周期+估值驱动下或迎投资机遇，农牧渔ETF景顺正式发行

Core Viewpoint - The article highlights the rising prices of agricultural products driven by a combination of global liquidity easing and domestic "anti-involution" policies, suggesting a favorable investment environment in the agricultural sector [1][2]. Group 1: Price Trends and Market Dynamics - Since 2025, resource price increases have become a significant investment theme, with the Shenwan Nonferrous Metals Index and Chemical Industry Index rising by 106.69% and 47.15% respectively over the past year [1][5]. - The expectation of rising agricultural product prices is supported by historical patterns where price increases in resource commodities typically follow a sequence from precious metals to industrial metals, energy, and finally agricultural products [2][6]. - The agricultural sector exhibits cyclical characteristics, with rebounds occurring every 2-3 years, indicating a potential for a new upward cycle as it approaches the three-year mark since the last peak in April 2023 [2][6]. Group 2: Investment Opportunities in Agricultural Sector - The Invesco Great Wall is launching an agricultural-themed ETF, the Agricultural, Animal Husbandry, and Fishery ETF, which tracks the CSI Agricultural, Animal Husbandry, and Fishery Index, providing investors with a convenient tool to access this sector [1][3]. - The CSI Agricultural, Animal Husbandry, and Fishery Index has shown a long-term annualized return of 11.65% over the past 20 years, outperforming the CSI 300 Index (8.05%) and other industry indices [3][7]. - The current price-to-earnings ratio of the CSI Agricultural, Animal Husbandry, and Fishery Index is 21.31, which is at the 32.30 percentile of the past decade, suggesting a potentially attractive entry point for investors [3][7]. Group 3: Sector Characteristics and Fund Management - The ETF covers key segments of the agricultural value chain, including breeding, planting, feed, and animal health, with the top ten weighted stocks accounting for 56.99% of the index [3][7]. - The index's lower correlation with mainstream indices like the CSI 300 and ChiNext (0.59 and 0.56 respectively) makes it a favorable diversification tool for investors [3][7]. - Invesco Great Wall is expanding its ETF offerings to meet diverse market demands, indicating a strategic focus on both domestic and international markets [3][7].