Core Viewpoint - The aerospace industry in China is experiencing significant growth, driven by policy support and increased launch activities, with the Tianhong Aerospace ETF showing strong market performance and substantial inflows [1][2]. Group 1: Market Performance - As of January 5, 2026, the Tianhong Aerospace ETF (159241) recorded a turnover of 20.78% and a transaction volume of 128 million yuan, indicating active market trading [1]. - The CN5082 index, which tracks the aerospace industry, rose over 2.5% during the trading session, with key stocks like Beifang Navigation (600435) up 6.68% and AVIC High-Tech (600862) up 5.88% [1]. - The Tianhong Aerospace ETF saw a significant growth of 34.11 million yuan over the last two weeks, reflecting strong investor interest [1]. Group 2: Product Highlights - The Tianhong Aerospace ETF (159241) tracks the CN5082 index, which covers the aerospace industry chain, with a combined weight of over 68% in aerospace and aviation equipment, making it the highest "aerospace content" military index in the market [1]. - The top ten holdings of the ETF include major state-owned enterprises such as Aero Engine Corporation of China and AVIC Shenyang Aircraft Corporation, providing both stability from core assets and growth potential from smaller market cap companies [1]. Group 3: Industry Developments - The Chinese aerospace industry is set to achieve a record 73 launch missions in 2025, including significant satellite launches, showcasing the sector's robust growth [1]. - Private rocket companies like New Space and Blue Arrow are making progress in rocket recovery and reuse technology, and are initiating IPO processes, indicating a vibrant industry landscape [1]. - Policy initiatives, such as those from Shanghai supporting the G60 Science and Technology Corridor, are aimed at promoting satellite manufacturing and commercial operations, alongside national emphasis on developing emerging industries like aerospace and low-altitude economy [1][2]. Group 4: Institutional Insights - CITIC Securities highlights that China's military industry has evolved into a new growth model characterized by "domestic demand foundation, foreign trade expansion, and civilian backfeeding," leading to a sustainable and diversified growth momentum [2]. - The commercialization of military technology is fostering 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" [2].

第三曲线军用技术民用化（新边界）：尖端军工技术向民用领域溢出，催生商业航天、低空经济、未来能源等万亿级新产业，形成"军技民 用，反哺军工"的良性循环。 【八一军工，大展宏图】代码含"八一"的军工ETF华宝（512810）（原国防军工ETF）：兼顾传统主战力量+新域新质力量，覆盖『商业航天 +深海科技+军用AI+低空经济+大飞机』等诸多热门题材，同时是融资融券标的+互联互通标的，是一键布局国防军工板块的高效投资工具。 中信建投证券表示，中国军工产业已从过去依赖国内单一需求的模式，演进为三轮驱动的新发展格局，增长动能更加多元和可持续。"内需筑 基、外贸扩张、民用反哺"的格局正在深刻重塑我国军工产业的面貌和边界。行业从"周期成长"转向"全面成长"。 第一曲线国内军工需求（基本盘）：聚焦"备战打仗"和装备现代化，需求来自国防预算稳定增长及装备升级换代。 第二曲线军贸出海（新引擎）：凭借性价比优势、体系化作战能力和地缘战略合作，中国军贸份额持续提升，成为全球重要供应方。 12月22日早盘，军工板块表现活跃，商业航天概念股再度领涨，高德红外、北斗星通双双涨停，中国卫星涨近8%。热门ETF方面，高人气军工 ETF华宝（51 ...

Core Viewpoint - The commercial aerospace sector is experiencing significant growth, driven by military technology applications in civilian industries, creating a trillion-yuan market opportunity [1][4][10]. Market Performance - The core ETF "512810" saw an intraday increase of up to 2%, reaching a nearly three-month high, and ultimately closed with a gain of 0.98%, marking a successful consecutive rise [1][7]. - The trading volume for the day was 80.17 million yuan, with a fluctuation exceeding 3% [1][7]. Stock Highlights - Key stocks in the commercial aerospace sector surged, with Aopu Optoelectronics hitting the daily limit, and other stocks like Bolite and Zhongke Xingtou rising by 13.67% and 10.79% respectively, both reaching historical highs [1][7]. - Other companies such as Guobo Electronics, Zhenlei Technology, Shanghai Hanhua, and Aerospace Electronics also achieved historical price highs during the trading session [1][7]. Technical Analysis - The ETF "512810" shows strong bullish signals, with a MACD golden cross indicating a potential market shift from bearish to bullish, and increasing momentum as evidenced by the lengthening red bars [3][9]. Fund Flow - The defense and military industry saw a net inflow of 9.56 billion yuan, leading all 31 primary industries, with the banking sector trailing by nearly 4 billion yuan [3][9]. - Over the past five days, the net inflow for the defense and military sector exceeded 20 billion yuan [3][9]. Investment Outlook - The commercial aerospace industry is poised for a new era, supported by national policies and technological advancements, with military technology spilling over into civilian applications [4][10]. - Analysts suggest that the current moment is an opportune time to invest in military assets, especially as the "14th Five-Year Plan" approaches and new equipment construction plans are set to be clarified [4][10]. - The latest report from Dongfang Securities expresses a positive outlook on the military sector at this juncture [4][10]. Investment Tools - The CSI Military Industry Index, despite some recovery, remains over 736 points below its annual high, and 2500 points below its five-year peak [5][11]. - The ETF "512810" is highlighted as an efficient investment tool covering various hot themes such as commercial aerospace, controllable nuclear fusion, low-altitude economy, large aircraft, deep-sea technology, and military AI [5][11].

