Seven consecutive increases! Huabao Fund Power ETF (159146) reaches new highs again, price increase logic transmission, agriculture and animal husbandry sectors repeatedly strengthen, military industry unexpectedly declines

“The end of computing power is electricity” is still gaining value. Today (March 12), the market experienced a broad pullback, with all three major indices closing lower. Electric power stocks surged in the afternoon, and the all-electric layout of the Electric Power ETF (159146) soared by 2.55% intraday, hitting a new high, with a strong seven consecutive days of gains on the daily chart.

The explosive growth of AI computing power is profoundly reshaping electricity demand structures. “Computing and electricity collaboration” was included in the government work report for the first time, elevating it to a national strategic level. “Emerging demand + energy transformation” has become a new growth logic for the electric power sector.

The price increase chain continues to play out, with chemical stocks remaining active. The Chemical ETF (516020) rose over 1% intraday; rising crude oil prices pushed up agricultural product prices. The market’s only *Agriculture, Animal Husbandry, and Fishery ETF (159275) continued to rise by 1.53%, hitting a new historical high.

Market sentiment weakened, and defensive assets like banks gained strength. The top-tier bank ETF (512800) rose 0.89% intraday, marking three consecutive positive days. Value ETFs (510030), 300 Cash Flow ETF (562080), and others closed higher against the trend. Under risk-averse sentiment, high-dividend logic is expected to continue providing support.

On the downside, popular sectors such as computing chips and AI applications pulled back. Military industry and commercial aerospace stocks declined sharply, with core military assets—Military ETF Huabao (512810)—closing down 1.97%. The military sector experienced concentrated catalysts, with the military ETF trading at a discount and high-frequency premiums underwater, possibly attracting funds on dips.

The strong window from the post-Lunar New Year to the Two Sessions has ended. Regarding future trends, Huatai Securities believes that an upward breakthrough in the market may require validation from economic data and annual or first-quarter reports in mid to late March. Due to external uncertainties, the market may enter a consolidation phase, but some stocks could open upside space after short-term rapid adjustments.

【ETF All-Know Hot Review】Next, let’s focus on the trading and fundamentals of the electric power, agriculture, animal husbandry, fishery, and military sectors.

【AI Empowerment, Electric Power Soars Over 17%! Huabao Fund Electric Power ETF (159146) Seven Days of Gains and New Highs! Is the Right-side Main Uptrend Continuing?】

Wind, photovoltaic, and thermal power stocks all strengthened collectively in the afternoon, causing the electric power sector to break out with a surge of limit-ups! Among them, Datang Power, Green Power, Jinkai New Energy, GCL New Energy, Jiangsu Energy, Construction Investment Energy, and Energy Saving Wind Power led the rally, hitting the daily limit. Guiguan Power, Waneng Power, and Jinneng Power also rose over 5%.

In terms of popular ETFs, the all-electric layout of the Huabao Electric Power ETF (159146) surged by 2.55% in the afternoon, achieving a seven-day winning streak and hitting a new high, with clear signals on the right side. Funds traded at a premium all day, with active buying, and a net subscription of 8.5 million units on the day.

Looking at the longer term, driven by factors such as token going overseas, electricity and computing collaboration, and inflation expectations, the electric power sector has risen over 17% since the Lunar New Year, significantly outperforming the Shanghai-Shenzhen 300 and CSI 500 indices.

Note: Huabao Electric Power ETF passively tracks the CSI All Share Electric Power Utilities Index, which was established on December 31, 2004, and published on July 15, 2013. The annual historical returns from 2021 to 2025 are 42.52%, -16.39%, -0.98%, 11.86%, and -1.28%. The index components are adjusted periodically according to the index rules. Past performance does not predict future results.

Huachuang Securities points out that policy support combined with economic drivers is promoting the coordinated development of “electric power + computing power.” There are three main driving forces: ① High-level policy guidance for “computing and electricity collaboration” with continuous policy issuance; ② Green electricity is expected to ease the constraints of energy consumption dual control policies on data center growth; ③ The low electricity price advantage of green power promotes cost reduction in data centers.

Looking ahead, the era of large-scale “computing and power” integration is coming. Huachuang Securities suggests paying attention to three types of assets: ① Companies expanding from electric power to data centers; ② Integrated energy management service providers with grid background; ③ Power operators expected to benefit from green power direct connection and catalysis.

