Group 1 - The A-share market experienced slight fluctuations on August 26, with the defense and military industry declining, particularly the aerospace ETF (159227) which fell by 0.55% and had a trading volume of 120 million yuan, maintaining its position as the highest in military content [1] - The military construction plan for the "14th Five-Year Plan" is in a critical phase of capability integration delivery, with related order demand expected to accelerate, particularly in the years 2025-2026, which will provide a clear development blueprint for the military industry for the next three to five years [1] - The new round of order cycles is anticipated to enhance both the growth certainty and prosperity of the industry, leading to a sustained improvement in the overall industry chain's prosperity level [1] Group 2 - According to Xinda Securities, historical analysis of major military parades since the 18th National Congress in 2012 reveals that "military parade market trends" typically start 1-2 months in advance, with military indices rising in the two months prior to the last four parades [2] - The performance of the military "parade market" is influenced by overall market strength, risk appetite, and the scale of the parade, with the 2015 "September 3 Parade" yielding an excess return of 84% due to its large scale and a strong market rebound at that time [2] - Post-parade, the military sector may face short-term adjustment pressure, but the long-term trend remains determined by the fundamentals of the military industry, with a continued positive outlook on the military sector, particularly focusing on "new combat capabilities" [2]

Group 1 - The military industry is expected to benefit from a combination of domestic demand and military trade, presenting investment opportunities [2] - The aerospace ETF (159227) has the highest military content in the market, with a significant net inflow of over 38.83 million yuan in a single day, and a total fund size of 1.021 billion yuan [1][2] - The "14th Five-Year Plan" is anticipated to provide clearer development guidance for the military industry over the next three to five years, potentially leading to a recovery in the overall industry chain [1] Group 2 - The Q2 earnings season is expected to show improvement, with some mid-to-upstream companies likely to see better performance due to high inventory levels and increased orders from Q1 [2] - The upcoming 80th anniversary of the victory in the Anti-Japanese War and World Anti-Fascist War in 2025 is expected to act as a catalyst for the industry, alongside positive Q2 earnings forecasts [2] - The aerospace ETF tracks the National Aerospace Index, with a 97.86% allocation to the military industry, focusing on key segments such as fighter jets, transport aircraft, and missiles [2]

Core Viewpoint - The aerospace and defense sector is experiencing notable growth, driven by increasing complexities in the international environment and the need for advanced military capabilities [1] Group 1: Market Performance - Major indices opened higher but showed mixed performance, with significant gains in digital currency and cross-border payment sectors [1] - The aerospace ETF (159227) rose by 0.08% with a trading volume of 1.07 billion yuan, maintaining its position as the leading ETF in the military sector [1] - Key stocks in the aerospace sector, such as Hitec High-New, surged to their daily limit, with other major players like AVIC Chengfei, AVIC Shenyang, AVIC Xi'an, and Aero Engine Corporation leading the gains [1] Group 2: Industry Insights - Guotai Junan Securities emphasizes the necessity of advanced aircraft and missiles for modern warfare, alongside efficient and cost-effective equipment like rockets and a reliable communication command system [1] - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a high military industry representation of 97.86%, focusing on the aerospace segment and covering a full range of industry leaders in fighter jets, transport aircraft, helicopters, engines, missiles, satellites, and radars [1] - From July 31, 2024, to July 31, 2025, the Guozheng Aerospace Index is projected to yield a return of 37.28%, outperforming other indices such as the CSI National Defense Index (33.06%), CSI Military Industry Index (30.4%), and Military Leaders Index (26.78%) [1]

