量化掘基系列之三十五：巴黎航展驱动下，如何把握航空航天行情？

• The "National General Aviation Industry Index" and "National Aerospace Industry Index" are constructed by selecting 50 securities related to the aviation industry from listed companies on the Sci-Tech Innovation Board and Beijing Stock Exchange, with listing times exceeding 1 year, and other securities listed for over 6 months. These indices reflect the price changes of securities related to the general aviation and aerospace industries in the Shanghai, Shenzhen, and Beijing exchanges[3][28][30] - The "National General Aviation Industry Index" focuses on general aviation-related fields, including aviation materials, infrastructure, aircraft manufacturing, operational services, and application scenarios. The "National Aerospace Industry Index" is limited to the aerospace sector under the National Level 3 industry classification[28][30] - The sample selection method for the "National General Aviation Industry Index" involves sorting securities by average daily market capitalization over the past six months and excluding the bottom 10% in terms of average daily trading volume. The "National Aerospace Industry Index" uses average daily free-float market capitalization and average daily trading volume for ranking and selection[28][30] - Weight distribution for the "National General Aviation Industry Index" limits individual stocks in the aircraft manufacturing sector to a maximum weight of 10%, while other sectors are capped at 2%. The "National Aerospace Industry Index" caps individual stock weights at 15%, with the top five stocks collectively limited to 60%[29][30] - As of June 5, 2025, the "National General Aviation Industry Index" covers 10 primary industries and 19 secondary industries, with 53.04% of its weight derived from the defense and military sector. The "National Aerospace Industry Index" is highly concentrated, with 96.24% of its weight from the defense and military sector, specifically 52% from the aerospace sub-sector[31][36][37] - The valuation levels of the indices are relatively low. As of June 5, 2025, the price-to-book ratios (PB) for the "National General Aviation Industry Index" and "National Aerospace Industry Index" are 2.33x and 3.29x, respectively, corresponding to the 32.80% and 52.90% percentile ranges since February 16, 2015[43][46][48] - The "National Aerospace Industry Index" demonstrates stronger expected earnings growth. From 2025 to 2027, its earnings per share (EPS) are projected to grow from 0.38 yuan to 0.78 yuan, while the "National General Aviation Industry Index" is expected to increase from 0.43 yuan to 0.76 yuan. Similarly, the net profit attributable to shareholders is forecasted to grow from 195.81 billion yuan to 308.27 billion yuan for the "National Aerospace Industry Index," compared to 185.07 billion yuan to 317.63 billion yuan for the "National General Aviation Industry Index"[49][53] - The return on equity (ROE) for the indices is favorable. As of June 5, 2025, the ROE for the "National General Aviation Industry Index" and "National Aerospace Industry Index" are 3.35% and 2.82%, respectively, outperforming the "Aerospace Index" at 2.41%[54][57] - Dividend yields for the indices are relatively high. As of June 5, 2025, the dividend yields for the "National General Aviation Industry Index" and "National Aerospace Industry Index" are 0.63% and 0.73%, respectively, exceeding the "China Military Index" at 0.58%[58][61]