A股三大指数集体低开，创业板指跌超2%

Market Overview - A-shares opened lower with all three major indices declining: Shanghai Composite Index down 0.87%, Shenzhen Component Index down 1.76%, and ChiNext Index down 2.07% [1] Agricultural Sector Insights - In 2026, the agricultural sector's focus will be on identifying and capturing industry turning points, with an emphasis on tracking core fundamental indicators and finding entry points within a relatively reasonable valuation range [2] - The livestock sector will continue to emphasize a balanced approach, shifting from a defensive stance in 2025 to a focus on potential future elasticity in 2026 [2] - The pet sector is expected to experience a recovery in performance growth after a period of valuation correction, presenting new investment opportunities [2] Lithium Battery Industry Outlook - The lithium battery industry is expected to see continued price increases across multiple segments due to rapid domestic and international energy storage development and the resonance of demand for dynamic storage [3] - Certain segments, such as lithium hexafluorophosphate and VC, are experiencing significant price increases, confirming the industry's high prosperity [3] - As prices rise, segments that previously faced low profitability or losses are anticipated to enter a phase of simultaneous volume and profit growth, with a positive outlook for energy storage cells, lithium hexafluorophosphate/VC & electrolytes, copper foil, anode and cathode materials, and separators [3] Securities Industry Forecast - The securities industry is poised for a new upward cycle, driven by policies aimed at enhancing the inclusivity and adaptability of capital markets [4] - Key policy opportunities include: 1. Capital market reforms that enhance the service capabilities for new productive forces, particularly through the Sci-Tech Innovation Board and ChiNext, which will upgrade investment banking value creation and meet the financing needs of high-tech enterprises [4] 2. Improvements in the long-term investment ecosystem, facilitating the entry of long-term funds like social security and insurance into the market, which will activate brokerage asset management and institutional business growth [4] 3. Policies promoting the cultivation of top-tier investment banks and internationalization, allowing Chinese brokers to leverage the Hong Kong market and cross-border policies for accelerated international business breakthroughs [4]