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]

Group 1 - The pig farming sector has seen a collective surge, with the breeding ETF (516760) rising by 3.21%, marking a three-day consecutive increase [1] - Major stocks in the sector, such as Lihua Co. (300761), Xiaoming Co. (300967), and Shennong Group (605296), experienced significant gains of 7.95%, 5.70%, and 5.54% respectively [1] - The Ministry of Commerce has preliminarily ruled to impose anti-dumping duties ranging from 15.6% to 32.7% on pork and pork products imported from the EU, which is expected to impact the import volume significantly [1] Group 2 - After a period of adjustment, the valuation of pig farming enterprises is now 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 market share for top firms [2] - The breeding ETF closely tracks the CSI Livestock Breeding Index, which reflects the overall performance of listed companies in the livestock sector, currently showing a low price-to-earnings ratio of 14.11, indicating a historical low valuation [2]

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]