The rise in agricultural product prices combined with the accelerated reduction of hog production capacity caused the Agriculture, Animal Husbandry, and Fishery ETF (Invesco (560210)) to increase by over 1% intraday.

As of March 25, 2026 10:17, the CSI All-Share Agriculture and Livestock and Fisheries Index (930910) rose strongly by 1.32%. Among the constituent stocks, Guannong Co., Ltd. rose 6.17%, Huazhi Industrial rose 5.42%, Nongfa Seed Industry rose 3.98%, and Yasheng Group and Sai Sai Co., Ltd. also followed with gains. The Agriculture and Livestock and Fisheries ETF Invesco (560210) rose 1.44%.

A research report viewpoint from Guotou Securities notes that recently, the linkage between agricultural product prices and crude oil prices has strengthened. Geopolitical conflicts pushing up oil prices will indirectly raise agricultural production input costs such as fertilizers and pesticides, while also increasing substitution profits of fuel ethanol and biodiesel. This will, in turn, boost industrial demand for agricultural products such as corn, soybeans, and palm oil. Over the past two weeks, spot prices for corn, wheat, and soybeans have all shown an upward trend, and the logic behind rising agricultural product prices continues to be reinforced.

In terms of animal husbandry, the intensity of hog capacity regulation has been significantly strengthened. Relevant departments including the National Development and Reform Commission have clearly required that the number of breeding sow stock be reduced to 36.50 million head, with a reduction of 11%. Combined with ongoing losses in hog breeding, the industry is accelerating its entry into a market-oriented phase of eliminating excess capacity. Under the guidance of the “anti-involution” policy, the de-capacity of production is expected to improve the supply-demand structure in the hog breeding industry, laying a foundation for subsequent price rebounds and valuation repair.

The Agriculture and Livestock and Fisheries ETF Invesco (560210) closely tracks the CSI All-Share Agriculture and Livestock and Fisheries Index (930910), comprehensively covering the core targets in agriculture, livestock, and fisheries, providing investors with a convenient tool to build exposure to the agriculture, livestock, and fisheries sector. The top ten weight holdings are Muyuan Co., Ltd., Wen’s Co., Ltd., Haid Group, Zhengbang Technology, Meihua Biotech, New Hope, Bio Shares, Beidahuang, Hainan Rubber, and San Farm Development. The combined share of the top ten weight holdings is 57.46%.

Wind data shows that, according to the Shenwan secondary industry classification, the top five weight industries in the CSI All-Share Agriculture and Livestock and Fisheries Index are livestock breeding (47.41%), planting (15.52%), feed (14.86%), chemical products (8.02%), and animal healthcare (7.03%). (Data source: Wind, as of 2026/3/24)

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