航空航天ETF（159227）紧密跟踪国证航天指数，申万一级军工行业占比高达97.96%，堪称全市 场"军工纯度"最高的指数，覆盖航空装备、航天装备、卫星导航、新材料等关键产业链环节，成分股精 选军工领域头部企业，涵盖大飞机研制、低空经济、商业航天等新兴领域。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 9月26日，三大指数集体低开后涨跌分化，军工板块小幅震荡。截至9时47分，全市场军工含量最高 的航空航天ETF（159227）下跌0.35%。持仓股中，航发动力、国科军工、航宇科技、北方导航等上 涨。 随着军事智能化的深度推进与多域融合对抗的形成，战场已升级为"体系与体系的较量"。下一代武 器系统将是按智能架构全新设计的装备形态，整体呈现"系统快速重构、功能按需定义、飞行灵活变 形、战力智能进化、技术持续升级"五大典型特征。 中国银河证券认为，"高质量"和"低成本 ...

天风证券指出，战争已步入智能时代，人工智能技术正推动全领域全产业链加速演变。AI技术催 化装备体系无人智能化变革，一方面推动无人装备列装需求扩张，另一方面反哺军工AI产业发展，形 成双向促进。航空装备领域需重点关注无人机及其配套材料（如碳纤维复材、隐身材料）和小推力航发 的需求提升；地面装备领域机器狗等智能无人平台渗透率持续提升；海洋装备领域电子水声系统和无人 船艇成为水下攻防体系建设核心。 基础层需重视"云-边-端"算力网络建设及军用芯片国产化；技术层军工软件权重提升将重塑产业格 局；应用层AI赋能态势感知、指挥决策、电子对抗等多场景，推动硬件性能改进和作战形态革新。全 球军事AI市场规模预计2024年达1040亿美元，2025-2034年CAGR为13.4%，我国军队明确智能化、信息 化发展方向，政策持续加码AI军事应用。 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从中国A股市场中选取涉及航空、 航天、船舶、兵器等军工行业的上市公司证券作为指数样本，以反映军工领域相关上市公司证券的整体 表现。该指数以中小盘风格为主，重点配置于航空装备与军工电子行业。 注：如提及个股仅供参考，不 ...

Group 1 - The A-share market showed mixed performance on September 23, with semiconductor, energy storage, and power battery sectors leading the gains, while the military industry sector opened high but closed lower [1] - The Aerospace ETF (159227) reached a new high of 1.35 billion yuan in total assets, making it the largest aerospace and defense ETF in the market [1] - Recent successful training exercises of China's naval aircraft, including the J-15T, J-35, and KJ-600, on the Fujian aircraft carrier mark a significant breakthrough in the country's aircraft carrier development, potentially boosting short-term sentiment in the military sector [1] Group 2 - China Aviation Securities indicates that the military sector is currently in a state with significant upward potential and a solid bottom, expecting better performance in the second half of the year compared to the first half [1] - The "14th Five-Year Plan" demand is clear under the "big military" new track, with international market developments expanding opportunities [1] - Themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence are expected to remain active [1][2]

Group 1 - Aerospace ETF Tianhong (159241) closed at a gain of 0.35% as of September 22, 2025, marking two consecutive days of increase with a turnover rate of 27.34% and a transaction volume of 120 million yuan, indicating active market trading [2] - The latest scale of Aerospace ETF Tianhong reached 491 million yuan with a total of 429 million shares, achieving a new high in nearly one month [2] - The net inflow of funds into Aerospace ETF Tianhong was 47.7466 million yuan, with a total of 51.0593 million yuan accumulated over the last five trading days [2] Group 2 - Aerospace ETF Tianhong (159241) serves as an efficient tool to capture core military aerospace opportunities, tracking the National Securities Aerospace Index, with a military attribute of 97.86%, making it the highest military content index in the market [3] - The weight of aerospace equipment in the ETF is as high as 66.8%, significantly exceeding that of the CSI Military and CSI National Defense indices [3] Group 3 - The recent successful launch and recovery training of the Navy's third type of carrier-based aircraft on the Fujian ship marks a significant breakthrough in China's aircraft carrier development, contributing to the transformation of the Navy [4] - The Navy's carrier-based aviation has accelerated its development, achieving a significant leap from single aircraft to a system, from land-based to carrier-based operations, and from conventional takeoff to electromagnetic catapult [4] Group 4 - Zhonghang Securities assesses that the military industry sector is currently in a state with ample upward potential and a solid bottom, with short-term volatility risks in rapidly rising sub-sectors and individual stocks, but a relatively low likelihood of structural deep adjustments [5] - The military industry is expected to perform better in the second half of the year compared to the first half, with emerging themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence likely to remain active [5]

