国新证券也指出，在全球冲突多发和地缘局势并不平静的背景下，国防安全重要性提升，国防军工行业 估值有望获得支撑。 展望后市，东吴证券表示，2026年作为"十五五"规划开局之年与建军百年奋斗目标冲刺前夜，国防军工 行业将迎来需求刚性化、结构高端化与财务健康化的关键转折。申万宏源证券最新研报重申"加大国防 军工行业关注度"。 11月24日，风回科技成长，国防军工板块再成领涨"超级黑马"！主力闻风而动，全天"扫货"逾133亿 元，金额高居全行业（申万）断层首位！ | 代码 | 名称 | 现价 | 涨跌幅 主力净流入额 ▼ | | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1713.61 c 4.31% | 133.37亿 | | 801750 | 计算机(申万) | 5190.30 c 2.41% | 96.93亿 | | 801760 | 传媒(申万) | 829.75 c 3.49% | 82.51亿 | 板块个股掀涨停潮！国防军工ETF（512810）覆盖海陆空天79只龙头股，77股收红，中船防务、中国海 防、航天发展、长城军工等4股涨停，天海防务、国科军工分别 ...

11月21日，大市深度调整，沪指失守3900点，科技成长风格普遍受挫，国防军工未能幸免。国防军工 ETF（512810）全面覆盖海陆空天核心资产，早盘低开低走跌逾2%，盘中价格创3个月新低！权重股中 航沈飞、中航西飞跌逾2%。 阶段新低时刻，国防军工ETF（512810）场内高频溢价，显示买盘相对强势，或有资金逢跌介入。拉长 时间看，此前10日累计逾1.13亿元资金净流入。 中长期维度，国防军工板块前景乐观。据中信建投跟踪分析，2025年三季报，板块共实现营业收入 6003.75亿元，同比回升16.99%；归母净利润Q1业绩筑底，Q2景气度逐步改善，三季报共实现298.22亿 元，同比回升14.01%。板块核心标的在第三季度迎来业绩拐点，营收与归母净利润实现双双同比大幅 回正，底部复苏有望持续。 国新证券表示，十五五规划为我国国防和军队现代化的高质量推进做出了总部署，新域新质作战力量建 设将加快先进武器装备的更新换代，军工装备迎来新的发展时期。近年来我国在船舶、航空航天、卫星 导航等领域的全球竞争力持续提升，国防军工行业是新质生产力发展突破的重要方向，行业前景广阔。 在全球冲突多发和地缘局势并不平静的背景下， ...

截至午间收盘，科创成长指数下跌1%，科创板50指数下跌1.1%，科创100指数、科创综指均下跌1.2%。Wind数据显示，科创板50ETF（588080）近3个交易 日合计获2.5亿元资金净流入。 信达证券认为，从"十五五"规划政策内容来看强调建设现代化产业体系优先性，科技创新和新质生产力是重点发展方向，国产替代、扩大内需、国防安全等 方向政策预期进一步提升，可能成为指数结束震荡进入上涨期的催化。 跟踪上证科创板综合指数 该指数由科创板全市场证券组成, 全面覆盖大、中、小盘风格,聚焦 人工智能、半导体、新能源、创新 药等核心前沿产业,覆盖科创板上 市的全部17个一级行业,兼具高成 长性与风险分散特征 截至午间! 该指数消 1.2 性较灯的IUU只放宗丑以,荣焦甲 小科创企业,电子、医药生物、电 力设备、计算机行业合计占比超 80%,其中电子、医药生物行业占 比较高 该指数污 1.2 科创综指ETF易方达 ( 科创成长50ETF 跟踪上证科创板成长指数 该指数由科创板中营业收入与净利 润等业绩指标增长率较高的50只股 票组成,成长风格突出,业绩高增 截至午间! 该指数污 每日经济新闻 ...

Group 1 - The technology sector showed mixed performance this week, with CPO, PCB, and memory chips experiencing a pullback, while batteries and software sectors performed strongly [1] - The STAR 100 Index increased by 0.7%, while the STAR Growth Index and STAR Composite Index both decreased by 0.7%, and the STAR 50 Index fell by 3.2% [2] - The "14th Five-Year Plan" emphasizes strengthening original innovation and tackling key core technologies, aiming for decisive breakthroughs in critical areas such as integrated circuits, high-end equipment, and advanced materials [1] Group 2 - According to Cinda Securities, the policy content of the "14th Five-Year Plan" highlights the priority of building a modern industrial system, with a focus on technological innovation and new productivity as key development directions [1] - The expectations for domestic substitution, expanding domestic demand, and national defense security are likely to increase, potentially catalyzing the end of market fluctuations and leading to an upward trend in indices [1]

