战斗力是一支军队兴衰成败的最终决定力量，不仅影响武装力量的作战方式和实际效能，更维系着一个 国家和一个民族的生存安全和长治久安。先进战斗力，是习主席深刻论述"新质战斗力"这个原创性概念 标识性概念之后，我们党提出的关于战斗力建设的最新观点。2019年1月，习主席在中央军委军事工作 会议上指出："要加强新型作战力量建设，增加新质战斗力比重。"此后，习主席多次论述这一重要问 题，强调"打造强大战略威慑力量体系，增加新域新质作战力量比重""推动新质战斗力加速提升"等。正 是在新时代我军新质战斗力形成发展的实践基础上，"先进战斗力"这个新思想新论断应运而生。先进战 斗力是更高级形态的战斗力，以新质战斗力为引领和支撑，强调新质战斗力的规模化、实战化、体系化 运用，注重理论创新、智能加持、体系升级、才智升维、武器装备升级，同时还包括对传统战斗力的升 级改造和创造性运用，是新质战斗力的形态进化和容量扩展、质量升级。 先进战斗力代表着军事变革、军事智能和军队作战方式的发展趋势，是战斗力的新增长点、未来战场的 制高点。党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》（以下简称《建议》），立 ...

战斗力是一支军队兴衰成败的最终决定力量，不仅影响武装力量的作战方式和实际效能，更维系着一个 国家和一个民族的生存安全和长治久安。先进战斗力，是习主席深刻论述"新质战斗力"这个原创性概念 标识性概念之后，我们党提出的关于战斗力建设的最新观点。2019年1月，习主席在中央军委军事工作 会议上指出："要加强新型作战力量建设，增加新质战斗力比重。"此后，习主席多次论述这一重要问 题，强调"打造强大战略威慑力量体系，增加新域新质作战力量比重""推动新质战斗力加速提升"等。正 是在新时代我军新质战斗力形成发展的实践基础上，"先进战斗力"这个新思想新论断应运而生。先进战 斗力是更高级形态的战斗力，以新质战斗力为引领和支撑，强调新质战斗力的规模化、实战化、体系化 运用，注重理论创新、智能加持、体系升级、才智升维、武器装备升级，同时还包括对传统战斗力的升 级改造和创造性运用，是新质战斗力的形态进化和容量扩展、质量升级。 先进战斗力代表着军事变革、军事智能和军队作战方式的发展趋势，是战斗力的新增长点、未来战场的 制高点。党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》（以下简称《建议》），立 ...

Core Viewpoint - The military industry is experiencing a transformation driven by the deepening of military intelligence and multi-domain integration, leading to a new generation of weapon systems designed with intelligent architectures and characterized by rapid system reconfiguration, on-demand functionality, flexible flight capabilities, intelligent combat evolution, and continuous technological upgrades [1] Industry Summary - The aerospace ETF (159227) has the highest military content in the market, showing a decline of 0.35% as of 9:47 AM, with notable increases in stocks such as Aviation Power, Guoke Military Industry, Aerospace Technology, and North Navigation [1] - China Galaxy Securities emphasizes that "high quality" and "low cost" will be the core guiding principles for future military production, with a tightening of military product pricing mechanisms and rigid compression of bidding cost thresholds expected [1] - In the short term, companies within the industry may face pressure on gross margins, leading to accelerated elimination of inefficient production capacity and intensified price competition in low-value-added sectors [1] - In the long term, cost pressures are anticipated to drive an efficiency revolution within the industry, promoting a transition towards intensive and lean production across the entire supply chain, ultimately achieving sustainable development goals of cost reduction, quality enhancement, and increased efficiency and capability [1] ETF Overview - The aerospace ETF (159227) closely tracks the national aerospace index, with a military industry proportion of 97.96%, making it the highest purity military index in the market [1] - It covers key industry chain segments including aerospace equipment, satellite navigation, and new materials, selecting leading companies in the military sector and encompassing emerging fields such as large aircraft development, low-altitude economy, and commercial aerospace [1]

