Group 1 - Public funds have shown a strong enthusiasm for participating in private placements this year, with 24 public fund institutions involved in 47 A-share companies, totaling an allocation amount of 14.198 billion yuan as of August 5 [1] - The current floating profit from these investments amounts to 4.65 billion yuan, with a floating profit ratio of 32.75% [2] - Among the stocks favored by public funds, Haohua Technology received the highest allocation of 1.628 billion yuan from three public fund institutions, followed by Chipone Technology with 1.266 billion yuan from five institutions, and Guolian Minsheng with 916 million yuan from four institutions [3] Group 2 - A total of 46 stocks from private placements achieved floating profits in the first half of the year, with varying profit ratios: 6 stocks under 10%, 5 stocks between 10% and 19.99%, 23 stocks between 20% and 49.99%, 7 stocks between 50% and 99.99%, and 4 stocks exceeding 100% [4] - Specific stocks like Jinghua New Materials, Leshan Electric Power, and Weiteng Electric have shown significant floating profit ratios, with Jinghua New Materials at 200.89%, Leshan Electric Power at 173.85%, and Weiteng Electric at 113.13% [5][7] - The overall positive performance of public fund investments in private placements indicates a recovery in market sentiment and an increase in risk appetite among investors, creating favorable conditions for capital market investments [3][7]

Core Viewpoint - The military industry sector is experiencing a strong performance driven by multiple favorable factors, contributing to the recent upward trend in the stock market indices, particularly the Shanghai Composite Index, which closed at 3633.99 points, up 0.45% [1]. Group 1: Military Industry Performance - The military sector has shown significant strength, with various sub-sectors such as PEEK materials, liquid cooling servers, military equipment, and humanoid robots all performing well [3][5]. - The defense ETF (512670) has seen a year-to-date increase of 23.02%, leading its category, and has achieved three consecutive monthly gains [7][11]. - The overall market for defense and military indices has seen substantial growth, with the China Securities Defense Index rising by 22.95% since the beginning of the year, outperforming other similar indices [11][12]. Group 2: Investment Trends and Market Dynamics - There is a notable increase in capital expenditure (Capex) from overseas manufacturers, reinforcing the "investment-growth-reinvestment" cycle in the AI industry, which is closely linked to the military sector [6]. - The military industry is benefiting from geopolitical tensions, with global military spending projected to reach $2.7 trillion in 2024, a 9.4% increase year-on-year, which is expected to enhance China's share in the international arms trade [14]. - The military sector is entering a new order cycle, with a high degree of certainty for future demand, particularly in areas such as aviation, armaments, and drones, indicating a positive outlook for the second half of the year [17][15]. Group 3: Stock Performance and Fund Inflows - As of July 27, 42 military stocks reported a net profit of nearly 5.6 billion yuan, a year-on-year increase of over 45%, marking the highest level in five years [18]. - Institutional investors have begun to increase their allocation to military stocks after ten consecutive quarters of reduction, with military-themed funds growing significantly in the second quarter [18]. - The defense ETF (512670) has attracted a net inflow of 394 million yuan from June 23 to August 5, with a substantial increase in trading volume and fund size [27].

Core Viewpoint - The defense and military industry is showing signs of recovery, with significant investment opportunities expected in the coming years, particularly driven by new domains such as commercial aerospace and low-altitude economy [6][10]. Group 1: Industry Performance - The defense and military sector's performance began to improve from the first quarter of 2025, with various catalysts, especially order announcements, expected to continue [6][10]. - As of the end of the second quarter of 2025, there are 97 stocks in the defense and military industry heavily held by public funds, with 中航沈飞 being favored by 196 funds, and 睿创微纳 by 150 funds [9]. Group 2: Investment Opportunities - The military sector is considered a suitable investment area within the growth theme, with medium-level crowding, making it a worthy allocation [10]. - The "Big Military" initiative and new domains are expected to bring market increments and valuation space to the traditional military industry, with rapid development anticipated during the "14th Five-Year Plan" period [6][10]. Group 3: Fund Performance - Several funds focused on the defense and military sector have shown strong performance, with 长信国防军工量化混合A achieving a 52.90% return over the past year [4].

