军工ETF（512660）盘中上涨1.5%，机构解读行业基本面与估值逻辑

Core Viewpoint - The commissioning of China's first electromagnetic catapult aircraft carrier, Fujian, on November 7, showcases advanced electromagnetic launch technology and highlights breakthroughs in domestic aviation equipment [1] Group 1: Industry Developments - The military industry sector is experiencing a reduction in the trend of passive capital outflows, coupled with strong demand recovery expectations for 2025-2026, indicating a positive outlook for capital flow [1] - The current TTM price-to-earnings ratio of the Shenwan Military Industry Index is 70.35, with a percentile rank of 92.55%, suggesting a high configuration cost-effectiveness in the sector given the expected recovery in industry fundamentals [1] - The military industry is anticipated to enter a new prosperity cycle from 2025 to 2027, driven by multiple catalysts such as the 14th Five-Year Plan, the centenary of the military, and military trade development, with significant growth potential in aviation equipment and other sub-sectors [1] Group 2: Index and ETF Information - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies involved in military-related businesses such as aviation, aerospace, shipbuilding, and weaponry to reflect the overall performance of the military industry [1] - The CSI Military Industry Index covers multiple sub-sectors within the national defense and military industry, primarily composed of enterprises controlled by military groups and companies with main operations related to military affairs, providing a comprehensive representation of the military sector's performance in the A-share market [1]