军工板块领涨，军工ETF（512660）涨超1%，地缘局势升温强化板块配置逻辑

Group 1 - The defense and military industry is transitioning from an emotion-driven military trade logic to a fundamental realization due to frequent geopolitical events [1] - Since 2025, the India-Pakistan conflict has prompted a reassessment of military trade logic, with military trade expected to break through domestic military product pricing bottlenecks, leading to higher profit margins [1] - Domestic demand is entering a new prosperity cycle, with a confirmed turning point in aviation equipment orders, as contracts for main aviation manufacturers increased by 22% quarter-on-quarter in Q1 2025 [1] Group 2 - The missile volume increase is significantly improving component orders, and military electronics orders are expected to remain high throughout the year [1] - The inventory reduction and price adjustments in the aviation engine sector are nearing completion, with new models entering batch production, which will drive the volume of supporting aviation engines [1] - The weaponry and equipment sector, particularly long-range fire and unmanned ground equipment, is benefiting from the recovery of domestic demand and high military trade prosperity, with core companies expected to provide high growth guidance for 2025 [1] Group 3 - The commercial aerospace sector is entering a critical phase of large-scale deployment, with an estimated 2,100 satellites expected to be launched in China by 2025, and breakthroughs in reusable rocket technology are imminent [1] - Overall, the dual drivers of military trade and domestic demand are expected to continuously enhance industry valuations [1] - The military ETF (code: 512660) tracks the CSI Military Industry Index (code: 399967), which reflects the overall performance of military-themed stocks selected from the A-share market [1]