突然回调，“倒车接人”？国防军工ETF（512810）放量溢价！融资余额续创历史新高

Core Viewpoint - The defense and military industry sector experienced a pullback on August 7, despite a recent surge, with the high-profile defense ETF (512810) opening at a three-and-a-half-year high but subsequently fluctuating below that level [1][3]. Group 1: ETF Performance - The defense ETF (512810) saw a trading volume exceeding 1.28 billion yuan, maintaining strong market interest despite the pullback [1]. - The ETF recorded a net subscription of 21.42 million yuan at the end of the previous trading day, accumulating over 160 million yuan in net inflows over the past ten days, with its total fund size surpassing 1 billion yuan for the first time, reflecting an annual increase of over 83% [1][5]. Group 2: Stock Movements - Among the constituent stocks, Western Materials fell over 8%, while several stocks that had surged previously also saw declines, including Aerospace Science and Technology, which dropped over 3%, and Construction Industry, which fell over 4% [3]. - Conversely, there were notable gains, such as the stock of 712, which hit the daily limit, and Great Wall Military Industry, which rose by 9%, reaching a new historical high [3]. Group 3: Market Sentiment and Future Outlook - With the upcoming September 3 military parade, market sentiment remains optimistic, as investors continue to bet on the future of the defense and military sector [3]. - Analysts from various brokerages, including CITIC Securities and Zhongyou Securities, believe that the fundamentals of the defense and military sector are beginning to recover, with catalysts expected to materialize in the first half of 2025 [5]. - The latest research from Shenwan Hongyuan Securities emphasizes the potential for continued upward movement in the sector, driven by the "14th Five-Year Plan" and military trade expectations [5].