|华宝基金 TO THE 下一个科技区门 商业航天 低空经济 军民融合 大 当机 通用航空ETF车 大 宝国证通用航空产业ETF发 記 군 A类 024766 c* 024767 8月1日起 乘风发售 热门赛道 一键布局 本基金重点覆盖低空经济、军民融合、大飞机等热门赛道。 52 87% 32 00% FF 空空部 44.54% 24.38% 16.23% 军民融合 商业航天 K行汽车 注:百分比系将通用航空指数成份股与Wind热门主题指数成份股比较后得出。数据来源: Wind. 华宇基金指数研发投资部,截至2025.6.30. 员在给您 前景广阔 空中交通 万亿蓝海 广泛覆盖产业三大环节 国证通用航空产业指数中,飞行器制造、基础设施与配 套保障、运营服务三大环节权重占比分别为64.67%、 31.60%、3.80%。 运营服务 3.80% 飞行器制造 64.67% 通用航空指数 基础设施与 三大环节 配套保障 权重占比 31.60% 数据来源:国证指数公司、华宝基金指数研发投资部,数据截至2025. 成份股聚焦飞行器整机制造 根据指数编制规则,飞行器整机制造领域的单只样本权 重不超过10%，其他领域的单只样 ...

Core Viewpoint - The defense and military industry sector experienced a decline after four consecutive days of gains, with the ETF code "512810" dropping over 2% on July 30, 2023, despite signs of capital accumulation during the downturn [1][3]. Group 1: Market Performance - The defense military ETF (512810) fell by 2.01%, closing at 0.683, with significant declines in constituent stocks such as Construction Industry, which hit the limit down, and others like 6912 and Hongdu Aviation, which dropped over 5% [1][2]. - There was a notable increase in market premium for the ETF, indicating that investors were actively buying on dips, with over 35 million yuan entering the market in the previous two days [1][3]. Group 2: Future Catalysts - Upcoming events such as the Army Day and the 93rd National Day military parade are expected to stimulate the defense and military market [1][3]. - Analysts predict that the defense and military industry will enter a performance realization phase in the second half of 2025, driven by personnel adjustments, institutional reforms, and a backlog of orders [3]. Group 3: Financial Performance - Data shows that 42 military stocks reported a combined net profit of nearly 5.6 billion yuan for the first half of 2025, reflecting a year-on-year growth of over 45%, marking the highest level in five years [3]. - The ETF (512810) covers a wide range of sectors, including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion, making it a diversified investment option [3]. Group 4: Investment Accessibility - The ETF underwent a share split in June, reducing the investment threshold by half, allowing investors to access core military assets for less than 70 yuan [3].

【投国防军工，选"512八一0"】 代码含"八一"的国防军工ETF（512810）：兼顾传统主战力量+新域新质力量，覆盖"商业航天 + 低空 经济 + 大飞机 + 深海科技 + 军用AI + 可控核聚变"等诸多热门题材，同时是融资融券标的+互联互通标 的。 连涨4天后，7月30日，国防军工盘初冲高回落，午后加速走低！代码有"八一"的国防军工ETF （512810）跌逾2%，成份股建设工业跌停，六九一二、洪都航空跌逾5%。 值得关注的是，512810场内溢价走阔，资金逢跌吸筹痕迹明显。此前2日，已有超3500万元资金进场。 | 19 SECHE SEL 78 THE ESS T.A @ (2) > | 例 3日 1分 · | | | | | | | | | | | | | 国防军工程工作(1) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.683 -0.014 -2.01% | 0.71 | | 512810[EM6 ...

| 概念板块 | 板块涨跌 | 相对大盘涨跌 | 板块主力资金 | 领涨股 | 涨跌幅 | 主力资金（万 | | --- | --- | --- | --- | --- | --- | --- | | | （%） | （%） | （亿元） | | （%） | 元） | | 共封装光学 | 5.30 | 5.19 | 31.77 | 仕佳光 | 24.59 | 21301.22 | | (CPO) | | | | 子 | | | | AI PC | 5.31 | 5.20 | 26.24 | 景旺电 子 | 24.40 | 19367.88 | | 中国AI 50 | 2.64 | 2.53 | 26.11 | 寒武纪 | 18.42 | 78499.66 | | 先进封装 | 5.30 | 5.19 | 21.70 | 方邦股 份 | 46.86 | 7583.98 | | 仿制药一致性 评价 | 3.70 | 3.59 | 19.99 | 亚太药 业 | 28.98 | 41461.29 | | 5G | 3.45 | 3.34 | 19.48 | 方邦股 份 | 46.86 | 7583.98 | | F ...

