低空博览会临近，军工长期趋势向好

Market Performance - The three major indices collectively rose, with the Shenzhen Component Index increasing by 0.47% and the ChiNext Index rising by 0.22% [1] - The aerospace and defense sector continued its short-term adjustment, with the Guozheng Aerospace Index declining by 0.58%, 21 constituent stocks rising and 28 falling [1] - The Aerospace ETF (159227) experienced a decline of 0.27%, closing at 1.093 yuan, with a trading volume of 103 million yuan and a total scale of 546 million yuan, ranking first in its category [1] - Market funds showed a significant "buy the dip" characteristic, with a net inflow of funds for 11 consecutive trading days, accumulating a total of 293 million yuan [1] Industry Developments - The 2025 International Low Altitude Economy Expo is scheduled to be held in Shanghai from July 23 to 26, 2025, focusing on the development needs and application scenarios of low-altitude enterprises, showcasing low-altitude infrastructure, manufacturing, and supporting services [2] - Reports indicate that the U.S. military aims to accelerate the modification of the "Abrams" tank, reflecting ongoing military modernization efforts [3] Institutional Insights - Guotai Junan Securities suggests that the intensification of great power competition is a long-term trend, with a positive long-term outlook for the military industry [4] - The goal of achieving the centenary of military building by 2027 is expected to accelerate the filling of gaps during the 14th Five-Year Plan period [4] Related Products - The Aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a strong military attribute, with the Shenwan first-level military industry accounting for 98.2%, making it the index with the highest military content in the market [5] - The ETF has a high weight of 66.5% in aerospace equipment, significantly exceeding the weights in the CSI Military and CSI National Defense indices, providing investors with an efficient way to capture core military aerospace opportunities [5]