军工股午后逆势大涨，军工ETF（512660）涨超1.5%，海陆空天信全面布局

Core Viewpoint - Military stocks are experiencing a significant rise, with the military ETF (512660) increasing by over 1.5%. The ETF has seen a net inflow of over 360 million yuan in the last 10 trading days, bringing its total size to over 15 billion yuan, making it the largest in its category [1]. Group 1: Market Performance - The military ETF (512660) has attracted substantial investment, with a net inflow of over 360 million yuan in the past 10 trading days [1]. - The current scale of the military ETF exceeds 15 billion yuan, positioning it as the leader among similar funds [1]. Group 2: Industry Outlook - The growth in military expenditure is expected to continue, with positive procurement expectations for the "14th Five-Year Plan" and potential order increases anticipated to start in late Q4 [1]. - The focus on the 100th anniversary of the military in 2027 is expected to accelerate the delivery of new main battle equipment and elevate the demand for new combat capabilities, indicating sustained high industry prosperity [1]. Group 3: Structural Changes - There is an expectation for reforms that could enhance the asset securitization rate and industry chain collaboration within military groups, leading to improved asset injection expectations and significantly enhanced management capabilities [1]. Group 4: Global Market Position - The military trade sector is anticipated to enter a "Deepseek" moment, with a rapid increase in global market share, which will drive both the quantity and price of equipment demand [1]. - The expansion of civilian capabilities into strategic emerging fields such as low-altitude economy, commercial aerospace, and deep-sea technology is also expected [1]. Group 5: ETF Characteristics - The military ETF (512660) tracks the CSI Military Index, which comprehensively covers opportunities across various sectors including land, sea, air, and space [1]. - The index has demonstrated strong defensive qualities, showing the smallest decline during weak market conditions in 2018, 2022, and 2023, with particularly notable performance in 2023 [1]. - In 2024, the CSI Military Index is projected to rank first in terms of returns among similar indices, and it has shown significant gains during bull markets in 2019 and 2020, closely following military leaders and the CSI National Defense Index [1].