To comprehensively grasp the opportunities of “electric power + computing power” collaboration, it is recommended to focus on the Huabao Electric Power ETF (159146), which tracks the electric power utilities sector, covering thermal, hydro, wind, nuclear, and photovoltaic power. The sector has high concentration of leading stocks and will continue to benefit from AI computing growth and energy reform policies, offering both dividends and growth potential.

【Policy Boosts Ignite Market, Huabao Fund Agriculture, Animal Husbandry, Fishery ETF (159275) Rises 1.53% to New High! Institutions Support Agriculture and Fishery Sector】

The agriculture, animal husbandry, and fishery sector continued to rise. The market’s first Agriculture, Animal Husbandry, and Fishery ETF (159275) briefly oscillated at a low in the morning but quickly surged. By close, the intraday price soared 1.53%, marking a third consecutive positive day and a new high since listing.

In terms of constituents, stocks in agricultural product processing and planting sectors led the gains. By close, Morning Light Biotech and Hainan Rubber both surged over 7%, Yasheng Group, Zhongxing Microbial, and Jinhai Biological rose over 5%, and Tianbang Food, COFCO Tech, and Shennong Group gained over 3%.

Recent positive news has supported the sector. On March 9, the Minister of Agriculture and Rural Affairs gave a concentrated interview, discussing how to improve comprehensive agricultural productivity and quality. Additionally, the important 2026 meeting emphasized implementing seed industry revitalization and smart agricultural machinery.

Huatai Securities is optimistic about leading companies with R&D barriers in grain and livestock breeding, as well as smart agriculture. The first mention of post-harvest processing of agricultural products in this year’s government work report indicates a shift from focusing solely on yield to emphasizing quality. Companies with competitive advantages in grain and meat processing are favored. Furthermore, the report’s emphasis on deepening the crackdown on “involution” competition and the reduced focus on supporting livestock industry stability highlight investment opportunities in pig farming capacity reduction amid current pig prices.

Looking ahead, Dongfang Securities is optimistic about: (1) the pig farming sector, as the bottom prices in the off-season are confirmed, and pessimistic expectations may gradually reverse; (2) the post-cycle sector, with structural growth continuing, and profits from the pig industry chain expected to pass downstream as pig prices recover, driving the animal health sector upward; (3) the planting chain, with rising commodity prices transmitted to agriculture amid geopolitical disturbances. The current upward trend in grain prices and the improving fundamentals of planting and seed companies highlight investment opportunities in large-scale planting.

For a one-click layout of the entire agriculture, animal husbandry, and fishery industry chain, focus on the first Agriculture, Animal Husbandry, and Fishery ETF (159275). According to the China Securities Index Company, it passively tracks the CSI All Share Agriculture, Animal Husbandry, and Fishery Index, with key holdings including leading stocks like Muyuan and Wens, covering major segments such as feed, grain planting, and animal health. Off-market investors can also consider the Agriculture, Animal Husbandry, and Fishery ETF Connect Fund (A: 013471 / C: 013472).

Data source: Wind, as of end-February 2026, industry classification based on Shenwan third-level industry categories.

【Military Industry Volatility, What’s Causing It? Huabao Fund Military ETF (512810) Volume Drops Near 2% with Frequent Premiums! Institutions Say: “The 14th Five-Year” Military Industry Faces Triple Drivers】

Market risk appetite has declined, and the military sector, known for growth attributes, has been adjusting for several days. The core military asset—Military ETF Huabao (512810)—closed down 1.97% for two consecutive days, with high-frequency premiums intraday, possibly attracting funds on dips.

Among 80 constituent stocks, 69 declined and 11 rose. Leading declines include Xuguang Electronics and Huafeng Technology, both down over 6%. China Power and Aerospace Development fell over 5%, with Aero Engine Power down 4.47%. Conversely, Guangwei Refractory and Aerospace Electric performed countertrend, rising 7.06% and 6.14%, respectively.

Recent military sector movements are volatile. Why? Analysts believe that previous geopolitical events drove rapid sector gains, setting the stage for technical corrections and profit-taking. Currently, valuations are at relatively high levels historically, with narrower safety margins, making the sector more sensitive to liquidity and risk appetite changes.

Can the military sector still “get on board”? Based on latest institutional views, the investment logic remains solid, and there are still abundant opportunities ahead.

