Core Viewpoint - The intensification of great power competition is a long-term trend, leading to a positive outlook for the military industry, which requires advanced aircraft and missiles as key tools for modern warfare [1] Industry Summary - The military industry is expected to accelerate the filling of gaps during the "14th Five-Year Plan" period, aiming to achieve the centenary goal of military development by 2027 [1] - In the aviation equipment sector, China is reshaping its supply chain by promoting the localization of key components such as engines and hydraulic oil to reduce foreign dependency [1] Index and ETF Summary - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies involved in aviation equipment, aerospace, shipbuilding, weaponry, military electronics, and satellites to reflect the overall performance of China's military industry [1] - The CSI Military Index covers multiple key sub-sectors within the military field, showcasing a comprehensive representation of the overall development status of China's military industry [1]