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猪存栏量到底，随后出现的持续补栏现象可能会带来未来猪肉价格的下行，因此二级市场表现暴跌。随着大会的召开，市场资金追逐自主可控等其它主线，导致养殖板块出现了区间震荡。养殖板块三季报向好的情况下二级市场反而表现不佳，可能来自于市场对于基本面的提前预判和透支。作为行业指数基金，本基金旨在为投资者提供行业投资工具。本报告期内，我们根据对市场行情、日常申赎情况和成份股停复牌的分析判断，对股票仓位及头寸进行了合理安排，将跟踪误差控制在合理水平，尽量为投资者提供更精准的投资工具。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:55.208Z","mo":"当前市场在博弈2022年4月能繁母猪存栏量到底以后的养殖户持续补栏情况，可能导致2023年春节以后的猪肉价格出现下跌，二级市场提前预判，提前透支，因此即便季报基本面向好，二级市场表现也并不好。2023年还是存在超预期的可能性的。一方面疫后修复会使得猪肉的消费也可能会增加。另一方面2022年4月到底以后，至今的补栏积极性没有那么高，甚至出现了阶段性的月度环比负增长，和养殖户在淘汰部分低效母猪有一定关系。因此2023年养殖板块的二级市场博弈预计仍将比较剧烈，可能仍然存在阶段性投资机会。养殖行业还有两条长逻辑：1、长期肉价上涨；2、防控猪瘟要求和智能化养殖等趋势促使市场份额向头部企业集中。投资者或可考虑布局养殖ETF（159865）及其联接基金的投资机会。","fund":{"_id":3000000012724,"__csrcFundId":9560,"stockCode":"012724","shortName":"国泰中证畜牧养殖ETF联接(012724)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12724,"masterFundFlag":1,"lastUpdated":"2026-05-08T17:15:25.933Z","status":"normal","exchange":"jj","name":"国泰中证畜牧养殖交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050010000,"inceptionDate":"2021-07-01T16:00:00.000Z","currency":"CNY","followedNum":30,"masterFundShortName":"国泰中证畜牧养殖ETF联接","setUpDate":"2021-07-01T16:00:00.000Z","setUpAssetScale":12729096.67,"setUpShares":12729096.67,"pinyin":"gtzzxmyzjyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000930707,"managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"}]},"announcement":{"linkText":"国泰中证畜牧养殖交易型开放式指数证券投资基金发起式联接基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866391","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8b7fea5b3eb04fe6e9","date":"2022-09-29T16:00:00.000Z","stockId":3000000012724,"sao":"2022年三季度沪深300指数继二季度的反弹之后，向下调整15.16%。上份季报我们曾经判断二季度暴涨后的科技板块三季度可能迎来调整，带来大盘的调整。但是在疫情波动、美联储持续加息、俄乌冲突升级等内外部环境的持续变化下，股市进入极度悲观阶段，沪深300指数股息率和十年国债利率比值超过2倍标准差，为2010年以来的100%分位，超过了2016年年初和2019年年初的底部阶段。养殖指数下跌4.88%，养殖ETF下跌4.78%，日均成交额1.8亿元，养殖ETF联接A下跌4.68%，养殖联接C下跌4.74%，较好地实现了对指数的跟踪。二季度基本面上出现了猪价暴涨的情况，三季度价格高位震荡和反复，养殖ETF和联接基金在7月-8月也进入震荡阶段。但市场可能对于价格的持续性有所担忧，因此9月份二级市场价格出现了较大的调整。作为行业指数基金，本基金旨在为投资者提供行业投资工具。本报告期内，我们根据对市场行情、日常申赎情况和成份股停复牌的分析判断，对股票仓位及头寸进行了合理安排，将跟踪误差控制在合理水平，尽量为投资者提供更精准的投资工具。