Agriculture ETF Tianhong (512620) has accumulated a net capital inflow of over 500 million yuan in the past 30 trading days, with current valuation below 74% of the past ten years.

On the trading board, both markets opened higher and then kept climbing, with the agriculture sector rising. Regarding related ETFs, the Agriculture ETF Tianhong (512620) tracking index rose 0.94% intraday, with trading volume of 3.4511 million yuan; the turnover rate was 0.31%. Among the constituent stocks, multiple shares including Cangge Mining, Yaka Lixin, Muyuan Co., and others all moved up in tandem.

The Agriculture ETF Tianhong (512620) has recorded cumulative net capital inflows of 505 million yuan over the most recent 30 trading days. As of 2026-04-07, the fund’s latest size was 1.09B yuan, ranking first among SSE-listed funds with the same underlying exposure.

The Agriculture ETF Tianhong (512620) closely tracks the CSI Agricultural Index. Over the past year, the index has risen 24.98%. Its industry allocation mainly includes animal husbandry (39.77%), agricultural chemical products (22.31%), and feed (10.96%), among others. The top five constituent stocks are Wen’s Co., Muyuan Co., Yanh Lake shares, Haid Group, and Cangge Mining. This ETF also allocates to two off-exchange linked funds (Class A: 010769; Class C: 010770).

Data over the past decade shows that the CSI Agriculture Index PE-TTM is 23.25 times. Its current valuation is at the 25.59th percentile over the past decade, lower than the 74.41% of the time over the past decade. Judging from valuation levels, the index already offers certain value-for-money advantages.

On the news front, according to the Ministry of Commerce website, the Ministry of Commerce, the National Development and Reform Commission, and the Ministry of Finance recently carried out the procurement and storage work for central government reserved frozen pork, releasing a clear policy-supporting signal; at the same time, the Ministry of Agriculture and Rural Affairs implements production filing and management for leading enterprises, and orderly adjusts the national inventory of breeding sows, with the capacity-control mechanism continuing to intensify. According to the Ministry of Agriculture and Rural Affairs, the 2026 policy list benefiting agriculture and farmers covers 16 subsidies including arable land protection and grain-planting rewards and the purchase of agricultural machinery. Regions such as Heilongjiang and Fujian have successively issued implementation opinions to advance comprehensive rural revitalization, with policy dividends being implemented in a concentrated manner. In addition, South Africa’s foot-and-mouth disease type O was introduced from overseas into Xinjiang, Gansu, and other places, drawing close market attention to potential changes in the animal husbandry industry landscape.

Open Source Securities believes that the current supply-loosening pattern in the hog breeding industry is difficult to change, and that the deepening losses on piglets are accelerating the release of pessimistic expectations. As the magnitude and duration of breeding losses expand, the industry’s capacity de-stocking process may accelerate; investors should closely monitor clear capacity-clearing signals such as the inventory of breeding sows.

Economic Daily News

(Editor: Zhang Xiaobo)

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