Core Viewpoint - The financial sector is experiencing a collective surge, with significant gains in insurance, brokerage, and banking stocks, while aerospace and military sectors also show strong performance [2][4][12]. Financial Sector Performance - The financial sector, including insurance, brokerage, and banking, has shown robust growth, with notable increases in stock prices. For instance, New China Life Insurance rose over 4%, reaching a market capitalization of 187.4 billion [7][10]. - Major brokerage firms like Zhongyin Securities saw an increase of over 8%, indicating strong market activity in this segment [10]. Aerospace and Military Sector - The aerospace and military sectors are also witnessing significant stock price increases, with companies like Guangdian Co., Construction Industry, and Boyun New Materials hitting the daily limit [13]. - Research from Dongfang Securities highlights the importance of upstream components and key raw materials in weaponry development, suggesting that these sectors will benefit from increased demand and performance elasticity [13]. Market Overview - As of July 28, the A-share market indices are showing positive trends, with the Shanghai Composite Index up by 0.30%, the Shenzhen Component Index up by 0.35%, and the ChiNext Index up by 0.72% [2]. - In the Hong Kong market, major indices also rose, with Alibaba, Tencent Music, and JD Group all seeing gains exceeding 1% [6].

Group 1 - The defense and military industry sector is experiencing active performance, with the China Securities Military Industry Index constituents showing significant gains, including a limit-up for Construction Industry and over 6% increases for several other stocks [1] - The "August 1" defense military ETF (512810) saw a rapid price increase of over 1%, with real-time transactions exceeding 31 million yuan [2] - The upcoming August 1 Army Day and the approaching September 3 military parade are expected to increase attention on the defense and military sector [1][4] Group 2 - As of July 25, 2025, several listed companies have reported their semi-annual results, showing structural characteristics with strong performance in segments like shipbuilding and low-cost precision-guided munitions [4] - The military electronics sector is performing well from an upstream perspective, and the defense industry is anticipated to enter a performance realization phase in the second half of 2025 due to personnel adjustments and institutional reforms [4] - Investment recommendations focus on three main lines: building systems with AI-enabled intelligent combat bases, addressing shortcomings in low-cost and intelligent sectors, and promoting companies with high military trade ratios [4] Group 3 - The "August 1" defense military ETF (512810) is highlighted as an efficient investment tool that covers various popular themes, including commercial aerospace, deep-sea technology, military AI, low-altitude economy, and large aircraft [4]

Group 1 - The defense and military industry sector is experiencing localized activity, with significant gains in concepts such as large aircraft and military information technology [1] - The defense military ETF (512810) reached an 8-month high, with real-time transactions exceeding 47 million yuan [1] - Key stocks within the defense military ETF, including Changcheng Military Industry, have hit historical highs [1] Group 2 - Analysts indicate that the defense and military sector is currently in a layout window, with expectations for improved Q2 financial reports [3] - Q1 order volume has increased, leading to potential performance improvements for mid-to-upstream companies in Q2, with a turnaround in military component orders observed in June [3] - Anticipation of a busy Q3 with catalysts as the September 3 military parade approaches, likely increasing attention and trading activity in the sector [3] Group 3 - The defense military ETF (512810) covers a range of themes including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, and military AI [4] - The ETF has undergone a share split in June, reducing the investment threshold by half, making it more accessible for investors [4] - The ETF is a financing and margin trading target, as well as an interconnectivity target [4]

Group 1 - The aerospace and defense industry is experiencing an upward trend, contrasting with the downward pressure faced by other sectors, highlighting its comparative advantages [2] - The upcoming "2025 International Low Altitude Economy Expo" from July 23 to 26 will showcase revolutionary breakthroughs in low-altitude technology, featuring nearly 300 leading global companies and innovations such as drones and eVTOLs [1] - The overall sentiment in the military industry is expected to improve, with companies gradually releasing positive half-year performance forecasts, indicating a recovery in fundamentals and market sentiment [1][2] Group 2 - The aerospace ETF (159227) tracks the National Aerospace Industry Index, with a high concentration of 98.2% in defense and military sectors, making it the purest military ETF in the market [2] - As of June 30, 2025, the top ten weighted stocks in the National Aerospace Industry Index (CN5082) account for 49.42% of the index, including companies like Guangqi Technology and AVIC Shenyang Aircraft [2]