12月18日早盘，商业航天概念强势回归，带动国防军工板块领跑全市场！截至发稿，国防军工行业涨 幅、主力净流入额均高居全行业首位！ | 科学 | 名称 | 现价 | 涨跌幅 | 主力净流入额 ▼ | | --- | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1805.22 | 1.88% | 80.75 Z | | 801880 | 汽车(申万) | 7600.14 | 0.11% | 49.82 7 | | 801050 | 有色金属(申万) | 7802.20 | 0.98% | 44.41亿 | 汇聚军工核心资产的国防军工ETF（512810）低开高走，盘中一度涨近2%再创近2个月新高！场内快速 放量，成交超5600万元，接近上日全天成交额。 所覆盖的商业航天相关成份股集体飙升，铂力特、中科星图涨12%，奥普光电一字板，中国卫星涨停。 消息面，商业航天利好接连不断。今日，2025第三届中国商业航天发展大会暨第四届中关村商业航天大 会在北京举办。12月17日，据报道，目前正在编制的《上海市加快推进新型工业化 构建现代化产业体 系"十五五"规划》拟聚焦商业航天 ...

Group 1 - The company's performance has been affected by multiple factors including industry cycles, market conditions, and cost fluctuations, with detailed reasons for the losses disclosed in regular reports [1] - The impairment provisions for subsidiaries are strictly executed according to accounting standards and company policies, based on professional assessments of asset operations and market fair values, and are unrelated to shareholder reduction actions [1] - The company's military-civilian integration strategy remains unchanged, with steady progress in various business areas, including satellite communication and low-altitude economy projects [1] Group 2 - In the satellite communication sector, the company's core products, such as the satellite communication front-end modules, continue to support aerospace applications while actively expanding into commercial space applications [1] - The company has established Guangdong Kaiji Intelligent, focusing on RF microwave technology for low-altitude economic applications, and has won a bid for a low-altitude detection equipment project, currently in the debugging and installation phase [1] - In the civilian sector, leveraging its thermal barrier coating technology, the company has provided thermal protection product samples for high-end new energy vehicle battery sectors and is advancing customer validation work [1] Group 3 - The company's core business focuses on electronic operations in special application fields (RF microwave business) and materials for special applications (thermal spray materials, electromagnetic wave-absorbing materials), with core technologies applied in various platforms and aerospace fields [1] - The company is actively expanding into emerging civilian fields through military-civilian integration, aiming for a business structure of "stable main business and diversified expansion" [1] - The company is committed to integrity in operations, with development strategies and business plans based on actual conditions and industry trends, and plans to increase R&D investment and accelerate market expansion to deliver better results for long-term investors [1]

格隆汇12月15日丨新劲刚(300629.SZ)在投资者互动平台表示，1、关于业绩亏损及减值计提相关问题： 公司业绩表现受行业周期、市场环境、成本波动等多重因素综合影响，相关亏损情况已在定期报告中详 细披露原因；子公司减值计提严格按照《企业会计准则》及公司会计政策执行，基于资产实际运营状 况、市场公允价值等因素进行专业评估后作出，与股东减持行为无关联。2、关于军技民用战略推进情 况：公司2023-2024年年报中提及的军技民用发展方向未发生变更，目前各项业务均在稳步推进中：① 卫星通信领域：公司核心产品卫通收发前端系列模块（BUC、LNB等）持续为航空航天等领域提供配 套服务，同时正积极拓展商业航天相关应用场景；②低空经济领域：2024年7月成立的广东凯际智能， 聚焦射频微波技术向低空经济转化，已中标"深城交"低空探测设备项目，目前正处于调试安装阶段，后 续将持续对接更多应用场景；③民用其他领域：借助康泰威热障涂层技术优势，已为民用高端新能源车 辆电池板块提供热防护产品样品，正推进客户验证工作。3、关于公司主营业务：公司当前核心业务聚 焦于特殊应用领域电子业务（射频微波业务）及特殊应用领域材料业务（热喷涂材料 ...

