Core Viewpoint - The aerospace and defense sector is experiencing significant market activity, with notable stock performance and increased liquidity in related ETFs, driven by strong expectations for military-related developments in the near future [1][2]. Group 1: Market Performance - As of July 4, 2025, the CN5082 aerospace and defense industry index shows mixed performance among its constituent stocks, with AVIC Shenyang Aircraft (600760) leading with a 2.54% increase [1]. - The Aerospace and Defense ETF (159227) has an active trading environment, with a turnover rate of 20.04% and a transaction volume of 79.01 million yuan [1]. - Over the past week, the Aerospace and Defense ETF has averaged daily transactions of 80.54 million yuan, ranking it first among comparable funds [1]. Group 2: Fund Flows - The Aerospace and Defense ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 37.52 million yuan, totaling 139 million yuan in net inflows [1]. - The defense and military sector index ranked 4th among 31 industries in terms of performance for the first half of 2025, with a record high trading volume [2]. Group 3: Sector Insights - More than 10% of military-listed companies reached historical highs in stock prices during the first half of 2025, driven by strong market expectations [2]. - The Aerospace and Defense ETF tracks the CN5082 index, with a high concentration of 98.2% in the defense and military sector, making it the most "pure" military ETF in the market [2]. - The top ten weighted stocks in the CN5082 index account for 49.42% of the total index, indicating a concentrated investment in key players within the aerospace and defense sector [3].

2025 年 05 月 15 日 买入（维持评级） 行业专题研究报告 证券研究报告 军工组 分析师：杨晨（执业 S1130522060001） yangchen＠gjzq.com.cn 分析师：任旭欢（执业 S1130524070004） renxuhuan＠gjzq.com.cn 中国军工的 DEEPSEEK 时刻，关注军贸投资机遇 投资逻辑： 5 月 7-10 日，印度与巴基斯坦发生军事冲突：根据环球网、环球时报，冲突起源于发生在印控克什米尔地区的恐怖袭 击枪击事件，印方指责巴基斯坦与枪击事件有关，后对巴方采取关闭边境口岸、驱逐巴方外交人员、断水等一系列措 施，当地时间 5 月 7 日，印军对巴基斯坦发起"朱砂行动"，巴基斯坦发起"铜墙铁壁"军事行动回击，冲突正式展 开。 印巴冲突中中械装备表现亮眼：根据巴基斯坦国防部、京报网、每日经济新闻，自 5 月 7 日印度发动"朱砂行动"以 来，先后对巴基斯坦发动多次导弹袭击、无人机入侵等行动施压，冲突过程中，巴基斯坦使用歼-10C、PL-15 等中械 装备，击落印度 3 架法制"阵风"战机、1 架俄制米格-29、1 架苏-30 和 1 架"苍鹭"无人机，出动中巴 ...

Group 1 - The core viewpoint of the news is that the defense and military industry in China is experiencing significant growth, driven by recent geopolitical events, particularly the India-Pakistan conflict, which highlights the superiority of Chinese military equipment [1][3]. - The A-share defense and military sector saw a surge, with notable stocks like AVIC Chengfei reaching a daily limit increase and a record trading volume of 9.739 billion yuan [1]. - The Defense and Military ETF (512810) reached a peak increase of 5.95% during trading, closing at 1.269 yuan, marking a new high since November 15, 2024 [1]. Group 2 - The recent activity in the defense and military sector is primarily catalyzed by the India-Pakistan conflict, showcasing the advantages of China's military equipment across various operational domains [3]. - The current market trend is characterized by a revaluation of the defense and military sector, supported by positive quarterly reports from listed companies, indicating a potential for sustained growth [3]. - Investment opportunities are suggested in sub-sectors such as military trade and satellite internet, with the Defense and Military ETF (512810) being a recommended vehicle for investors [3]. Group 3 - The investment logic for the defense and military sector is evolving, with a shift from short-term earnings per share pricing to a focus on geopolitical factors and product marginal changes [4]. - The year 2025 is anticipated to be pivotal for China's military equipment upgrades, with strong demand in the military trade market and potential new procurement cycles [4]. - Long-term prospects indicate that the defense procurement system and industrial framework may undergo fundamental changes, leading to a restructuring of industry dynamics and company valuations [4].

Group 1 - The military industry sector has seen a significant increase, with the defense and military index rising by 4.80% in a single day, ranking first among all Shenwan primary industries [1] - Since the May Day holiday, the military theme has continued to strengthen, with the defense and military index accumulating a rise of over 11% in just a few trading days [1] - The recent strong performance of the military sector is primarily driven by event-driven market dynamics, particularly due to the India-Pakistan air conflict, rather than fundamental factors [1] Group 2 - There is a notable improvement in the performance of military listed companies, with 25 military stocks reporting a year-on-year net profit growth of over 100% in the first quarter of 2025 [1] - The military industry has entered a new round of prosperity, with a significant recovery in orders observed after the Spring Festival, and further acceleration in orders noted in March [1] - Recent favorable policies have increased market attention on the military sector, including substantial progress in Sino-U.S. economic and trade talks and a reduction in the reserve requirement ratio by the central bank [1] Group 3 - The recent strength of the military sector reflects a renewed market perception of its prosperity, driven by both high certainty in domestic demand and expansive external demand [2] - Despite the inherent volatility of the military sector, it is in an upward trend of prosperity that is expected to last for a considerable time, presenting opportunities for companies to grow stronger [2] - Companies in the mid-to-upstream segment with improved orders and performance are likely to experience a valuation shift, warranting close attention [2]