Core Viewpoint - The article emphasizes that the investment opportunities in the new era driven by hard-core technology will belong to investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities in Hard-Core Technology - The article highlights the ongoing technological revolution across "air, space, land, and sea," driven by advancements in low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology [1]. - Historical trends indicate that investors who align with national policy directions and industrial transformations can reap significant rewards, similar to past investments in the internet and semiconductor sectors [1]. - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [6]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the need for satellite communication as a foundation for 6G technology [6]. - The humanoid robot market in China is anticipated to reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035 [6]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy [7]. Group 2: Investment Tools and Strategies - The article discusses the creation of an "air, space, land, and sea" investment matrix by Yongying Fund, which includes six distinct products designed to facilitate investment in these emerging sectors [8][9]. - The matrix consists of both passive index funds and actively managed funds, allowing investors to efficiently target core value segments within the industry [9]. - The index products, such as the General Aviation ETF and Satellite ETF, are the first of their kind in the market, focusing on low-altitude economy and satellite communication respectively [9]. - Active products like Yongying Low Carbon Environmental Selection A and Yongying Advanced Manufacturing Selection A are tailored to capture growth in specific hard-core technology fields [9]. - The investment strategy emphasizes a forward-looking approach, focusing on structural opportunities in emerging industries rather than merely chasing market trends [14][15]. Group 3: Future Outlook - The article concludes with a vision of a future where advancements in eVTOL, humanoid robots, satellite networks, and deep-sea resources significantly transform daily life and economic structures [16]. - Public funds are positioned as key players in supporting national technological independence and industrial upgrades, connecting ordinary investors with capital markets [16].

Core Viewpoint - Suzhou police are implementing various innovative measures to enhance public safety, support economic development, and improve the overall security environment in the city, with a focus on addressing citizens' concerns and optimizing the business environment [1][2][3][4][5][6][7] Group 1: Public Safety Initiatives - Suzhou police have launched the "Kunlun 2025" special action to ensure food safety, resulting in a 57% year-on-year decrease in water-related crimes [2] - The city has established a patrol and control system with 86 police workstations and over 200 armed patrol vehicles, leading to a 9.3% decrease in property crime on the roads since June [2] - Daily interceptions of fraudulent calls average 38,000, with a 38.5% increase in recovered economic losses, totaling 260 million yuan [2] Group 2: Business Environment Optimization - The police have set up 347 police-enterprise service stations to address urgent issues faced by businesses, recovering over 2 billion yuan in economic losses this year [3] - A collaboration with various departments has led to 4,125 companies being included in a key support list, providing tailored services to over 2,000 employees [3] - The police are enhancing regulatory mechanisms for new industries, such as drone operations and ride-sharing, while reducing labor mediation disputes by 45.9% [4] Group 3: Technological Advancements - The police are advancing the "Smart Police" initiative, deploying 36 essential policing models to improve efficiency in crime fighting and community policing [7] - A "Drowning Prevention Intelligent Early Warning System" has been developed, resulting in 687 effective warnings and 59 successful rescues this year [7] - The implementation of AI-driven services has doubled the efficiency of administrative processes, saving over 36,000 days of processing time for citizens [6]

8月13日午后，军工板块继续上扬，航空航天ETF（159227）盘中交投活跃，截至14点44，成交额达 1.39亿元，稳居同标的第一。持仓股长城军工、内蒙一机涨停，中兵红箭、海兰信北方导航、建设工 业、航天晨光等跟涨。 航空航天ETF（159227）近期持续获资金净流入，最新规模达8.7亿元，创成立以来新高，位居同标的 第一。 9月阅兵临近，军工板块预期持续升温，回调或迎布局机遇。国金证券表示，阅兵在即，军贸出海，下 半年行业景气反转，叠加"十五五"新质战斗力，我们持续看好军工板块投资机会，建议关注阅兵、军 贸、新质战斗力相关标的。 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%）。 （文章来源：每日经济新闻） 申万宏源证券表示，9月3日阅兵 ...

