11月24日，指数高开回落，创业板指翻绿。 消息面上，11月10日，罗牛山公告，公司2025年10月销售生猪7.15万头，环比增长13.84%，同比增长 57.90%；销售收入11587.32万元，环比下降2.01%，同比增长24.65%。1—10 月，公司累计销售生猪 56.15万头，同比下降2.74%；累计销售收入103296.05万元，同比下降3.82%。 此外，财政部、商务部公布消费新业态新模式新场景试点城市竞争性评审结果，公示名单共包含50个城 市。 中信证券研报表示，2026年，周期和成长仍然是驱动农业板块的主要投资逻辑。周期视角来看，在市场 化亏损以及行政去产能合力下，2025年四季度以及2026年上半年产能去化或呈现加速态势，2026年猪价 或震荡上行。此外，畜禽产业链上持续推荐经营能力领先、穿越周期的公司。种子种植领域推荐品种资 源优势强劲的公司。 （文章来源：21世纪经济报道） 相关ETF方面，农业ETF天弘（512620）成交额超1000万元，换手率2.59%。此外，食品饮料ETF天弘 （159736）成交额破3500万元。 农业ETF天弘（512620）紧密跟踪中证农业指数，覆盖养殖、 ...

相关ETF方面，农业ETF天弘（512620）今日重磅上市，该ETF紧密跟踪中证农业指数，覆盖养殖、农 化等领域，成分股汇聚牧原股份、温氏股份、海大集团等农业龙头企业，实现多元化布局，还配置了场 外联接基金（A类010769，C类010770）。 11月20日，A股三大指数集体收跌，农林牧渔板块部分个股表现强势。截至收盘，中证农业指数跌 0.18%；成分股中，罗牛山涨超7%，藏格矿业、华英农业、生物股份等股涨幅居前。 消息面上，继农业农村部召开全国推进种业振兴行动现场会后，近日农业农村部、新疆维吾尔自治区人 民政府发布了关于印发《推动南疆现代设施农业高质量发展工作方案》的通知。其中提出发展目标，到 2028年底，实施老旧设施现代化改造3万亩（含兵团），新增现代设施农业生产规模2万亩（含兵团）， 重点打造现代设施农业生产县（市）和兵团师（市）15个。 东兴证券表示，种业振兴和生物育种产业化作为种植提质增产的重要技术手段，产业化进程有望稳步推 进。政策引导下，养殖、种植产业链头部企业有望逐步向下游精深加工延伸，平抑价格周期波动影响， 提升盈利能力，建议关注产业链布局较为完善的农业龙头企业。 中金公司表示，政策支持 ...

Group 1 - The three major indices collectively rose, with the agriculture sector showing significant gains, as evidenced by the 0.73% increase in the China Securities Agriculture Index [1] - A new agriculture-focused ETF, Tianhong (512620), is set to launch on November 21, tracking the China Securities Agriculture Index and covering sectors such as breeding and agrochemicals, featuring leading companies like Muyuan Foods and Wens Foodstuff Group [1] - The Ministry of Agriculture and Rural Affairs held a meeting on November 13 to promote the revitalization of the seed industry, emphasizing the need for high-quality development and self-sufficiency in seed technology [1] Group 2 - Guosheng Securities highlights that the revitalization of the seed industry is crucial for advancing new agricultural productivity, with significant breakthroughs in biotechnology expected to reshape the industry landscape [2] - Guoxin Securities anticipates that by 2026, leading companies in the pig and poultry breeding chains will strengthen, shifting investment focus from capital expenditure to cash flow generation [2] - The official capacity regulation is expected to enhance cash flow for leading enterprises in the pig industry, while the poultry sector is projected to see limited supply fluctuations, benefiting from demand recovery [2]

Core Viewpoint - The market experienced fluctuations on November 7, with all three major indices retreating after an initial rise, while the agriculture sector showed resilience [1]. Group 1: ETF and Index Performance - The Tianhong ETF (512620) concluded its fundraising today, tracking the China Securities Agricultural Index, which selects 50 stocks across sectors like breeding and agricultural chemicals [2]. - The index includes leading companies such as Muyuan and Haida, indicating a diversified investment approach [2]. Group 2: Policy and Industry Outlook - The Ministry of Agriculture and Rural Affairs held a meeting in Wuhan on November 6 to promote the cultivation of leading agricultural technology enterprises and enhance the role of agricultural companies in technological innovation [2]. - Dongxing Securities highlighted that the revitalization of the seed industry and the industrialization of biological breeding are crucial for improving planting quality and yield, with a steady advancement expected [2]. - Under policy guidance, leading enterprises in the breeding and planting sectors are anticipated to extend their operations into downstream processing, which could stabilize price fluctuations and enhance profitability [2]. Group 3: Investment Recommendations - Guosheng Securities noted that the overall allocation to the agriculture, forestry, animal husbandry, and fishery sectors is currently low, below standard allocation ratios [2]. - For the breeding sector, there is optimism regarding low-cost leading companies as the industry shifts towards high-quality development [2]. - In the breeding support sector (feed, veterinary), there are opportunities for reshaping the market landscape among leading companies post-scale expansion [2]. - The planting sector is expected to maintain stable profitability, while the seed sector, despite lower attention, is entering a critical investment period in Q4, indicating potential for growth [2].

Group 1: Market Performance - The three major indices opened higher on November 6, with the Shanghai Composite Index up 0.10%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 0.60% [1] - The Tianhong Food and Beverage ETF (159736) rose by 0.28%, with a premium trading rate of 0.06% [1] - As of November 5, the Tianhong Food and Beverage ETF had a latest circulating scale of 5.622 billion yuan, ranking first among food and beverage ETFs in the Shenzhen market [1] Group 2: Fund Flows - The Tianhong Food and Beverage ETF experienced net inflows for 9 out of the last 10 days, accumulating nearly 120 million yuan [1] - The ETF tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, as well as segments like beverages, dairy, and condiments [1] Group 3: Agricultural Sector - The Tianhong Agricultural ETF (subscription code: 512623, listing code: 512620) officially launched on November 3, with fundraising set to end on November 7, 2025 [1] - This ETF tracks the CSI Agricultural Index, which selects 50 stocks covering sectors such as breeding and agricultural chemicals, including leading companies like Muyuan and Haida [1] Group 4: Industry Insights - Guizhou Province's Commerce Department is soliciting opinions on transforming "selling liquor" into "selling lifestyle," encouraging innovation in product offerings and service methods in retail and dining sectors [2] - As of October 30, over 90% of the autumn grain harvest has been completed nationwide, with the Northeast region nearing completion and expected to achieve a good harvest [2] Group 5: White Liquor Market Analysis - Guosen Securities reports that the white liquor market is facing pressure on both volume and price due to tightening regulations on public consumption and business banquets [3] - The report indicates that the worst period for white liquor sales pressure has passed, with expectations for demand recovery in the future [3] - Guosen Securities suggests focusing on stable industry leaders and high-quality stocks with long-term growth potential due to ongoing structural upgrades and channel strategy optimization [3]