Core Insights - The establishment of the "Rare Earth ETF" and "Rare Metal ETF" by Jiashi Fund has transformed the value logic of scarce resources into tradable products, allowing ordinary investors to access investment opportunities in the global industrial chain restructuring [1][3] - As of October 2025, the Rare Earth ETF and Rare Metal ETF have seen significant price increases of 81% and 76% respectively, outperforming many other ETFs in the market [1] - The third-quarter profits for the Rare Earth ETF and Rare Metal ETF were reported at 1.634 billion and 542 million respectively [1] Group 1: Scarcity and Strategic Importance - Rare resources are gaining attention due to their dual labels of "scarcity" and "strategic importance," serving as the "blood" of the new energy industry and the "core" of high-end manufacturing [3] - The demand for rare metals is driven by emerging industries such as new energy, semiconductors, and aerospace, which are experiencing high growth [5][8] Group 2: ETF Composition and Investment Focus - The Rare Earth ETF focuses on rare earth elements, while the Rare Metal ETF encompasses a broader category of metals, including lithium, titanium, and tungsten [4][6] - The investment focus of the Rare Metal ETF is on emerging industries, while the Rare Earth ETF emphasizes the irreplaceability of rare earth elements in high-tech industries [5][6] Group 3: Market Dynamics and Future Outlook - The prices of key rare earth products have been rising significantly, with some experiencing price increases of 60%-90% this year, indicating a "golden era" for the rare earth sector [7] - China's export controls on rare earth technologies are tightening, further emphasizing the strategic importance of these resources in national security [7][8] - The demand for high-performance rare metal materials is expected to continue rising, particularly in sectors like satellite manufacturing and deep-sea exploration [8]

Core Points - Denmark's government announced a procurement plan for medium-range ground-based air defense systems from multiple European manufacturers, totaling approximately 58 billion Danish Kroner (about 9.12 billion USD) [1] - This procurement represents Denmark's largest single military purchase in history [1] - The Danish Defense Minister stated that the new systems are necessary to enhance Denmark's combat capabilities in response to current security challenges in Denmark and Europe [1] Summary by Category Procurement Details - Denmark will acquire 8 sets of medium-range ground-based air defense systems from manufacturers in France, Italy, Germany, and Norway [1] - The first batch of these systems is expected to be operational by 2025 [1] Historical Context - In June of this year, Denmark announced a procurement of short-range air defense systems from Germany, France, and Norway, totaling over 6 billion Danish Kroner (approximately 940 million USD) [1] Strategic Implications - The procurement is aimed at significantly enhancing Denmark's defense capabilities, marking a "leap" in its military readiness [1]

Core Viewpoint - The report highlights deep-sea technology as a new national strategic industry, emphasizing its importance for resource and national defense security, and its potential to explore the "blue" economy [1][2]. Resource Security - The urgency for China to secure deep-sea resources is underscored, as the U.S. and Japan are accelerating their deep-sea mining efforts. The U.S. has initiated policies to expedite mineral resource development in international seabed areas, while Japan plans to drill for rare earths at a depth of 5,500 meters by 2026 to reduce reliance on China. China's dependency on foreign resources is significant, with over 70% for oil and natural gas, and 78%-95% for strategic minerals like copper, cobalt, and nickel, making deep-sea resources crucial for national security [2]. National Defense Security - The report discusses the need for China to address its "open underwater national gate" security dilemma. The deep sea offers significant advantages for military operations, and establishing a robust deep-sea combat system is essential for implementing a "deep denial" strategy. The U.S. and Japan are actively developing their deep-sea military strategies, while China must enhance its underwater defense capabilities to secure its maritime interests [3]. Blue Economy - The marine economy in China reached a production value of 10.54 trillion yuan in 2024, indicating a substantial market potential. Future growth in the marine economy is expected to be driven by emerging sectors such as offshore fishing, offshore wind power, port shipping, and seawater desalination, alongside improvements in deep-sea technology productivity driven by security needs [3][4]. Deep-Sea Technology Industry Chain - The deep-sea technology industry chain encompasses basic materials to high-end equipment manufacturing, focusing on three core areas: deep diving, deep drilling, and deep networking. Key materials include titanium alloys for deep-sea pressure structures, sonar systems for underwater detection and navigation, and underwater robots for exploration and resource development [4][5]. Investment Recommendations - The report suggests focusing on "situation awareness" capabilities as a foundational aspect of deep-sea development. Companies such as China Marine Defense, Jizhi Co., and Zhongke Haixun are recommended for investment in the initial phase, as they are pivotal in enhancing situational awareness in deep-sea technology [5].

