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。 根据wind数据，养殖ETF（159865）盘中净流入3.19亿份，资金抢筹养殖资产。 申万宏源表示，2025年上半年，生猪供给增加，猪价同比小幅回落；但生猪养殖板块上市公司2025中报 业绩显著兑现；主要系猪企以量补价，降本增效所驱动。头部猪企凭借领先的养殖成本，实现了远超行 业平均水平的头均盈利，并已进入了新的发展阶段：积极压降负债，产能扩张放缓，资本开支减少，自 由现金流规模显著提升。从生猪养殖行业新周期趋势看，短期盈利下行或加速低效产能淘汰，"反内 卷"加码也将驱动母猪存栏下降；中长期看，行业正在进入稳健高质量发展阶段，养殖企业的盈利中枢 和盈利稳定性有望显著抬升。牧原股份等头部猪企资产负债表持续修复，现金流表现显著改善，股东回 报提升下分红价值凸显。业绩与股东回报兑现良好的头部猪企正迎来一轮确定性的价值重估。 （文章来源：每日经济新闻） ...

养殖ETF（159865）跟踪中证畜牧养殖指数，含"猪"量约60%，感兴趣的投资者可以关注相关布局机 会。 （文章来源：每日经济新闻） 招商证券表示，受发改委政策指引影响，行业降重出栏，而消费端仍处季节性淡季，猪价月内整体维持 震荡下行趋势。预计猪肉消费步入旺季或对猪价底部形成支撑。上市猪企产能仍处释放期，仔猪销量占 比季节性回落。政策端基于提振CPI的目标着手调控母猪产能，或进一步抬升2026年猪价中枢，"低成本 +"猪企现金流或大幅改善，持续提升内在价值。 近期，资本持续流入养殖板块。养殖ETF（159865）近10个交易日净流入额超8亿元，根据Wind数据， 截至目前，今日盘中获申购超1.6亿份。 消息面，三大上市猪企牧原股份、新希望、温氏股份近日发布2025年9月生猪销售情况。从销量来看， 三大猪企销量同比均增长。环比方面，牧原股份环比减少，温氏股份和新希望环比增长。 ...

Group 1 - The article highlights a significant inflow of 113 million shares into the breeding ETF (159865), indicating strong investor interest in breeding assets [1] - Recent low pork prices are noted as a critical factor, with pork being a core commodity that influences the Consumer Price Index (CPI) by over 20%, emphasizing its importance to the macro economy [1] - A meeting held on September 16, 2025, by the Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission focused on regulating pig production capacity, mandating leading companies to reduce production by year-end, which signals an accelerated phase of capacity reduction in the pig industry [1] Group 2 - The article suggests that the breeding sector is entering a favorable configuration window, making it a potential area for investment [1] - For investors without stock accounts, it recommends the Guotai CSI Livestock Breeding ETF Connect A (012724) and Guotai CSI Livestock Breeding ETF Connect C (012725) as alternative investment options [1]

Group 1 - The article highlights a significant inflow of 24 million units into the Livestock ETF (159865), indicating strong investor interest in livestock assets [1] - The swine breeding industry is experiencing ongoing supply pressure, with a 0.80% month-on-month decrease in the number of breeding sows in August, and a notable decline in pork prices, with the price per kilogram dropping by 2.74% to 13.15 yuan as of September 18 [1] - The Ministry of Agriculture and Rural Affairs, along with the National Development and Reform Commission, held a meeting on September 16, 2025, to discuss swine production capacity control, emphasizing a reduction in production tasks for major breeding groups by the end of the year [1] Group 2 - The poultry farming sector is facing uncertainties due to frequent outbreaks of avian influenza, which has led to a 20.69% month-on-month increase in the number of grandparent stock updates in August, positively impacting the white feather chicken industry chain prices in the medium to long term [1] - The recent low pork prices are crucial for stabilizing the Consumer Price Index (CPI), as pork accounts for over 20% of its weight, highlighting the macroeconomic significance of price stability [1] - Investors without stock accounts are encouraged to consider the Guotai CSI Livestock Breeding ETF Connect A (012724) and Connect C (012725) as alternative investment options [1]

申万宏源证券指出，在基本面变化与政策指引的共同驱动下，生猪养殖行业产能去化节奏有望加快。短 期盈利下行或加速低效产能淘汰，"反内卷"政策加码也将驱动母猪存栏下降。2025年上半年，生猪供给 增加导致猪价同比小幅回落，但行业通过"以量补价"和降本增效实现业绩显著改善，头部企业凭借成本 优势实现超额盈利。 政策层面，生猪产能调控座谈会提出半年内调减100万头能繁母猪，进一步锚定产能去化趋势。中长期 看，行业正进入稳健高质量发展阶段，企业盈利中枢和稳定性有望抬升，头部猪企现金流改善、负债率 下降，分红价值凸显。 注：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 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 ...

