Core Viewpoint - The A-share market experienced a significant rally on August 18, with all three major indices rising, and the Shanghai Composite Index reaching a nearly 10-year high, driven by a rebound in the military industry sector [1] Group 1: Market Performance - The Aerospace and Defense ETF (159227) saw a rise of 1.76% with a trading volume of 173 million yuan, making it the top performer in its category [1] - Notable stocks within the ETF included Hailanxin, which increased by over 11%, and Guangqi Technology, which rose by over 7% [1] - The ETF has attracted over 179 million yuan in net inflows since August, reaching a total size of 967 million yuan, marking a record high since its inception [1] Group 2: Industry Outlook - Shanxi Securities indicated that 2025 will be a pivotal year for the military industry, with the gradual release of delayed orders from the 14th Five-Year Plan and improving demand [1] - The initiation of the 15th Five-Year Plan and the approaching 2027 centennial military goal are expected to support a recovery in military sector performance in the second half of 2025 [1] - The Aerospace and Defense ETF tracks the National Aerospace Index, which has a strong military attribute, with 97.86% of the index comprising military-related sectors [1]

航空航天ETF（159227） 紧密跟踪国证航天指数，深度聚焦军工空天核心领域。该指数高度集中，申 万一级军工行业占比高达97.86%，堪称全市场"军工纯度"最高的指数；其成分股中，航空航天装备权重 占比达66.8%，显著超越中证军工与中证国防指数。现代战争中，空天力量的作用日益凸显，是军工板 块的核心方向。 申万宏源证券表示，9月3日阅兵前，自主可控和国防军工板块存在脉冲机会。历史经验显示，重大阅兵 事件对军工股具有显著催化作用。当前距离阅兵仅剩一个月，市场预期持续升温。 自2024年7月31日到2025年7月31日，国证航天指数收益率37.28%，超过中证国防指数（33.06%）、中 证军工指数（30.4%）和军工龙头指数（26.78%）。 8月18日，A股三大指数集体反弹，创业板指盘中大涨超3%，沪指冲破3731点，创近十年以来新高。航 空航天ETF（159227）午后继续拉升，截至13点05，涨幅扩大至1.76%，成交额达1.2亿元，稳居同类第 一，持仓股天和防务涨超8%，中国海防、光启技术、洪都航空、航宇科技、海兰信、亚光科技等股跟 涨。 （文章来源：每日经济新闻） ...

航空航天ETF（159227） 紧密跟踪国证航天指数，深度聚焦军工空天核心领域。该指数高度集 中，申万一级军工行业占比高达97.86%，堪称全市场"军工纯度"最高的指数；其成分股中，航空航天装 备权重占比达66.8%，显著超越中证军工与中证国防指数。现代战争中，空天力量的作用日益凸显，是 军工板块的核心方向。 自2024年7月31日到2025年7月31日，国证航天指数收益率37.28%，超过中证国防指数 （33.06%）、中证军工指数（30.4%）和军工龙头指数（26.78%）。 8月15日，A股三大指数集体上涨，国防军工板块冲高回落，截至11:08，航空航天ETF（159227） 跌幅0.17%，成交额达9115万元，稳居同类第一，持仓股光启技术、振芯科技、上海瀚讯、华秦科技等 股上涨。 9月3日大阅兵仪式在即，带动军工板块热度高涨，反复活跃。资金逢跌布局明显，航空航天ETF （159227）昨日获资金净流入9200万元，最新规模达9.19亿元，创成立以来新高，为全市场规模最大的 航空类ETF。 申万宏源证券表示，9月3日阅兵前，自主可控和国防军工板块存在脉冲机会。历史经验显示，重大 阅兵事件对军工股具有显 ...

Core Viewpoint - Aerospace Universe (688523.SH) reported a revenue of 207 million yuan for the first half of 2025, marking a year-on-year increase of 23.44% [1] - The net profit attributable to shareholders reached 34.7 million yuan, up 52% year-on-year, while the net profit excluding non-recurring gains and losses was 23.09 million yuan, reflecting a significant increase of 103.08% [1] Financial Performance - Total profit for the reporting period increased by 45.82% compared to the same period last year [1] - The net profit attributable to shareholders grew by 52.00% year-on-year [1] - The net profit excluding non-recurring gains and losses surged by 103.08% year-on-year [1] - Basic earnings per share stood at 0.0859 yuan [1] Revenue Breakdown - Revenue growth was primarily driven by increases in income from aerospace and communication products, as well as aviation products [1]

航空航天ETF（159227） 紧密跟踪国证航天指数，深度聚焦军工空天核心领域。该指数高度集中，申 万一级军工行业占比高达97.86%，堪称全市场"军工纯度"最高的指数；其成分股中，航空航天装备权重 占比达66.8%，显著超越中证军工与中证国防指数。 山西证券表示，2025年是承上启下的一年，过去半年中延迟订单逐步释放，需求边际好转。军工板块业 绩将在2025年下半年筑底回升，重新步入上行周期。 8月14日午后，A股三大指数集体走低，国防军工板块继续下挫，截至14:37，航空航天ETF（159227） 跌幅2.23%，成交额达2.23亿元，创上市以来单日成交额新高。持仓股海兰信、中航沈飞逆市上涨，长 城军工、建设工业跌超7%，航天晨光、中兵红箭、航天发展、北方导航等跟跌。 航空航天ETF（159227）近期持续获资金关注，7月份以来规模实现翻倍增长，最新规模达8.5亿元，位 居同标的第一。 华泰证券指出，展望三四季度，火箭作为核心产业环节有望实现重点突破，产业催化事件密集，或将持 续提振板块情绪，建议关注商业航天板块投资机遇。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立 ...

