Group 1 - The military industry sector is experiencing a recovery in demand, which is boosting market expectations, as evidenced by a continuous net inflow into the military ETF (512660) for four consecutive days, with over 220 million yuan net inflow on the last trading day [1] - The Indonesian government is evaluating the feasibility of purchasing Chinese-made J-10 fighter jets, highlighting the increasing international demand for advanced domestic weaponry [1] - Global military expenditure is entering an expansion phase, with an estimated 2.72 trillion USD in 2024, representing a 9.4% year-on-year increase, the largest since the end of the Cold War [1] Group 2 - China's military trade export share is increasing, moving from 6% in 2015 to a higher position, ranking fourth globally by 2024 [1] - Chinese military products are evolving from traditional equipment to high-tech, high-value-added products, such as the J-10CE fighter jet, VT-4 main battle tank, and Hongqi-9B air defense missile [1] - The global military trade landscape shows the United States leading with a 39% export share, while China is enhancing its role through technological breakthroughs and improved market adaptability [1]

从行业基本面看，军工板块2024年第四季度利润触底，成为近十年来唯一净利润为负的季度。但 2025Q1已出现边际改善，毛利率与净利率开始回升，总预付款同比增长9.35%，显示下游订单需求强 劲，业绩有望迎来修复。 政策端，"十四五"即将收官，"十五五"规划编制已全面启动。根据最新财政预算，2025年我国国防开支 将增长7.2%，连续三年维持稳健增速，中央层面也多次强调加快国防现代化进程。结合2027年建军百 年及2035年国防现代化目标，军工行业有望迎来持续的结构性投资机会。 每经编辑｜彭水萍 在国际局势持续动荡的大背景下，中东局势、俄乌冲突、印巴冲突等地缘风险频发，全球主要经济体军 费持续上升。2024年全球军费支出同比增长9.4%，创冷战以来最大增幅。其中，以色列、欧洲国家和 北约成员国军费开支显著扩张，反映出各国对军事现代化建设的迫切需求。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期 风险水平高于混合型基金、债券型基金和货币市场基金。 文中提及个股短期业绩仅供参考，不构成股票推荐，也不构成对基金业绩的预测和保证。 以上观点仅供参考，不构成投资建议或承 ...

Investment Rating - The report rates the defense and military industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][29]. Core Insights - The defense and military sector has shown resilience, with the Shenwan Defense and Military Index rising by 2.13%, outperforming major indices such as the Shanghai Composite Index, which fell by 0.03% [3][7]. - The report anticipates a growth cycle for Chinese military trade, driven by increased international recognition of Chinese military products amid geopolitical tensions [6]. - The fundamental changes in the military sector are expected to solidify the upward trajectory of the industry, particularly benefiting companies involved in consumable weapons as the military modernization efforts intensify [6]. - The report suggests increasing attention to the military sector, highlighting specific areas such as precision-guided weapons, underwater capabilities, and advancements in AI and robotics [6]. Market Review - The Shenwan Defense and Military Index outperformed the market, ranking third among 31 sectors with a 2.13% increase [3][7]. - Notable stock performances included Rongfa Nuclear Power, which surged by 31.79%, and Haige Communication, which rose by 16.34% [14][15]. - Conversely, stocks like Lijun Co. and Changchun Yidong experienced significant declines, with Lijun Co. dropping by 21.89% [15]. Valuation Changes - The current PE-TTM for the Shenwan Defense and Military sector stands at 74.13, indicating a high valuation relative to historical levels [15][21]. - The report notes a divergence in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [15][19]. Key Valuation Metrics - The report provides a detailed valuation table for key companies in the defense sector, indicating projected net profits and PE ratios for the years 2024 to 2027 [21][24].

通过投资军工ETF，投资者可以便捷地布局军工行业的优质标的，分享军工行业发展的红利。 综合来看，军工ETF是投资者把握国防军工行业投资机遇的优选工具。随着军工行业基本面的逐步恢复 和市场需求的增长，可通过军工ETF（512660）布局军工行业的投资机会。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 军工企业备产备货需求旺盛，军工ETF（512660）今日大涨3%。 近年来，国防军工行业在国家战略中的地位日益凸显，成为市场关注的热点之一。军工行业不仅涉及国 家安全，还与科技创新、高端制造等领域紧密相关，具有重要的战略意义。随着国际局势的复杂化和国 内需求的增长，军工行业的发展前景备受期待。 从投资角度来看，军工行业的基本面正在逐步恢复。根据华福证券的研究报告，2025年一季度军工板块 的营业收入和净利润均呈现增长趋势，毛利率和净利率也有所提升。预收账款及合 ...