Core Viewpoint - The company is focused on the research, production, and service of composite materials such as radar-absorbing stealth materials, thermal barrier coating materials, carbon fiber materials, and optoelectronic materials, aiming to provide solutions for various military and civilian applications [2] Group 1: Company Operations - The company relies on its wholly-owned subsidiary, Kangtaiwei, to develop and produce advanced materials for aircraft, ships, and other equipment [2] - The company has accumulated mature technology experience in thermal barrier coatings and is optimizing adhesive forms to enhance coating performance and reduce construction difficulty [2] - The company has launched targeted thermal protection products and services for the high-end new energy vehicle battery sector, with sample deliveries already completed [2] Group 2: Product Development and Market Expansion - Some models of radar-absorbing materials have entered the procurement catalog for batch production [2] - The company is committed to ongoing technology research and market expansion, with future developments to be disclosed in accordance with information disclosure rules [2]

Core Viewpoint - The aerospace and defense sector is experiencing upward momentum, with significant investments and developments indicating a strong future for the industry [1]. Group 1: Market Performance - As of November 19, the aerospace ETF (159227) rose by 1.43%, with a trading volume of 163 million yuan, leading its category [1]. - Key stocks such as Yaguang Technology and Aerospace Development reached their daily limit, while Guoke Military Industry, Tianhe Defense, and Great Wall Military Industry saw increases exceeding 6% [1]. Group 2: Strategic Developments - On November 13, the Taizhou government signed a contract with the China Aerospace Aerodynamics Research Institute to develop a special aircraft and aerodynamics project in the Taizhou Bay New Area, with a total planned investment of approximately 10 billion yuan [1]. - This project aims to create a trillion-level aerospace industry cluster in Taizhou, injecting strong aerospace momentum into the development of new productive forces [1]. Group 3: Industry Outlook - CITIC Securities believes that the spillover of advanced military technology into civilian sectors will create new trillion-level industries such as commercial aerospace, low-altitude economy, future energy, deep-sea technology, and large aircraft [1]. - This transition is expected to drive the development of new processes, materials, and components, forming a virtuous cycle of "military technology for civilian use, feeding back into military industry" [1]. Group 4: Index and Composition - The aerospace ETF (159227) closely tracks the National Aerospace Index, with the Shenwan primary military industry accounting for 98.2%, making it the highest military content index in the market [1]. - The index focuses on key sectors of the Chinese military industry, particularly in the aerospace field, covering critical supply chain segments such as aerospace equipment, satellite navigation, and new materials [1].

Core Viewpoint - The company is leveraging its subsidiary's advanced thermal barrier coating technology to develop heat protection products for the high-end electric vehicle battery sector, aiming to enhance battery safety and performance [1] Group 1: Technology and Product Development - The company is utilizing mature thermal barrier coating technology from its wholly-owned subsidiary, Kangtaiwei, to optimize adhesive materials and improve coating performance [1] - The core function of the heat protection product is to establish a safety barrier for batteries by providing efficient thermal insulation, theoretically reducing the risk of battery ignition due to high temperatures [1] - The heat protection products are currently in the verification stage, and their effectiveness in mass production remains to be validated [1] Group 2: Market Strategy and Future Plans - The company has introduced targeted heat protection products and services for the civilian high-end electric vehicle battery market, with sample deliveries already completed [1] - The company will continue to advance technology research and market expansion, with progress updates to be disclosed in accordance with information disclosure regulations [1]

Core Viewpoint - The company has developed a vehicle battery thermal protection technology aimed at reducing the risk of battery fires in new energy vehicles, leveraging its subsidiary's expertise in thermal barrier coating technology [2]. Group 1: Technology Development - The company utilizes mature thermal barrier coating technology from its wholly-owned subsidiary, Kangtaiwei, to enhance the performance of battery thermal protection products [2]. - The new thermal protection products are specifically designed for the high-end new energy vehicle battery sector and have completed sample delivery [2]. Group 2: Product Functionality - The core function of the thermal protection product is to create an effective thermal insulation barrier, theoretically reducing the risk of battery ignition due to high temperatures [2]. - The product is currently in the validation stage, and its effectiveness in mass production and protection capabilities remains to be fully tested [2]. Group 3: Future Plans - The company will continue to advance its technology research and market expansion efforts, with progress updates to be disclosed in accordance with information disclosure regulations [2].