Core Viewpoint - The growth in global military expenditure is likely to reshape the valuation logic of the military industry, with a focus on military trade and new combat directions such as unmanned, intelligent, underwater, and information-based systems [1] Group 1: Military Industry Trends - The Weapon Industry Group recently showcased land-based unmanned combat systems that highlight practical capabilities, including modular equipment for swarm drone operations and anti-drone systems, characterized by low cost, high efficiency, and multi-platform adaptability [1] - The ongoing international situation is driving a continuous increase in military trade demand, with China's integrated combat system equipment expected to rapidly open up the market [1] - The military industry is experiencing a recovery in prosperity as it approaches the end of the 14th Five-Year Plan, benefiting from the amplified demand effect on upstream components and key raw materials, which serve as the foundational support for equipment development [1] Group 2: Investment Opportunities - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies from the Shanghai and Shenzhen markets involved in aviation, aerospace, weaponry, shipbuilding, and information security to reflect the overall performance of the military industry [1] - The constituent stocks of the index cover a wide range of manufacturing and service enterprises in the national defense and military sector, demonstrating strong thematic representation and industry growth characteristics [1]