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].

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].

Market Overview - The aviation equipment sector experienced a decline of 0.22% on August 5, with Huayin Technology leading the drop [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Performance - Ailida (300696) saw a significant increase of 6.81%, closing at 32.17, with a trading volume of 726,000 shares and a transaction value of 2.334 billion [1] - Hengyu Xintong (300965) rose by 5.19% to 80.04, with a trading volume of 95,600 shares and a transaction value of 780 million [1] - Zhongjian Technology (300777) increased by 4.96% to 37.66, with a trading volume of 209,000 shares and a transaction value of 781 million [1] - Huayin Technology (688281) declined by 4.71% to 73.62, with a trading volume of 36,900 shares and a transaction value of 280 million [2] - Other notable declines included Jiachi Technology (688708) down 4.46% and Jianghang Equipment (688586) down 2.77% [2] Capital Flow - The aviation equipment sector saw a net outflow of 1.678 billion from institutional investors, while retail investors contributed a net inflow of 1.188 billion [2][3] - The capital flow data indicates that institutional investors were net sellers, while retail investors were net buyers, suggesting differing market sentiments [2][3] Individual Stock Capital Flow - Hongdu Aviation (600316) had a net inflow of 24.3153 million from institutional investors, while retail investors had a net outflow of 80.3541 million [3] - Zhongjian Technology (300777) experienced a net inflow of 19.1756 million from institutional investors, but a net outflow of 28.5424 million from retail investors [3] - New Star Equipment (002933) saw a net inflow of 10.7080 million from institutional investors and a net inflow of 20.4644 million from retail investors [3]

Group 1: High-end Equipment ETF Performance - The high-end equipment ETF has a turnover rate of 1.54% with a transaction volume of 18.92 million yuan as of August 1 [2] - The latest scale of the high-end equipment ETF reached 1.199 billion yuan, with leveraged funds continuing to invest, showing a financing buy-in amount of 2.1449 million yuan and a financing balance of 19.1817 million yuan [2] - Over the past year, the net value of the high-end equipment ETF has increased by 26.30%, with the highest monthly return since inception being 19.30% and the longest consecutive monthly increase lasting 3 months with a maximum increase of 21.15% [2] Group 2: Defense and Aerospace Industry Insights - The PE-TTM of the national defense and military industry is at 84.92, which is in the 77.27 percentile over the past decade, indicating a relatively high valuation level [2] - The aerospace equipment industry has a PE-TTM of 76.50, placing it in the 71.02 percentile historically, suggesting strong valuation levels [2] - Increased regional conflicts are enhancing national security demands, leading to a global rise in military spending, which is expected to expand the military trade market and drive sector revaluation [2] Group 3: Commercial Aerospace Industry Development - The commercial aerospace industry in China is in the early stages of growth, characterized by high enthusiasm and numerous startups, but with uneven development among companies [3] - Regulatory policies introduced aim to strengthen quality supervision throughout the entire lifecycle of commercial aerospace projects, promoting standardized development in the industry [3] - As of July 31, 2025, the top ten weighted stocks in the CSI High-end Equipment Sub-index account for 46.03% of the index, with key players including AVIC Shenyang Aircraft, Aero Engine Corporation of China, and others [3]

Group 1 - The "drone swarm + robotic dog" collaborative system has been showcased, with Kesi Technology's control chip achieving millisecond-level response for hundreds of devices, and the procurement budget for a single system exceeding 50 million yuan [1] - As of August 4, 2025, the CSI Defense Index (399973) rose by 0.56%, with notable increases in constituent stocks such as Haige Communication (002465) up 3.11% and AVIC Aircraft (600038) up 2.29% [1] Group 2 - The current "14th Five-Year Plan" is nearing its conclusion, and the upcoming September 3 military parade is expected to catalyze a significant reshaping of the military industry sector, which has shown a strong upward trend recently [2] - The military industry is anticipated to enter a new phase of growth and value, moving away from previous cyclical fluctuations driven solely by events, supported by the strategic goal of building a world-class military by 2050 [2] Group 3 - The Defense ETF closely tracks the CSI Defense Index, which includes listed companies under the ten major military groups and those providing weaponry to the armed forces, reflecting the overall performance of defense industry stocks [3] - As of July 31, 2025, the top ten weighted stocks in the CSI Defense Index accounted for 43.88% of the index, with companies like AVIC Shenyang Aircraft (600760) and AVIC Engine (600893) among the leaders [3]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4]. Core Insights - The report highlights the significant growth potential in the military trade equipment sector, particularly focusing on aircraft engines as high-value consumables, which are expected to see increased demand due to long-term maintenance and replacement needs [10][15]. - The potential for domestic aircraft, such as the C919, to penetrate Southeast Asian markets is emphasized, with countries like Malaysia and Pakistan showing interest in adopting these aircraft [38][41]. - The report discusses the strategic positioning of companies like Huayin Technology in stealth materials and the anticipated growth in the ceramic-based composite materials sector [84][86]. Summary by Sections Military Trade Equipment - Aircraft engines hold a primary position in military trade, with their export share decreasing from 3.6% (2014-2018) to 2.0% (2019-2023) [14]. - The demand for maintenance and replacement of aircraft engines is driven by the long service life of military aircraft, which often exceeds the lifespan of the engines themselves [15][18]. C919 Aircraft - The C919 is expected to gain traction in Southeast Asia, with significant interest from Malaysian and Pakistani airlines [41][47]. - The global demand for commercial aircraft remains robust, with Airbus and Boeing having backlogs that exceed their annual delivery rates, indicating a favorable market for the C919 [47][55]. - The C919's production capacity is projected to increase significantly, with plans to reach 200 aircraft per year by 2029 [54][76]. Stealth Materials - Stealth technology is becoming a standard feature in advanced military aircraft, significantly enhancing their operational capabilities [86]. - The report identifies Huayin Technology as a key player in the stealth materials market, focusing on the development of ceramic-based composites [84][86]. Maintenance and Aftermarket - The military aircraft engine aftermarket is projected to exceed 428.7 billion yuan over the next 20 years, with an average annual market value of 21.44 billion yuan [25][28]. - Companies involved in the maintenance and aftermarket services for aircraft engines are expected to see substantial revenue growth as the market expands [28][31]. Supply Chain and Domestic Production - The report outlines the potential for increased domestic production and supply chain development for the C919, with a focus on enhancing the localization rate of components [77][80]. - The growth of domestic suppliers is anticipated to benefit from the increasing demand for locally produced aircraft and components [80][82].

