The planting chain staged another wave of limit-up moves on Friday (October 9). By the close, Dunhuang Seed, Jinjian Cereals Industry, Wanxiang Doneed and Hainan Rubber had hit the daily limit, Shennong Seed Industry rose more than 10%, while Nongfa Seed Industry, Yasheng Group and others also posted solid gains. The underlying index of Huabao Agriculture, Animal Husbandry and Fisheries ETF (159275) — the CSI All Share Agriculture, Animal Husbandry and Fisheries Index — rose more than 2% at one point intraday before closing up 1.94%. Note: As of October 8, 2026, the weights of Shennong Seed Industry, Dunhuang Seed, Jinjian Cereals Industry, Wanxiang Doneed, Hainan Rubber, Nongfa Seed Industry and Yasheng Group in the CSI All Share Agriculture, Animal Husbandry and Fisheries Index were 1.21%, 0.77%, 1.33%, 0.47%, 2.15%, 0.92% and 1.22%, respectively.

On the news front, a United Nations agency warned on the 8th that El Nino will intensify further in the coming months and peak in December, potentially becoming one of the strongest El Nino events since 1950. It is likely to push temperatures across much of the world above their long-term averages and alter rainfall patterns, raising the risk of both droughts and floods in different regions. Some analysts noted that El Nino shifts the center of warm water and rainfall toward the central and eastern Pacific. Southeast Asia, Australia and West Africa typically face drought risks, while rainfall in parts of South America increases markedly. Combined with global warming, the frequency of extreme weather such as high temperatures, droughts and heavy rainfall rises further, intensifying uncertainty in agricultural production. Tianfeng Securities said that recent shocks from extreme global weather have continued to escalate, and investors should keep a close eye on the potential impact on staple grains such as corn, rice and wheat, as well as cash crops including sugar, rubber and palm, during the growing and harvest seasons in South Asia, Southeast Asia and Europe.

From a valuation perspective, the agriculture, animal husbandry and fisheries sector remains at a relatively low level, which may present a good allocation opportunity. Wind data showed that as of Thursday's close (October 8), the price-to-book ratio of the CSI All Share Agriculture, Animal Husbandry and Fisheries Index, the underlying index of Huabao Agriculture, Animal Husbandry and Fisheries ETF (159275), stood at 2.31 times, in the low 11.81th percentile over the past five years, highlighting its medium- and long-term allocation value. Looking ahead, Orient Securities said that rising commodity prices have already transmitted to agriculture. From a fundamentals standpoint, the upward trend in grain prices has been established, the fundamentals of planting and the seed industry are improving, and investment opportunities in large-scale planting are becoming prominent. With expectations for stronger El Nino intensity, there is room for further price gains in tropical cash crops such as natural rubber, white sugar and palm oil.

To capture the entire agriculture, animal husbandry and fisheries industry chain in one click, focus on Huabao Agriculture, Animal Husbandry and Fisheries ETF (159275). According to CSI Index Company statistics, Huabao Agriculture, Animal Husbandry and Fisheries ETF (159275) passively tracks the CSI All Share Agriculture, Animal Husbandry and Fisheries Index. Its heavyweight stocks include leading companies in the hog breeding industry and also cover major sub-sectors of the agriculture, animal husbandry and fisheries chain such as feed, grain planting and animal health. Off-market investors can also gain exposure to the sector through the Agriculture, Animal Husbandry and Fisheries ETF feeder funds (Class A 013471, Class C 013472). Note: When investors subscribe for or redeem fund shares, the subscription and redemption agency brokers may charge a commission of no more than 0.5%, which includes fees collected by the stock exchange and the registration institution. For fund fee rates, please refer to the fund legal documents. Institutional view sources: Tianfeng Securities agriculture, forestry, animal husbandry and fisheries industry weekly report dated September 6, "2026 Week 36 Weekly: Focus on the 'New Cycle' of Agriculture"; Orient Securities agriculture, forestry, animal husbandry and fisheries industry weekly report dated August 23, "Supply Disruption Expectations Strengthen, Agricultural Products Rise Overall." Risk disclosure: Huabao Agriculture, Animal Husbandry and Fisheries ETF passively tracks the CSI All Share Agriculture, Animal Husbandry and Fisheries Index, whose base date is December 31, 2004, and which was launched on December 12, 2016. The constituent stocks of the index are adjusted in a timely manner according to the index compilation rules, and its back-tested historical performance does not predict the future performance of the index. The individual stocks mentioned in this article are only objectively listed as index constituents and do not constitute any recommendation of individual stocks, nor do they represent the fund manager or the fund's investment direction. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories and any form of expression) is for reference only, and investors must be responsible for their own investment decisions. In addition, any views, analyses and forecasts in this article do not constitute any form of investment advice to readers, and the company assumes no responsibility for direct or indirect losses caused by the use of the content of this article. Investors should carefully read the fund legal documents such as the Fund Contract, the Prospectus and the Fund Product Information Summary to understand the risk-return characteristics of the fund and choose products suitable for their own risk tolerance. Past performance of a fund does not predict 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 risk level of Huabao Agriculture, Animal Husbandry and Fisheries ETF is R3-medium risk, suitable for balanced (C3) and above investors, and the suitability matching opinion shall be subject to the sales institution. Sales institutions (including the fund manager's direct sales institution and other sales institutions) conduct risk evaluations of the above funds in accordance with relevant 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 made by the fund manager. The risk-return characteristics of the fund in the fund contract differ from the fund risk rating due to different factors considered. Investors should understand the fund's risk-return situation and prudently choose fund products based on their own investment objectives, horizon, investment experience and risk tolerance, and bear the risks themselves. The registration of the above funds by the China Securities Regulatory Commission does not indicate that it has made a substantive judgment or guarantee on the investment value, market prospects and returns of the funds. Fund investment must be cautious.