Core Viewpoint - The military industry sector is experiencing a rebound, driven by geopolitical tensions and recent events, but may enter a stabilization phase as short-term catalysts fade [1][2]. Group 1: Market Performance - On September 19, the military sector saw a rise, with the defense and military industry index increasing by 1.18%, particularly in aerospace equipment and military electronics [1]. - The recent airshow in Changchun showcased nearly a hundred types of equipment, indicating ongoing interest and investment in military capabilities [1]. Group 2: Fundamental Analysis - Some sectors have shown improvement in semi-annual reports and second-quarter performance, signaling a recovery in the fundamentals of the military industry [2]. - The market anticipates new orders as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins, which is expected to solidify the foundation for continued growth in the military sector [2]. Group 3: Long-term Outlook - The core driving force of the military industry is the strategic goal of building a world-class military, which underpins long-term objectives for 2027, 2035, and 2050 [2]. - The "big military" concept and new domains are expected to bring market growth and valuation expansion, particularly in low-altitude economy and commercial aerospace during the "15th Five-Year Plan" [2]. Group 4: Future Expectations - The military industry is expected to perform better in the second half of the year, with themes like low-altitude economy, commercial aerospace, and military intelligence likely to remain active [3]. - The new domains within the military sector are anticipated to deepen and evolve continuously, reflecting a resilient and dynamic market environment [3].

Investment Rating - The report maintains an "Overweight" investment rating for the defense industry [3]. Core Insights - Military intelligence is not a future concept but a current reality, driven by advancements in artificial intelligence and technology [3][19][28]. - The military sector is undergoing significant transformation due to the integration of AI, which is reshaping defense strategies, operational capabilities, and equipment systems [17][30]. - The global military AI market is projected to reach approximately $21.003 billion by 2027, with the U.S. military AI market expected to grow to $3.133 billion by 2025 [9][10]. Summary by Sections Military Intelligence: New Quality Combat Power - Military intelligence is characterized by self-perception, decision-making, execution, learning, adaptation, and enhancement capabilities [3][18]. - The current era is witnessing a rapid evolution in military operations, with AI technologies being pivotal in this transformation [19][28]. Transformation of Defense Systems - AI is not just upgrading equipment but is fundamentally changing the defense system, structure, and operational models [3][30]. - Companies like Palantir have seen significant market success, with stock prices increasing by over 1263.68% since the onset of the Russia-Ukraine conflict [3][8]. Main Application Paths of Military Intelligence - AI encompasses various technologies, including machine learning, robotics, computer vision, biometrics, and natural language processing, which are applied across different military domains [8][9]. - The military AI market is expected to grow significantly, with the U.S. market projected to reach $3.133 billion by 2025 and the global market reaching $12.428 billion [9][10]. Key Industry Segments - The report identifies several companies involved in the military AI sector, including aerospace electronics, Chengdu Huami, and others focusing on computing power, sensors, algorithms, and intelligence analysis [10][11].

Core Viewpoint - The recent military parade in Beijing showcased advanced military equipment, leading to a surge in the defense sector of the capital market, although a subsequent pullback was observed in stock prices after the event [1][3][11]. Market Performance - The military sector has seen significant gains, with the China Securities Military Industry Index rising over 10% in the past month, outperforming the Shanghai Composite Index [1][3]. - The Guozheng Aerospace Index reported a return of 62.45% over the past year, indicating strong performance in the aerospace sector [6][11]. - Notable stocks like Beifang Longteng have surged over 400% in two months, reflecting heightened investor interest [1]. Stock Reactions - Following the parade, stocks such as AVIC Chengfei and Beifang Longteng experienced declines, indicating a market correction after the initial excitement [1][6]. - Zhongbing Hongjian, a key player in the ammunition sector, saw its stock price peak at 24.32 CNY per share before dropping to 19.76 CNY, with a total market capitalization of 27.5 billion CNY [6][11]. Financial Performance - The aerospace and defense sector reported a total revenue of 185.43 billion CNY in the first half of 2025, a year-on-year increase of 0.76%, while net profit decreased by 7.18% to 9.31 billion CNY [7]. - AVIC Chengfei reported a staggering revenue increase of 915.84% and a net profit growth of 675.74% in the first quarter of 2025 [9]. Future Outlook - Analysts remain optimistic about the long-term performance of the military sector, with expectations of continued growth driven by government defense spending and military modernization initiatives [11][12]. - The 2025 defense budget is projected to reach 1.81 trillion CNY, with over 40% allocated to equipment, particularly in aerospace and unmanned systems [11][12]. - The military industry is expected to transition from speculative trading to performance-based investment as the fundamentals improve [11][17]. Investment Considerations - Investors are advised to focus on sectors with potential for recovery, such as military electronics and materials, while being cautious of short-term volatility in stock prices [17][18]. - The military sector is characterized by strong policy support and a high degree of cyclicality, making it essential for investors to assess company fundamentals and long-term strategies [17][18].

