航空航天ETF（159227）跟踪国证航天指数，申万一级军工行业占比高达98.2%，是全市场军工含量最 高的指数，聚焦军工细分空天力量，成分股覆盖战斗机、运输机、直升机、航空发动机、导弹、卫星、 雷达等全产业链龙头，完美契合"空天一体"的战略方向。 军工作为强计划性行业，五年规划对于行业经营和市场预期有着重要影响，是军工行情的主要驱动因素 之一。2025-2026年随着"十五五"规划编制推进、落地，军工行业未来三到五年的发展指引将逐渐清 晰，伴随新一轮订单周期开启，景气成长属性有望强化，或将推动产业链整体景气度迎来复苏。 银河证券表示，在军费持续较快增长的背景下，"十五五"装备采购预期积极，订单端牵引有望于四季度 下旬启动。同时聚焦2027年建军百年重要节点，新一代主战装备交付提速叠加新质战斗力需求跃升，行 业高景气有望延续。 11月18日，A股三大指数继续下行，军工板块回调，截至13点50分，全市场军工含量最高的航空航天 ETF（159227）跌幅1.23%，成交额达1.26亿元，稳居同类第一，持仓股航天发展涨停，光启技术、纳 睿雷达、振华风光等股逆市上涨。 从业绩上看，军工板块业绩增长明显，前三季度实现归 ...

Core Points - The upcoming military parade is the first of its kind to comprehensively promote Chinese-style modernization as it enters a new journey, marking a fresh appearance of the People's Army in its centenary year [3][4] - The parade will consist of two main segments: the ceremonial parade and the review parade, lasting approximately 70 minutes [4] - A total of 45 formations (teams) will participate in the parade, showcasing a blend of historical and modern military forces [4] Summary by Sections - **Parade Structure** - The parade will include an aerial flag-guard team, foot formations, battle flag formations, equipment formations, and an aerial team in a sequential manner [4] - The foot formations will reflect a combination of "old and new," representing veteran units from the War of Resistance and the new structure of military forces [4] - **Equipment and Forces** - The equipment formations will be organized into practical joint groups, including land combat groups, naval combat groups, air defense and missile groups, information warfare groups, unmanned combat groups, logistical support groups, and strategic strike groups [4] - The aerial team will be organized in a modular and systematic manner, featuring advanced early warning command aircraft, fighter jets, bombers, and transport aircraft, covering the main combat aircraft types currently in service, with some making their debut [4] - **Symbolism and Readiness** - The parade will prominently display the party flag, national flag, and military flag, marking the first concentrated showcase of the new structure of military forces during a parade [4] - Preparations for the parade are nearly complete, with all participating personnel ready to present themselves with high spirits for the inspection by the party and the people on September 3, a day of significant historical importance [4]