Group 1 - The China Livestock Breeding Index (930707) increased by 0.43% as of November 13, 2025, with notable gains in constituent stocks such as Bio-Stock (600201) up 8.27%, Huaying Agriculture (002321) up 4.82%, and others [1] - The price difference between standard pigs and fat pigs is currently larger than the same period last year, with a standard fat price difference of -0.68 yuan/kg as of November 7, indicating potential seasonal benefits for fat pigs as temperatures drop [1] - The weekly slaughter volume in the downstream market has shown a slight recovery of 0.27% compared to the previous week, suggesting a stabilization in demand [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 65.58% of the index, including companies like Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2] - The index tracks companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock breeding sector [2]

消息面上，上周猪价格环比下跌，全国生猪价格 11.97 元/公斤，周环比-4.7%。此外，10 月中旬以来二 育快速上量博弈年前猪价行情，当前二育入场渐至尾声，市场存量二育已高于 2024 年同期。 券商研究方面，开源证券指出，当前行业生猪出栏均重高于 2024 年同期，生猪出栏均重或再度上移。 当前标肥价差已收窄，肥猪供给渐充裕，展望后市猪价反弹或渐至尾声，供给压力下猪价磨底或延续。 而当前较高的存量二育或将造成供给增量后移压力。该压力或将于年前集中释放，届时猪价或进一步承 压下行。在此背景下，生猪及仔猪均陷亏损，叠加政策疫病多因素催化，生猪去化或加速。 截至2025年11月10日 10:22，中证畜牧养殖指数(930707)上涨，成分股罗牛山(000735)上涨5.30%，蔚蓝 生物(603739)上涨2.45%，兄弟科技(002562)上涨2.00%，海大集团(002311)上涨1.89%，安迪苏(600299) 上涨1.78%。畜牧ETF(159867)上涨0.45%， 冲击4连涨。最新价报0.67元。 畜牧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 ...

Core Insights - The livestock sector is experiencing a strong upward trend, with the China Livestock Breeding Index rising by 1.68% as of October 27, 2025, driven by significant gains in key stocks such as Jinxinnong and Tiankang Biological [1][2] - The price of live pigs has increased by 5.6% from 11.17 CNY/kg to 11.8 CNY/kg within a week, indicating a positive market shift [1] Industry Analysis - The pig farming sector shows medium to long-term investment value, with expectations of a reasonable reduction in production capacity due to ongoing losses in pig farming and supportive government policies [2] - The financial pressure from previous capacity expansions is easing, leading to improved free cash flow for quality enterprises in the pig farming industry, which supports their valuations [2] - Quality breeding companies are increasingly focusing on enhancing shareholder returns, making their long-term dividend attributes and investment value more pronounced [2] Company Performance - As of September 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 66.06% of the index, highlighting the concentration of value among leading companies such as Muyuan Foods and Wens Foodstuff Group [3]

消息面上，资金继续逆势布局畜牧板块。国金证券指出，短期来看，生猪价格或仍有下降空间，近期行 业产能在政策调控和供给压力下已经有所减少，目前板块景气度底部企稳。中长期来看，生猪养殖行业 依旧有较为优秀的中枢利润，且非洲猪瘟之后行业的快速扩张中，仍有大量企业是低质量扩充产能，行 业成本方差依旧巨大，头部企业有充足的超额利润释放，建议优选低成本的优质企业。 畜牧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。 截至2025年10月24日 10:52，中证畜牧养殖指数(930707)成分股方面涨跌互现，益生股份(002458)领涨 3.13%，生物股份(600201)上涨1.53%，华英农业(002321)上涨1.43%；晓鸣股份(300967)领跌。畜牧 ETF(159867)最新报价0.65元，盘中净申购50万份，冲刺连续8天净流入。 数据显示，截至2025年9月30日，中证畜牧养殖指数(930707)前十大权重股分别为牧原股份(002714)、温 氏股份(300498)、海大集团(002311)、新希望( ...

Group 1 - The core viewpoint indicates that the pig farming industry is facing multiple pressures, including declining market prices, rising epidemic risks, and policy guidance, leading to an expected increase in the motivation for capacity reduction [1] - As of the end of Q3 2025, the number of breeding sows in China is reported at 40.35 million, a year-on-year decrease of 280,000 and a quarter-on-quarter decrease of 90,000 [1] - The Pacific Securities report highlights that the valuations of most listed breeding companies are at historical lows, suggesting significant potential for long-term investment value as they are still within the historical bottom range [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 66.06% of the index, with major companies including Muyuan Foods, Wens Foodstuff Group, and Haida Group [2]

