内外需共振，军工拐点向上，航空航天ETF（159227）规模创新高

Core Viewpoint - The A-share market experienced a collective adjustment on October 10, with the ChiNext index leading the decline, while the aerospace and defense sector showed resilience amid slight fluctuations. The Aerospace ETF (159227) demonstrated a minor drop of 0.42% with a trading volume of 108 million yuan, maintaining its position as the largest ETF in the aerospace and defense category [1][2]. Group 1: Market Performance - The Aerospace ETF (159227) has reached a new high in scale at 1.375 billion yuan, making it the largest aerospace and defense ETF in the market [1]. - The ETF's holdings include stocks such as Longcheng Military Industry, which hit the daily limit, and other companies like Construction Industry, Inner Mongolia First Machinery, and China Aerospace [1]. Group 2: Industry Outlook - According to Zheshang Securities, 2025 is expected to be a pivotal year for the modernization of national defense equipment, with significant advancements showcased during the 93rd National Day military parade and the successful launch of the Fujian aircraft carrier [1]. - The expectation of increased order fulfillment and the concentration of defense product deliveries in the third and fourth quarters of 2025 may lead to a recovery in the performance of key enterprises [1]. - Ongoing geopolitical conflicts in 2025 are anticipated to provide practical validation for China's military trade exports, potentially leading to a revaluation of domestic military enterprises [1].