Core Viewpoint - The arrival of the "three aircraft carrier era" in China, marked by the commissioning of the Fujian aircraft carrier, represents a significant achievement in national defense and military construction, showcasing the advancement of the People's Navy and its capability to protect national sovereignty and territorial integrity [1] Summary by Relevant Categories National Defense and Military Development - The commissioning of the Fujian aircraft carrier signifies China's entry into the "three aircraft carrier era," highlighting the substantial enhancement of national defense capabilities [1] - The development of the People's Navy is seen as a solid step towards becoming a world-class military force, instilling pride among Chinese citizens both domestically and abroad [1] Public and Media Reaction - The introduction of the Fujian aircraft carrier has garnered significant attention from media outlets, particularly in Taiwan, reflecting concerns and discussions regarding China's growing military strength and production capabilities [1]

Group 1 - The core viewpoint is that national defense strength has been added as a new long-term goal for 2035, emphasizing its importance for social stability, strategic initiative, manufacturing expansion, and the internationalization of the RMB [1] - The "15th Five-Year Plan" includes a significant enhancement of national defense capabilities compared to the "14th Five-Year Plan," continuing the "new three-step strategy" established since the 19th National Congress [1] - The military modernization strategy focuses on accelerating advanced combat capabilities, promoting military governance modernization, and strengthening the integrated national strategic system and capabilities [1] Group 2 - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies in sectors such as aviation, aerospace, shipbuilding, armaments, and military electronics to reflect the overall performance of China's military industry [1] - The index components exhibit a small and mid-cap style, primarily focusing on the aviation equipment and military electronics sectors [1] - As of October 27, 2025, the military ETF has a scale of 15.092 billion, ranking first among 12 similar products [2]