--- title: "Pig prices have bottomed out and rebounded significantly! The agricultural ETF Tianhong (512620) has seen a net inflow of over 400 million yuan in the past 30 days, with valuations lower than 74% of the time in the past decade" type: "News" locale: "en" url: "https://longbridge.com/en/news/283301069.md" description: "The Tianhong CSI Agriculture Thematic ETF (512620) has seen a net inflow of over 400 million yuan in the past 30 days, with its current valuation being 74% lower than the past decade. Despite the overall decline in the agricultural sector, pig prices have rebounded from the bottom, with the average price of external three-bred pigs increasing by 13.6% week-on-week. The Ministry of Agriculture and Rural Affairs is promoting a reasonable recovery in pig prices, and Sichuan Province is implementing incentive policies for pig farming entities. CITIC Securities believes that the agricultural theme is evolving towards a strategic track that combines safety and growth potential" datetime: "2026-04-20T05:58:14.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283301069.md) - [en](https://longbridge.com/en/news/283301069.md) - [zh-HK](https://longbridge.com/zh-HK/news/283301069.md) --- # Pig prices have bottomed out and rebounded significantly! The agricultural ETF Tianhong (512620) has seen a net inflow of over 400 million yuan in the past 30 days, with valuations lower than 74% of the time in the past decade On the market, both stock exchanges are fluctuating upwards, while the agricultural sector is declining. In terms of related ETFs, the Tianhong Agricultural ETF (512620) saw its underlying index drop 0.26% during the session, with a transaction volume of 9.4466 million yuan; the turnover rate reached 0.81%. Among the constituent stocks, Andisoo fell over 5%, with several stocks including Xinyangfeng, Yara International, and Guangxin Co., Ltd. also declining. The Tianhong Agricultural ETF (512620) has accumulated a net inflow of 430 million yuan over the last 30 trading days. As of April 17, the latest scale of this fund is 1.167 billion yuan, making it the largest in its category on the Shanghai Stock Exchange. The Tianhong Agricultural ETF (512620) tracks the CSI Agricultural Index, selecting 50 underlying stocks, covering areas such as breeding (41.9%) and agricultural chemicals (17.7%), gathering leading companies like Muyuan and Haida to diversify cyclical risks. The current price-to-earnings ratio (TTM) of the index, excluding negative values, is below the 10% percentile of the past decade, combined with the rebound in pork prices and institutional capital inflow, is expected to welcome valuation recovery and performance growth. The off-exchange connected funds for this ETF are (Class A 010769, Class C 010770). Data from the past decade shows that the PE-TTM of the CSI Agricultural Index is 22.90 times, with the current valuation at the 25.28% percentile of the past decade, lower than the 74.72% time frame of the past decade. In terms of news, ① According to data from the National Bureau of Statistics, the number of breeding sows nationwide decreased by 1.4% quarter-on-quarter at the end of the first quarter, a year-on-year decrease of 1.35 million heads, indicating the start of capacity reduction; ② According to Yongyi Consulting's monitoring, on April 19, the national average price of external three-way pigs rose significantly by 13.6% week-on-week, with pork prices rebounding from the bottom; ③ The Ministry of Agriculture and Rural Affairs recently held a symposium on the pig industry, clearly proposing to take strong measures to promote a reasonable rebound in pork prices and accelerate the elimination of low-yield capacity. In addition, Sichuan Province has introduced new policies to incentivize pig farming entities, with subsidies up to 8 million yuan. Due to geopolitical factors, international fertilizer and shipping costs have risen, coupled with price increases in raw materials such as corn and fishmeal, leading feed companies to generally raise product prices. Customs data also shows that from January to February, China's pet food export volume increased by 38.57% year-on-year. CITIC Construction Investment points out that the agricultural theme is evolving from a defensive sector to a strategic track that combines safety and growth potential. Its investment value stems from policy support, trends in agricultural product prices, and the impact of extreme weather on the supply side, with future performance depending on the improvement of industry chain profitability and the sustainable elevation of valuation centers. 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