Agricultural, livestock, and fishery shares are pressing forward with renewed vigor today (September 4), as the crop cultivation chain reignites and the animal husbandry segment also turns in a robust display. At the time of writing, Yasheng Group, Dunhuang Seed Industry, Bangji Technology, Tech-bank Food, and Zhongshui Fishery have all hit their daily upside limits, while Shennong Group and Denghai Seeds are also among the notable gainers.
The benchmark CSI All-Share Agriculture, Livestock and Fishery Index, tracked by the Nong Mu Yu ETF Huabao (159275), rose 2.75% on the session. As of September 3, 2026, the index weightings for these constituents stood at 1.12% for Yasheng Group, 0.68% for Dunhuang Seed Industry, 0.28% for Bangji Technology, 1% for Tech-bank Food, 0.34% for Zhongshui Fishery, 0.45% for Shennong Group, and 0.74% for Denghai Seeds.
Huayuan Securities points out that commodities such as palm oil, white sugar, cotton, and rubber could face notably sharper production-decline risks during El Ni帽o years. The trend of rising crude oil prices is supporting a lift in the valuation floor for agricultural products through the dual channels of "cost-push" and "demand resonance." The firm advises keeping a close watch on white sugar, rubber, soybean meal and related targets that stand to benefit from demand strength tied to higher oil prices.
From a valuation perspective, the agricultural, livestock, and fishery sector remains at a relatively low level, suggesting that the current juncture may present a favorable window for positioning in the space. Wind data shows that as of yesterday's (September 3) close, the price-to-book ratio of the CSI All-Share Agriculture, Livestock and Fishery Index stood at 2.37 times, placing it at just the 15.75th percentile over the past five years—a low point that underscores the compelling medium-to-long-term cost-performance of the sector.
Orient Securities observes that the surge in bulk commodity prices has already transmitted into the agricultural sector. Based on the fundamentals of various crop varieties, the upward trend in grain prices is now well-established, and the outlook for crop cultivation and seed industries is turning positive. As a result, major investment opportunities in large-scale farming are coming to the fore. With heightened expectations for El Ni帽o intensity, there is room for price gains in tropical cash crops such as natural rubber, white sugar and palm oil to expand.
Guosen Securities notes that piglet and sow prices have recently touched historic lows. Historically, when piglet prices converge with hog prices, it signals that cyclical sentiment has bottomed out—a forward-looking indicator of a reversal. This suggests that the culling of breeding sows is likely to accelerate further. Given that current hog and piglet prices remain at the cyclical bottom, high-cost production capacity will continue to face cash-flow pressure. The firm expects breeding capacity to shed at a faster clip over the coming months, potentially paving the way for a cyclical turnaround in hog prices by 2027.
Investors seeking one-stop exposure to the entire agriculture, livestock, and fishery value chain should focus on the Nong Mu Yu ETF Huabao (159275). According to China Securities Index Company statistics, the ETF passively tracks the CSI All-Share Agriculture, Livestock and Fishery Index, whose heavyweight constituents include leading hog-farming stocks while also covering major sub-sectors of the agricultural chain such as feed, grain planting, and animal health products. Off-market investors can also tap into the sector through the Nong Mu Yu ETF feeder funds (Class A 013471, Class C 013472).
Note: When subscribing or redeeming fund units, the subscription and redemption agency may charge commissions at a rate of no more than 0.5%, which includes fees levied by stock exchanges and registration institutions. For full fee details, please refer to the fund's legal documents.
Risk disclosure: The Nong Mu Yu ETF Huabao passively tracks the CSI All-Share Agriculture, Livestock and Fishery Index, which has a base date of December 31, 2004, and was published on December 12, 2016. The index's constituent stocks are adjusted in accordance with its compilation rules from time to time, and its back-tested historical performance does not indicate future performance of the index. The stocks mentioned in this article are merely an objective display of index constituents and do not constitute any stock recommendation, nor do they represent the fund manager's or the fund's investment direction. Any information appearing in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is provided for reference only. Investors must bear full responsibility for their own independent investment decisions. In addition, any views, analyses, or forecasts in this article do not constitute investment advice to readers of any form. The company assumes no responsibility for any direct or indirect losses arising from the use of the content herein. Investors should carefully read the Fund Contract, Prospectus, Fund Product Information Summary, and other fund legal documents to understand the risk-return characteristics of the fund and choose products that match their own risk tolerance. Past performance of a fund does not indicate its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. According to the fund manager's assessment, the Nong Mu Yu ETF Huabao carries a risk rating of R3-Medium Risk, suitable for investors with a balanced (C3) profile or above. Please refer to the sales institution for the suitability matching opinion. Sales institutions (including the fund manager's direct sales channels and other sales channels) evaluate the above funds in accordance with applicable laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the fund manager. The suitability opinions of various sales institutions are not necessarily consistent, and the fund product risk rating results issued by fund sales institutions shall not be lower than the risk rating results issued by the fund manager. Differences exist between the risk-return characteristics described in the fund contract and the fund risk rating due to differing considerations. Investors should understand the risk-return profile of the fund, carefully select fund products in light of their own investment objectives, horizon, experience, and risk tolerance, and bear the risks themselves. The registration of the above funds with the China Securities Regulatory Commission does not indicate that it has made any substantive judgment or guarantee regarding the investment value, market prospects, or returns of the funds. Fund investment requires caution. MACD golden cross signals have formed—these stocks are showing strong upward momentum!
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