As of 9:54 AM on November 21, the Agriculture, Animal Husbandry, and Fishery ETF (159275) defied the broader market downtrend, rising 0.4% with a trading volume of 1.43 million yuan.
Among its constituent stocks, Winall Hi-Tech Seed Co.,Ltd. surged by the 20% daily limit, while Shennong Seeds and Zhongshui Fisheries also showed strong performance. On the other hand, Huaying Agriculture, Yike Food, and Guannong performed weakly.
Industry data on November 14, 2025, showed that live hog prices fell to 11.74 yuan per kilogram, putting continued pressure on breeding profits and potentially accelerating upstream capacity reduction. Meanwhile, white-feathered broiler prices rebounded to 7.12 yuan per kilogram, improving profit margins for leading breeding companies. Additionally, the Fourth Digital Agriculture Development Conference was held in Wuhan, focusing on smart technologies empowering modern agricultural upgrades.
Dongguan Securities noted that the recent decline in hog prices and persistent per-head losses are expected to further reduce breeding sow capacity. Current inventory remains high, leaving significant room for future reductions. White-feathered broiler prices have slightly recovered, presenting opportunities to monitor profit margin improvements for industry leaders. In the seed sector, the Ministry of Agriculture and Rural Affairs emphasized accelerating self-reliance in seed technology and ensuring seed source security.
Pacific Securities highlighted multiple pressures facing the breeding industry: persistent losses in the hog sector are strengthening capacity reduction incentives, with breeding sow inventories down by 370,000 heads from last year’s peak. Self-breeding farms report an average loss of 114 yuan per head, compounded by rising African swine fever risks and policy-driven capacity cuts, accelerating industry consolidation. For white-feathered broilers, live chicken prices remain volatile at low levels, with breeder inventories at historic highs. However, supply reductions by mid-next year are expected to drive price rebounds. Yellow-feathered broilers benefit from peak consumption seasons, with low capacity supporting high prices. The animal health sector is recovering, with antibiotic prices staying elevated and domestic vaccines showing significant growth.
The Agriculture, Animal Husbandry, and Fishery ETF (159275) and its feeder funds (Feeder A: 013471, Feeder C: 013472) passively track the Agriculture, Animal Husbandry, and Fishery Index. The index’s top ten holdings include Muyuan Foods, Wens Foodstuff Group, Haid Group, Meihua Holdings, New Hope Group, DBN Group, China Animal Husbandry Industry, Sunner Development, Beidahuang, and Longping High-Tech.
Data sources include the Shanghai and Shenzhen stock exchanges and public disclosures.
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