“高质量+低成本”双轮驱动，军工行业精益化转型提速，航空航天ETF（159227）布局价值凸显

Core Viewpoint - The military industry is experiencing a transformation driven by the deepening of military intelligence and multi-domain integration, leading to a new generation of weapon systems designed with intelligent architectures and characterized by rapid system reconfiguration, on-demand functionality, flexible flight capabilities, intelligent combat evolution, and continuous technological upgrades [1] Industry Summary - The aerospace ETF (159227) has the highest military content in the market, showing a decline of 0.35% as of 9:47 AM, with notable increases in stocks such as Aviation Power, Guoke Military Industry, Aerospace Technology, and North Navigation [1] - China Galaxy Securities emphasizes that "high quality" and "low cost" will be the core guiding principles for future military production, with a tightening of military product pricing mechanisms and rigid compression of bidding cost thresholds expected [1] - In the short term, companies within the industry may face pressure on gross margins, leading to accelerated elimination of inefficient production capacity and intensified price competition in low-value-added sectors [1] - In the long term, cost pressures are anticipated to drive an efficiency revolution within the industry, promoting a transition towards intensive and lean production across the entire supply chain, ultimately achieving sustainable development goals of cost reduction, quality enhancement, and increased efficiency and capability [1] ETF Overview - The aerospace ETF (159227) closely tracks the national aerospace index, with a military industry proportion of 97.96%, making it the highest purity military index in the market [1] - It covers key industry chain segments including aerospace equipment, satellite navigation, and new materials, selecting leading companies in the military sector and encompassing emerging fields such as large aircraft development, low-altitude economy, and commercial aerospace [1]