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:55.205Z","fund":{"_id":3000000012724,"__csrcFundId":9560,"stockCode":"012724","shortName":"国泰中证畜牧养殖ETF联接(012724)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12724,"masterFundFlag":1,"lastUpdated":"2026-05-08T17:15:25.933Z","status":"normal","exchange":"jj","name":"国泰中证畜牧养殖交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050010000,"inceptionDate":"2021-07-01T16:00:00.000Z","currency":"CNY","followedNum":30,"masterFundShortName":"国泰中证畜牧养殖ETF联接","setUpDate":"2021-07-01T16:00:00.000Z","setUpAssetScale":12729096.67,"setUpShares":12729096.67,"pinyin":"gtzzxmyzjyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000930707,"managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"}]},"announcement":{"linkText":"国泰中证畜牧养殖交易型开放式指数证券投资基金发起式联接基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=807235","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8b7fea5b3eb04fe6e8","date":"2022-06-29T16:00:00.000Z","stockId":3000000012724,"sao":"2022年上半年沪深300指数下跌9.22%，上半年黑天鹅频出，先有俄乌冲突，后有疫情爆发，破坏了市场当下运行逻辑，导致股市出现暴跌暴涨情况，投资者体验不佳。3月16日在内外情绪不稳的情况下，政策底出现以后，股市进入磨底期，4月上海疫情加剧，影响经济，股市大跌，上证综指一度跌破3000点。后续随着复产复工预期加强，美联储加息预期放缓等利好爆发，成长股率先反弹。养殖指数上半年下跌8.05%，养殖ETF下跌7.9%，日均成交额1.5亿元，养殖ETF联接A下跌5.97%，养殖联接C下跌6.11%，较好地实现了对指数的跟踪。市场从去化逻辑开始进入分化，但养殖行业依然受到追捧，养殖ETF在二季度内规模继续增长。作为行业指数基金，本基金旨在为投资者提供行业投资工具。本报告期内，我们根据对市场行情、日常申赎情况和成份股停复牌的分析判断，对股票仓位及头寸进行了合理安排，将跟踪误差控制在合理水平，尽量为投资者提供更精准的投资工具。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:55.203Z","mo":"在养殖行情推进的过程中，市场存在观点分歧。比如第一种观点认为今年4月份的时候养殖行业就已经出现拐点了，因为去化数据可能是官方披露数据的两倍。第二种观点相信官方数据，官方披露的8%-9%的去化数据不足以消化绝大多数库存，因此认为猪周期价格拐点现在还没有出现，现在还是处在拐点左侧，还在产能去化的过程中。我们也持第二种观点，觉得目前的产能去化还没有彻底完成，叠加疫情影响猪肉需求，我们觉得这个猪肉价格可能还会回踩，有所反复。养殖行业还有两条长逻辑：一、长期肉价上涨；二、防控猪瘟要求和智能化养殖等趋势促使市场份额向头部企业集中。投资者或可考虑布局养殖ETF（159865）及其联接基金的投资机会。","fund":{"_id":3000000012724,"__csrcFundId":9560,"stockCode":"012724","shortName":"国泰中证畜牧养殖ETF联接(012724)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12724,"masterFundFlag":1,"lastUpdated":"2026-05-08T17:15:25.933Z","status":"normal","exchange":"jj","name":"国泰中证畜牧养殖交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050010000,"inceptionDate":"2021-07-01T16:00:00.000Z","currency":"CNY","followedNum":30,"masterFundShortName":"国泰中证畜牧养殖ETF联接","setUpDate":"2021-07-01T16:00:00.000Z","setUpAssetScale":12729096.67,"setUpShares":12729096.67,"pinyin":"gtzzxmyzjyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFu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/公斤级别。四季度猪价跌至约10元/公斤级别后出现剧烈反弹至约17元/公斤，一方面是跌至10元级别养殖户亏损较多，有反弹诉求；另一方面需求出现季节性好转，如冬季熏腊需求，叠加国家再次收储以及部分区域降雪交通不畅等。养殖ETF上市以来日均成交额约5700万元。2021年7月2日养殖ETF联接基金成立，成立日至年底畜牧养殖指数上涨5.75%，养殖ETF联接A上涨7.46%，养殖联接C上涨7.3%，较好地实现了对指数的跟踪。作为行业指数基金，本基金旨在为投资者提供行业投资工具。本报告期内，我们根据对市场行情、日常申赎情况和成份股停复牌的分析判断，对股票仓位及头寸进行了合理安排，将跟踪误差控制在合理水平，尽量为投资者提供更精准的投资工具。