Group 1 - The A-share market experienced slight fluctuations on August 21, with the defense and military industry showing resilience despite a minor pullback. The Aerospace ETF (159227) saw a decline of 0.49% with a transaction volume of 58.92 million yuan, maintaining its position as the top performer in its category. Key holdings such as Hitec Products, AVIC Chengfei, and others showed gains [1] - The military construction plan for the "14th Five-Year Plan" is in a critical phase of capability integration delivery, with an expected acceleration in order demand leading up to 2025. The formulation and implementation of the "15th Five-Year Plan" will provide a clear development blueprint for the military industry over the next three to five years, enhancing growth certainty and industry prosperity [1] - Huafu Securities indicated that the military industry has strong domestic trade attributes, with significant growth expected from 2025 to 2027 due to multiple catalysts, including the "14th Five-Year Plan" tasks and the centenary goal of the military. This sector is less affected by tariffs and is considered a priority for future development amid current international circumstances [1] Group 2 - The Aerospace ETF (159227) tracks the Guozheng Aerospace Index, with a high military industry representation of 97.86%, focusing on the aerospace sector. The index includes leading companies across the entire industry chain, aligning with the strategic direction of "integrated aerospace" [2] - From July 31, 2024, to July 31, 2025, the Guozheng Aerospace Index achieved a return of 37.28%, outperforming the CSI National Defense Index (33.06%), CSI Military Industry Index (30.4%), and Military Leaders Index (26.78%) [2]

Core Viewpoint - The defense and aerospace industry is experiencing a decline in the A-share market, with the aerospace ETF (159227) showing a drop of 2.21% as of 14:28, despite some stocks like Guoke Military and AVIC Chengfei rising against the trend [1] Industry Summary - The role of air power in modern warfare is increasingly significant, making aviation equipment a key focus for military development across nations. The industry has a high technical barrier and involves numerous advanced technologies and complex processes, contributing significantly to the military industrial chain [1] - The aerospace ETF (159227) is the largest aerospace ETF in the market, tracking the Guozheng Aerospace Index, with a high concentration of 97.86% in the first-level military industry. It focuses on the aerospace segment, covering leading companies across the entire industry chain, including fighter jets, transport aircraft, helicopters, engines, missiles, satellites, and radar, aligning perfectly with the "integrated air and space" strategic direction [1] Future Outlook - According to Zhongyou Securities, by 2025, the military industry is expected to see a turning point in orders as the "centenary goal of military building" enters its second half. New technologies aimed at enhancing equipment performance or reducing costs, new products representing new domains and qualities in combat capabilities, and new market directions from military trade and technology transformation may present greater flexibility. The focus is recommended on the aerospace mainline [1]

申万宏源证券表示，9月3日阅兵前，自主可控和国防军工板块存在脉冲机会。历史经验显示，重大 阅兵事件对军工股具有显著催化作用。当前距离阅兵仅剩一个月，市场预期持续升温。 航空航天ETF（159227）为全市场规模最大的航空类ETF，跟踪国证航天指数，申万一级军工行业 占比高达97.86%，是全市场军工含量最高的指数，聚焦军工细分空天力量，成分股覆盖战斗机、运输 机、直升机、航空发动机、导弹、卫星、雷达等全产业链龙头，完美契合"空天一体"的战略方向。 8月19日，A股三大指数集体上涨，沪指站稳3700点，通信、医药、房地产等行业领涨，国防军工 跌幅居前，截至9:57，全市场军工含量最高的航空航天ETF（159227）跌幅1.55%，成交额达5556万 元，稳居同类第一，持仓股海兰信、国科军工、振芯科技、上海瀚讯上涨。军工板块中长期景气度提 升，短期回调或迎布局机会。 现代战争中，空中力量的作用日益凸显，使得航空装备成为各国军队建设的重点，行业技术门槛极 高，涉及众多高端技术和复杂工艺，在军工产业链中的价值量占比较高，是军工板块的核心方向。9月3 日大阅兵仪式在即，叠加十四五收官年，航空航天板块反复活跃。 每日经济 ...

