风险提示：基金有风险，投资需谨慎。 兴业证券指出，当前军工科技领域的投资逻辑正持续强化，配置价值日益凸显。在"十五五"规划预期 下，国防现代化建设预计将全面提速，航天军工、无人智能、网电攻防等新质战斗力方向将成为重点支 持领域。随着装备订单逐步释放，核心配套企业的订单状况已呈现逐季改善的结构性反转趋势。政策层 面，行业强计划属性与央企在技术攻关、项目承接上的固有优势，叠加国企改革带来的提质增效，共同 推动板块盈利质量预期改善。综上所述，集中布局于国防科工、航空航天等战略新兴领域的央企科技 ETF(560170.SH)，有望充分受益于政策红利与行业高景气的双重共振。 12月29日，沪深两市震荡，化纤板块涨幅居前。截至14点40分，央企科技ETF(560170.SH)涨0.49%，深 南电路涨5.86%。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> ...

转自：北京日报客户端 这是一个充满变革的时代，有关瓶颈与突破、挑战与机遇的故事每时每刻都在发生，兵器的世界也不例 外。世界风云变幻中，可以窥见诸多兵器的身影，它们或深度参与战争行动，或以先进性能引人注目， 或放低身段悄然转型。透过这些武器的变化，可以看到，这个世界在动荡纷争之中，隐藏着某种必然的 发展逻辑。2025年即将过去，在这个时刻，沿着这一思路，我们回顾年度兵器的发展，也就有了不一样 的意义。 无人智能装备发展势头迅猛 当前，无人智能装备正深度融入并改变着传统武器装备的形态和作战运用方式，各国新推出的主战装备 都将集成无人智能装备和应对无人系统威胁作为重要需求。 一方面，有人无人协同作战概念"落地"步伐加快。今年，美空军F-22战斗机成功操控一架MQ-20无人机 执行了模拟打击任务，其下一代"协同战斗机"候选机型之一的YFQ-44A也完成首飞；澳空军成功完成E- 7A预警机对2架MQ-28无人机及1架模拟机的多机控制演示。 另一方面，各国先后围绕无人智能装备创新装备使用形态。今年，伊朗入列第3艘无人机航母；韩国展 示新型无人机航母设计；德国建造可释放无人机的新型无人机。 无人系统快速发展，反无人系统也在 ...

Group 1 - The 14th Five-Year Plan emphasizes high-quality development in the defense and military sectors, focusing on the construction of unmanned intelligent combat forces and enhancing military system operational efficiency [1] - The plan aims to achieve the centenary goal of building a strong military by accelerating the development of advanced combat capabilities and modernizing military governance [1] - Key areas of focus include improving national security capabilities in emerging fields such as cyber, data, artificial intelligence, and space [1] Group 2 - The demand for AI, commercial aerospace, and large aircraft is expected to rise, with Nvidia's CEO announcing $500 billion in orders for upcoming chip series [2] - Malaysia Airlines is evaluating the C919 aircraft from COMAC as a potential addition to its fleet, indicating growing interest in new aircraft models [2] - Domestic companies are successfully producing GaN power amplifier chips for mobile devices, with over 1 million units delivered, highlighting advancements in consumer electronics [2] Group 3 - Investment opportunities are identified in companies benefiting from domestic demand and overseas expansion, including AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and others [3] - The military AI-driven information technology upgrade presents opportunities across the entire supply chain, with companies like Ruichuang Micro-Nano and AVIC Optoelectronics highlighted [3] - The civil aviation sector's capacity expansion and opportunities in large aircraft and controllable nuclear fusion are noted, with a focus on companies like Aero Engine Corporation and China Power [3]

Core Insights - The 2025 Dubai International Airshow highlighted China's aviation industry, showcasing various military and civilian aircraft, including the J-10CE, J-35A, Y-20, and the C919, marking its debut in the Middle East [3] - The military industry is experiencing a positive fundamental shift, with the military ETF (512660) rising over 2% and attracting nearly 400 million yuan in net inflows over the past 10 days [1][4] Group 1 - The Chinese exhibition at the Dubai Airshow featured significant military assets, including the J-10CE and J-35A fighter jets, as well as the Y-20 transport aircraft [3] - The C919 aircraft successfully arrived in Dubai, participating in the airshow, while a procurement agreement for 50 unmanned transport aircraft was signed with a key partner in the UAE [3] - The military ETF (512660) is the largest in its category, covering the entire military industry chain and reflecting the overall performance of listed companies in the defense sector [4] Group 2 - The defense and military construction sector is expected to see increased precision requirements during the 14th Five-Year Plan, leading to more pronounced structural differentiation [4] - High-growth investment directions are focused on precision-guided weapons, new aviation equipment, underwater equipment, and unmanned intelligence [4] - Companies that can support low-cost and high-efficiency development for the military are particularly noteworthy in the current competitive landscape [4]

