--- title: "The agricultural ETF Tianhong (512620) underlying index rose over 2%, with valuations below 70% of the time in the past decade" type: "News" locale: "en" url: "https://longbridge.com/en/news/281824017.md" description: "The Tianhong CSI Agriculture Thematic ETF (512620) saw its underlying index rise by 2.02%, with a transaction volume of 1.9009 million yuan and a turnover rate of 0.18%. Over the last 30 trading days, the ETF has experienced a net inflow of 503 million yuan, with a total scale of 1.072 billion yuan, closely tracking the CSI Agriculture Index, which has increased by 19.51% over the past year. The current valuation is at the 25.15% percentile over the past decade, lower than 74.85% of the time, indicating a certain cost-performance ratio. International crude oil is fluctuating at high levels, fertilizer costs are rising, and imported inflationary pressures are emerging" datetime: "2026-04-07T03:23:19.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281824017.md) - [en](https://longbridge.com/en/news/281824017.md) - [zh-HK](https://longbridge.com/zh-HK/news/281824017.md) --- # The agricultural ETF Tianhong (512620) underlying index rose over 2%, with valuations below 70% of the time in the past decade On the market, both exchanges opened high and rose, with the agricultural sector increasing. In terms of related ETFs, the Agricultural ETF Tianhong (512620) saw its underlying index rise by 2.02% during the session, with a transaction volume of 1.9009 million yuan; the turnover rate reached 0.18%. Among the constituent stocks, Zhongmu Co., Ltd. hit the daily limit, while COFCO Technology, Juxing Agriculture and Animal Husbandry, Yangnong Chemical, Sukang Agricultural Development, and Stanley rose over 5%, with Tiankang Biological, Guangxin Co., Ltd., and Lihua Co., Ltd. also following suit. The Agricultural ETF Tianhong (512620) has accumulated a net inflow of 503 million yuan over the last 30 trading days. As of April 3, 2026, the latest scale of this fund is 1.072 billion yuan, ranking first among the same underlying assets in the Shanghai market. The Agricultural ETF Tianhong (512620) closely tracks the CSI Agricultural Index, which has increased by 19.51% over the past year. Its industry allocation mainly includes animal husbandry (39.77%), agricultural chemical products (22.31%), and feed (10.96%). The top five constituent stocks are Wens Foodstuff Group, Muyuan Foods, Yanhai Co., Ltd., Haida Group, and Zangge Mining. This ETF is also equipped with two off-market connection funds (Class A: 010769; Class C: 010770). Data from the past decade shows that the PE-TTM of the CSI Agricultural Index is 22.88 times, with the current valuation at the 25.15% percentile over the past decade, which is lower than 74.85% of the time in the past decade, indicating a certain valuation cost-effectiveness. In terms of news, according to Dongzheng Futures, the conflict between the U.S. and Iran continues to escalate, with Iran rejecting the U.S. proposal for a 45-day ceasefire. The shipping risks in the Strait of Hormuz are high, and international crude oil prices remain volatile at high levels. ① The energy crisis is transmitted to agricultural products through the fertilizer channel, with global fertilizers, especially nitrogen fertilizers, highly dependent on natural gas as a raw material. The international urea price has risen by more than 60% at one point, while fertilizer costs account for 18% to 26% of the total planting costs for corn and soybeans, directly raising the planting costs of crops. ② According to Dongfang Securities, energy transportation price indices such as BDI and BCTI have seen high year-on-year increases, with March shipping costs for Brazilian soybeans rising by about 33% year-on-year, exacerbating input inflation due to soaring shipping costs. ③ According to China National Radio, the commodity price index in China rose by 4% month-on-month in March, with the domestic agricultural product price index rising by 2.8% month-on-month, indicating that input inflation pressure has already manifested in the domestic market. In terms of news, according to reports from Tianfeng Securities and several institutions, the Central No. 1 Document clearly promotes the industrialization of biological breeding and deeply implements the seed industry revitalization action; ① Affected by the escalation of the U.S.-Iran geopolitical conflict, international crude oil prices have surged significantly, with the Food and Agriculture Organization reporting a month-on-month increase in the food price index in March, with significant rises in vegetable oil and sugar prices; ② Type 1 foot-and-mouth disease has entered Xinjiang and Gansu in China, putting local animal husbandry under epidemic prevention pressure; ③ Securities Times reports that domestic soybeans are experiencing a "structural shortage of high-protein soybeans," pushing up spot prices. Dongzheng Futures believes that the escalation of geopolitical conflicts will drive structural differentiation in agricultural products, with the oilseed sector benefiting from strong energy attributes, while sugar is supported by sentiment; cotton faces short-term adjustments, and caution is advised for hogs due to inventory pressure, with vigilance needed against liquidity shocks caused by soaring oil prices Daily Economic News ### Related Stocks - [512620.CN](https://longbridge.com/en/quote/512620.CN.md) - [000949.CN](https://longbridge.com/en/quote/000949.CN.md) ## Related News & Research - [VECTORAGR Advances Precision Agriculture in the U.S. with Next-Generation Agricultural Drone Technology](https://longbridge.com/en/news/286739314.md) - [Congyu Intelligent Agricultural Sets June SGM to Approve Major Share Placing](https://longbridge.com/en/news/286582458.md) - [Australia secures more jet fuel from China, urea from Brunei](https://longbridge.com/en/news/286838771.md) - [India, Việt Nam eye stronger agricultural-food ties](https://longbridge.com/en/news/287045874.md) - [ZAWYA: Silal Group’s Innovation Oasis celebrates the first graduates of the “Future Innovators Program”](https://longbridge.com/en/news/286759485.md)