国防军工ETF（512810）被动跟踪中证军工指数（399967），该指数前十大权重股分别为中国船舶、中 航沈飞、光启技术、中国重工、中航光电、航发动力、中航西飞、中航机载、中国长城、海格通信。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上述基金的投资价值、 ...

Core Viewpoint - The intensification of great power competition is a long-term trend, leading to a positive outlook for the military industry as defense investments are expected to increase due to rising tensions in the Asia-Pacific region [3][4]. Group 1: Military Industry Trends - The military industry index increased by 0.23% last week, underperforming the Shanghai Composite Index, which rose by 1.70%, and the ChiNext Index, which surged by 8.58% [4]. - The first comprehensive rehearsal for the 80th anniversary of the victory in the Anti-Japanese War was successfully completed, indicating a focus on military readiness [4]. - Significant advancements in space technology were reported, including the successful launch of low-orbit satellites and the completion of a spacewalk by the Shenzhou 20 astronaut crew, showcasing progress in military and aerospace capabilities [4]. Group 2: International Military Dynamics - The international military situation remains complex, with ongoing strategic adjustments and regional conflicts. The U.S. military in South Korea has called for increased deterrence responsibilities from South Korea regarding North Korea, potentially escalating tensions in the Asia-Pacific [5]. - Recent military exercises involving the U.S. and its allies in the Arctic and the South China Sea highlight the growing military presence and strategic maneuvers in these regions [5]. - Japan plans to allocate over 100 billion yen for deploying defense drones in the 2026 fiscal year, signaling a shift towards increased militarization [5]. - The ongoing conflict in Ukraine and the recent escalation in Gaza further illustrate the volatility of global military dynamics, emphasizing the importance of advanced military technology and regional defense capabilities [5].