Core Viewpoint - The article emphasizes the increasing precision requirements in national defense and military construction during the "14th Five-Year Plan" period, predicting a more pronounced structural differentiation in the industry [1] Industry Summary - High-growth investment areas to focus on include precision-guided weapons, new aviation equipment, underwater equipment, and unmanned intelligence [1] - The direction towards efficient, low-cost, and sustainable development necessitates selecting companies with favorable competitive landscapes and high productivity that can support low-cost and high-efficiency military development [1] Company Summary - The military ETF (512660) tracks the China Securities Military Industry Index (399967), which selects listed companies in the fields of aviation, aerospace, shipbuilding, weaponry, and military electronics from the Shanghai and Shenzhen markets [1] - The index constituents exhibit a small and mid-cap style, primarily focusing on the aviation equipment and military electronics sectors [1]

Core Points - The article commemorates the 80th anniversary of the victory in the Anti-Japanese War and highlights the significance of the military parade held on September 3, 2025, in Tiananmen Square, symbolizing the unstoppable revival of the Chinese nation and the triumph of human peace and development [1][18] - The military parade involved over 10,000 personnel, hundreds of aircraft, and ground equipment, showcasing the advanced capabilities and modernization of the Chinese military [2][11] - The event featured various military formations, including the display of new combat equipment and the integration of unmanned systems, reflecting the evolution of China's military strategy and capabilities [12][16] Summary by Sections Military Parade Preparation - The parade was meticulously planned, utilizing a wartime command structure and operational simulations to ensure precision and coordination [2] - Over 1,300 musicians performed patriotic songs, enhancing the ceremonial atmosphere of the event [2] Historical Context - The article recounts the sacrifices made during the Anti-Japanese War, with over 35 million casualties, marking a significant victory for the Chinese people [3] - The People's Heroes Monument serves as a reminder of the enduring legacy of those who fought for national sovereignty [3] Military Display - The parade featured 45 formations, including various branches of the military, showcasing the strength and unity of the armed forces [2][5] - The event highlighted the modernization of the military, with new equipment and technologies on display, including unmanned systems and advanced combat vehicles [12][11] Leadership and Unity - President Xi Jinping reviewed the troops, emphasizing the loyalty and dedication of the armed forces to the nation [5][6] - The parade symbolized the collective effort of the Chinese people and military in achieving national rejuvenation and maintaining peace [18][9] Future Aspirations - The article concludes with a vision for the future, emphasizing the commitment to peace and development, and the importance of remembering history to guide progress [18][1]

Summary of Key Points Overall Market Trends - The overall market shows a rebound in institutional attention, particularly in the mechanical, pharmaceutical, and automotive sectors [5][6][7] - The Shanghai and Shenzhen 300 indices have shown varied performance across different sectors, with banking and utilities leading in gains [1][2] Industry Insights - The pharmaceutical sector is witnessing significant advancements in the small molecule GLP-1RA space, with Orforglipron leading globally and domestic pipelines gaining value [28][30][31] - The mechanical industry is focusing on unmanned intelligent equipment, highlighted by the upcoming military parade showcasing new technologies [35][36][38] Company-Specific Updates - **Old Phoenix (老凤祥)**: The company reported a 10.5% year-on-year increase in Q2 revenue, with a focus on brand rejuvenation and product upgrades [42][44] - **Federation Pharmaceutical (联邦制药)**: The company achieved a 4.61% increase in revenue for H1 2025, with significant growth in its formulation segment [46][48] - **Giant Star Agriculture (巨星农牧)**: The company experienced a 66.49% increase in revenue for H1 2025, driven by a substantial rise in pig sales [51][52] - **China Shenhua (中国神华)**: The company reported a decline in revenue but maintained strong integrated operations, with a focus on asset injection and sustainable dividends [56][58] Investment Recommendations - The small molecule GLP-1RA market is expected to provide new growth opportunities, with several domestic companies positioned to benefit from international expansion [33] - Companies involved in the mechanical sector, particularly those developing robotic technologies, are recommended for investment due to their innovative potential [39][40]

