Core Viewpoint - The military industry sector is experiencing a pullback, with the military ETF (512660) declining over 1.2%. However, there is a strong emphasis on the trend of building a robust aerospace power in China, particularly in the next decade, which is deemed crucial for the country's aerospace development [1]. Industry Summary - The next ten years are identified as a "critical decade" for accelerating the construction of a strong aerospace power in China, with the "14th Five-Year Plan" being a pivotal period. The government has integrated commercial aerospace into the overall national aerospace development framework [1]. - The year 2026 is anticipated to be a significant milestone, referred to as the "financing year" for rockets, marking the beginning of a golden era for the rocket industry. Core enterprises are expected to go public and raise funds, which will rapidly drive the supply chain into a phase of capacity expansion [1]. - The SpaceX supply chain remains significant, with its plan for millions of satellites, high-frequency Starship launches, and the concept of space computing forming a closed loop. Investment focus should remain on the core of the industry, which is the accelerated pace of development and rapid performance realization, both pointing towards the domestic rocket industry chain and the SpaceX supply chain [1]. ETF and Index Summary - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies from the Chinese A-share market involved in aviation, aerospace, shipbuilding, weaponry, and military electronics. This index reflects the overall performance of listed companies in the military industry [1].

行 业 研 华福证券 国防军工 2026 年 02 月 01 日 1 月 28 日，中国商火强调，坚决打赢主力箭首飞及回收攻坚战，全力 突破可重复使用技术。 1 月 29 日，航天科技集团召开商业航天器及应用产业链共链行动大会， 会上于国斌表示，国家航天局深入学习贯彻习近平总书记关于商业航天高 质量发展的重要指示批示精神，将商业航天纳入国家航天发展总体布局； 华福证券 证 1 月 29 日，中国航天科技集团表示，"十五五"时期将开展"天工开 物"重大专项论证，建设太空资源开发综合实验和地面支持系统，重点突 破小天体资源勘查、智能自主开采、低成本转移运输、在轨处理等关键技 术。 券 研 究 报 1 月 29 日，航天科技集团表示：未来十年，是我国加快建设航天强国 的"关键十年"，"十五五"更是关键时期，中国商业航天明确"五个一 流"新目标。 国防军工 究 行 业 定 期 报 告 军工本周观点：火箭融资元年——供应链扩产时 刻 投资要点： 本周核心观点： 本周（1.26-1.30）申万军工指数（801740）下降 7.69%，同期沪深 300 指数上升 0.08%，相对超额-7.77pct。 我们认为，投资端应持 ...

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Group 1 - The military industry ETF (512660) rose over 2% on January 19, driven by strong expectations for demand recovery in the military sector by 2026 [1] - Investment focus should gradually shift towards the core of the industry, specifically the SpaceX supply chain and domestic rocket industry, which are expected to be the fastest-growing and most inflation-resistant sectors [1] - The SpaceX supply chain is progressing rapidly, with the Starship and V3 satellites expected to achieve commercial deployment by 2027, leading to a significant revenue realization period from 2027 to 2030 [1] Group 2 - China's rocket industry is accelerating its development, with recent failures in two launch missions highlighting the necessity of rapid advancement [1] - The China Aerospace Science and Technology Corporation emphasized the need to break through reusable rocket technology and strategically plan for future industries such as space intelligence [1] - Ground terminals are also noteworthy, as they are expected to have high revenue realization confidence [1]