Group 1 - The military industry sector has shown strong performance, with China Shipbuilding Industry Group stocks leading the gains, resulting in a significant increase in the CSI Military Index [1][2] - The leading military ETF (512680) rose by 3.56% in a single day, ranking among the top three ETFs in the market, with a trading volume of 265 million yuan, indicating strong market appeal [1][2] - The military ETF (512680) has a management fee rate of 0.50% and a custody fee rate of 0.10%, making its overall fee structure the lowest among similar military ETFs [1][2] Group 2 - The military ETF (512680) tracks the CSI Military Index, covering key areas such as aviation equipment, military electronics, and naval equipment, with the top ten weighted stocks including China Shipbuilding and AVIC Shenyang Aircraft [2] - Institutions believe that the military sector is entering a long-term growth phase, presenting significant investment value, particularly for stocks with technological advantages and low valuations [2] - The military ETF (512680) is seen as a convenient tool for investors to gain exposure to the military sector, allowing for risk diversification and participation in the benefits of national defense modernization [2]

三连阳的沪指从上周的回调中反弹，指数继续向年内新高发起冲击。 多重利好驱动的军工板块，无疑是这三连涨背后的主要功臣，今天继续着强势表现。 这波军工行情，到底能走多久？ 01 涨停潮继续 板块题材方面，硬件装备细分赛道一齐开花。Peek材料、液冷服务器、军工装备、人形机器人板块走高，水电、医药板块调整。 | PEEK材料 8.87% | 中船系 4.62% | 宇树机器人 3.71% | 十大军工集团 3.56% | 航母 3.55% | | --- | --- | --- | --- | --- | | 减速器 3.43% | 章 [信息化 3.23% | 具身智能 3.06% | ■■■机 3.05% | 液冷服务器 2.99% | | 雅江水电站 -0.99% | | 坑生素 【 引き陸に 投资股大数据 | 血液制品 -1.36% | 减肥药 -1.49% | | 水利水电建设 -1.51% | 干细胞 -1.58% | CRO -1.59% | 法感 -1.63% | 天堂腿园 -3.26% | | | | | | 数据支持:勾股大数据、Wind | | 了解更多图文干货,请下载 | | | | 工格修 ...

Core Viewpoint - The aerospace ETF Tianhong (159241) has seen significant growth, with a net value reaching a new high since its launch, driven by strong performance in the military industry sector [1][11]. Group 1: Market Performance - As of August 5, the fund tracking the aerospace index has achieved over 37% growth in the past year and 26% in the last three months, outperforming military-themed indices [1]. - The National Aerospace Index has shown strong performance, with a projected revenue growth rate of 42.73% for 2025, and a past year return of 37.71% [12][13]. Group 2: Industry Catalysts - The upcoming military parade on September 3 is expected to showcase advanced military equipment, acting as a catalyst for the military sector's growth [2]. - The "14th Five-Year Plan" is anticipated to bring clarity to military enterprises' orders and growth trajectories, with a significant focus on equipment development [4]. Group 3: Long-term Growth Potential - The military industry is poised for a growth spurt, driven by increased military trade demand due to geopolitical shifts, particularly in regions like the Middle East and Africa [5]. - The military trade demand is expected to rise, with China positioned to increase its share in global military exports, particularly in aircraft, which currently accounts for 30.65% of its military exports [7][9]. Group 4: Investment Focus - Investors are encouraged to prioritize companies related to air superiority, as aircraft play a crucial role in military strategy and are expected to present structural investment opportunities [8][9]. - The military sector is likely to experience a surge in orders and performance improvements as the "14th Five-Year Plan" concludes and the military's centenary approaches in 2027 [4][5].

