Today (April 15), influenced by the marginal easing of international geopolitical risks, overnight U.S. stocks rose, boosting global risk appetite. The three major A-share indices opened higher collectively, with the breeding sector fluctuating in the red. The breeding ETF China Universal (159172) rose again today after a 2.46% increase yesterday, aiming for a three-day winning streak! The trading volume has exceeded 15 million yuan. Funds have seen a net inflow for five consecutive days, accumulating over 12 million yuan!
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As of 14:38, the component stocks of the breeding ETF China Universal (159172) showed mixed performance: Tech-bank rose for three consecutive days, Huadong Group and Huisheng Biotechnology increased by over 8%, while Muyuan Foods, Haida Group, and Bio-Stock were in the green.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OGybTU15c_Zxex5mUtBJeH-AX0rBLUi-9O5LtMI00NjZEAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OGybTU15c_Zxex5mUtBJeH-AX0rBLUi-9O5LtMI00NjZEAA/641"/>
Note: The component stocks of the index are for display purposes only and do not constitute individual stock recommendations.
Live pig futures have continued to rebound moderately. As of April 15, 13:37, the live pig 2605 contract is priced at 9335 yuan/ton, up 1.74%; the live pig 2605 to 2703 shows a premium structure. The short-term rebound of live pig prices remains to be observed, and attention is advised on the pace of breeding stock reduction.
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In terms of news, South Africa's type 1 foot-and-mouth disease may impact the livestock industry. The Ministry of Agriculture and Rural Affairs confirmed on March 28 that the Lanzhou Veterinary Research Institute of the Chinese Academy of Agricultural Sciences diagnosed foot-and-mouth disease outbreaks in Yining County, Ili Prefecture, Xinjiang, and Gulang County, Wuwei City, Gansu Province. Currently, the virus has spread from cattle and sheep to pigs. This virus has been endemic in Africa, with mortality rates in infected pig populations reaching up to 20%, primarily affecting piglets.
Leading pig companies released March sales figures. Muyuan, Wens Foodstuffs, and New Hope released their March 2026 live pig sales figures, with most March sales showing month-on-month growth. The average selling price of commercial pigs fell by double digits year-on-year, while the cumulative live pig sales volume in the first quarter mainly showed year-on-year growth. Among them, Muyuan sold 6.751 million heads, Wens sold 3.6828 million heads, and New Hope sold 1.3047 million heads.
(Source: Cinda Futures 20260415 &#34;Cinda Futures - Live Pig Morning Report: Temporarily Stopping the Decline, Still Likely to Remain Weak&#34;)
In terms of prices, pig prices remain in a deep loss zone, with the price of pigs (internal three-way cross) with a longer growth cycle rebounding slightly compared to the previous day. According to the China Pig Farming Data Center, as of April 15, 2026, the national price of external three-way cross pigs is reported at 8.77 yuan/kg, down 0.02 yuan/kg from the previous day; the internal three-way cross price is reported at 9.37 yuan/kg, up 0.36 yuan/kg. The pig-to-grain ratio has dropped to 3.65:1, far below the first warning line of 5:1.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O0a4lqPxCxd8bkwTPyKuGD8V8ANd9X2MU-lAGsD-04C1oAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O0a4lqPxCxd8bkwTPyKuGD8V8ANd9X2MU-lAGsD-04C1oAA/641"/>
Has the pig cycle deviated from the traditional &#34;four-year cycle&#34; natural rhythm, and can Type 1 foot-and-mouth disease accelerate industry destocking?
【The bottom of the pig cycle is prolonged, and capacity is beginning to be substantially destocked】
Huaxin Securities pointed out that before the outbreak of African swine fever, the pig market followed a clear &#34;four-year cycle rule.&#34; However, with the increase in industry concentration, the market share of large-scale farms has significantly increased, while the share of smallholders has sharply declined. The capital's ability to withstand losses and diversified financing channels have broken the traditional capacity exit mechanism, leading to blurred boundaries of cyclical fluctuations, with originally long cycles evolving into shorter and more frequent dynamic oscillations. Currently, the industry environment is in a substantial capacity destocking phase, with high-cost, low-efficiency enterprises exiting at an accelerated pace.
(Source: Huaxin Securities, April 14, 2026, &#34;Agriculture, Forestry, Animal Husbandry and Fishery Industry: South African Foot-and-Mouth Disease Black Swan + Continued Low Prices for Fat Pigs and Piglets + Rising Soybean Meal and Corn Prices, 2026 Crisis is an Opportunity&#34;)
【The introduction of South African Type 1 foot-and-mouth disease into China is expected to catalyze the large cycle of cattle and pigs】
South African Type 1 (SAT1) foot-and-mouth disease has long been prevalent in Africa and has recently entered China for the first time. Currently, China's previous foot-and-mouth disease prevention and control has mainly focused on O-type and A-type strains, and existing conventional vaccines provide no cross-protection against SAT1 type, leaving the domestic breeding industry in a state of &#34;immunity vacuum.&#34; On April 1, 2026, the SAT1 subunit vaccine and inactivated vaccine (Re-SAT1/2026 strain) developed by Zhongnong Weite received emergency approval, but before the new vaccine is fully mass-produced and administered, the industry will still bear the pressure of repeated viral disturbances.
Referencing the scenario in South Africa in 2025: In 2025, South Africa experienced a full outbreak of foot-and-mouth disease, with cases rapidly spreading from smallholders to commercial beef, dairy, and pig farms. After the outbreak was confirmed, the government implemented strict livestock movement controls, resulting in mature cattle being unable to reach auction and slaughterhouses, leading to a sharp reduction in market supply.