Group 1 - The A-share market indices continued to rise, with the Shanghai Composite Index breaking through 3700 points, driven by strong performances in non-bank financials, computers, and electronics, while the defense and military sector experienced significant pullbacks [1] - The Aerospace ETF (159227) saw a trading volume of 87.08 million yuan, maintaining its position as the top performer in its category, despite a decline of 1.57% [1] - The military industry is expected to see increased demand and recovery in overall industry prosperity due to the upcoming military parade on September 3 and the completion of the 14th Five-Year Plan, which is entering a critical phase for capability delivery [1] Group 2 - The Aerospace ETF (159227) tracks the National Aerospace Index, which has a strong military attribute with 97.86% of its components from the military industry, and a high weight of 66.8% in aerospace equipment, making it the highest military content index in the market [2] - This ETF provides investors with an efficient way to capture core military aerospace opportunities [2]

Core Viewpoint - The A-share market saw a collective rise in its three major indices on August 13, with the ChiNext Index surging over 3% at one point, driven by significant gains in sectors such as optical modules, CRO, and optical communications, alongside a notable expansion in the defense and military industry [1] Industry Summary - The Aerospace ETF (159227) rose by 1.08% with a trading volume of 126 million yuan, leading its category [1] - Key holdings such as Great Wall Industry, Inner Mongolia First Machinery Group, and others reached their daily limit, indicating strong investor interest [1] - The Aerospace ETF closely tracks the National Aerospace Index, focusing on core military and aerospace sectors, with a high concentration of 97.86% in the first-level military industry [1] - The weight of aerospace equipment in the ETF's constituent stocks is 66.8%, significantly surpassing other military indices [1] - From May 1 to August 12, the National Aerospace Index achieved a return of 27.65%, outperforming the China Securities Defense Index (23.15%), China Securities Military Index (23.32%), and Military Leaders Index (22.75%) [1] Future Outlook - Shanxi Securities predicts that 2025 will be a pivotal year for the military industry, with a gradual release of delayed orders from the "14th Five-Year Plan" and improving demand [1] - The initiation of the "15th Five-Year Plan" and the approaching 2027 centennial military goal are expected to support a recovery in military sector performance in the second half of 2025, marking a return to an upward cycle [1]

Group 1 - The company plans to transfer 70% of its subsidiary, Eschung Automotive Systems Co., Ltd. (referred to as "Eschung Korea"), due to increasing operational pressures and declining market share among its main customers [1] - Eschung Korea has faced significant challenges, including insufficient new orders, low capacity utilization, and cash flow pressures, leading to a substantial decrease in orders [1] - The transaction is in the preliminary stage, and the counterparty is not yet determined, making it unclear whether it constitutes a related party transaction [1] Group 2 - The company is also transferring a 20% stake in Huadian Jiayuguan New Energy Co., Ltd. to focus on its core business and mitigate investment risks associated with power consumption and declining electricity prices in Gansu Province [2] - The stake transfer is expected to yield approximately 18.58 million yuan in investment income, after which the company will no longer hold any equity in Huadian Jiayuguan [2] - The company's management has indicated plans to exit overseas automotive thermal systems and photovoltaic manufacturing businesses by 2025, aiming to optimize assets and create new growth points [2]

Group 1 - The A-share market showed mixed performance on August 12, with sectors like telecommunications, comprehensive, and home appliances rising, while the defense and military industry led the decline [1] - The Aerospace ETF (159227) experienced a decline of 2.13% with a trading volume of 113 million yuan, while stocks like Great Wall Industry and Aerospace Development rose against the trend [1] - Historical data indicates that July-August is the peak window for military industry performance, with a success rate of 70%-80% relative to the entire A-share market over the past decade, driven by seasonal delivery patterns, mid-year performance confirmations, and major event expectations [1] Group 2 - Northeast Securities noted that the military industry is entering the final year of the 14th Five-Year Plan, with disturbances largely eliminated and downstream demand showing signs of recovery [1] - The long-term goals for the military industry include achieving modernization by 2035 and building a world-class military by 2050, providing clear guidance for industry development [1] - The Aerospace ETF closely tracks the National Aerospace Index, which has a high concentration in the military industry, with a 97.86% share of the primary military industry, and an aerospace equipment weight of 66.8% [2]

| | | 8月7日，超卓航科大宗交易成交119.42万股，成交额3582.6万元，占当日总成交额的37.36%，成交价30元，较市场收盘价34.47元折价12.97%。 ...