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].

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 - The core viewpoint is that the livestock sector is experiencing significant capital inflow, with a net inflow of 102 million shares into the livestock ETF (159865), indicating strong investor interest in livestock assets [1] - The industry is witnessing notable cost optimization, leading to sustained profitability in pig farming, with companies' balance sheets continuously improving [1] - The domestic sow inventory is expected to stabilize after a reduction, supported by enhanced farming efficiency, stringent cost control, and rigid consumer demand, suggesting that the pig farming industry may enter a prolonged profitability cycle with reduced volatility [1] Group 2 - Relevant institutions indicate that the livestock sector may have gradually entered a configuration phase, with attention on the marginal changes in the livestock ETF (159865) [2] - For investors without stock accounts, alternative options include the Guotai Zhongzheng Livestock Farming ETF Link A (012724) and Link C (012725) [2]

Group 1 - The core viewpoint indicates that the livestock sector is experiencing a recovery in performance, with a positive outlook for the first half of 2025, particularly in the pig farming segment [1] - According to Wind data, the Livestock ETF (159865) has seen a net inflow of 24 million units, indicating strong capital interest in livestock assets [1] - In the second quarter, 12 pig farming companies reported a total net profit of 8.673 billion yuan, reflecting a year-on-year increase of 23.46% and a quarter-on-quarter increase of 9.84% [1] Group 2 - Relevant institutions suggest that the livestock sector may have entered a favorable allocation phase, recommending attention to the marginal changes in the Livestock ETF (159865) [2] - For investors without stock accounts, alternative options include the Guotai Zhongzheng Livestock Farming ETF Link A (012724) and Link C (012725) [2]

Group 1 - The core viewpoint indicates that the aquaculture sector is experiencing significant capital inflow, with the aquaculture ETF (159865) seeing a net inflow of 38 million units today and over 240 million yuan in the past 10 days, suggesting strong investor interest in aquaculture assets [1] - Financial analysis highlights that excess operating profits are driving rapid improvement in asset quality, with companies focusing on cost advantages to achieve stable excess operating profits relative to the industry [1] - The current industry phase is characterized by reduced capital expenditures and high depreciation, leading to improved free cash flow and a recovery in balance sheets, which is expected to boost net assets and profits in the medium to long term [1] Group 2 - Institutions suggest that the aquaculture sector may have entered a configuration phase, recommending attention to marginal changes in the aquaculture ETF (159865) [2] - For investors without stock accounts, alternative options include the Guotai CSI Livestock Aquaculture ETF Connect A (012724) and Connect C (012725) [2]

Group 1 - The livestock ETF (159865) rose over 1.5% in early trading on August 26, indicating positive market sentiment towards the livestock sector [1] - According to Galaxy Securities, the average pig price in 2025 is expected to remain relatively stable, with differences arising from the continuous optimization of the total costs by leading pig companies, resulting in profits exceeding expectations [1] - Key factors to monitor in 2025 include changes in pig company production capacity, industry breeding conditions, and slaughter weights, which may lead to unexpected variations [1] Group 2 - In July, the Consumer Price Index (CPI) remained flat year-on-year, while the cumulative trade deficit for agricultural products decreased by 16% [1] - China's agricultural product import value in July was $18.678 billion, a year-on-year increase of 5.14%, while export value was $8.385 billion, up 1.59%, resulting in a trade deficit of $10.293 billion, which is an increase of 8.21% year-on-year [1] - The livestock ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock feed, breeding, animal vaccines, and veterinary drugs, reflecting the overall performance of the livestock sector [1]