Market Performance - The aviation equipment sector rose by 2.08% on August 6, with Hengyu Xintong leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Top Gainers in Aviation Equipment Sector - Hengyu Xintong (300965) closed at 92.00, up 14.94% with a trading volume of 88,700 shares and a transaction value of 773 million [1] - Chengxi Aviation (300581) closed at 24.38, up 11.58% with a trading volume of 1,205,100 shares and a transaction value of 2.881 billion [1] - Lijun Co., Ltd. (002651) closed at 14.75, up 9.99% with a trading volume of 1,318,300 shares and a transaction value of 1.876 billion [1] Fund Flow Analysis - The aviation equipment sector saw a net inflow of 1.143 billion from institutional investors, while retail investors experienced a net outflow of 666 million [2][3] - Major stocks like Chengxi Aviation and Zhonghang Shenfei had significant net inflows from institutional investors, indicating strong interest [3] Individual Stock Performance - Zhonghang Shenfei (600760) had a net inflow of 209 million from institutional investors, while retail investors saw a net outflow of 98.878 million [3] - Aerospace Rainbow (002389) experienced a net inflow of 161 million from institutional investors, with retail investors facing a net outflow of 101 million [3]

Investment Rating - The report maintains a positive outlook on the military industry, emphasizing investment opportunities related to the upcoming military parade, military trade, industry recovery, and the new combat capabilities outlined in the "14th Five-Year Plan" [5][51]. Core Insights - The report identifies four main investment themes: the upcoming military parade commemorating the 80th anniversary of the victory in the Anti-Japanese War, the acceleration of China's military trade, the anticipated recovery in industry prosperity, and the focus on new combat capabilities during the "14th Five-Year Plan" [2][11][19]. - Historical data shows that previous military parades in 2015 and 2019 led to significant excess returns in the military sector, with maximum absolute returns of 84.8% and 46.0%, respectively [3][21][30]. - Recent geopolitical events, such as the India-Pakistan conflict, have increased military trade demand and highlighted the performance of Chinese military equipment, further boosting the military sector's market value [4][35][37]. Summary by Sections Investment Logic - The report highlights the significance of the military parade on September 3, 2025, which will showcase advanced military technologies, including unmanned systems and cyber warfare capabilities, potentially catalyzing the military sector's growth [2][11]. - It notes the increasing profitability of Chinese military enterprises as military trade expands, with gross margins of key players like North Industries and AVIC showing promising trends compared to their U.S. counterparts [2][13]. - The report anticipates a sustained high level of orders for military enterprises in the second half of the year, indicating a positive industry outlook [2][15]. Historical Review - The report reviews the performance of the military sector during the 2015 and 2019 parades, noting substantial returns driven by market enthusiasm for military capabilities [3][21][30]. - It emphasizes that the military sector has consistently outperformed broader market indices during these periods, indicating a strong correlation between military events and stock performance [3][30]. Major Industry Events - Key events such as the announcement of the military parade, the India-Pakistan conflict, and various military exhibitions have significantly impacted the military sector's stock performance, with notable increases in index values following these announcements [4][32][38]. - The report details how the military sector has gained traction through various promotional activities and media coverage, enhancing public interest and investment potential [4][44]. Investment Recommendations - The report suggests focusing on military-related stocks that are likely to benefit from the upcoming parade, military trade opportunities, and advancements in new combat capabilities [5][51].