农牧渔ETF景顺（560210）投资价值分析：景气拐点临近、三重共振发力：重视农牧渔产业链价值重估机会

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The agriculture, livestock, and fishery sector is at the intersection of cycle repair, policy strengthening, and price re - evaluation, with clear investment opportunities [1][11]. - The pig - breeding industry is approaching the critical point of accelerated capacity clearance, and the feed industry has cost improvement and post - cycle repair attributes. The planting chain and seed industry have strategic allocation value [2][3]. - The CSI All - China Agriculture, Livestock, and Fishery Index focuses on investment opportunities in the A - share agricultural sector, with high elasticity and stable improvement in the operating ability of its constituent stocks [4]. - The JingShun Agriculture, Livestock, and Fishery ETF (560210) provides a convenient investment tool for investors to share the growth of the agriculture, livestock, and fishery industry at a low cost [5] 3. Summary by Relevant Catalogs 3.1. Agriculture, Livestock, and Fishery Sector Investment Opportunities - Pig - breeding: The pig - breeding industry is at the critical point of accelerated capacity clearance. Low prices, losses, and capacity reduction are forming a linkage with subsequent price increase expectations. The profit elasticity of the sector is usually higher than the increase in pig prices, and it can drive the prosperity of the entire agricultural industry chain [17][21][26]. - Feed industry: It has cost improvement and post - cycle repair attributes. It is a core intermediate link in the agricultural industry chain, with a clear trend of concentration among leading enterprises. It has asset allocation value and can connect the planting and breeding industries [27][29][30]. - Planting chain and seed industry: They are long - term investment mainlines in the agricultural sector. Policy support is strong, and the grain output and related indicators are improving. The seed industry is in the stage of inventory digestion and system upgrading, and is expected to move towards high - quality development [31][32][39]. - Valuation and investment value: The current overall valuation of the agricultural sector is at a relatively low level in history, providing a solid safety margin for subsequent valuation repair. The sector has multiple advantages such as left - side cycle layout, medium - term policy catalysis, and marginal price increase expectations [12][16][41] 3.2. CSI All - China Agriculture, Livestock, and Fishery Index - Index composition: It selects stocks of listed companies in the agriculture, livestock, and fishery industry from the CSI All - China Index, with a semi - annual adjustment. The weight of a single sample does not exceed 15% [43][45]. - Index performance: From 2005 to March 13, 2026, the cumulative increase of the index was 962.54%, significantly outperforming the CSI 300, which increased by 366.91% during the same period [44]. - Industry focus: It focuses on the "pig - breeding" and "seed" industries, with the main industries including aquaculture, planting, feed, chemical products, and animal health, with weights of 47.41%, 15.52%, 14.86%, 8.02%, and 7.03% respectively [48]. - Market - value style: It is positioned as a small - and medium - cap growth style. The average and median total market values of the index are 171 billion yuan and 70 billion yuan respectively. The operating ability of the constituent stocks has been steadily improving, and the total operating income has increased from 621.8 billion yuan in 2020 to 893.3 billion yuan in 2024 [51][52]. - Weighted stocks: The top 5 weighted stocks are Muyuan Co., Ltd., Wens Foodstuff Group Co., Ltd., Haid Group Co., Ltd., Zhengbang Technology Co., Ltd., and Meihua Biotech Group Co., Ltd., with a total weight of 44.03% for the top 5 and 57.46% for the top 10 [53] 3.3. JingShun Agriculture, Livestock, and Fishery ETF (560210) - Product information: It was established on March 11, 2026, with an establishment scale of 781 million yuan, and will be listed on March 20, 2026. It closely tracks the CSI All - China Agriculture, Livestock, and Fishery Index, and the assets invested in the constituent stocks and alternative constituent stocks of the target index are not less than 90% of the net asset value of the fund and not less than 80% of the non - cash fund assets [59]. - Fund manager: The fund manager is Gong Lili, who has 15 years of experience in the securities and fund industries and currently manages 11 fund products (excluding linked funds) with a total scale of 21 billion yuan [64]