THD(SZ:300397) Sou Hu Cai Jing·2025-11-17 04:16Core Viewpoint - The aviation industry is experiencing a positive trend with significant growth in the Aviation ETF fund and notable performance from key stocks in the sector, driven by improvements in supply-demand dynamics and advancements in military technology [1][5][10]. Group 1: Market Performance - As of November 17, 2025, the National General Aviation Industry Index (980076) increased by 0.76%, with notable gains from stocks such as Tianhe Defense (300397) up 11.61% and Morningstar Aviation (300581) up 11.52% [1]. - The Aviation ETF fund (159257) rose by 0.70%, with a latest price of 1.01 yuan and a turnover rate of 1.36%, totaling a transaction volume of 97.78 million yuan [1]. - Over the past month, the average daily transaction volume of the Aviation ETF fund reached 506.24 million yuan [1]. Group 2: Fund Growth - The Aviation ETF fund saw a significant increase in scale, with a growth of 105.86 million yuan over the past week [3]. - In terms of shares, the fund's shares increased by 5 million over the past two weeks, indicating strong demand [4]. Group 3: Military and Technological Advancements - The recent release of a microfilm by the People's Air Force, showcasing various military aircraft and the collaboration between manned and unmanned systems, has garnered significant attention and indicates advancements in military technology [4]. - According to Dongfang Securities, the public display of important aircraft models and their collaborative flight marks a substantial progress in the integration of manned and unmanned operations, suggesting that drones will play a more critical role in future military operations [4]. Group 4: Industry Outlook - Zhongtai Securities notes that the supply-demand dynamics in the aviation sector are improving, with aircraft utilization rates during peak seasons exceeding those of 2019, indicating a potential slowdown in supply growth [5]. - The report anticipates that the aviation industry may significantly reduce losses in Q4 2025, with profit elasticity expected to be released in 2026 [5]. Group 5: Fund Composition - The Aviation ETF fund (159257) primarily focuses on the defense and military sector, which constitutes 59.7% of its index, along with automotive and computer sectors [6]. - The fund's index includes a high proportion of low-altitude economy concept stocks, with 53% of its index weight attributed to this theme, suggesting potential benefits from the growth of the low-altitude economy [9].