The pig sector was also affected. In November 2025, cases were first reported in commercial pig farms, with piglet mortality rates as high as 20%, and there were no approved pig vaccines available locally. The severe imbalance between supply and demand directly drove up meat inflation in South Africa, with prices for beef, sausages, lamb, and pork rising by 29.4%, 19.4%, 15%, and 11.5% year-on-year, respectively, in December 2025
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Currently, the national price of live pigs has fallen below 9 yuan/kg, reaching a nearly 15-year low. As the cycle hits bottom, farmers are expected to have limited willingness to invest in epidemic prevention under deep losses. New diseases are likely to resonate with market-driven capacity reduction and policy regulation, opening a new major cycle for the pig industry.
(Source: GuoXin Securities 20260407 &#34;Analysis and Outlook on the Impact of South African Type 1 Foot-and-Mouth Disease on the Agriculture, Forestry, Animal Husbandry, and Fishery Industry: The new type of foot-and-mouth disease virus has been introduced into China from abroad, which is expected to catalyze a reversal of the cattle and pig major cycle.&#34;)
【Layout of the &#34;Pig Cycle&#34;, Recognize the Breeding ETF China Universal (159172)】
Is a big opportunity for the &#34;Pig Cycle&#34; coming? The breeding ETF China Universal (159172) tracks the China Universal CSI Livestock Breeding Industry Index, significantly leading in scale among ETFs tracking the same index, with a &#34;pig&#34; content as high as 62.4%, leading the entire market! In addition to the breeding industry, the index also covers major related industries such as feed and animal health, more efficiently grasping the historic major opportunity of the &#34;Pig Cycle&#34;!
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OEgneGl4lXqvC-vQMSez3hTXvwlXsD61C3v5ZTcYf7MHwAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OEgneGl4lXqvC-vQMSez3hTXvwlXsD61C3v5ZTcYf7MHwAA/641"/>
Note: &#34;Pig breeding&#34; is classified according to the Shenwan three-level industry classification, with the &#34;pig&#34; content calculated as the sum of the weights of the related targets in the Shenwan three-level industry involving pig breeding, poultry feed, and animal health III (pig epidemic prevention), with weight data as of 2026/02.
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Note: Index Shenwan three-level industry classification, weight data as of 2026/02
The breeding ETF China Universal (159172) has a high concentration of constituent stocks in its target index, encompassing leading companies in various sub-sectors. As of February 28, 2026, the top ten weighted stocks in the target index of the breeding ETF China Universal (159172) (China Universal CSI Livestock Breeding Industry Index (931946)) account for a total of 66.47%, with the first and second largest heavy stocks—Muyuan Foods and WH Group—accounting for as much as 28.45%, heavily investing in high-quality &#34;pig leaders&#34; in A-shares; in addition, the index's heavy stocks also include feed processing leader Haida Group (9.04%), Dabeinong (3.34%), and dairy product leader Yili Group (2.70%).
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O8MyQ4AT1JSp2VqgDMuUotfWAZAL26T8_pG_r3HA1xIEIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O8MyQ4AT1JSp2VqgDMuUotfWAZAL26T8_pG_r3HA1xIEIAA/641"/>
Note: The index-weighted stocks are for display purposes only and do not constitute individual stock recommendations.
In addition, the valuation of the underlying index of the Livestock ETF China Universal (159172) is at a low level, providing a high margin of safety. Currently, the price-to-earnings ratio (TTM) of the underlying index of the Livestock ETF China Universal (159172) is 20.5, which is at the 36.48% percentile since its listing, making it cheaper than approximately 64% of the time period. The overall livestock breeding industry is currently at a low market expectation and valuation, presenting good allocation value.
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As of 2026/4/1
Risk Warning: Funds carry risks, and investment should be approached with caution. Any opinions, analyses, and forecasts in this article do not constitute any form of investment advice to the reader. The Livestock ETF China Universal (159172) is classified as a high-risk level (R4) product, suitable for investors whose risk level assessment results are aggressive (C4) or above. When investors subscribe/redeem ETF fund shares, the brokerage firm may charge a commission not exceeding 0.50%, which includes related fees charged by the securities exchange, registration agency, etc. For other fund sales fees, please refer to the corresponding fund's prospectus, product information summary, and other legal documents.
The underlying index of the Livestock ETF China Universal (159172) is the China Securities Livestock Breeding Industry Index, which was published on July 28, 2023, with annual returns (2023-2026) of -13.51%, -11.98%, and 9.98%, respectively

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159172

Tech-bank has seen a three-day limit-up, and the livestock ETF China Universal has also performed strongly, with funds net inflowing over 12 million yuan for five consecutive days. Affected by the easing of international geopolitical risks, the three major A-share indices opened higher, and the livestock sector generally rose. The price of live pig futures has slightly rebounded, but overall it remains in a loss zone. The foot-and-mouth disease outbreak in South Africa may impact the livestock industry, and the sales situation of related companies shows an increase in sales volume, but prices have decreased year-on-year

腾讯新闻 - 财经

Tech-bank

China Universal CSI Livestock Breeding Industry ETF

Huatong Meat

Hvsen Biotech

MUYUAN

HAID GROUP

JINYU

WENS

New Hope

Cinda Securities

SHCF

GUOSEN SECURITIES

DBN Group

YILI

NEW HOPE SERV

Tech-bank Food has hit the limit up for three consecutive days! When will the pig cycle bottom out and reverse? The breeding ETF China Universal has achieved three consecutive days of gains, with funds net inflowing over 12 million yuan for five consecutive days