Core Viewpoint - The domestic quadruped robot market in China is expected to grow significantly, with a projected market size of approximately 755 million yuan in 2024 and anticipated to exceed 5 billion yuan by 2030, indicating a strong growth trajectory in the industry [1][4]. Group 1: Market Overview - The quadruped robot market in China is set to experience rapid growth, with a market size of about 755 million yuan in 2024 and expected to surpass 5 billion yuan by 2030 [1][4]. - The competition landscape for quadruped robots is favorable, with domestic manufacturers like Cloud Deep, Yushu, and Qiteng leading the charge in product innovation and technology transformation [4]. Group 2: Technological Advancements - The design of quadruped robots mimics animal limb structures, enabling them to navigate complex terrains and perform various tasks through advanced mechanical structures and control algorithms [3]. - The military's focus on unmanned and intelligent equipment, as showcased in the recent military parade, highlights the growing importance and capabilities of quadruped robots in modern warfare [2]. Group 3: Application Scenarios - Quadruped robots are versatile and can be applied in various sectors, including security patrols, navigation, power inspections, military applications, family companionship, emergency rescue, and mineral exploration [3]. - The increasing adoption of both consumer-grade and industrial-grade quadruped robots is expected to accelerate their integration into diverse application scenarios [3]. Group 4: Beneficiary Companies - Companies involved in the development of quadruped robots include Zhejiang Haideman, Construction Industry, Shenhao Technology, and Jingye Intelligent [5]. - Key component manufacturers supporting the quadruped robot industry include Zhenyu Technology, Wuzhou Xinchun, Zhongchen Technology, Haozhi Electromechanical, Zhongdali De, and Guomao Co., Ltd [5].

Group 1 - The article discusses the upcoming 80th anniversary of the victory in the Chinese People's Anti-Japanese War and World Anti-Fascist War, highlighting a grand military parade featuring a significant number of new domestic military equipment [1] - Hypersonic weapons are emphasized for their advantages, with speeds exceeding five times the speed of sound, allowing for rapid global travel [2] - The Dongfeng-17 hypersonic missile is noted for its unique design and enhanced penetration capabilities, making it a focal point of military discussions since its debut in 2019 [4][5] Group 2 - The Dongfeng-17's flight trajectory is characterized by its variability, which enhances its ability to evade defenses and extend its range [7] - Future developments of the Dongfeng-17 may include the addition of decoy warheads to further improve its penetration capabilities against enemy defense systems [10] - The Yingji-21 missile is designed for long-range strikes against surface vessels, showcasing its adaptability across various platforms [11][13] Group 3 - The article highlights advancements in unmanned combat systems, emphasizing the importance of coordinated operations between different types of drones [19][22] - The Sichuan ship, equipped with electromagnetic catapults, is expected to launch large drones for reconnaissance and strike missions, enhancing its operational versatility [25][28] - The development of large unmanned surface and underwater vehicles is noted, with a trend towards multifunctionality and increased size [29][31] Group 4 - The article discusses the effectiveness of directed energy weapons, such as lasers and microwave systems, in countering unmanned threats [34][37] - The maturity of domestic anti-drone technologies is highlighted, indicating a shift towards practical applications in defense [35][38] - The upcoming military parade is expected to showcase these advanced directed energy systems [38] Group 5 - The rapid development of the air force and navy is underscored, with new aircraft models set to be featured in the military parade [39] - The introduction of the J-15T carrier-based fighter and the J-35 stealth fighter is noted, indicating advancements in naval aviation capabilities [39][41] - The integration of support aircraft, such as aerial refueling and early warning systems, is emphasized for enhancing operational effectiveness [42][44]

Core Viewpoint - The A-share market experienced a strong rebound, with the Shanghai Composite Index reaching a ten-year high, driven by significant trading volume and positive sentiment in the defense and military sector due to an upcoming military parade [1][4]. Group 1: Market Performance - The A-share market recorded a total trading volume of 2.45 trillion yuan, maintaining above 2 trillion yuan for six consecutive trading days [1]. - The defense and military sector saw increased activity, particularly the high-profile defense military ETF (512810), which rose by 0.55% during the day [1][3]. Group 2: Defense and Military Sector Insights - The military parade is expected to showcase new types of combat capabilities, including unmanned systems and advanced weaponry, which could redefine global military technology competition and create structural growth opportunities for the defense industry [3][5]. - The defense military ETF (512810) has maintained high trading activity, with an average daily transaction exceeding 100 million yuan and a net subscription of over 860 million yuan in the past five days [4]. Group 3: Future Outlook - The upcoming military parade is anticipated to drive short-term momentum in the defense sector, while the long-term investment logic remains robust, supported by strategic goals for building a world-class military [7]. - The defense military ETF (512810) encompasses a range of sectors, including commercial aerospace and military AI, positioning it as an efficient tool for investing in core defense assets [7].