近期，我国在"反内卷"领域动作频频。从十大行业的稳增长方案，到治理价格无序竞争，一系列旨在治理恶性竞争、促进经济高质量发展的政策举措密集 落地。哪些行业或将率先受益？投资者又可以如何投资？ 十大行业"稳增长"方案密集出台 近期，工业和信息化部陆续发布了钢铁、有色、石化、化工、建材、机械、汽车、电力装备、轻工业、电子信息制造业十大行业的新一轮稳增长工作方 案。这些行业在工业经济中举足轻重，合计占规模以上工业的七成左右。 方案的一大亮点是为各行业设定了明确的量化增长目标，例如，石化化工和有色金属行业均提出，2025至2026年间实现增加值年均增长5%。分析称，由 于十大行业产业链长、带动作用大，相关政策的实施将对稳定工业经济大盘发挥重要作用。 （资料参考：第一财经《新一轮十大行业稳增长方案发布， 有哪些新亮点？》,2025.10.08） 两部门发文治理价格无序竞争 10月9日，国家发展改革委、市场监管总局印发《关于治理价格无序竞争 维护良好市场价格秩序的公告》，明确在保护经营者自主定价权的前提下，按照 事前引导和事中事后监管相结合的思路，采取调研评估行业平均成本、加强价格监管、规范招标投标行为等措施，维护公平竞争 ...

近期，我国在"反内卷"领域动作频频。从十大行业的稳增长方案，到治理价格无序竞争，一系列旨在治 理恶性竞争、促进经济高质量发展的政策举措密集落地。哪些行业或将率先受益？投资者又可以如何投 资？ 随着"反内卷"的深入推进，国家统计局近日发布的多项数据显示，相关行业的利润和价格均出现显著改 善，政策效果初步显现。 十大行业"稳增长"方案密集出台。 近期，工业和信息化部陆续发布了钢铁、有色、石化、化工、建材、机械、汽车、电力装备、轻工业、 电子信息制造业十大行业的新一轮稳增长工作方案。这些行业在工业经济中举足轻重，合计占规模以上 工业的七成左右。 方案的一大亮点是为各行业设定了明确的量化增长目标，例如，石化化工和有色金属行业均提出，2025 至2026年间实现增加值年均增长5%。分析称，由于十大行业产业链长、带动作用大，相关政策的实施 将对稳定工业经济大盘发挥重要作用。 （资料参考：第一财经《新一轮十大行业稳增长方案发布，有哪些新亮点？》，2025.10.08） 两部门发文治理价格无序竞争。 10月9日，国家发展改革委、市场监管总局印发《关于治理价格无序竞争 维护良好市场价格秩序的公 告》，明确在保护经营者自主定价权 ...

Core Viewpoint - The ETF market on August 26 showed mixed performance, with agricultural ETFs leading gains while others, particularly in technology and rare earth sectors, experienced declines [2] Group 1: ETF Performance - Agricultural 50 ETF (516810) led the gains with an increase of 3.59% [2] - E Fund Agricultural ETF (562900) rose by 3.55% [2] - Agricultural ETF (159825) increased by 3.53% [2] - Zhongzheng A500 Enhanced ETF (561090) was the biggest loser, declining by 5.0% [2] - Sci-Tech Chip ETF Index (588920) fell by 3.32% [2] - Rare Earth ETF E Fund (159715) decreased by 2.96% [2]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, where digital currency stocks surged collectively, oil and gas stocks showed active performance, and bank stocks strengthened against the trend [1] - High-priced stocks underwent collective adjustments, while ETFs related to chemicals and agriculture rose nearly 2% [1] ETF Performance - Chemical industry ETF rose by 1.99% to 0.82 [2] - Agricultural 50 ETF increased by 1.78% to 0.799 [2] - Other notable ETFs include the Petrochemical ETF at 1.74% and the Agricultural ETF at 1.69% [2] Livestock Industry Insights - Most listed livestock companies are currently at historical low market values per head, with significant potential for growth towards historical averages, indicating long-term investment value [3] - The demand for high-end magnetic materials is rapidly increasing due to policies promoting "carbon neutrality," alongside a recovery in traditional manufacturing and the acceleration of humanoid robots, which injects growth momentum into rare earth demand [5] Declining Sectors - New energy and rare earth-related ETFs experienced a decline of approximately 2% [3] - Specific ETFs such as the New Energy ETF and Rare Earth ETFs saw decreases of 2.08% and 1.97% respectively [4]

