军工行业迎三轮驱动新发展格局，军工ETF（512660）上涨1.6%，连续2日资金净流入超1亿元

Core Viewpoint - The Chinese military industry is evolving from a reliance on domestic demand to a new development pattern driven by three engines: "domestic demand foundation, foreign trade expansion, and civilian backfeeding" [1] Group 1: Domestic Demand - The first curve focuses on domestic military demand, emphasizing "preparation for war" and equipment modernization, supported by stable growth in defense budgets and equipment upgrades [1] - Key growth directions include strong deterrence through high-precision and systematic unmanned low-cost solutions [1] Group 2: Foreign Trade - The second curve represents military trade expansion, where China's military trade share continues to rise due to cost-effectiveness, systematic combat capabilities, and geopolitical strategic cooperation [1] - China is becoming a significant global supplier in the military trade sector [1] Group 3: Civilian Applications - The third curve involves the civilian application of military technology, leading to the emergence of trillion-level new industries such as commercial aerospace, low-altitude economy, future energy, deep-sea technology, and large aircraft [1] - This trend fosters the development of new processes, materials, and devices, creating a virtuous cycle of "military technology for civilian use, backfeeding military industry" [1] Group 4: Investment Vehicle - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies related to the military industry from the Shanghai and Shenzhen markets [1] - The index covers sectors such as aviation, aerospace, shipbuilding, weaponry, military electronics, and satellites, reflecting the overall performance of military-themed listed companies [1] - The index has a relatively balanced industry allocation, with a focus on aviation equipment and military electronics, and presents a small to mid-cap style overall [1]