The planting chain once again saw a wave of limit-up stocks today (October 9). As of the close, Dunhuang Seed, Jinjian Cereals, Wanxiang Doneed, and Hainan Rubber hit the daily limit, Shennong Seed surged over 10%, while Nongfa Seed and Yasheng Group also posted strong gains. The benchmark index of the Agri-Livestock-Fishery ETF (159275), the CSI All-Share Agriculture, Animal Husbandry and Fishery Index, rose more than 2% at one point during intraday trading before closing up 1.94%. Note: As of October 8, 2026, the weights of Shennong Seed, Dunhuang Seed, Jinjian Cereals, Wanxiang Doneed, Hainan Rubber, Nongfa Seed, and Yasheng Group in the CSI All-Share Agriculture, Animal Husbandry and Fishery 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 the El Nino phenomenon will further intensify 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 above normal averages across most of the globe and alter rainfall patterns, increasing the risk of droughts and floods in different regions. Some analysts noted that El Nino pushes warm water and precipitation centers toward the central and eastern Pacific. Southeast Asia, Australia, and West Africa typically face drought risks, while parts of South America see significantly increased rainfall. Combined with the backdrop of global warming, the frequency of extreme weather events such as high temperatures, droughts, and heavy precipitation is rising further, exacerbating uncertainty in agricultural production.

Tianfeng Securities stated that recent global extreme weather shocks have continued to escalate, and future attention should remain focused on the potential impact on staple crops such as corn, rice, and wheat, as well as economic crops like sugar, rubber, and palm in South Asia, Southeast Asia, and Europe during their growing and harvest seasons.

*From a valuation perspective, the current valuation level of the agriculture, animal husbandry, and fishery sector remains at a relatively low position, and now may be a good time to allocate to the sector. Wind data shows that as of yesterday's close (October 8), the price-to-book ratio of the CSI All-Share Agriculture, Animal Husbandry and Fishery Index, the benchmark index of the Agri-Livestock-Fishery ETF (159275), was 2.31 times, sitting at the low 11.81% percentile over the past five years, highlighting its medium- to long-term allocation value.

Looking ahead, Orient Securities stated that commodity price increases have already transmitted to agriculture. From a fundamentals perspective by variety, the current uptrend in grain prices has been established, the fundamentals of planting and seed industries are improving, and investment opportunities in large-scale planting are becoming prominent. With expectations of increased El Nino intensity, the upside potential for prices of tropical economic crops such as natural rubber, sugar, and palm oil is expected to open up.

*For one-click access to the entire agriculture, animal husbandry, and fishery industry chain, focus on the Agri-Livestock-Fishery ETF (159275). According to data from China Securities Index Co., the Agri-Livestock-Fishery ETF (159275) passively tracks the CSI All-Share Agriculture, Animal Husbandry and Fishery Index. Its heavyweight stocks include leading companies in the hog farming industry and also cover major sub-sectors of the agriculture, animal husbandry, and fishery industry chain, including feed, grain planting, and animal health. Off-exchange investors can also gain exposure to the agriculture, animal husbandry, and fishery sector through the Agri-Livestock-Fishery ETF feeder funds (Class A 013471, Class C 013472).

Note: When investors subscribe to or redeem fund shares, the subscription and redemption agent broker may charge a commission of no more than 0.5%, which includes fees charged by the stock exchange, registration institution, and others. For fund fee rates, please refer to the fund's legal documents. Institutional view sources: Tianfeng Securities' September 6 agriculture, forestry, animal husbandry and fishery industry weekly report "2026 Week 36 Weekly: Pay Attention to the 'New Cycle' of Agriculture"; Orient Securities' August 23 agriculture, forestry, animal husbandry and fishery industry weekly report "Supply Disruption Expectations Strengthen, Agricultural Products Rise Overall."

Risk disclosure: The Agri-Livestock-Fishery ETF passively tracks the CSI All-Share Agriculture, Animal Husbandry and Fishery Index. The index base date is December 31, 2004, and it 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 individual stock recommendation, 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 independent investment decisions. In addition, any views, analyses, and forecasts in this article do not constitute investment advice of any kind to readers, and the company assumes no responsibility for any direct or indirect losses caused by the use of the content of this article. Investors should carefully read the fund's legal documents such as the "Fund Contract," "Prospectus," and "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 the Agri-Livestock-Fishery ETF is R3-medium risk, suitable for balanced (C3) and above investors. The appropriateness matching opinion should be based on the sales institution. Sales institutions (including the fund manager's direct sales institution and other sales institutions) conduct risk assessments of the above funds in accordance with relevant laws and regulations. Investors should promptly pay attention to the appropriateness opinions issued by the fund manager. The appropriateness opinions of various sales institutions are not necessarily consistent, and the risk level evaluation results of fund products issued by fund sales institutions shall not be lower than the risk level evaluation results made by the fund manager. There are differences between the fund's risk-return characteristics in the fund contract and the fund's risk level due to different factors considered. Investors should understand the fund's risk-return situation, carefully select fund products in light of their own investment objectives, duration, 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 requires caution.