Core Insights - The livestock sector is experiencing significant capital inflow, with the Livestock ETF (159865) seeing nearly 1 billion yuan in net inflow over the past 10 days, with approximately 60% exposure to pig farming [1] - The average price of live pigs in China has decreased to 12.79 yuan/kg, down 3.55% week-on-week, indicating a continued downward trend in pig prices due to oversupply in the market [1] - A meeting held by the Ministry of Agriculture and Rural Affairs on September 16 emphasized the need to reduce the breeding sow population by about 1 million heads, aiming to lower the total to approximately 39.5 million heads [1] - Recent measures to curb overproduction in the pig industry are expected to raise the price center of domestic pigs in the medium to long term, with a focus on improving quality and efficiency in the industry [1] - The livestock sector may be entering a favorable allocation phase, with attention on the marginal changes in the Livestock ETF (159865) [1] Investment Opportunities - Investors without stock accounts can consider the Guotai Zhongzheng Livestock Breeding ETF Connect A (012724) and Connect C (012725) as potential investment options [2] - The "pig content" in the Livestock ETF is approximately 60%, indicating the weight of stocks related to pig farming, feed, and animal health within the index [2]

Core Viewpoint - The livestock sector is experiencing significant capital inflow, with the Livestock ETF (159865) seeing over 600 million yuan in net inflows for five consecutive days, indicating strong investor interest in this area [1]. Group 1: Industry Dynamics - The Ministry of Agriculture and Rural Affairs is implementing capacity regulation measures, with a focus on reducing the number of breeding sows by 1 million over the next six months, which is expected to accelerate capacity reduction in the industry [1]. - The current "anti-involution" policy and the dual impact of losses and production cuts are likely to push the industry into a phase of accelerated capacity reduction, suggesting a favorable environment for investment in leading pig farming companies [1]. Group 2: Investment Opportunities - The livestock sector may have entered a configuration phase, with attention on the marginal changes in the Livestock ETF (159865) [2]. - For investors without stock accounts, alternative investment options include the Guotai CSI Livestock Breeding ETF Link A (012724) and Link C (012725) [2].

Core Viewpoint - The livestock ETF (159865) has seen a significant inflow of 162 million shares, indicating strong market interest in livestock assets [1] - The Ministry of Agriculture and Rural Affairs, in collaboration with the National Development and Reform Commission, has outlined specific measures for pig production capacity regulation, emphasizing its importance in the broader price control system aimed at boosting the Consumer Price Index (CPI) [1] Group 1: Policy and Regulation - A meeting was held on September 16, 2025, to discuss the implementation of production capacity regulation for pig farming, with clear deadlines and penalties for non-compliance [1] - The meeting highlighted that pig production capacity regulation is a crucial part of the pig price control system, which is integral to the overall price control framework [1] - The primary goal of these regulations is to enhance the CPI, with pork being a significant contributor to CPI fluctuations [1] Group 2: Industry Impact - The policy focus for the year has been on "controlling production and nurturing growth," with the recent meeting further detailing the "controlling breeding" tasks assigned to various farming entities [1] - Major companies, specifically the top 25 groups, are required to reduce production by 1 million pigs by the end of the year, while other farming entities will be managed through coordinated departmental efforts [1] - Non-compliance with these production targets will result in penalties such as the suspension of subsidies and credit [1] - Overall, the meeting signifies a potential acceleration in the reduction of industry production capacity, suggesting that the livestock sector may be entering a favorable investment phase [1]

Group 1 - The core viewpoint indicates that the aquaculture ETF (159865) has seen a significant inflow of 63 million units, suggesting strong investor interest in aquaculture assets [1] - According to Guotai Haitong Securities, the proportion of pigs under 90kg for slaughter has slightly increased to 3.71%, indicating a marginal impact of the epidemic and policies on short-term prices [1] - The long-term perspective suggests that capacity control policies will continue to affect industry supply and pork prices, highlighting the importance of monitoring the determination and strength of these policies [1] Group 2 - Relevant institutions suggest that the aquaculture sector may have gradually entered a configuration range, with a focus on the marginal changes in the aquaculture ETF (159865) [2] - For investors without stock accounts, Guotai Zhongzheng Livestock Breeding ETF Link A (012724) and Guotai Zhongzheng Livestock Breeding ETF Link C (012725) are recommended alternatives [2] - The aquaculture ETF has an approximate pig content of 60%, meaning that the weight of related stocks in the swine breeding, poultry feed, and animal health sectors is significant [2]

Group 1 - Recent capital inflow into the aquaculture sector, with the aquaculture ETF (159865) seeing over 250 million yuan in net inflows over three trading days [1] - According to Guojin Securities, after a period of adjustment, the valuation of pig farming enterprises is at a bottom range, with leading companies expected to maintain good profitability in the short term [1] - If supply pressure leads to capacity reduction in the industry in the second half of the year, leading companies can still rely on cost advantages to steadily increase market share, indicating a stabilization at the bottom of the sector's prosperity [1] Group 2 - The aquaculture ETF (159865) tracks the China Securities Livestock Breeding Index, which has a high "pig" component, presenting investment opportunities for interested investors [1] - Investors without stock accounts can access investment opportunities in the aquaculture sector through the aquaculture ETF's linked fund (012725) [1]