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index up 0.21% at 3451.69 points, while the Shenzhen Component and ChiNext Index fell by 0.32% and 0.58% respectively, with a half-day trading volume of 981.32 billion yuan [1] - The pig price has been declining since Q2 2024, with an increase in both breeding sows and newborn piglets, leading to a potential negative impact on CPI if prices continue to drop, prompting government regulatory concerns [1] - According to Zhongtai Securities, the current market conditions suggest that the stock price of the pig sector is at a bottom level, with low risks of further decline, indicating that any minor positive news could trigger significant price increases [1] Group 2 - Huayuan Securities highlighted that agriculture, as a fundamental sector, is experiencing a rise in investment value due to its unique attributes such as "anti-cyclical asset premium" and "historically low valuations" [2] - The investment approach in the pig sector is shifting from a "cyclical thinking" to a focus on "quality and price," with leading companies expected to have strong profit certainty by 2025 [2] - The Agricultural 50 ETF (516810) closely tracks the CSI Agricultural Theme Index, covering various segments including breeding, agricultural chemicals, and feed, with the top ten weighted stocks accounting for over 60% [2]

Core Viewpoint - The ETF market shows mixed performance, with leading ETFs experiencing significant gains while others face declines [1] Group 1: ETF Performance - The Double Innovation Leading ETF (159603) leads with a gain of 19.98% [1] - The Nonferrous Metals ETF (516650) increases by 2.89% [1] - The Battery Leading ETF (159767) rises by 2.45% [1] - The Agricultural 50 ETF (516810) is the biggest loser, down by 2.89% [1] - The Shanghai 50 ETF Index Fund (510190) declines by 2.16% [1] - The S&P Oil & Gas ETF (159518) falls by 0.88% [1] Group 2: Investment Strategy - The strategy suggests that investors should consider buying index ETFs to capitalize on market rebounds [1]

Market Overview - As of May 30, 2025, the Shanghai Composite Index closed down 0.47% at 3347.49 points, the Shenzhen Component Index down 0.85% at 10040.63 points, and the ChiNext Index down 0.96% at 1993.19 points, indicating a broad market decline [1] - The total trading volume of both markets reached 1.14 trillion yuan [1] Sector Performance - The top three sectors in terms of gains were the breeding industry (up 2.81%), rural commercial banks (up 1.70%), and chemical pharmaceuticals (up 1.21%) [1] - The sectors with the largest declines were packaging and printing (down 3.15%), electric machinery (down 2.83%), and consumer electronics (down 2.72%) [1] ETF Performance - A total of 208 non-currency ETFs rose, with an increase ratio of 18% [1] - The CSI Modern Agriculture Theme Index rose by 1.47%, with the E Fund Agriculture ETF increasing by 1.91% [1] - The CSI Livestock Breeding Index increased by 1.38%, with various livestock ETFs showing gains between 1.36% and 1.91% [1] Specific ETF Details - The Livestock ETF (516760.SH) has a latest share size of 205 million, closely tracking the CSI Livestock Breeding Index, which includes major companies like Haida Group and Muyuan Foods [3] - The Agriculture 50 ETF (159827.SZ) has a share size of 136 million, tracking the CSI Agriculture Theme Index, which includes companies like Muyuan Foods and Haida Group [4] - The current P/E ratio for the CSI Livestock Breeding Index is 12.55, which is lower than the average over the past three years [4] - The P/E ratio for the CSI Agriculture Theme Index is 14.73, also below the average for the past three years [4] Declining ETFs - A total of 901 non-currency ETFs fell, with a decline ratio of 79% [4] - The top declining ETFs included the Xinchuang ETF (down 5.19%) and the Hang Seng Internet ETF (down 2.77%) [6] Premium Rates - The S&P 500 Consumer Select Index showed a premium of 24.33%, while the S&P 500 ETF had a premium of 18.25% [7][9]

