The agriculture, animal husbandry, and fisheries sector rose against the broader market on Friday, November 6.

By the close, Xinjiang Xinsai Co., Ltd. and Wanxiang Denong Co., Ltd. both hit the daily limit up, Jinjian Cereals Industry Co., Ltd. gained more than 6%, and Bangji Technology Co., Ltd., Shennong Seed Industry Co., Ltd., and Tianbang Food Co., Ltd. also ranked among the top gainers.

The underlying index of Huabao Agriculture, Animal Husbandry, and Fisheries ETF (159275), the CSI All Share Agriculture, Animal Husbandry, and Fisheries Index, closed up 0.62%.

Note: As of November 5, 2026, within the CSI All Share Agriculture, Animal Husbandry, and Fisheries Index, the weights of Xinjiang Xinsai Co., Ltd., Wanxiang Denong Co., Ltd., Jinjian Cereals Industry Co., Ltd., Bangji Technology Co., Ltd., Shennong Seed Industry Co., Ltd., and Tianbang Food Co., Ltd. were 0.34%, 0.35%, 1.02%, 0.31%, 1.02%, and 0.83%, respectively.

On the news front, pressure from hog supply-side slaughter volumes and continuously rising weights means overall pressure remains.

On November 2, Yongyi hog prices stood at 9.07 yuan/kg, the average slaughter weight rose to 129.87 kg, and the price of 7 kg piglets fell below 100 yuan to 95 yuan per head, hitting a new low in recent years.

Some analysis noted that looking ahead, slaughter pressure on the supply side will intensify, and the full-year supply rhythm will show a volatile pattern of "weak recovery, then strong contraction," though the market still needs to guard against supply pressure arising from herd behavior.

Huayuan Securities said high-quality development of the hog farming industry is imperative.

The industry shows significant variance in operations, and companies with leading costs and farmer-linking models may enjoy excess profits and valuation premiums.

It suggested paying attention to platform-and-ecosystem model representatives, technology-driven service-oriented ecosystem platform companies, and some high-quality leading hog farming enterprises.

From a valuation perspective, the current valuation level of the agriculture, animal husbandry, and fisheries sector remains relatively low.

Wind data showed that as of the close on Thursday, November 5, the price-to-book ratio of the underlying index of Huabao Agriculture, Animal Husbandry, and Fisheries ETF (159275), the CSI All Share Agriculture, Animal Husbandry, and Fisheries Index, was 2.39 times, located at a low 20.87% percentile over the past five years.

Looking ahead, Wanlian Securities said that from Q1 to Q3 2026, China's hog supply began to slow, with the year-on-year change in inventory turning negative.

Continued losses in farming and policy-driven capacity cuts formed a combined force to push forward capacity adjustment.

A hog price turning point may appear in Q4 2026, and it suggested focusing on: (1) leading hog farming companies with significant cost and cash flow advantages that can maintain stable slaughter volumes during deep losses; and (2) high-elasticity targets with large capacity flexibility that may benefit from a hog price reversal.

Guojin Securities pointed out that in the short term, sluggish hog prices combined with policy drivers are expected to further accelerate industry capacity reduction.

In the medium to long term, the hog farming industry still has relatively excellent central profits, and after African swine fever, during the industry's rapid expansion, many enterprises still expanded capacity with low quality.

Industry cost variance remains huge, and leading companies have ample excess profit to release, so it suggested focusing on low-cost high-quality enterprises.

To gain one-click exposure to the entire agriculture, animal husbandry, and fisheries industry chain, focus on Huabao Agriculture, Animal Husbandry, and Fisheries ETF (159275).

According to statistics from China Securities Index Co., Huabao Agriculture, Animal Husbandry, and Fisheries ETF (159275) passively tracks the CSI All Share Agriculture, Animal Husbandry, and Fisheries Index.

Its weighted stocks include leading companies in the hog farming industry, and it also covers major sub-sectors in the agriculture, animal husbandry, and fisheries industry chain such as feed, grain planting, and animal health.

Off-market investors can also gain exposure to the agriculture, animal husbandry, and fisheries sector through the Huabao Agriculture, Animal Husbandry, and Fisheries ETF feeder funds (Class A 013471, Class C 013472).

Note: When investors subscribe for or redeem fund shares, subscription and redemption agency brokers may charge a commission of no more than 0.5%, which includes related fees charged by stock exchanges, registrars, and other institutions.

Fund fee rates are detailed in the fund legal documents.

Data source: Shanghai and Shenzhen stock exchanges, etc., as of November 6, 2026.

Institutional views source: Huayuan Securities' November 5, 2026 agriculture, forestry, animal husbandry, and fisheries industry weekly report "Supply-Side Volume and Weight Both Rise, Piglet Prices Have Fallen Below 100 Yuan"; Wanlian Securities' November 3, 2026 report "Hog Prices Have Fallen Back, Self-Breeding and Self-Raising Losses Have Widened"; Guojin Securities' November 1, 2026 report "Agriculture Q3 2026 Summary: Hog Farming Turning Point Approaching, Pay Attention to Cycle Reversal Opportunities."

Risk disclosure: Huabao Agriculture, Animal Husbandry, and Fisheries ETF passively tracks the CSI All Share Agriculture, Animal Husbandry, and Fisheries Index.

The index base date is December 31, 2004, and it was launched on December 12, 2016.

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Fund investment must be cautious.

A MACD golden cross signal has formed, and these stocks are performing well.