Core Insights - The article emphasizes that warfare has entered an intelligent era, with artificial intelligence (AI) technology accelerating transformations across all fields and industry chains [1] - AI is driving the demand for unmanned equipment while simultaneously promoting the development of the military AI industry, creating a mutually beneficial relationship [1] Industry Summary - **Aerospace Equipment**: Focus on the increasing demand for drones and supporting materials such as carbon fiber composites and stealth materials, as well as small thrust engines [1] - **Ground Equipment**: The penetration rate of intelligent unmanned platforms like robotic dogs is continuously increasing [1] - **Marine Equipment**: Electronic underwater acoustic systems and unmanned vessels are becoming core components of underwater offensive and defensive systems [1] Technology and Infrastructure - **Basic Layer**: Emphasis on the construction of "cloud-edge-end" computing networks and the localization of military chips [1] - **Technical Layer**: The increasing importance of military software will reshape the industry landscape [1] - **Application Layer**: AI is enhancing situational awareness, command decision-making, and electronic countermeasures across multiple scenarios, driving improvements in hardware performance and operational forms [1] Market Outlook - The global military AI market is expected to reach $104 billion by 2024, with a CAGR of 13.4% from 2025 to 2034 [1] - China's military has clearly defined its direction towards intelligent and information-based development, with policies continuously supporting AI military applications [1] Investment Focus - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies in the military industry from the Chinese A-share market, reflecting the overall performance of related securities [1] - The index primarily focuses on small and mid-cap stocks, with a key allocation in aerospace equipment and military electronics [1]

Group 1 - The A-share market showed mixed performance on September 23, with semiconductor, energy storage, and power battery sectors leading the gains, while the military industry sector opened high but closed lower [1] - The Aerospace ETF (159227) reached a new high of 1.35 billion yuan in total assets, making it the largest aerospace and defense ETF in the market [1] - Recent successful training exercises of China's naval aircraft, including the J-15T, J-35, and KJ-600, on the Fujian aircraft carrier mark a significant breakthrough in the country's aircraft carrier development, potentially boosting short-term sentiment in the military sector [1] Group 2 - China Aviation Securities indicates that the military sector is currently in a state with significant upward potential and a solid bottom, expecting better performance in the second half of the year compared to the first half [1] - The "14th Five-Year Plan" demand is clear under the "big military" new track, with international market developments expanding opportunities [1] - Themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence are expected to remain active [1][2]

Group 1 - Aerospace ETF Tianhong (159241) closed at a gain of 0.35% as of September 22, 2025, marking two consecutive days of increase with a turnover rate of 27.34% and a transaction volume of 120 million yuan, indicating active market trading [2] - The latest scale of Aerospace ETF Tianhong reached 491 million yuan with a total of 429 million shares, achieving a new high in nearly one month [2] - The net inflow of funds into Aerospace ETF Tianhong was 47.7466 million yuan, with a total of 51.0593 million yuan accumulated over the last five trading days [2] Group 2 - Aerospace ETF Tianhong (159241) serves as an efficient tool to capture core military aerospace opportunities, tracking the National Securities Aerospace Index, with a military attribute of 97.86%, making it the highest military content index in the market [3] - The weight of aerospace equipment in the ETF is as high as 66.8%, significantly exceeding that of the CSI Military and CSI National Defense indices [3] Group 3 - The recent successful launch and recovery training of the Navy's third type of carrier-based aircraft on the Fujian ship marks a significant breakthrough in China's aircraft carrier development, contributing to the transformation of the Navy [4] - The Navy's carrier-based aviation has accelerated its development, achieving a significant leap from single aircraft to a system, from land-based to carrier-based operations, and from conventional takeoff to electromagnetic catapult [4] Group 4 - Zhonghang Securities assesses that the military industry sector is currently in a state with ample upward potential and a solid bottom, with short-term volatility risks in rapidly rising sub-sectors and individual stocks, but a relatively low likelihood of structural deep adjustments [5] - The military industry is expected to perform better in the second half of the year compared to the first half, with emerging themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence likely to remain active [5]

Core Viewpoint - The military industry sector is experiencing a rebound, driven by geopolitical tensions and recent events, but may enter a stabilization phase as short-term catalysts fade [1][2]. Group 1: Market Performance - On September 19, the military sector saw a rise, with the defense and military industry index increasing by 1.18%, particularly in aerospace equipment and military electronics [1]. - The recent airshow in Changchun showcased nearly a hundred types of equipment, indicating ongoing interest and investment in military capabilities [1]. Group 2: Fundamental Analysis - Some sectors have shown improvement in semi-annual reports and second-quarter performance, signaling a recovery in the fundamentals of the military industry [2]. - The market anticipates new orders as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins, which is expected to solidify the foundation for continued growth in the military sector [2]. Group 3: Long-term Outlook - The core driving force of the military industry is the strategic goal of building a world-class military, which underpins long-term objectives for 2027, 2035, and 2050 [2]. - The "big military" concept and new domains are expected to bring market growth and valuation expansion, particularly in low-altitude economy and commercial aerospace during the "15th Five-Year Plan" [2]. Group 4: Future Expectations - The military industry is expected to perform better in the second half of the year, with themes like low-altitude economy, commercial aerospace, and military intelligence likely to remain active [3]. - The new domains within the military sector are anticipated to deepen and evolve continuously, reflecting a resilient and dynamic market environment [3].

