军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取涉及航空、航天、船 舶、兵器及军事电子等领域的上市公司证券作为指数样本，以反映中国军工行业上市公司证券的整体表 现。指数成分股呈现中小盘风格，主要聚焦于航空装备与军工电子行业。 （文章来源：每日经济新闻） 兴业证券指出，"十五五"时期国防和军队现代化建设投入体量大、精准化要求高，必须走高效益、低成 本、可持续发展路子。结构方面，国防和军队建设精准化要求高，预计结构分化将更加显著，高成长方 向重点关注精确制导武器、新型航空装备、水下装备、无人智能等。 ...

党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下 简称《建议》）深刻总结了"十四五"时期我国发展取得的重大成就，指出："我国经济实力、科技实 力、综合国力跃上新台阶，中国式现代化迈出新的坚实步伐，第二个百年奋斗目标新征程实现良好开 局。""十四五"时期的重大成就为谱写"十五五"时期经济社会发展新篇章奠定坚实基础。 一、"十四五"时期我国发展成就举世瞩目 第一，经济实力显著增强。我国经济总量持续增长，增速继续领跑全球主要经济体，预计2025年国内生 产总值达到140万亿元左右，人均国内生产总值超过世界平均水平，接近现行高收入国家水平。经济发 展质量持续提高，新质生产力稳步发展，全要素生产率稳步提升，全员劳动生产率年均增长6%。在全 球价值链各行业上下游十大关键节点中，我国主导的关键节点数量约占一半。我国仍然是世界经济增长 的主要动力源和重要引擎。 第二，科技创新成果丰硕。把科技自立自强作为国家发展的战略支撑，健全新型举国体制，加快布局国 家战略科技力量，创新实力持续提升，创新成果不断涌现。2024年全社会研发经费投入超过3.6万亿 元，基础研究经费占比达到6.88%，均 ...

Core Points - The 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War was commemorated at Tiananmen Square in Beijing [1] - Veteran Qi Ying, who witnessed the founding of New China 76 years ago, returned to Tiananmen Square to celebrate this significant occasion [1] Group 1 - Veteran Qi Ying, aged 97, shared his experiences of military uniform evolution, highlighting the introduction of the "big cap" after the establishment of the Republic [3] - Qi Ying joined the revolution at the age of 12, serving as a telephone operator and messenger in the Eighth Route Army during the Hundred Regiments Offensive [3] - Qi Ying expressed his excitement about participating in the military parade, recalling his previous role in the 1949 founding ceremony [6] Group 2 - Qi Ying emphasized that the weapons and equipment used in the 1949 military parade were acquired from victorious battles, including the Liaoshen Campaign [8] - He noted that today's military equipment is advanced and domestically produced, including aircraft, bombers, and aircraft carriers, reflecting the strength of national defense [10] - Qi Ying expressed his happiness and appreciation for the current state of life, wishing for the country's prosperity and continued improvement [10]

Core Viewpoint - The articles highlight the dedication and preparation of military personnel for the upcoming grand military parade on September 3, emphasizing the modernization and achievements of the Chinese military [1][4]. Group 1: Military Training and Preparation - Soldiers are undergoing intense training to ensure a flawless performance during the parade, showcasing their loyalty and commitment to their mission [1]. - Ding Hui, a seasoned soldier, reflects on his experiences over 32 years, witnessing the modernization of military equipment and expressing pride in participating in the parade for the sixth time [2][3]. - The training involves overcoming challenges posed by different military vehicle types, with Ding Hui innovating training methods to enhance performance [2]. Group 2: Air Force and Female Pilots - Female pilot Kang Kai is preparing for her role in the parade, aiming for precision in her flying maneuvers and expressing pride in representing female pilots [5][6]. - Kang Kai's journey to becoming a fighter pilot is inspired by her father's military legacy, and she emphasizes the physical and mental challenges she has overcome [6][7]. Group 3: Equipment Maintenance and Support - Yang Yuzhu, a maintenance technician, plays a crucial role in ensuring the operational readiness of military vehicles during the parade, showcasing his expertise in equipment repair [8][9]. - Yang's commitment to continuous learning and innovation in maintenance techniques reflects the evolving demands of modern military operations [9][10]. Group 4: Legacy and Motivation - The articles emphasize the importance of military heritage and the motivation it provides to current soldiers, as seen through the experiences of soldiers like Xiao Rongji, who embodies the spirit of dedication and resilience [12][13]. - The narrative reinforces the idea that striving for excellence and upholding the legacy of past heroes is essential for the current generation of military personnel [13].

Core Viewpoint - Harbin New Light Optoelectronics Technology Co., Ltd. is facing slow progress and multiple delays in its fundraising projects, which raises concerns about the feasibility and necessity of these projects in light of current market conditions and operational performance [1][2][3]. Summary by Relevant Sections Fundraising Project Progress - The company plans to invest CNY 250 million in the "Optomechanical Integration Product Mass Production Line Upgrade and Precision Optomechanical Parts Manufacturing Project," with a current investment of CNY 1.4772 million, representing 0.83% progress as of May 31, 2025 [2][3]. - The "R&D Center Construction Project" has a planned investment of CNY 136 million, with a current investment of CNY 37 million, indicating 27.08% progress [1][2]. Reasons for Delays - The delays in project progress are attributed to uncontrollable factors affecting military product orders, leading to fluctuations in revenue from mass-produced products, which were CNY 30.54 million, CNY 9.71 million, and CNY 16.27 million for the years 2022, 2023, and 2024 respectively [2][3]. - The company has been cautious in proceeding with project construction to avoid idle fixed assets, considering the long development cycles of weapon systems and the increasing demands for advanced technology and product quality [2][3]. Market Environment and Project Feasibility - The project is deemed necessary to align with national defense modernization strategies, which emphasize the integration of mechanization, information technology, and intelligence in military development [6][8]. - The company possesses advanced core technologies that provide strong technical support for the project, having achieved significant breakthroughs in various key technologies [8][9]. Customer and Supplier Relationships - The company has established stable and long-term relationships with major clients, including military research institutes and state-owned enterprises, ensuring a consistent order flow [26][27]. - The procurement process is managed through a comprehensive internal control system, maintaining stable relationships with suppliers despite annual fluctuations in procurement scale due to varying customer demands [27][28]. Future Project Arrangements - The company has outlined a detailed construction plan for the projects, with specific timelines for completion and measures to mitigate the risk of further delays [29][30].