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The aerospace industry maintains high - level prosperity, with both military and civilian sectors advancing simultaneously. The national defense and military industry remains highly prosperous, driven by domestic demand and military trade. The aviation sector is steadily growing, propelled by both military and civil aviation. The aerospace sector combines growth elasticity and development certainty [1]. - The Guozheng Aerospace and Aviation Industry Index is a strong national defense and military - industry index that emphasizes aviation and aerospace, featuring stable R & D, stable revenue, and high industry elasticity. It has shown high elasticity during market rebound periods [1]. - The Huaguo Guozheng Aerospace and Aviation Industry ETF (159267) closely tracks the underlying index, aiming to minimize tracking deviation and tracking error. The fund manager has rich experience, and the fund manager, Huaan Fund, has a large asset management scale and a long - standing history [1]. 3. Summary by Directory 3.1 Aviation and Aerospace Maintain High - level Prosperity, with Both Military and Civilian Sectors Advancing Simultaneously 3.1.1 National Defense and Military Industry Maintains High - level Prosperity, with Domestic Demand and Military Trade Promoting Growth - The defense budgets of China and the United States have been growing steadily, maintaining a high level of military industry prosperity. From 2023 - 2025, China's defense budget had a year - on - year growth rate of 7.2%. The US Department of Defense has increased its defense construction and equipment funding in recent years [7]. - Domestically, the construction of military mechanization and informatization during the 14th Five - Year Plan is ongoing, and intelligent and unmanned technologies are expected to become new drivers for military construction during the 15th Five - Year Plan. Military orders are gradually being fulfilled, and there is an expectation of a full - scale order explosion [12][15]. - Internationally, due to the changing international situation and China's growing national strength, China's military trade has entered a new historical opportunity. The Middle East has a high demand for military equipment, and China's military trade net export volume has been increasing steadily. In 2024, the net export volume reached 1.059 billion TIV, and China's military trade export accounted for about 4% of the global military market [17][21]. 3.1.2 Military and Civil Aviation Drive the Stable Growth of the Aviation Sector - **Military Aviation**: Aircraft manufacturers are expected to gain new growth momentum from the 15th Five - Year Plan, with strong domestic demand growth resilience. The demand for high - end fighter jets from the air force and navy is increasing, and there is a large replacement space. Military exports are expected to become a new performance growth point. The market space for military aviation engines in the next decade is expected to reach 1.212 trillion yuan [31][41]. - **Civil Aviation**: Large aircraft have great strategic significance and potential economic value, with a significant economic "multiplier effect". The production capacity of C919 is expected to reach 150 aircraft per year within 5 years. The low - altitude economy is a new format in the aviation industry, with the industry scale expected to exceed one trillion yuan in 2026, and the CAGR from 2021 - 2026E is expected to be 29.6%. Policy support is strong [43][49]. 3.1.3 The Aerospace Sector Combines Growth Elasticity and Development Certainty - **Guidance Equipment**: The guidance equipment industry chain has high elasticity. The importance of advanced missiles and consumable shells is increasing, and the demand for related core materials, chips, and components is accelerating. It is recommended to pay attention to the development opportunities of advanced and consumable equipment [59]. - **Commercial Aerospace**: The satellite industry chain has a pyramid structure, with a huge market potential. The rocket launch market concentration is expected to increase, and the domestic recoverable rockets may enter mass application after 2027. The operation end has a large market value and significant head - concentration effect [66][73]. 3.2 Guozheng Aerospace and Aviation Industry Index: A Strong National Defense and Military - Industry Index that Emphasizes Aviation and Aerospace, Combining Stable R & D, Stable Revenue, and High Industry Elasticity 3.2.1 Index Compilation Method - The index focuses on large - market - value stocks in the Guozheng aerospace and aviation industry. The sample space includes A - shares and red - chip depositary receipts that meet certain conditions and belong to the Guozheng third - level industry "aerospace and aviation". The selection method is to determine the number of securities with a free - floating market - value coverage rate of 85%, and select the top 50 securities by free - floating market - value ranking. It uses free - floating market - value weighting and is adjusted semi - annually [77][78]. 