畜牧板块今日早盘拉升，机构指出，当下"猪价+疫情+调控"三重因素加速生猪产能去化： 1、低猪价：产能去化的核心压力 （1）价格现状：自9月15日起，生猪养殖已进入亏损区间（行业平均成本约13元/公斤），目前每头育 肥猪亏损约250–300元。10月下旬全国生猪均价约11元/公斤，#为近6年同期最低点 （2）影响传导：仔猪市场崩溃，6–7公斤仔猪价格从上半年450–500元/头暴跌至150元/头（生产成本约 250–300元/头），出现"有价无市"和滞销。 （3）去化条件：上市猪企资产负债率普遍较高，若低价（11元/公斤）持续3–4个月，前期盈利消耗殆 尽，甚至导致连续亏损，则产能去化或将加速。 2、非洲猪瘟疫情：冬季催化因素 （1）季节性规律：病毒喜冷怕热，冬季（10月至次年1月）北方防控压力显著上升。 （2）当前风险主要有三：①抗体阳性率异常高；②天气异常加剧传播；③养殖端防控松懈：猪价低迷 或导致养殖户减少防疫投入。 3、产业政策：主动调控产能 （1）政策密集出台：2025年农业农村部联合多部门召开5次产能调控会议，最近一次（9月16日）要 求：①头部25家企业至2026年1月底减少能繁母猪100万头；② ...

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand their services, and enhance their skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top ten most frequently bought ETFs on September 18 include the Hong Kong Securities ETF, Sci-Tech Chip ETF, and Robot ETF, indicating strong interest in these sectors [2] - The top ten ETFs by purchase amount on the same day also feature the Hong Kong Securities ETF and Robot ETF, suggesting significant capital flow into these investment vehicles [3] Group 3 - The data for the top bought stocks/ETFs is based on the frequency of purchases by all participating advisors, while the purchase amount data reflects the total investment amounts in these stocks/ETFs [4] - The competition includes categories for stock simulation, on-site ETF simulation, and public fund simulation, with specific trading rules regarding holding proportions, maximum drawdown, and rebalancing frequency [4]

Core Viewpoint - The livestock industry is experiencing fluctuations in stock performance, with a notable decline in pig and piglet prices, leading to potential losses in fattening and breeding segments. The industry is expected to undergo capacity reduction, presenting long-term investment opportunities as valuations are at historical lows [1][2]. Group 1: Market Performance - As of September 18, 2025, the China Livestock Breeding Index (930707) showed mixed performance among its constituent stocks, with Bio-Stock (600201) leading gains at 2.39% and Tian Kang Biological (002100) experiencing the largest decline [1]. - The Livestock ETF (159867) was priced at 0.67 yuan, with a net subscription of 15 million units, marking eight consecutive days of net inflow [1]. Group 2: Industry Events - The 37th Central Plains Livestock Industry Trade Expo opened on September 16, attracting over 350 enterprises from 26 provinces, discussing the development of the livestock industry [1]. Group 3: Investment Insights - Pacific Securities indicated that the decline in pig and piglet prices is shifting the profitability of fattening and breeding segments from profit to loss, with increased demand for risk mitigation as the fourth quarter approaches [1]. - The current fundamentals and policy changes in the pig farming industry are favorable for capacity reduction, with most listed breeding companies' market values at historical lows, indicating significant potential for long-term investment [1]. - The Livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and breeding, reflecting the overall performance of related listed companies [1]. Group 4: Top Weight Stocks - As of August 29, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 65.57% of the index, including Muyuan Foods (002714), Wens Foodstuff Group (300498), and others [2].

Group 1 - The core viewpoint of the news highlights the recent developments in the livestock industry, particularly the pig farming sector, where a policy shift is expected to lead to a reduction in production capacity and a potential revaluation of low-cost advantage companies [1][2] - The China Livestock Breeding Index (930707) shows mixed performance among its constituent stocks, with Brother Technology (002562) leading the gains at 10.02%, while Haida Group (002311) experienced the largest decline [1] - The Livestock ETF (159867) has seen continuous net inflows over the past six days, with a peak single-day net inflow of 98.05 million yuan, totaling 218 million yuan, indicating strong investor interest in the sector [1] Group 2 - The recent pig production capacity adjustment meeting mandated that 25 leading pig companies must collectively reduce production by 1 million breeding sows by the end of the year, marking a shift from policy discussions to quantitative assessments [1] - The pig farming sector is expected to benefit from a rotation in the pig cycle and a reduction in supply, which could positively influence pig prices and the overall performance of the sector [2] - The top ten weighted stocks in the China Livestock Breeding Index account for 65.57% of the index, with leading companies such as Muyuan Foods (002714) and Wens Foodstuffs (300498) being significant players in the market [3]

Group 1 - The core viewpoint indicates that the poultry industry, particularly the yellow-feathered chicken sector, has returned to profitability since August, with individual chicken profits estimated at 3-4 yuan, potentially offsetting earlier losses in the year [1] - The Pacific Securities report highlights a significant turnaround in the yellow chicken industry's integrated breeding model, which has led to substantial profits in August, contrasting with previous losses [1] - The recent increase in yellow chicken prices is attributed to low production capacity and a recovery in consumer demand, with expectations for continued price rebounds as the autumn and winter consumption peak approaches [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities Livestock Breeding Index account for 65.57% of the index, including major companies such as Muyuan Foods, Wens Foodstuff Group, and Haida Group [2]