Guosheng Securities notes that during the 14th Five-Year Plan, macro factors such as defense policies, geopolitical environment, and domestic military expenditure will drive the industry upward. At the meso level, a structural trend of steady growth in traditional equipment and high growth in new combat capabilities is expected, with military trade and civil-military integration expanding the growth ceiling of military companies.

According to the recent draft budget report for 2026, China’s defense expenditure will reach 1.909561 trillion yuan, a 7% increase year-over-year. CITIC Securities expects that during the 14th Five-Year period, China’s defense budget will maintain a stable growth rate of about 7-7.5%, with some potential increase in its proportion of GDP.

Additionally, the government work report emphasizes building emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy. CITIC believes that cutting-edge military technology will spill over into civilian fields, fostering billion-yuan industries like commercial aerospace, low-altitude economy, future energy, deep-sea technology, and large aircraft, creating a virtuous cycle of “military technology for civilian use, feeding back into military.”

【Invest in Military Industry, Choose “81”】 The Huabao Military ETF (512810) (formerly National Defense Military ETF) gathers cutting-edge military technology across “sea, land, air, space, and sky,” covering popular themes like “commercial aerospace, large aircraft, low-altitude economy, military AI,” and is also a margin trading and interconnection target, making it an efficient tool for one-click investment in core military assets.

Source: Shanghai and Shenzhen Stock Exchanges, as of 2026.3.12. The “only” Agriculture, Animal Husbandry, and Fishery ETF refers to the only ETF tracking the CSI All Share Agriculture, Animal Husbandry, and Fishery Index.

Note: Fund fee rates are detailed in each fund’s legal documents.

Institutional reference sources: ① Huachuang Securities 20260311 “‘Electric Power +’ Series Research (1): Industry Tracking Report: Electric Power + Computing Power: Starting a New Cycle of Integration”; ② Huatai Securities 20260311 “New Trends in Agriculture from the 2026 Two Sessions”; ③ Dongfang Securities 20260308 “Pig Industry: Bottoming Out, Price Rise Expected”; ④ Guosheng Securities 20260311 “Deep Dive into Defense and Military Industry: Which Directions in the 14th Five-Year Plan Are Worth Attention?”; ⑤ CITIC Securities 20260310 “Defense and Military Industry: 7% Defense Budget Growth, Focus on Military-Civilian Investment Opportunities.”

Risk tips: Huabao Electric Power ETF passively tracks the CSI All Share Electric Power Utilities Index, established on December 31, 2004, published on July 15, 2013; the Agriculture, Animal Husbandry, and Fishery ETF tracks the CSI All Share Agriculture, Animal Husbandry, and Fishery Index, established on December 31, 2004, published on December 12, 2016; Huabao Military ETF tracks the CSI Military Industry Index, established on December 31, 2004, published on December 26, 2013. Constituents are adjusted periodically per index rules. Past backtested performance does not predict future results. The stocks mentioned are for objective illustration and do not constitute recommendations or guarantees. All information (including stocks, comments, forecasts, charts, indicators, theories, etc.) is for reference only. Investors are responsible for their own investment decisions. The views, analysis, and forecasts in this article do not constitute investment advice. The company is not responsible for any direct or indirect losses caused by using this content. Investors should carefully read the fund legal documents such as the Fund Contract, Prospectus, and Fund Product Summary to understand the risks and characteristics, and choose products suitable for their risk tolerance. Past performance does not indicate future results. The performance of other funds managed by the fund manager does not guarantee future performance. According to the fund manager’s assessment, the risk level of Huabao Electric Power ETF (159146), Agriculture, Animal Husbandry, and Fishery ETF (159275), and Huabao Military ETF (512810) is R3—medium risk, suitable for balanced (C3) and above investors. Suitability opinions are subject to sales institutions’ judgment. Sales institutions (including direct sales by fund managers and other sales channels) shall evaluate risks according to relevant laws and regulations. Investors should pay attention to the suitability opinions issued by fund managers. The risk ratings provided by sales channels may differ and should not be lower than the fund manager’s assessment. Differences may exist between the risk characteristics in the fund contract and the risk level due to different considerations. Investors should understand the risk-return profile, consider their own investment objectives, horizon, experience, and risk capacity, and bear the risks themselves. The China Securities Regulatory Commission’s registration of these funds does not imply any judgment or guarantee of their investment value, market prospects, or returns. Investment should be cautious.