军工ETF（512660）收跌，市场聚焦行业长期需求，把握回调布局机会

Core Viewpoint - The military industry ETF (512660) experienced a decline of over 1.4% on January 28, with the market focusing on long-term demand in the industry and identifying opportunities for positioning during the pullback [1] Group 1: Industry Demand and Growth - Guohai Securities indicates that 2026, as the start of the "14th Five-Year Plan," may see a new round of demand gradually being issued in the industry [1] - In the large aircraft sector, the three major domestic airlines have commenced regular commercial operations of the C919, showing steady and positive development [1] - Southeast Asian countries have shown significant interest in the C919 and other civil aircraft, with positive progress in the European EASA certification, potentially accelerating international expansion and providing substantial growth opportunities for the related industrial chain [1] Group 2: Commercial Aerospace and Military Development - In the commercial aerospace sector, China Aerospace Science and Technology Corporation emphasizes a full commitment to breakthroughs in reusable rocket technology, accelerating the construction of a strong aerospace nation, and actively developing commercial aerospace and low-altitude economy [1] - Both China Ordnance Industry Group and China Aerospace Science and Industry Corporation stress the importance of accelerating the generation of advanced combat capabilities and actively engaging in international operations (military trade) and deepening reforms [1] - The military industry is expected to remain in an upward demand cycle over the next five years amid significant global changes [1] Group 3: ETF and Index Overview - The military industry ETF (512660) tracks the CSI Military Industry Index (399967), which selects the top ten military groups that are publicly listed and primarily engaged in military-related businesses, along with other representative companies in the military field [1] - The index covers key industries such as aviation, aerospace, shipbuilding, weaponry, military electronics, and satellites, reflecting the overall performance of military-themed listed companies, characterized by high industry concentration and small to mid-cap style [1]