军工板块午后拉升，航空航天ETF（159227）跌幅收窄，国科军工领涨

Core Viewpoint - The aerospace and defense sector is experiencing a notable increase in activity, with significant inflows into the Aerospace ETF, indicating strong investor interest and confidence in the industry [1]. Fund Performance - As of November 21, the Aerospace ETF (159227) saw its decline narrow to 0.18%, with a trading volume of 178 million yuan, maintaining its position as the leading fund in its category [1]. - The latest net inflow into the Aerospace ETF was 16 million yuan, and over the past 10 trading days, it has attracted a total of 206 million yuan, bringing its latest scale to 1.956 billion yuan, the highest among its peers [1]. Industry Outlook - According to Shenwan Hongyuan, the "14th Five-Year Plan" proposed during the Fourth Plenary Session aims to achieve the centenary military goals and advance the modernization of national defense and the military [1]. - The military industry is expected to enter a new cycle of quality improvement and growth during the "14th Five-Year Plan" period, driven by the push for advanced combat capabilities and national unification [1]. ETF Composition - The Aerospace ETF (159227) tracks the Guozheng Aerospace Index, with a high concentration of 98.2% in the first-level military industry, making it the most military-focused index in the market [1]. - The ETF focuses on the aerospace sector, covering leading companies across the entire industry chain, including fighter jets, transport aircraft, helicopters, aircraft engines, missiles, satellites, and radar, aligning perfectly with the "integrated aerospace" strategic direction [1].