Group 1: Fund Management Changes - Fangzheng Fubang Fund announced the appointment of Li Yan as the new chairman, following He Yagang's retirement on May 28 [1] - Invesco Great Wall Fund's chairman, Li Jin, stepped down on May 29, with General Manager Kang Le taking over as acting chairman [1] - Yimin Fund reported the resignation of Li Jing as Deputy General Manager and Financial Officer due to personal reasons on May 29 [1] - Wang Jing and Zhu Hongyu were appointed as new Vice Presidents at China Merchants Fund, effective May 30 [2] Group 2: ETF Market Overview - The market experienced fluctuations, with the Shanghai Composite Index down 0.47%, the Shenzhen Component down 0.85%, and the ChiNext Index down 0.96% [3] - Total trading volume in the Shanghai and Shenzhen markets was 1.14 trillion yuan, a decrease of 462 billion yuan from the previous trading day [3] - The Bay Area ETF led the gains with an increase of 2.26%, while sectors like banking, aerospace, and biopharmaceuticals performed well [3][4] Group 3: ETF Performance Highlights - The top-performing ETFs included: - Bay Area ETF: 1.221 yuan, up 2.26% - Aquaculture ETF: 0.639 yuan, up 1.91% - Agriculture ETF: 0.747 yuan, up 1.91% [4] - Conversely, the leading decliner was the Xinchang ETF, down 5.19% [5] Group 4: Investment Opportunities - The focus on food security and improving agricultural productivity is a national policy, with transgenic biotechnology expected to accelerate under supportive policies [6] - Upgrading seed products is anticipated to boost sales and prices for quality seed companies, with leading firms currently valued at the bottom, highlighting long-term investment potential in agricultural ETFs [6]

Core Viewpoint - The agricultural sector is experiencing a rebound, with the Agricultural ETF from E Fund (562900) showing a significant increase of 2.18% in half a day, leading the industry ETF performance [1][3]. Agricultural Sector Performance - The Agricultural ETF from E Fund (562900) has a half-day trading volume of 694.27 million yuan and a total scale of 0.99 billion units [3]. - Other agricultural ETFs, such as Agricultural 50 ETF (159827) and Agricultural ETF (159825), also showed positive performance with increases of 1.75% and 1.74% respectively [5]. - The Agricultural ETF (159825) has a larger scale of 29.85 billion units and a half-day trading volume of 8529 million yuan [5]. ETF Share Changes - The Agricultural ETF from E Fund (562900) has seen a slight increase in shares this year, with an addition of 11 million units, representing a growth of 12.54% [2]. - The Agricultural ETF (159825) also experienced a share increase of over 10%, adding 474 million units this year [2]. Investment Logic - Domestic grain prices have been rising due to reduced grain imports and drought conditions, indicating a strong demand in the agricultural sector [3]. - Long-term policies focus on food security and improving agricultural productivity, with transgenic biotechnology expected to accelerate under supportive policies [3]. - Upgrades in seed products are anticipated to boost sales and prices for quality seed companies, with leading companies currently valued at a low point, highlighting their long-term investment potential [3]. Major Holdings in Agricultural Indices - The major stocks in the China Modern Agriculture Theme Index include: - Muyuan Foods (002714) with a weight of 14.77% - Wens Foodstuffs Group (300498) with a weight of 14.57% - Haida Group (002311) with a weight of 14.29% [4][6]. - The index reflects companies involved in various agricultural sectors, including animal husbandry, feed, and agricultural machinery [5].