东方证券指出，2025Q2主动基金重仓军工超配幅度明显增加，随着内需外贸共振，未来超配幅度有望 进一步扩大：（1）市场对军贸对军工企业的边际弹性认知仍不充分，未来催化和业绩释放有望强化军 贸逻辑；（2）市场对内需景气持续性预期相对谨慎，军工投入力度和企业业绩弹性有望持续超预期。 航空航天ETF（159227）跟踪国证航天指数，申万一级行业中，国防军工权重占比高达98.2%，是全市 场最"纯"的军工类ETF。聚焦军工领域的空天力量，在申万二级行业中的"航空+航天装备"权重高达 66.5%，且是跟踪该指数规模最大的ETF产品。 数据显示，截至2025年6月30日，国证航天航空行业指数(CN5082)前十大权重股分别为光启技术 (002625)、中航沈飞(600760)、航发动力(600893)、中航西飞(000768)、中航机载(600372)、航天电子 (600879)、中航成飞(302132)、中航高科(600862)、中兵红箭(000519)、中国卫星(600118)，前十大权重 股合计占比49.42%。 截至2025年7月25日 11:11，国证航天航空行业指数(CN5082)成分股方面涨跌互现，中航高科 ...

Market Overview - The A-share market saw all three major indices rise in early trading, with the Shanghai Composite Index up 0.2%, the Shenzhen Component Index up 0.54%, and the ChiNext Index up 0.93% [1] - The total market turnover reached 932.6 billion yuan, a decrease of 81.1 billion yuan from the previous day, with over 3,500 stocks rising [1] ETF Performance - The gaming ETFs led the market with significant gains, including the gaming ETF (159869) rising by 6.52%, the gaming ETF (516010) increasing by 6.32%, and the Huatai-PB gaming ETF (516770) up by 5.99% [1][2] - Other notable ETFs included the Aerospace ETF Tianhong (159241) rising by 4.61% and the Aerospace ETF (159208) increasing by 4.55% [2] Defense Industry Outlook - The domestic defense industry is expected to experience a growth cycle, driven by the completion of previously delayed defense construction tasks and long-term goals such as the centenary of the military in 2027 and defense modernization by 2035 [3] - The military industry is anticipated to benefit from stable order support, leading to improved corporate performance [3] - The defense and military industry is transitioning from emotional catalysts to fundamental realization, with domestic demand entering a new prosperity cycle [4] Future Projections - The modernization of national defense equipment is expected to accelerate, with growth opportunities in shipbuilding, aerospace, commercial space, and low-altitude economy sectors [4] - The military industry is likely to develop a multi-faceted driving pattern combining internal and external growth, military and civilian products, and domestic and foreign trade [4]

Group 1 - The core viewpoint of the news highlights the performance and potential of the high-end equipment ETF, indicating a stable liquidity and significant market interest in the defense sector [2] - As of June 5, the high-end equipment ETF has a recent average daily trading volume of 62.60 million yuan, with a total trading volume of 24.83 million yuan on a specific day [2] - The latest scale of the high-end equipment ETF reached 1.25 billion yuan, with a balanced inflow and outflow of funds recently [2] - The top ten weighted stocks in the CSI High-end Equipment Sub-index account for 45.86% of the index, with key players including AVIC Shenyang Aircraft, AVIC Optical, and Aero Engine Corporation of China [2] - The release of the "Important Military Facility Protection Regulations" on May 26 emphasizes the protection of enterprises involved in national defense research and production, enhancing the institutional support for national defense modernization [2] Group 2 - The military industry sector is experiencing a re-evaluation of military trade logic due to regional conflicts, which is expected to break through domestic military product pricing bottlenecks and achieve sustainable long-term returns [2] - The defense and military industry sector is characterized by long-term growth certainty, with the current "14th Five-Year Plan" entering its final year and industry disturbances largely eliminated [2] - The recovery of downstream demand and optimization of production capacity structure contribute to a high safety margin for the sector [2] - Investors can consider the CSI High-end Equipment Sub-index 50 ETF linked fund (018028) to capitalize on industry rotation opportunities [3]