Core Viewpoint - The Shanghai Military Industry Index has shown a decline of 1.21% recently, but it has experienced significant growth over the past months, indicating a mixed performance in the military sector [1]. Group 1: Index Performance - The Shanghai Military Industry Index decreased by 1.21% to 8305.87 points, with a trading volume of 33.054 billion yuan [1]. - Over the past month, the index has increased by 1.89%, and over the last three months, it has risen by 20.48%. Year-to-date, the index has grown by 15.11% [1]. Group 2: Index Composition - The index comprises companies primarily engaged in the military industry, selected from the top ten military groups and other related firms [1]. - The top ten weighted stocks in the index are: China Shipbuilding (9.35%), AVIC Shenyang Aircraft (8.46%), Aero Engine Corporation (6.78%), China Shipbuilding Industry Corporation (6.51%), AVIC Avionics (3.68%), Aerospace Electronics (3.19%), China Power (3.17%), Western Superconducting (3.02%), Ruichuang Micro-Nano (2.93%), and AVIC High-Tech (2.69%) [1]. Group 3: Sector Allocation - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with an industrial sector allocation of 77.69%, information technology at 11.89%, materials at 5.78%, telecommunications at 3.26%, and consumer discretionary at 1.37% [1]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with a sample adjustment ratio not exceeding 10% [2]. - Weight factors are fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2].

Core Viewpoint - The article highlights the growth potential and investment opportunities in the aerospace and defense industry, particularly focusing on the commercial space sector and the domestic aircraft manufacturing market, driven by favorable policies and technological advancements [7][8][9]. Group 1: Aerospace and Defense Industry Overview - The Huazhong National Aerospace Industry ETF closely tracks the National Aerospace Industry Index, which includes high-quality companies in aerospace equipment, military electronics, ground weaponry, and aerospace equipment, with a defense industry representation of 98.2% [2]. - Key companies in the National Aerospace Index include AVIC Shenyang Aircraft Corporation (weight 8.37%, market cap 182.41 billion), AVIC Xi'an Aircraft Industry Group (weight 5.36%, market cap 79.96 billion), and others [3]. Group 2: Historical Performance - Since 2020, the National Aerospace Index has achieved a cumulative return of 38.4%, with an annualized return of 6.4% and an annualized volatility of 33.4%, showing significant excess returns during market rebounds compared to the China Securities Military Industry Index [5]. Group 3: Catalysts for Growth - The commercial space sector is entering a new phase of scale and marketization, supported by recent regulatory frameworks from the National Space Administration aimed at enhancing quality supervision [7][8]. - The domestic aircraft market is seeing stable deliveries of the C919 aircraft, with China Commercial Aircraft Corporation predicting the delivery of 9,323 aircraft over the next 20 years, valued at approximately 1.4 trillion USD [9]. - The low-altitude economy is expanding rapidly, with a projected market size of 1.064 trillion RMB by 2026, reflecting a growth rate of 33.8% in 2023 [10]. Group 4: Policy and Regulatory Environment - Strengthened regulations and new policies from the Science and Technology Innovation Board are expected to enhance project quality and industry management, promoting long-term healthy development in the aerospace sector [11]. - The frequency of space launches has reached a new high, with 35 successful launches in the first half of the year, indicating a robust growth trajectory for the industry [11].