Group 1 - The China Defense Index (399973) has seen a strong increase of 2.01%, with notable gains in constituent stocks such as China Haifang (600764) up 8.31%, Haige Communication (002465) up 4.59%, and Aerospace Rainbow (002389) up 4.15% [1] - The Defense ETF (512670) rose by 1.97%, with the latest price reported at 0.78 yuan [1] - The military industry sector is experiencing a surge, particularly in aircraft carrier concepts, indicating a positive market sentiment [2] Group 2 - Investment focus in the military sector is on four high-certainty directions: the main battle equipment industry chain from a military trade perspective, advanced combat fields such as underwater offense and defense, military-civilian integration in technology sectors, and reform and asset securitization strategies [2] - The China Defense Index closely tracks the performance of listed companies under the ten major military groups, reflecting the overall performance of defense industry listed securities [2] - As of October 31, 2025, the top ten weighted stocks in the China Defense Index account for 44.41% of the index, including companies like AVIC Shenyang Aircraft (600760) and AVIC Engine (600893) [3]

Core Viewpoint - The military industry sector is experiencing a significant surge, with key stocks showing strong performance, driven by a combination of increased order certainty and structural shifts towards high-end capabilities [1] Group 1: Industry Outlook - The military industry is expected to undergo a critical transformation by 2026, characterized by rigid demand, high-end structural changes, and improved financial health [1] - Five core judgments include enhanced order certainty due to the delivery of "14th Five-Year Plan" tail orders and the initiation of the "15th Five-Year Plan" [1] - Demand structure is shifting towards new combat capabilities and consumable operational capabilities [1] - Military trade is emerging as a second growth curve, opening high-end market ceilings through systematic exports [1] - Deepening military-civilian integration is expected to enable dual-use technologies in areas such as commercial aerospace and low-altitude economy [1] - Financial quality is improving, with cash flow and profitability entering an upward trajectory, shifting valuation logic from thematic speculation to fundamental pricing [1] Group 2: Investment Focus - Investment in the military sector is centered around four high-certainty directions: 1. The main battle equipment industry chain from a military trade perspective, focusing on core enterprises with assembly capabilities and overseas delivery experience [2] 2. Advanced combat fields accelerating the formation of new combat capabilities, including underwater offense and defense, unmanned clusters, network electromagnetic countermeasures, and intelligent command [2] 3. Technology-driven sectors under military-civilian integration, such as commercial aerospace and controllable nuclear fusion components, which possess both defense support and emerging industry attributes [2] 4. Reform and asset securitization, involving local state-owned enterprises acquiring quality military-related assets and central military enterprises accelerating the securitization of unlisted assets [2]

一是军贸视角下的主战装备产业链，重点布局具备整机总装能力、定价权和海外交付经验的核心企业； 二是新质战斗力加速形成的先进作战领域，包括水下攻防、无人集群、网络电磁对抗和智能指控四大方 向； 三是军民融合纵深推进下的科技强国抓手型赛道，如商业航天、低空经济、可控核聚变关键部件、高能 激光、电磁发射及特种机器人等； 大市深度调整背景下，国防军工行情"一日游"，今日（11月18日）随市走低，场内热门国防军工ETF （512810）场内收跌1.31%，全天延续溢价交易，显示买盘仍活跃。此前6日，512810连续吸金合计逾 亿元。 | 分时 多日 1分 ■ | | | | | F9 盘前盘后 图加 九线 图线 工具 @ (2) > | | | | | 国防军工ETFO | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.770 | | | | 512810国防军工ETF] 15:00 价 0.677 法庆 -0.010[-1.46 ...