Since 2025, driven by factors such as loose overseas liquidity and domestic "anti-involution" policies, rising resource prices have become a significant investment theme in capital markets. Wind data shows that as of February 13, the Shenwan Nonferrous Metals Index and the Chemical Industry Index have risen by 106.69% and 47.15% respectively over the past year, fueling expectations for price increases in agricultural products, which are often the final link in the price transmission chain for cyclical resources. A new ETF focused on agricultural products—the Invesco Great Wall Agriculture, Animal Husbandry, and Fishery ETF (Subscription Code: 560213)—is now being issued. This product tracks the CSI All Share Agriculture, Animal Husbandry, and Fishery Index, comprehensively covering core stocks in the sector and providing investors with a convenient tool to gain exposure.

The expectation of rising agricultural product prices is not unfounded and follows cyclical patterns. Research by Zijin Tianfeng Futures indicates that past resource price increases typically follow a sequence starting with precious metals, then moving to industrial metals, energy and chemicals, and finally agricultural products, which often conclude the cycle. The current resource price trend is in a phase where precious metals are leading gains, industrial metals are following, and energy and chemical sectors are gradually recovering from lows. If this upward trend continues, it is expected to eventually transmit to agricultural products.

Agriculture itself exhibits distinct cyclical characteristics, with rebounds occurring approximately every 2-3 years. Taking the CSI All Share Agriculture, Animal Husbandry, and Fishery Index as an example, it significantly outperformed the CSI 300 Index during four periods: February 2016 to August 2016, November 2018 to May 2019, February 2020 to August 2020, and September 2021 to August 2022. With nearly three years having passed since the last peak in April 2023, a new rebound phase may be anticipated. (Note: The index and CSI 300 returns for the mentioned periods were 17.88%/12.96%, 82.72%/15.09%, 63.19%/20.29%, and 20.08%/-15.12%, respectively, according to Wind. Past performance does not indicate future returns. Investing involves risks and requires careful consideration.)

Invesco Great Wall Fund noted that agricultural products are a key focus of the current "anti-involution" policy. As industries such as pork, aquaculture, and grains respond to policy calls by actively reducing production capacity, the supply of agricultural products is expected to optimize, potentially boosting corporate profits. Shenwan Hongyuan Securities also believes that by 2026, major meat proteins may see prices bottom out and begin an upward cycle.

For investors seeking to capture opportunities in agricultural products, the newly issued Invesco Great Wall Agriculture, Animal Husbandry, and Fishery ETF could be a suitable option. This ETF tracks the CSI All Share Agriculture, Animal Husbandry, and Fishery Index, which selects stocks from the agriculture sector within the CSI All Share Index, broadly covering core segments of the agricultural industry chain such as breeding, planting, feed, and animal healthcare. The index's top ten holdings include leaders in areas like hog farming, feed, and seeds, such as Muyuan Foods Co., Ltd., Wens Foodstuff Group Co., Ltd., Haid Group Co., Ltd., Beijing Dabeinong Technology Group Co., Ltd., Yuan Longping High-Tech Agriculture Co., Ltd., and Heilongjiang Agriculture Co., Ltd. These top ten constituents account for 56.99% of the index weight, leveraging a concentration in industry leaders to enhance stability. (Data source: Wind, as of February 13, 2026. Mentioned stocks are for illustrative purposes only and not investment recommendations.)

Benefiting from comprehensive industry chain coverage and a focus on leading companies, the CSI All Share Agriculture, Animal Husbandry, and Fishery Index has demonstrated strong long-term performance. Data indicates the index has achieved an annualized return of 11.65% over the past 20 years, significantly outperforming the CSI 300 Index (8.05%) and also surpassing peer thematic indices like the Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index (9.84%) and the CSI Agriculture Index (8.86%). Furthermore, compared to the CSI 300 Index's maximum drawdown of -72.30% over the past 20 years, the Agriculture, Animal Husbandry, and Fishery Index showed a relatively better drawdown of -69.68%. (Data source: Wind, as of February 13, 2026)

Currently, although the agriculture, animal husbandry, and fishery sector has seen some recovery over the past year following the broader A-share market rebound, overall valuations remain at historically low levels. The latest price-to-earnings ratio for the CSI All Share Agriculture, Animal Husbandry, and Fishery Index is 21.31 times, positioned at the 32.30th percentile over the past decade. Given the sector's significant recovery potential, the current low valuations may present a cost-effective entry point for investors. From an allocation perspective, agriculture is influenced by factors such as natural conditions, policy adjustments, and supply-demand dynamics, resulting in relatively low correlation with major broad-based indices. For instance, the correlation coefficients between the Agriculture, Animal Husbandry, and Fishery Index and the CSI 300 and ChiNext indices over the past decade are 0.59 and 0.56, respectively, significantly lower than the 0.79 correlation between the CSI 300 and ChiNext indices, making it a useful tool for diversification. (Data source: Wind, as of February 13, 2026)

It is worth noting that Invesco Great Wall, as the fund manager, has been deepening its expertise in ETF operations. Pursuing a strategy centered on "specialization" and "internationalization," the company has carved a differentiated path in the competitive ETF landscape. Its ETF product lineup is relatively comprehensive, covering broad-based, cross-border, Smart Beta, and sector/theme categories. For example, in growth sectors, it offers products like the widely followed Invesco Great Wall Nasdaq Technology ETF, Invesco Great Wall ChiNext 50 ETF, and Hong Kong Technology 50 ETF. In recent years, the company has further expanded its cyclical product offerings with launches such as the Oil & Gas ETF, Invesco Great Wall Power ETF, and Invesco Great Wall Nonferrous Metals ETF. The introduction of the Agriculture, Animal Husbandry, and Fishery ETF represents another strategic move based on insights into resource sector cycles and aims to meet the market's increasingly diverse investment needs.