GUOTAI HAITONG SECURITIES·2026-01-24 15:15Investment Rating - The report assigns an "Overweight" rating for the agricultural sector [1]. Core Insights - The report maintains a low allocation to agriculture, recommending selective agricultural stocks. The fund's agricultural holdings are valued at 46.896 billion, accounting for 0.52% of the stock investment value, which is 0.14 percentage points below the standard industry allocation of 0.66% [2][5]. - The report highlights that in Q4 2025, institutional investors increased their holdings in chicken breeding companies such as Wens Foodstuffs and Lihua, while reducing their stakes in companies like New Hope and Juxing Agriculture [2][5]. Summary by Sections Fund Holdings Changes in Agriculture - The fund's agricultural holdings have consistently remained below the industry standard allocation for five consecutive quarters, with a market value of 46.896 billion in Q4 2025, reflecting a growth rate of 0.14% [5]. - The allocation to agriculture has decreased from 0.61% in Q4 2024 to 0.52% in Q4 2025, indicating a trend of reduced investment in this sector [5]. Recommended Stocks - Recommended stocks include: - For pig farming: Muyuan Foods, Wens Foodstuffs, Tiankang Biological, and Shennong Group - For post-cycle investments: KQ Bio, Haida Group - For agricultural product supply chain: Morning Light Bio, Longping High-Tech, and others - For the pet sector: Guibao Pet, Zhongchong Co., and others - For poultry: Shennong Development [2][8][9].