领市大涨后，8月7日，国防军工板块突发回调。代码有"八一"的高人气国防军工ETF（512810）高开低走，持续水下震荡。值得一提的是，512810今日开 盘价续创逾3年半新高。 尽管行情回调，512810场内人气不减，溢价频现，截至发稿成交额超1.28亿元。昨日该ETF大涨区间，尾盘获2142万元净申购，近10日累计吸金超1.6亿 元，最新基金规模历史首次突破10亿元大关，年内增幅超83%。 成份股方面，西部材料跌逾8%居首，多只昨日大涨股调整居前，两连板的航天科技跌逾3%，股价创新高的建设工业跌逾4%。局部仍有亮点，七一二午后 涨停，高标股长城军工逆市再升9%，股价续创历史新高。 资金面上，九三大阅兵在前，融资客持续押注国防军工后市。昨日国防军工ETF（512810）再获1248万元融资买入，最新融资余额升至3380万元，继续刷 新历史最高纪录！ 基本面上，中信建投、中邮证券等多家券商均认为，2025年"建军百年奋斗目标"任务进入下半场，国防军工板块基本面已经开始加速回暖，2025年上半年 各类催化剂特别是订单公告有望持续兑现，业绩拐点或已经出现。 二级市场维度，机构认为，九三大阅兵临近，国防军工关注度或将 ...

Core Viewpoint - The defense and military industry sector experienced a pullback on August 7, despite a recent surge, with the high-profile defense ETF (512810) opening at a three-and-a-half-year high but subsequently fluctuating below that level [1][3]. Group 1: ETF Performance - The defense ETF (512810) saw a trading volume exceeding 1.28 billion yuan, maintaining strong market interest despite the pullback [1]. - The ETF recorded a net subscription of 21.42 million yuan at the end of the previous trading day, accumulating over 160 million yuan in net inflows over the past ten days, with its total fund size surpassing 1 billion yuan for the first time, reflecting an annual increase of over 83% [1][5]. Group 2: Stock Movements - Among the constituent stocks, Western Materials fell over 8%, while several stocks that had surged previously also saw declines, including Aerospace Science and Technology, which dropped over 3%, and Construction Industry, which fell over 4% [3]. - Conversely, there were notable gains, such as the stock of 712, which hit the daily limit, and Great Wall Military Industry, which rose by 9%, reaching a new historical high [3]. Group 3: Market Sentiment and Future Outlook - With the upcoming September 3 military parade, market sentiment remains optimistic, as investors continue to bet on the future of the defense and military sector [3]. - Analysts from various brokerages, including CITIC Securities and Zhongyou Securities, believe that the fundamentals of the defense and military sector are beginning to recover, with catalysts expected to materialize in the first half of 2025 [5]. - The latest research from Shenwan Hongyuan Securities emphasizes the potential for continued upward movement in the sector, driven by the "14th Five-Year Plan" and military trade expectations [5].

Core Viewpoint - The military industry stocks have experienced a significant surge, driven by strong orders and production acceleration, with expectations for continued high performance in the second half of the year [1][6][7]. Group 1: Market Performance - On August 6, A-share indices rose, with military concept stocks seeing a notable increase; the aircraft carrier index rose nearly 4%, and the military information index increased over 3% [1]. - Major military stocks such as China Shipbuilding and China Shipbuilding Heavy Industry reached their daily limit, with over 20 stocks rising by more than 10% [1][2]. - The trading volume for China Shipbuilding exceeded 8.4 billion yuan, while China Shipbuilding Heavy Industry's trading volume surpassed 4.8 billion yuan [3]. Group 2: Company Developments - China Shipbuilding announced a significant asset restructuring project, with plans for a merger with China Shipbuilding Heavy Industry, leading to a temporary suspension of trading starting August 13 [4]. - The second domestically built large cruise ship, "Aida Huacheng," has entered the equipment debugging phase, with over 80% of the project completed and scheduled for delivery in 2026 [5]. Group 3: Industry Outlook - The military industry is entering an upward cycle, with strong demand for production and delivery, and the upcoming "9·3" military parade expected to catalyze further interest in military stocks [6][7]. - The "14th Five-Year Plan" is anticipated to open new growth opportunities for the military sector, with a focus on new combat capabilities and military trade [7]. - Analysts predict that the military industry will see a recovery in fundamentals and sentiment, with expectations for improved performance in the second half of the year compared to the first half [7].

