基金研究 | 专题报告 迎接拐点，续配农业 2026 年 03 月主动权益基金配置月观点 研究结论 结合主动权益基金 2025 年四季报中基金经理的关于农业板块的市场分析，基金经理 对 2026 年农业板块展望积极，认为存在结构性机会和反转可能，强调低基数下的涨 价基础与产能去化后的反转潜力。基金经理分析农业板块已连续表现不佳，估值、 机构持仓、市场情绪均处历史底部，在内需企稳背景下，有望成为重要投资方向。 从市场基金的农业板块配置动向来看，基金经理在配置思路上主动进行板块内结构 性调整和养殖板块左侧布局，在养殖业低谷期适度增配头部企业，同时配置向各细 分领域的优秀公司集中。农业主题基金向养殖集中：农业主题基金继续专注于养殖 产业链（生猪、肉牛等），根据周期位置调整持仓结构。 ⚫ 重点关注：银华农业产业 A 。 1. 核心关注理由：（1）养殖板块配置鲜明：该基金当前主要配置在养殖板块中，持 仓以生猪与家禽养殖公司为主，在养殖板块上涨时弹性较大。（2）锐度较高的工具 化属性产品：相比同类产品，基金持股数量少、集中度高、换手率低。相比被动 ETF 产品，养殖板块配置集中，是业绩锐度较高的工具化属性产品。 2. 基 ...

Market Review - The equity market indices experienced significant gains last week, with the Sci-Tech 50 index leading at an increase of 4.63% [5][6] - The bond market saw both short and long-term interest rates rise, with the 10-year government bond yield increasing by 6.72 basis points to 1.732% [8][10] - The majority of the 31 sectors in the Shenwan index reported gains, particularly in the cyclical sectors such as construction materials (up 8.20%) and coal (up 7.98%) [5][6] Equity Product Allocation Strategy - Event-driven strategies include focusing on funds related to the "Promoting Agricultural Product Consumption Implementation Plan" and the "2025 World Artificial Intelligence Conference" [12][13] - The asset allocation strategy suggests a balanced core with a barbell approach, emphasizing dividend and technology sectors [16][17] - Recommended funds include those with a focus on dividend value, balanced styles, and technology growth [16][17] Stable Product Allocation Strategy - The central bank's net injection of 129.5 billion yuan indicates a shift from a tight to a loose monetary stance [18] - The July LPR remained unchanged at 3.0% for the one-year rate and 3.5% for the five-year rate, aligning with market expectations [18][19] - Focus on short-term bond funds while being cautious of high valuations in convertible bonds [19][23] Key Focus Products - Recommended funds include Nord Short Bond A and Huazheng Pure Bond A, with specific attention to their bond and stock allocations [24]