Market Overview - On July 18, the A-share market experienced an upward trend, with the Shanghai Composite Index rising by 0.5% to close at 3534.48 points, and the ChiNext Index increasing by 0.34%. Market sentiment improved, leading to a trading volume of 1.59 trillion yuan [1]. Defense and Military Industry Performance - The defense and military sector continued to show strong performance, with the popular defense and military ETF (512810) rising by 1.06%, marking its highest closing price since November 14, 2024. The ETF recorded a trading volume of 92.06 million yuan for the day [1]. - For the week of July 14-18, the defense and military ETF (512810) accumulated a gain of 2.45%, achieving a four-week consecutive increase, with a total weekly trading volume of 404 million yuan, significantly higher than the previous week [2]. Earnings Forecasts and Stock Performance - As of July, the defense and military sector was primarily in a phase of adjustment, influenced by mid-year earnings expectations. However, from July 17 onwards, the sector began to rebound as several companies released positive earnings forecasts, indicating a recovery in the sector's fundamentals [3]. - Among the 29 component stocks of the defense and military ETF that have released mid-year earnings forecasts, 23 are expected to report profits. Notably, 11 companies are projected to see their net profits double, with Aerospace Science and Technology showing a growth rate exceeding 23 times [3]. Notable Stock Movements - The defense and military ETF's component stocks saw 59 stocks rise and 21 decline, with several stocks reaching historical or recent highs. Notable performers included AVIC Shenyang Aircraft Company, which rose by 2.92%, and Yingliu Co., which surged by 3.44% [4]. Future Outlook - The outlook for the defense and military sector appears promising, with multiple catalysts expected to drive growth. Short-term improvements in Q2 earnings are anticipated due to increased orders and a stabilization in military component orders. The sector is expected to gain further attention as the September 3 military parade approaches, potentially leading to structural investment opportunities [6]. - Long-term prospects are bolstered by geopolitical factors, such as the India-Pakistan conflict, which may enhance China's defense industry's profile and stimulate military trade. The upcoming centenary of the military in 2027 is also expected to sustain high demand for military equipment [6]. Investment Strategy - The defense and military ETF (512810) is highlighted as a strategic investment option, offering exposure to both traditional and emerging military capabilities. It includes a diverse range of sectors such as commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, and military AI. The ETF is considered a low-risk investment vehicle with a lower entry threshold compared to individual stocks [7].

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown strong performance, with a notable increase in trading volume and significant growth in fund size, driven by key catalysts in the military industry and increasing market interest [3][4][5]. Group 1: ETF Performance - As of July 18, 2025, the aerospace ETF Tianhong (159241) rose by 1.76%, with a turnover rate of 19.89% and a transaction volume of 783.29 million yuan, indicating active market trading [3]. - The fund's size reached 391 million yuan, with a total of 344 million shares, reflecting an 80% increase in shares year-to-date, the highest among similar products [3][4]. Group 2: Key Catalysts in Military Sector - The upcoming grand military parade is expected to showcase the latest achievements in military equipment, highlighting China's capabilities in joint command and operational support [4]. - The anticipated commissioning of the Fujian aircraft carrier, China's first fully domestically designed and built catapult aircraft carrier, is generating significant market interest due to expected demand for carrier-based aircraft [4]. - Successful military trade collaborations, including a $1 billion deal with the UAE for 350 low-altitude aircraft, are expanding order volumes and enhancing China's military export prospects [4]. Group 3: Industry Outlook - The defense and military industry is entering an upward cycle, with domestic demand expected to rise due to military modernization efforts transitioning from mechanization and informatization to intelligent and unmanned systems [4]. - The global geopolitical landscape is increasing military trade demand, with China's products gaining recognition for performance and supply capabilities, potentially reshaping the global military trade landscape [4]. Group 4: ETF Characteristics - The aerospace ETF Tianhong (159241) closely tracks the National Aerospace and Aviation Industry Index, focusing on key sectors such as aircraft and satellite industries, aligning with emerging themes like commercial space [5]. - The index has the highest "military content," with 98.2% of its constituent stocks belonging to the defense and military industry, surpassing traditional military indices [6]. - It also leads in "drone content," with significant participation from companies involved in drone technology, making it the index with the highest drone exposure in the market [7]. - The index covers the aerospace industry chain comprehensively, with over 69% weight in aerospace, aviation, and naval equipment, marking it as the highest in "aerospace content" among military indices [8]. - The index constituents exhibit stronger technological attributes, aligning with the trend of high-end development in the military sector, and have outperformed traditional military indices in terms of returns over the past year [9].