Group 1 - The core viewpoint of the articles highlights the active performance of the aerospace and defense industry, particularly the recent surge in rocket launches and the development of the GW constellation project, which is seen as China's version of Starlink [1][2] - The aerospace ETF (159227) has shown a slight decline of 0.32% with a trading volume exceeding 100 million, indicating strong market interest despite the dip [1] - The recent nine rocket launches in the past 25 days have already surpassed a quarter of the total launches in the first half of the year, showcasing the increasing pace of China's space activities [1] Group 2 - The aerospace ETF closely tracks the national aerospace index, focusing on key sectors within the Chinese military industry, including aerospace equipment, satellite navigation, and new materials [2] - The index is designed to capture the growth opportunities in defense technology and high-end equipment upgrades, reflecting the strategic importance of these sectors in national defense modernization [2] - The selected component stocks within the ETF include leading companies in the military sector, covering emerging fields such as large aircraft manufacturing, low-altitude economy, and commercial aerospace [2]

Group 1 - The core viewpoint of the article highlights the significant performance of the military industry sector in 2023, with the Shenwan Defense and Military Industry Index showing a cumulative increase of 22.86% year-to-date as of August 1, ranking 7th among 31 first-level industry indices [4] - The article discusses the background of Wang Hongtao, the chief aerospace analyst at AVIC Securities, emphasizing his expertise in aerospace design and military weapon systems, which positions him well to analyze the military industry [1] - AVIC Securities, as the only brokerage under the state-owned military enterprise, focuses on large-scale military industry research and aims to develop a research investment system centered on strategic emerging industries, particularly in military and hard technology sectors [3] Group 2 - Wang Hongtao's report projects a positive outlook for the military industry in the second half of 2025, indicating that the sector is currently in a phase with significant upward potential and limited downside risk, despite potential short-term volatility in specific sub-sectors and stocks [4] - The military industry is expected to benefit from the "14th Five-Year Plan" entering a critical phase and the gradual clarification of the "15th Five-Year Plan," suggesting a "V" shaped recovery for the industry [4] - Investment opportunities are recommended in new areas such as unmanned equipment, military intelligence, satellite internet, and electronic countermeasures, reflecting the evolving landscape of the military sector [4]

Group 1 - The China Defense Index (399973) has seen a strong increase of 1.16% as of July 24, 2025, with notable gains from stocks such as Philihua (300395) up 11.50%, Yingliu Co. (603308) up 3.73%, and Hongdu Aviation (600316) up 3.60% [1] - A total of 61 companies have released their half-year performance forecasts as of July 18, 2025, with 33 companies expecting profit increases and 28 expecting profit decreases, indicating a recovery in the military industry sector [1] - The military intelligence sector is becoming a key focus for major countries, with emerging equipment such as intelligent and unmanned systems expected to drive a wave of demand and transformation in the military industry [1] Group 2 - The Defense ETF closely tracks the China Defense Index and includes companies under the top ten military groups and those providing equipment to the armed forces, reflecting the overall performance of defense industry stocks [2] - As of June 30, 2025, the top ten weighted stocks in the China Defense Index account for 43.29% of the index, with significant companies including AVIC Shenyang Aircraft (600760) and AVIC Engine (600893) [2] - The management and custody fees for the Defense ETF are the lowest in its category at 0.40%, making it the only ETF with such a low fee structure among 13 similar ETFs [2]