to declining pig prices and policy-driven measures, which may lead to a long-term increase in pig prices [1][2] - In Q1-Q3 2025, pig farming enterprises achieved a revenue of 341.27 billion yuan, a year-on-year increase of 8.32%, and a net profit of 22.18 billion yuan, up 14.29% year-on-year [1] - The total number of pigs slaughtered by 12 major pig farming companies reached 123.99 million heads, reflecting a year-on-year increase of 19.45% [1] Group 2 - The current market conditions show weak pig prices, both in reality and expectations, which, combined with policy initiatives, are likely to initiate a capacity reduction in the pig farming industry [2] - The latest price-to-book ratio (PB) for the livestock farming index tracked by the breeding ETF is 2.59 times, which is lower than 80.93% of the time over the past five years, indicating a favorable valuation [2] - The industry is expected to see a contraction in supply, which may enhance the profitability and valuation of quality pig farming companies, suggesting a positive outlook for the breeding ETF [2]

Core Viewpoint - The livestock ETF (516760) experienced a slight decline of 0.29% in early trading on October 17, with key component stocks showing modest gains, indicating a mixed sentiment in the market amid ongoing pressures in the pig farming sector [1] Industry Summary - In September, the increase in pig output coincided with a drop in prices, with the average selling price of live pigs projected to be 13.10 yuan/kg in September 2025, reflecting a month-on-month decrease of 4.86% and a year-on-year decrease of 30.90% [1] - The slaughter volume in September 2025 was recorded at 4.5608 million heads, showing a month-on-month increase of 5.12% and a year-on-year increase of 4.05% [1] - The completion rate of planned pig output in September was 96.50%, with a planned increase of 5.14% in October compared to actual output in September [1] - The ongoing decline in pig prices is exacerbating losses in pig farming, with short-term price pressures expected to persist, although there may be a stabilization after significant declines [1] - The policy focus is shifting towards "anti-involution," with expectations that the supply side will contract, potentially leading to a revaluation of quality pig farming companies [1] Company Summary - The livestock 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 sector [1] - The latest price-to-earnings ratio (PE-TTM) for the CSI Livestock Breeding Index is 14.31 times, which is below the 19.22% percentile over the past three years, indicating a historical low valuation [1] - Given the current industry conditions at the bottom of the cycle, there is a sufficient safety margin, and the anticipated policy changes may enhance the profitability and stability of leading pig farming companies [1]

Core Viewpoint - The livestock ETF (516760) is experiencing a decline, with a drop of 1.84% in early trading on September 22, 2025, while individual stocks show mixed performance [1][2] Group 1: ETF Performance - The livestock ETF has seen continuous net inflows over the past six days, with a maximum single-day net inflow of 26.96 million yuan, totaling 45.63 million yuan, averaging 7.61 million yuan per day [1] - The ETF closely tracks the CSI Livestock Breeding Index, which includes listed companies involved in livestock feed, veterinary drugs, and breeding [2] Group 2: Market Conditions - As of September 21, 2025, the average price of live pigs nationwide is 12.71 yuan/kg, reflecting a week-on-week decrease of 0.50 yuan/kg and a year-on-year decrease of 5.73 yuan/kg [1] - The average weight of pigs sold from the sample is 128.45 kg, with a week-on-week increase of 0.13 kg and a year-on-year increase of 2.49 kg [1] Group 3: Policy and Industry Outlook - The pig farming sector is currently under pressure due to policy measures aimed at capacity control and the spread of diseases, leading to a continuous low price environment [2] - A recent meeting by the Ministry of Agriculture and Rural Affairs on September 16 aims to enforce capacity reduction targets for leading pig companies, which is expected to strengthen the de-stocking expectations in the sector [2] - The current price-to-earnings ratio (PE-TTM) of the CSI Livestock Breeding Index is 14.46, indicating it is at a historical low, suggesting potential for valuation re-evaluation for quality pig companies [2]

Group 1 - The pig farming sector is currently experiencing a downturn, with the breeding ETF (516760) down by 0.97% and showing continuous premium, having received net subscriptions for three consecutive days [1] - The Agricultural and Rural Affairs Ministry, along with the National Development and Reform Commission, held a meeting to analyze the current pig production situation and discuss capacity regulation measures with 25 participating companies, including Muyuan, Wens, and New Hope [1] - Current prices for piglets and pigs have dropped to near breakeven levels, leading to weak market willingness to increase production, which may result in a larger reduction of breeding sows in Q4 [1] Group 2 - The livestock farming sector's recent strong performance is driven by "anti-involution" policies that control new capacity and guide pig prices into a reasonable profit range [2] - The reduction in the number of breeding sows further validates the effectiveness of capacity reduction policies, indicating a shift from extensive expansion to structural optimization, benefiting leading companies with cost and scale advantages [2] - The breeding ETF's tracking index has a low price-to-earnings ratio (PE-TTM) of 15, indicating a high safety margin and potential for rebound if funds shift from high to low sectors [2]

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]