军工ETF（512660）领涨超3%，行业格局转向三轮驱动

Core Viewpoint - The Chinese military industry has evolved from a model reliant on domestic demand to a new development pattern characterized by "domestic demand foundation, foreign trade expansion, and civilian backfeeding," transitioning from "cyclical growth" to "comprehensive growth" [1] Group 1: Domestic Military Demand - Domestic military demand is focused on "preparing for war" and equipment modernization, with major growth directions being high-precision deterrence and systematic unmanned low-cost solutions [1] Group 2: Military Trade Expansion - China's military trade share continues to increase, leveraging advantages in cost-effectiveness, systematic combat capabilities, and geopolitical strategic cooperation [1] Group 3: Civilian Applications of Military Technology - The dual-use of military technology is giving rise to new trillion-level industries such as commercial aerospace and low-altitude economy, creating a virtuous cycle of "military technology for civilian use, backfeeding military industry" [1] Group 4: Aerospace Activity Projections - By 2025, China's aerospace launch activities are expected to remain highly active, with a projected total of 73 space launch missions, setting a historical record, and the commercial aerospace sector entering a high-frequency networking phase, leading to strong demand in upstream satellite manufacturing and rocket launching [1]