Group 1 - The Aerospace and Defense sector index (CN5082) shows mixed performance among its constituent stocks, with Hailanxin (300065) leading the gains at 3.97% [1] - The Aerospace ETF (159227) has an active trading volume, with a turnover rate of 25.14% and a transaction value of 210 million yuan, indicating strong market activity [1] - The recent military industry rally has seen military materials lagging behind, but a rotation and rebound logic is emerging, suggesting military materials currently offer high cost-effectiveness [1] Group 2 - The Aerospace ETF (159227) tracks the National Aerospace Index, with a high concentration of 97.91% in the military industry, focusing on the aerospace sector and covering key components like fighter jets, transport aircraft, and missiles [2] - From July 31, 2024, to July 31, 2025, the National Aerospace Index achieved a return of 37.28%, outperforming other military indices such as the China Defense Index (33.06%) and the Military Leader Index (26.78%) [2]

Group 1 - The A-share market experienced a collective decline on August 14, with the aerospace and defense sector seeing significant drops, particularly the aerospace ETF (159227) which fell by 2.14% and had a trading volume of 213 million yuan, leading its category [1] - The importance of air power in modern warfare has increased, making aerospace equipment a key focus for military construction across nations, with high technical barriers and significant value in the military industrial chain [1] - The upcoming military parade on September 3, combined with the conclusion of the 14th Five-Year Plan, has heightened interest in the aerospace sector, with expectations for a surge in market activity leading up to the event [1] Group 2 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a high concentration of 97.86% in the primary military industry, focusing on aerospace capabilities and covering a full range of industry leaders in combat aircraft, transport aircraft, helicopters, engines, missiles, satellites, and radar [2] - From July 31, 2024, to July 31, 2025, the Guozheng Aerospace Index is projected to yield a return of 37.28%, outperforming the Zhongzheng National Defense Index (33.06%), Zhongzheng Military Industry Index (30.4%), and Military Leaders Index (26.78%) [2]

8月14日，A股三大指数集体上涨，沪指盘中一度冲破3700点，军工板块出现回调，截至11点03， 航空航天ETF（159227）跌幅1.65%，成交额达1.23亿元，稳居同类第一，持仓股内蒙一机、中航沈 飞、迈信林上涨，建设工业、长城军工、中兵红箭、航天晨光等领跌。 （责任编辑：董萍萍 ） 航空航天ETF（159227）跟踪国证航天指数，申万一级军工行业占比高达97.86%，是全市场军工含 量最高的指数，聚焦军工细分空天力量，成分股覆盖战斗机、运输机、直升机、航空发动机、导弹、卫 星、雷达等全产业链龙头，完美契合"空天一体"的战略方向。自2024年7月31日到2025年7月31日，国证 航天指数收益率37.28%，超过中证国防指数（33.06%）、中证军工指数（30.4%）和军工龙头指数 （26.78%）。 9月3日大阅兵仪式在即，带动军工板块热度高涨，反复活跃。华福证券看好阅兵后军工表现，认为 2025-2027年在【十四五任务冲刺】＋【建军百年目标】+【军贸快速发展】等多重催化下内需外需均增 长幅度巨大，且主题型机会层出不穷，发展军工或为未来重中之重。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和 ...

Group 1 - The aerospace and defense sector is experiencing active trading, with the aerospace ETF (159227) showing a turnover of 17.83% and a transaction volume of 150 million yuan, indicating a vibrant market activity [1] - The latest scale of the aerospace ETF has reached 852 million yuan, marking a new high since its establishment [1] - Companies such as Great Wall Military Industry (601606) and Aerospace Development (000547) have shown significant stock price increases of 8.46% and 4.11% respectively, while Huazhong Technology (300045) has led the decline [1] Group 2 - The aerospace ETF (159227) tracks the National Aerospace Index, with a high concentration of 97.91% in the military industry, focusing on the aerospace sector and covering key components such as fighter jets, transport aircraft, helicopters, and missiles [2] - From July 29, 2024, to July 28, 2025, the National Aerospace Index has achieved a return of 38.85%, outperforming other military indices such as the China Securities National Defense Index (34.37%) and the China Securities Military Industry Index (32.84%) [2]