（文章来源：每日经济新闻） 中信建投指出，中国军工产业已从过去依赖国内单一需求的模式，演进为"内需筑基、外贸扩张、民用 反哺"的三轮驱动新发展格局，行业从"周期成长"转向"全面成长"。国内军工需求聚焦"备战打仗"和装 备现代化，强威慑高精尖+体系化无人化低成本是主要增长方向；军贸出海凭借性价比优势、体系化作 战能力和地缘战略合作，中国军贸份额持续提升；军用技术民用化催生商业航天、低空经济等万亿级新 产业，形成"军技民用，反哺军工"的良性循环。2025年我国航天发射活动保持高度活跃，全年完成73次 宇航发射任务创历史新高，商业航天进入高频组网阶段，产业链上游卫星制造与火箭发射端需求旺盛。 ...

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（512810）场内价格一度上探1.24%，创9月4日以来新 高！实时成交额超3300万元。 | 分时 多日 1分 5分 15分 30分 · 给合邢 F9 前妻权 超级盘加 画线 工具 份 ⑦ | > | 蛋工ETF华宣 1 | | 512810 | | --- | --- | --- | --- | --- | | 512810.SH(星) 2025/12/22 收 0.734 幅 0.96%(0.007) 开 0.729 高 0.736 低 0.728 均 | 1 | | | | | MAS 0.720 MA10 0.715 MA20 0.698 MA60 0.695 MA120 0.694 MA250 0.643] | (78日)▼ p | | | +0.007 +0.969 | | | | SSE CNV 10:41:08 交易中 | | 通航7 ■ 4 | | 100 | | 净值步造 | | 华宝中证定 I ETF | | | | 图书 | -12.25% ...

Core Viewpoint - The military industry stocks have experienced a significant surge, driven by recent advancements in China's military capabilities and a shift in the industry's growth model towards a more diversified and sustainable approach [1][4]. Group 1: Market Performance - The military equipment sector saw a notable increase, with stocks such as Jianglong Shipbuilding, Yaguang Technology, and Tianhai Defense reaching their daily limit, while others like Tengjing Technology and Changyou Technology rose over 8% [2][3]. - According to data from Guoxin Securities, state-owned defense enterprises reported a 21.19% year-on-year revenue growth and an 8.93% increase in net profit for the first three quarters of 2025, indicating improved profitability and productivity [3]. Group 2: Industry Developments - China's military industry is transitioning from a reliance on domestic demand to a new development model characterized by three driving forces: domestic demand foundation, foreign trade expansion, and civil-military integration [4]. - Recent military advancements include the commissioning of the Fujian aircraft carrier, which is the world's first conventional-powered aircraft carrier using electromagnetic catapult technology, and the introduction of the Attack-11 drone, marking a new era of "manned-unmanned collaborative operations" [5]. Group 3: Investment Focus - The investment focus in the military sector is shifting towards four high-certainty areas: main battle equipment supply chains, advanced combat capabilities, technology-driven civil-military integration sectors, and the reform and asset securitization of military assets [6].

Core Viewpoint - The defense and military industry sector is experiencing a significant pullback, with the popular defense ETF (512810) declining over 1% and hitting a six-month low, while major military stocks are also seeing declines [1][2]. Group 1: Market Performance - The defense military ETF (512810) has seen a decline of 1.60%, trading at 0.676, with a drop of 0.011 [2]. - Major military stocks such as AVIC Shenyang Aircraft Corporation and China Shipbuilding Industry Corporation have dropped nearly 3% and over 1% respectively [1]. Group 2: Investment Opportunities - The ETF has attracted over 100 million yuan in net subscriptions over the past six trading days, indicating active interest from investors [1]. - Analysts suggest that the fourth quarter may see the gradual realization of "14th Five-Year Plan" related orders, coupled with military trade catalysts, which could lead to a resurgence in the defense and military market [1]. - The defense industry is expected to benefit from geopolitical risks, technological advancements, and policy support, with potential for high-end weapon exports and a revaluation of core asset values [1]. Group 3: Strategic Insights - CITIC Securities' report indicates a shift in China's defense industry from "cyclical growth" to "comprehensive growth," driven by domestic demand, foreign trade expansion, and civilian contributions [3]. - The defense ETF (512810) is highlighted as an efficient tool for investing in core defense assets, covering various hot themes such as commercial aerospace, low-altitude economy, and military AI [3].