Group 1 - The core viewpoint is that unmanned combat in the military field has become the norm, with anti-aircraft equipment being crucial for national security and air superiority [1] - Technology is shifting from single interception to a full chain collaboration of "reconnaissance-control-destruction," evolving towards multi-modal collaboration and intelligence [1] - Laser weapons are emerging as a core technological route due to their advantages of light-speed engagement, low cost, and high precision [1] Group 2 - The global geopolitical situation remains tense, prompting countries to strengthen military competition and promote military construction [1] - The current "14th Five-Year Plan" is entering its final year, with industry disturbances largely eliminated and downstream demand showing signs of recovery [1] - The military industry sector's capacity structure is gradually optimizing, with high safety margins and long-term growth certainty [1] Group 3 - The valuation in the aviation equipment sector stands at 71.59 times, indicating a clear trend of improvement in the industry fundamentals [1] - The military ETF tracks the CSI Military Index, which is compiled by the China Securities Index Co., selecting listed companies in the defense and military industry from the A-share market [1] - This index reflects the overall performance of listed companies in China's military industry, featuring representative military enterprises with both growth and cyclical characteristics in its investment style [1]