Investment Rating - The report maintains an "Overweight" investment rating for the defense industry [3]. Core Insights - Military intelligence is not a future concept but a current reality, driven by advancements in artificial intelligence and technology [3][19][28]. - The military sector is undergoing significant transformation due to the integration of AI, which is reshaping defense strategies, operational capabilities, and equipment systems [17][30]. - The global military AI market is projected to reach approximately $21.003 billion by 2027, with the U.S. military AI market expected to grow to $3.133 billion by 2025 [9][10]. Summary by Sections Military Intelligence: New Quality Combat Power - Military intelligence is characterized by self-perception, decision-making, execution, learning, adaptation, and enhancement capabilities [3][18]. - The current era is witnessing a rapid evolution in military operations, with AI technologies being pivotal in this transformation [19][28]. Transformation of Defense Systems - AI is not just upgrading equipment but is fundamentally changing the defense system, structure, and operational models [3][30]. - Companies like Palantir have seen significant market success, with stock prices increasing by over 1263.68% since the onset of the Russia-Ukraine conflict [3][8]. Main Application Paths of Military Intelligence - AI encompasses various technologies, including machine learning, robotics, computer vision, biometrics, and natural language processing, which are applied across different military domains [8][9]. - The military AI market is expected to grow significantly, with the U.S. market projected to reach $3.133 billion by 2025 and the global market reaching $12.428 billion [9][10]. Key Industry Segments - The report identifies several companies involved in the military AI sector, including aerospace electronics, Chengdu Huami, and others focusing on computing power, sensors, algorithms, and intelligence analysis [10][11].

Core Viewpoint - The recent military parade in Beijing showcased advanced military equipment, leading to a surge in the defense sector of the capital market, although a subsequent pullback was observed in stock prices after the event [1][3][11]. Market Performance - The military sector has seen significant gains, with the China Securities Military Industry Index rising over 10% in the past month, outperforming the Shanghai Composite Index [1][3]. - The Guozheng Aerospace Index reported a return of 62.45% over the past year, indicating strong performance in the aerospace sector [6][11]. - Notable stocks like Beifang Longteng have surged over 400% in two months, reflecting heightened investor interest [1]. Stock Reactions - Following the parade, stocks such as AVIC Chengfei and Beifang Longteng experienced declines, indicating a market correction after the initial excitement [1][6]. - Zhongbing Hongjian, a key player in the ammunition sector, saw its stock price peak at 24.32 CNY per share before dropping to 19.76 CNY, with a total market capitalization of 27.5 billion CNY [6][11]. Financial Performance - The aerospace and defense sector reported a total revenue of 185.43 billion CNY in the first half of 2025, a year-on-year increase of 0.76%, while net profit decreased by 7.18% to 9.31 billion CNY [7]. - AVIC Chengfei reported a staggering revenue increase of 915.84% and a net profit growth of 675.74% in the first quarter of 2025 [9]. Future Outlook - Analysts remain optimistic about the long-term performance of the military sector, with expectations of continued growth driven by government defense spending and military modernization initiatives [11][12]. - The 2025 defense budget is projected to reach 1.81 trillion CNY, with over 40% allocated to equipment, particularly in aerospace and unmanned systems [11][12]. - The military industry is expected to transition from speculative trading to performance-based investment as the fundamentals improve [11][17]. Investment Considerations - Investors are advised to focus on sectors with potential for recovery, such as military electronics and materials, while being cautious of short-term volatility in stock prices [17][18]. - The military sector is characterized by strong policy support and a high degree of cyclicality, making it essential for investors to assess company fundamentals and long-term strategies [17][18].

Group 1 - The core viewpoint of the articles highlights the active performance of the aerospace and defense industry, particularly the recent surge in rocket launches and the development of the GW constellation project, which is seen as China's version of Starlink [1][2] - The aerospace ETF (159227) has shown a slight decline of 0.32% with a trading volume exceeding 100 million, indicating strong market interest despite the dip [1] - The recent nine rocket launches in the past 25 days have already surpassed a quarter of the total launches in the first half of the year, showcasing the increasing pace of China's space activities [1] Group 2 - The aerospace ETF closely tracks the national aerospace index, focusing on key sectors within the Chinese military industry, including aerospace equipment, satellite navigation, and new materials [2] - The index is designed to capture the growth opportunities in defense technology and high-end equipment upgrades, reflecting the strategic importance of these sectors in national defense modernization [2] - The selected component stocks within the ETF include leading companies in the military sector, covering emerging fields such as large aircraft manufacturing, low-altitude economy, and commercial aerospace [2]