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:55.197Z","mo":"2022年二三季度有望迎来行业基本面反转，主要的边际变量看能繁母猪的存栏环比增速，能繁母猪到小猪出栏大约要10个多月的时间。该指标于2021年6月触顶，7-11月全国能繁母猪存栏量的环比增速分别为-0.5%、-0.9%、-2.3%、-2.5%、-1.2%。12月虽然该数据环比上涨0.77%，主要原因是能繁母猪去化过程中曾经出现肉价的大幅反弹，部分小养殖户重新增加产能，引发去化不彻底的担忧。我们认为去化趋势将会延续，随着数据披露，市场将会开始提前交易行业基本面反转预期。另外养殖行业有两条长逻辑：一、长期肉价上涨；二、防控猪瘟要求和智能化养殖等趋势促使市场份额向头部企业集中。投资者可考虑布局养殖ETF（159865）及其联接基金的投资机会。","fund":{"_id":3000000012724,"__csrcFundId":9560,"stockCode":"012724","shortName":"国泰中证畜牧养殖ETF联接(012724)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12724,"masterFundFlag":1,"lastUpdated":"2026-05-08T17:15:25.933Z","status":"normal","exchange":"jj","name":"国泰中证畜牧养殖交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050010000,"inceptionDate":"2021-07-01T16:00:00.000Z","currency":"CNY","followedNum":30,"masterFundShortName":"国泰中证畜牧养殖ETF联接","setUpDate":"2021-07-01T16:00:00.000Z","setUpAssetScale":12729096.67,"setUpShares":12729096.67,"pinyin":"gtzzxmyzjyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000930707,"managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"}]},"announcement":{"linkText":"国泰中证畜牧养殖交易型开放式指数证券投资基金发起式联接基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=710454","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8b7fea5b3eb04fe6e5","date":"2021-09-29T16:00:00.000Z","stockId":3000000012724,"sao":"2021年三季度沪深300指数震荡下行，整个三季度下跌6.85%，三季度养殖行业的供需依然不平衡，虽然能繁母猪环比数据出现小幅松动，但冻肉和出栏量依然较大，导致猪价继续走低。随着国家政策的支持，猪价出现波动，养殖行业开启筑底过程。三季度中证畜牧指数下跌7.54%，养殖ETF联接下跌3.47%，较好地实现了对指数的跟踪。作为行业指数基金，本基金旨在为投资者提供行业投资工具。本报告期内，我们根据对市场行情、日常申赎情况和成份股停复牌的分析判断，对仓位及头寸进行了合理安排，将跟踪误差控制在合理水平，尽量为投资者提供更精准的投资工具。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:55.194Z","fund":{"_id":3000000012724,"__csrcFundId":9560,"stockCode":"012724","shortName":"国泰中证畜牧养殖ETF联接(012724)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12724,"masterFundFlag":1,"lastUpdated":"2026-05-08T17:15:25.933Z","status":"normal","exchange":"jj","name":"国泰中证畜牧养殖交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050010000,"inceptionDate":"2021-07-01T16:00:00.000Z","currency":"CNY","followedNum":30,"masterFundShortName":"国泰中证畜牧养殖ETF联接","setUpDate":"2021-07-01T16:00:00.000Z","setUpAssetScale":12729096.67,"setUpShares":12729096.67,"pinyin":"gtzzxmyzjyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000930707,"managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"}]},"announcement":{"linkText":"国泰中证畜牧养殖交易型开放式指数证券投资基金发起式联接基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657237","linkType":"PDF","source":"csrc_pdf"}}]}