Group 1 - The core viewpoint is that the new equipment showcased in military parades, such as unmanned clusters and hypersonic weapons, represents a revolution in "algorithm-defined equipment" that disrupts traditional warfare rules [1] - The explosive growth of intelligent and unmanned equipment is fundamentally a result of the integration of data, algorithms, and computing power, which significantly impacts mechanical warfare [1] - The technological turning point is reflected in three aspects: the leap from assisted decision-making to autonomous decision-making in AI algorithms, breakthroughs in new materials and power systems leading to hypersonic platforms, and the widespread availability of low-cost sensors and communication modules enabling distributed operations [1] Group 2 - The military ETF (512660) covers the entire defense industry chain, providing good elasticity and defensive attributes, making it an important tool for capturing industry allocation opportunities [2] - The ETF tracks the CSI Military Index, which selects representative listed companies in the defense industry from the Shanghai and Shenzhen markets, reflecting the overall performance of related securities [2] - As of September 1, 2025, the military ETF has a scale of 15.864 billion, ranking first among 12 similar products, indicating a high concentration and distinct characteristics of the military industry [2]

Core Insights - Military ETF (512660) has seen a net inflow of over 500 million yuan in the last five days and over 1.1 billion yuan in the last ten days, indicating strong capital interest in the military sector [1] - The recent military parade showcased new equipment such as unmanned clusters and hypersonic weapons, representing a revolution in "algorithm-defined equipment" that disrupts traditional warfare rules [1] - The explosive growth of intelligent and unmanned equipment is driven by the integration of data, algorithms, and computing power, leading to a significant reduction in the effectiveness of traditional mechanical warfare [1] Industry Analysis - The military ETF covers the entire industrial chain of land, sea, air, and space, providing good elasticity and defensive attributes, making it an important tool for capturing industry allocation opportunities [2] - The ETF tracks the CSI Military Index, which is compiled by the China Securities Index Company, selecting representative listed companies in the defense and military industry from the Shanghai and Shenzhen markets [2] - The index reflects the overall performance of listed companies in the military industry, covering multiple sub-sectors with high industry concentration and distinct military characteristics [2]