Relevant departments held a symposium with pig farming enterprises, and the breeding ETF Ping An (516760) received considerable attention.

As of March 23, 2026, 10:20 AM, in the CSI Livestock Breeding Index (930707) component stocks, Muyuan Foods led the decline with a drop of 6.07%, Jinxinnong fell 5.01%, BioShares decreased 4.79%, Haid Group declined 4.63%, and Tangrenshen dropped 4.48%. The Ping An Livestock Breeding ETF (516760) latest quote is 0.65 yuan. In terms of liquidity, the Ping An Livestock Breeding ETF had an intraday turnover rate of 3.02%, with a trading volume of 4.4343 million yuan. Looking at a longer period, as of March 20, the average daily trading volume of the Ping An Livestock Breeding ETF over the past month was 9.2999 million yuan.

On the news front, recently, the National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs organized a symposium with pig breeding enterprises to analyze and assess market conditions and arrange market regulation work. The meeting pointed out that, influenced by factors such as post-holiday consumption decline, pig prices are falling and have entered the first-level warning zone for excessive decline. The government has begun stockpiling frozen pork reserves and is guiding local authorities to increase storage efforts simultaneously, forming a regulatory synergy. The meeting required pig breeding enterprises to strictly implement capacity regulation measures, plan production and operations scientifically, orderly reduce the breeding stock of sows, reasonably control pig slaughter volumes, and promote better supply and demand matching. Moving forward, the National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs will closely monitor the supply, demand, and price trends of the pig market, timely conduct reserve adjustments, and continue to strengthen comprehensive capacity regulation of pig production to ensure stable market operation.

CICC pointed out that China’s pig industry is entering a “new paradigm” of pig prices, growth, and investment logic: the scale expansion process is slowing at high levels, and capacity regulation against internal competition is strengthening, leading to convergence and shortening of cycle amplitudes; leading companies are shifting from capital-driven extensive expansion to cost-driven high-quality growth. Top companies like Muyuan Foods, with large-scale HALO assets, continuous R&D investment, and strategic focus, have achieved an average net profit margin of 19% from 2014 to 2024, with fully absorbed costs leading the industry by 1.5–2 yuan/kg. Amid overall industry losses, these leaders, with stronger balance sheets and lower procurement costs, are expected to be the first to see cash flow improvements and ROE recovery, driving a reshaping of valuation systems through their value attributes.

The Livestock Breeding ETF closely tracks the CSI Livestock Breeding Index, which selects listed companies involved in animal feed, veterinary medicines, and livestock farming to reflect the overall performance of livestock breeding-related listed companies.

Data shows that as of February 27, 2026, the top ten weights in the CSI Livestock Breeding Index (930707) are Haid Group, Muyuan Foods, Wens Foodstuffs, Zhengbang Technology, Plum Biological, New Hope, BioShares, North Farm, Sanan Development, and Lihua Group, accounting for a total of 66.76% of the index.

Risk warning: Funds are subject to risks; investment should be cautious. The fund manager commits to managing and using the fund assets honestly, diligently, and responsibly but does not guarantee profits or minimum returns. Investors should understand that fund investments are at their own risk, and the fund’s performance and net value fluctuations after investment are their responsibility. Past performance and net value do not predict future results, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Investors may share in the investment returns or bear the losses of the fund. Investors should carefully read the fund contract, prospectus, and other legal documents to fully understand the risk-return profile and characteristics of the fund, and assess whether it matches their investment objectives, time horizon, experience, and asset situation. Make rational market judgments and cautious investment decisions. The information in this material is sourced from publicly available data deemed reliable by the fund manager; opinions, assessments, and forecasts reflect current judgments and may change later. Any market views are based on assumptions that may change at any time. The fund manager does not promise or guarantee that any market view will necessarily be realized. The stocks mentioned do not constitute investment recommendations or advice. The secondary market fluctuations of ETF funds do not represent actual fund returns; investors should be aware of intraday price volatility risks.