军工中长期趋势不改，回调迎布局机遇，航空航天ETF（159227）全市场军工含量最高

Group 1 - The A-share market experienced slight fluctuations on August 26, with the defense and military industry declining, particularly the aerospace ETF (159227) which fell by 0.55% and had a trading volume of 120 million yuan, maintaining its position as the highest in military content [1] - The military construction plan for the "14th Five-Year Plan" is in a critical phase of capability integration delivery, with related order demand expected to accelerate, particularly in the years 2025-2026, which will provide a clear development blueprint for the military industry for the next three to five years [1] - The new round of order cycles is anticipated to enhance both the growth certainty and prosperity of the industry, leading to a sustained improvement in the overall industry chain's prosperity level [1] Group 2 - According to Xinda Securities, historical analysis of major military parades since the 18th National Congress in 2012 reveals that "military parade market trends" typically start 1-2 months in advance, with military indices rising in the two months prior to the last four parades [2] - The performance of the military "parade market" is influenced by overall market strength, risk appetite, and the scale of the parade, with the 2015 "September 3 Parade" yielding an excess return of 84% due to its large scale and a strong market rebound at that time [2] - Post-parade, the military sector may face short-term adjustment pressure, but the long-term trend remains determined by the fundamentals of the military industry, with a continued positive outlook on the military sector, particularly focusing on "new combat capabilities" [2]