Group 1 - The military industry sector is experiencing renewed activity, with significant gains in military information technology, military-civilian integration, and commercial aerospace sectors [1] - The General Aviation ETF (159378) rose by 1.78%, with constituent stock Chengxi Aviation increasing over 14%, while the Satellite ETF (159206) increased by 1.69%, with constituent stock Jiayuan Technology hitting the daily limit [1] - Guojin Securities expresses optimism for the military sector, anticipating a reversal in industry prosperity in the second half of the year, driven by upcoming military parades and military trade opportunities [1] Group 2 - Recent advancements in unmanned equipment, including the first disclosure of drone "swarms" and ground machine "wolf packs," signify breakthroughs in China's army's intelligent construction [2] - The launch of low-orbit satellites and the upcoming tests of new recoverable commercial rockets are expected to significantly reduce costs and boost satellite development [2] - The low-altitude economy and commercial aerospace are emerging as new productive forces within the military industry, benefiting from the recovery of traditional military sectors and expanding civil market demands [2]

Group 1 - The China Defense Index (399973) has seen a strong increase of 2.54%, with notable gains from constituent stocks such as Inner Mongolia First Machinery (600967) up 9.25%, and Gaode Infrared (002414) up 7.79% [1] - The current focus in the military industry sector is on emerging sub-sectors that represent future development directions, particularly in new combat capabilities like unmanned equipment, underwater operations, cyber warfare, and hypersonic technologies [1] - The newly established Emerging Resource Forces have begun to oversee the construction of the entire network information system, with expectations for comprehensive information construction to start in the third or fourth quarter of this year [1] Group 2 - Military electronics orders are expected to see significant improvements in September, driven by the end of the 14th Five-Year Plan, the push for lower costs in downstream equipment, and increased demand for electronic components [2] - The report indicates that the price decline issues of the past two years are easing, leading to a more balanced supply-demand situation, with expectations for gross margins to stabilize or improve [2] - The Defense ETF closely tracks the China Defense Index, which includes listed companies under the ten major military groups and those providing weaponry to the armed forces, reflecting the overall performance of defense industry listed companies [2] Group 3 - As of July 31, 2025, the top ten weighted stocks in the China Defense Index include AVIC Shenyang Aircraft (600760) and AVIC Engine (600893), collectively accounting for 43.88% of the index [3]

Investment Rating - The report maintains a positive outlook on the military industry, emphasizing investment opportunities related to the upcoming military parade, military trade, industry recovery, and the new combat capabilities outlined in the "14th Five-Year Plan" [5][51]. Core Insights - The report identifies four main investment themes: the upcoming military parade commemorating the 80th anniversary of the victory in the Anti-Japanese War, the acceleration of China's military trade, the anticipated recovery in industry prosperity, and the focus on new combat capabilities during the "14th Five-Year Plan" [2][11][19]. - Historical data shows that previous military parades in 2015 and 2019 led to significant excess returns in the military sector, with maximum absolute returns of 84.8% and 46.0%, respectively [3][21][30]. - Recent geopolitical events, such as the India-Pakistan conflict, have increased military trade demand and highlighted the performance of Chinese military equipment, further boosting the military sector's market value [4][35][37]. Summary by Sections Investment Logic - The report highlights the significance of the military parade on September 3, 2025, which will showcase advanced military technologies, including unmanned systems and cyber warfare capabilities, potentially catalyzing the military sector's growth [2][11]. - It notes the increasing profitability of Chinese military enterprises as military trade expands, with gross margins of key players like North Industries and AVIC showing promising trends compared to their U.S. counterparts [2][13]. - The report anticipates a sustained high level of orders for military enterprises in the second half of the year, indicating a positive industry outlook [2][15]. Historical Review - The report reviews the performance of the military sector during the 2015 and 2019 parades, noting substantial returns driven by market enthusiasm for military capabilities [3][21][30]. - It emphasizes that the military sector has consistently outperformed broader market indices during these periods, indicating a strong correlation between military events and stock performance [3][30]. Major Industry Events - Key events such as the announcement of the military parade, the India-Pakistan conflict, and various military exhibitions have significantly impacted the military sector's stock performance, with notable increases in index values following these announcements [4][32][38]. - The report details how the military sector has gained traction through various promotional activities and media coverage, enhancing public interest and investment potential [4][44]. Investment Recommendations - The report suggests focusing on military-related stocks that are likely to benefit from the upcoming parade, military trade opportunities, and advancements in new combat capabilities [5][51].

Group 1 - The core viewpoint emphasizes the ongoing efforts to enhance combat capabilities in challenging environments and against formidable adversaries [1][9] - The military is focusing on innovative approaches and new pathways to accelerate the generation of new-quality combat power [9] Group 2 - The Army is conducting joint operations with manned and unmanned systems, showcasing coordinated attacks using drone swarms and precision strikes [3] - The Navy's Fujian ship is in the final stages of testing and trials, with crew members expressing excitement during the launch operations [5] - The Air Force is regularly training with UAVs, specifically the Wuzhen-7 and Wuzhen-10, to respond to enemy situations effectively [7]