Core Viewpoint - The article highlights the diligent efforts of active fund managers, particularly focusing on Li Wenbin, who has been actively seeking investment opportunities despite the challenges faced by active equity funds in recent years [1][29]. Group 1: Active Fund Management - Active fund managers have been working hard behind the scenes, especially during a period when active equity funds have underperformed compared to the market from 2022 to 2024 [1][3]. - Li Wenbin has demonstrated strong industry judgment, successfully identifying strategic investment opportunities in sectors like artificial intelligence, semiconductor materials, and biomedicine, achieving significant returns [3][21]. - The performance of Li Wenbin's funds, such as the Yongying Technology Driven A with a return of 64.22% and the Yongying Ruijian Progress A with a return of 40.21%, showcases the potential of active management [3][29]. Group 2: Industry Challenges and Strategies - The rise of passive funds has led to a need for active funds to differentiate themselves, focusing on unique product designs and absolute return thinking [5][8]. - The article discusses the importance of adapting to market changes and the necessity for fund managers to maintain a focus on investor returns rather than merely chasing performance rankings [8][10]. - The active equity market is seen as having clear strategic opportunities, particularly in the context of China's asset revaluation and the impact of policy guidance and technological breakthroughs [4][21]. Group 3: Investment Philosophy - Li Wenbin emphasizes a dual approach in stock selection, focusing on both stable companies and high-quality growth stocks, with a strong emphasis on ESG management and financial health [13][14]. - The investment strategy includes a rigorous process of verifying investment logic and adjusting forecasts based on market realities, highlighting the importance of adaptability in investment management [18][19]. - The article notes that the lack of a short-selling mechanism in the A-share market can lead to rapid loss of excess returns once a method becomes widely accepted [9]. Group 4: Future Outlook - The article suggests that the current A-share market presents structural opportunities driven by technological innovation and national defense considerations, with a focus on artificial intelligence as a leading sector [21][22]. - The ongoing global military revolution emphasizes the importance of information, automation, and intelligence in military equipment, which aligns with investment strategies in the defense sector [23]. Group 5: Personal Commitment - Li Wenbin's commitment to continuous learning and hard work is highlighted, with over 300,000 words of study notes accumulated in a year and a half, reflecting a dedication to improving investment strategies [25][28]. - The culture at Yongying Fund emphasizes enhancing investor experience and long-term growth over merely increasing fund size, indicating a shift in focus within the industry [10][11].

Core Viewpoint - The establishment of the Defense Committee by Iran's Supreme National Security Council aims to enhance the operational capabilities of the armed forces and address fundamental security issues highlighted by recent conflicts with Israel [1]. Group 1: Formation of the Defense Committee - The Defense Committee has been approved by the Supreme National Security Council based on Article 176 of the Iranian Constitution [1]. - President Pezeshkian will chair the newly formed Defense Committee, which includes heads of Iran's executive, judicial, and legislative branches, as well as senior military commanders [1]. - The formation of this committee is part of significant reforms at a high-level security institution in Iran [1]. Group 2: Context and Implications - The recent conflict between Iran and Israel in late June has underscored fundamental security issues within Iran, prompting the need for a thorough analysis of vulnerabilities to mitigate losses [1].

Core Viewpoint - The defense and military industry sector is experiencing weakness amidst overall market decline, but there are signs of strong buying interest in specific ETFs and stocks, indicating potential future growth opportunities [1][3]. Group 1: Market Performance - On July 31, the defense and military sector showed weak fluctuations, with the defense military ETF (512810) dropping by 1% before recovering slightly, with real-time transactions exceeding 570 million yuan [1]. - The ETF saw over 55 million yuan in net subscriptions despite the market downturn, accumulating over 91 million yuan in the last three days [1]. - Major defense stocks, including China Shipbuilding and AVIC Heavy Machinery, fell by over 1%, while Long State Aerospace surged over 8%, reaching a historical high [1]. Group 2: Market Sentiment and Future Outlook - The overall market sentiment is poor, with the Shanghai Composite Index dropping nearly 1%, affecting large-cap stocks and dragging down the sector's performance [3]. - Analysts suggest that the defense and military sector is currently in a state with significant upward potential and limited downside risk, although short-term volatility may occur in rapidly rising sub-sectors [3]. - Upcoming events, such as the August 1 Army Day and the September 3 military parade, may act as catalysts for market performance [3]. Group 3: Investment Opportunities - The defense military ETF (512810) covers a range of themes, including traditional military forces and emerging technologies, making it a diversified investment option [4]. - The ETF underwent a share split in June, reducing the investment threshold by half, allowing access to core defense assets for under 70 yuan [4]. - The current environment is characterized by policy benefits and technological breakthroughs in the defense sector, with clear growth logic in military trade orders and military electronics [3].