- The report focuses on the investment value of the CSI All Index Agriculture, Forestry, Animal Husbandry, and Fishery Index (930910.CSI), which is a secondary industry index under the CSI All Index series, reflecting the overall performance of the agriculture sector in the A-share market[39][40][42] - The index adopts a fully replicated method to construct the investment portfolio, aiming to minimize tracking deviation and annualized tracking error, with a target of absolute daily tracking deviation not exceeding 0.2% and annualized tracking error not exceeding 2%[9][89] - The index's sample adjustment rules include semi-annual adjustments implemented on the next trading day after the second Friday of June and December each year, and temporary adjustments in special circumstances such as delisting or corporate restructuring[41][45] - The weighting and weight rules use adjusted market capitalization weighting, with a single stock weight cap of 15%, and the top two weighted stocks are highly concentrated[46][47] - The index's industry distribution is characterized by "core focus and diversified collaboration," with a significant tilt towards two popular sub-sectors: pig farming (47.41%) and seed planting (15.52%), reflecting the core value and investment potential of these sectors[51][52] - The index demonstrates strong cyclical attributes, with a long-term annualized return exceeding 12% over the past 20 years, significantly outperforming broader indices like the Shanghai Composite Index and CSI 300[67][68] - The agriculture sector's valuation is currently in a low-to-neutral range, with a PE-TTM of 24.56x as of March 2026, corresponding to a historical percentile of 27.06%, providing a certain safety margin[76][85]

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].