3.2.2 Index Weight and Market - value Distribution - As of July 1, 2025, the index has 50 constituent stocks, with relatively dispersed weights. The top ten constituent stocks account for 49.42%, and the top twenty account for 70.82%. The index significantly overweights the military - aviation equipment industry and is a relatively pure military - industry index focusing on aerospace [80][83]. - The average free - floating market value of the constituent stocks is 12.665 billion yuan, and the average total market value is 29.859 billion yuan. The total market value of AVIC Chengfei is the highest, reaching 224.395 billion yuan. The free - floating market value is concentrated in the range of 5 - 20 billion yuan, and the total market value is concentrated in the range of 20 - 50 billion yuan [85]. 3.2.3 Index Industry/Theme Characteristics - Among the constituent stocks, 48 belong to the national defense and military industry, accounting for 98.20% of the weight. It has a high concentration in the aviation equipment II and military electronics industries. Compared with comparable indices, it has the highest concentration in the military industry and the most prominent industry theme [90][94]. 3.2.4 Fundamental Characteristics - The index shows a strong R & D investment characteristic. Compared with broad - based indices, several national defense and military - industry indices have a significantly higher R & D investment ratio. The Guozheng Aerospace Index has a steadily increasing R & D investment ratio, reaching 4.53% by the end of 2024 [96]. - Since 2022, the Guozheng Aerospace Index has had the strongest profit stability. In 2024, its net profit decreased by only about 5% compared to the end of 2021, while other comparable indices had larger declines. It focuses on aerospace enterprises with heavy - asset attributes, and its net profit is expected to grow rapidly in the new up - cycle of the military industry [99]. 3.2.5 Index Investment Value Analysis - The index has strong military - industry characteristics, and its long - term trend is similar to that of comparable indices. It has shown higher elasticity than indices such as the China Securities Military Industry Index during the rebound on April 7, 2025. During market rebound periods, it has demonstrated high elasticity among military - industry indices [101][103]. 3.3 Huaguo Guozheng Aerospace and Aviation Industry ETF (159267) - The Huaguo Guozheng Aerospace and Aviation Industry ETF (159267) was established on July 21, 2025, and officially listed on August 1, 2025. The current fund manager is Liu Xuanzi. The fund closely tracks the underlying index, aiming to minimize tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [107]. 3.4 Fund Manager and Fund Manager Information 3.4.1 Fund Manager Introduction - Huaan Fund Management Co., Ltd. was established in 1998 and is one of the first five fund management companies approved by the China Securities Regulatory Commission. As of December 31, 2024, its public fund scale exceeded 650 billion yuan, and its non - monetary public fund asset management scale exceeded 400 billion yuan. It manages 275 public funds, serving over 100 million investors and achieving over 100 billion yuan in cumulative dividends for investors. It has 42 public ETF products, with a total scale of 135.071 billion yuan [108]. 3.4.2 Fund Manager Introduction - Liu Xuanzi has a master's degree and 11 years of experience in the fund industry. She currently manages 18 passive index funds, including 14 non - linked funds and 8 ETFs, with a total non - linked product scale of 5.009 billion yuan [110].

2025年8月5日，三大指数集体收涨，沪指收复3600点，收盘价创阶段新高。国防军工板块延续升势，代码有"八一"的国防军工ETF（512810）盘中摸高 1.59%，场内最高价创2022年8月11日以来新高！全天成交额连续3日突破1亿元。 国防军工ETF（512810）80只成份股45涨5平30跌，商业航天领涨，航天智装一度20CM涨停，航天科技涨停封板。地面兵装继续上攻，长城军工4天3板再创 历史新高。航发动力、中航沈飞等权重股收跌拖累指数表现。 | 序号 | 代码 | 名称 | 现价 | 涨跌幅 | 成交额 ▼ | 总市值1 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 002265 | 建设工业 | 41.89 c | 4.00% | 49.15亿 | 433亿 | | 2 | 600879 | 航大电子 | 11.06 c | 2.50% | 38.68 Z | 365亿 | | 3 | 601606 | 长城军工 | 42.71 c | 9.99% | 37.84 Z | 309亿 | | 4 | 600967 | 内蒙一机 | 21.51 ...