Core Viewpoint - China Aviation Industry Corporation (中航科工) saw a significant stock increase of over 6%, closing at 4.82 HKD with a trading volume of 298 million HKD, following news of Pakistan's military incorporating Chinese-made Z-10ME attack helicopters into its army aviation units, aimed at modernizing defense equipment [1] Company Summary - China Aviation Industry Corporation is the only flagship company in Hong Kong's capital market focused on high-tech military and civilian aviation products and services, holding stakes in four A-share listed companies: AVIC Helicopter, Hongdu Aviation, AVIC Aircraft, and AVIC Optoelectronics [1] - The company's main business areas include helicopters, trainer aircraft, general aviation, airborne systems, aviation components, and aviation engineering services [1] Industry Summary - According to Zheshang Securities, ongoing geopolitical conflicts are expected to provide practical testing for China's military trade exports, potentially leading to a revaluation of domestic defense and military enterprises [1] - Industrial sentiment in the military sector is anticipated to be catalyzed by significant events, such as the upcoming military parade on September 3, which is expected to attract considerable public attention [1]

Core Viewpoint - AVIC (02357) shares rose over 6%, closing at HKD 4.82 with a trading volume of HKD 298 million, following news of Pakistan's military incorporating Chinese-made Z-10ME helicopters into its army aviation units, aimed at modernizing defense equipment [1] Company Summary - AVIC is the only flagship company in Hong Kong's capital market focused on aerospace high-tech military and civilian general products and services, holding stakes in four A-share listed companies: AVIC Helicopter (600038), Hongdu Aviation (600316), AVIC Avionics (600372), and AVIC Optoelectronics (002179) [1] - The company's main business areas include helicopters, trainer aircraft, general aviation, airborne systems, aviation components, and aviation engineering services [1] Industry Summary - According to Zheshang Securities (601878), ongoing geopolitical conflicts by 2025 are expected to provide practical testing for China's military trade export equipment, potentially leading to a revaluation of domestic defense and military enterprises [1] - Industrial sentiment in the military sector is anticipated to be catalyzed by significant events, such as the upcoming military parade on September 3, which is expected to attract considerable public attention [1]

8月4日，航空航天板块涨势持续扩大，航空ETF基金（159257）震荡上行，截至13:57，涨2.59%，一举反包前三日的阴线！ | 分时 多日 1分 5分 15分 30分 = | | 综合屏 F9 不复权 超级香加 画线 工具 Q (2) > | | 航空ETF基金 | | 159257 | | --- | --- | --- | --- | --- | --- | --- | | 159257.SZ[航空ETF基金] 2025/08/04 收 1.028 幅 2.59%(0.026) 开 1.001 高 1.033 低 0.997 均 1.022型 | | | | 1.028 | | +0.026 +2.59% | | MA5 1.0151 | | 2025/07/28-2025/08/04(6日)▼ | | | | | | | | | | SZSE CNY 13:56:51 交易中 | | / . + | | 1.036- | | | | 净值走势 | | 汇添富国证通用航空产业ETF | | | | | | 总量 40.83万 换手 | | 21.11% | | | | | | 现手 500 量比 | ...

Core Insights - The low-altitude economy is transforming the industrial landscape, entering a positive cycle of "policy implementation - infrastructure improvement - technological breakthroughs - scenario expansion" driven by policy benefits and market demand [1][2] - The scale of China's low-altitude economy has surpassed 506 billion yuan in 2023, with a year-on-year growth rate of 34%, and is expected to reach 3.5 trillion yuan by 2035, presenting a significant investment opportunity [2][5] Investment Products - Six public funds have launched related ETF products this year, including the recently issued Huaxia National General Aviation ETF Link (024912), which provides an efficient investment tool for investors in the low-altitude economy sector [1][4] - The Huaxia National General Aviation ETF Link will invest at least 90% of its assets in the underlying General Aviation ETF (159230), effectively tracking the National General Aviation Industry Index [4] Market Performance - The National General Aviation Index has shown high elasticity and significant excess returns compared to mainstream broad-based indices, with a one-year increase of 43.44% and a five-year increase of 16.04% [5] - The index has demonstrated active performance in 2023, with multiple rebounds exceeding 10%, 15%, and 20%, providing ample trading opportunities for investors [5] Industry Characteristics - The low-altitude economy is characterized by high technological content, concentrated innovation factors, a long industrial chain, and diverse application scenarios, offering both breadth and depth in investment opportunities [2][5] - The index's constituent stocks are expected to enter a high-growth phase, with projected net profit growth rates of 71.78% and 28.42% for 2025 and 2026, respectively [5] Fund Management - Huaxia Fund has over 20 years of experience in the ETF sector, managing over 650 billion yuan in equity ETFs, maintaining the industry's leading position for 20 consecutive years [6] - The launch of the Huaxia National General Aviation ETF Link aims to enhance product offerings and support the development of the low-altitude economy while providing investors with a convenient way to access leading companies in the sector [6]

Group 1 - The core viewpoint of the article highlights the significant stock performance of AVIC (China Aviation Industry Corporation) with a 5.51% increase, reaching HKD 4.79 per share and a trading volume of HKD 198 million [1] - AVIC is the only flagship company in the Hong Kong capital market focusing on high-tech military and civilian aviation products and services, with a diverse business portfolio including helicopters, trainer aircraft, general aviation, airborne systems, and aviation engineering services [1] - The company has shown stable revenue growth, with a total operating revenue of CNY 86.971 billion and a net profit of CNY 2.187 billion as of the 2024 annual report [2] Group 2 - AVIC's market capitalization continues to rise, and it is included in major indices such as the Hang Seng Composite Index, Shanghai-Hong Kong Stock Connect, and Shenzhen-Hong Kong Stock Connect [1] - The company has received multiple awards for corporate governance and investment value, including the Outstanding Corporate Governance Award and the Best Listed Company Award [1]

Market Overview - The A-share major indices showed mixed performance in the morning session, with the Shanghai Composite Index up by 0.2% at 3567.02 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.28% and 0.49% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 932.3 billion yuan, a decrease of 75.7 billion yuan compared to the previous day, with over 2700 stocks rising [1] Sector Performance - The military industry stocks were notably strong, with Aileda hitting the daily limit up of 20%, and several stocks like Beifang Changlong and Changcheng Military Industry reaching new highs, following the news of the Chinese Z-10ME helicopter being deployed by the Pakistani military [1] - Gold stocks continued to rise, with Chifeng Jilong Gold increasing by nearly 7%, and Shandong Gold and Western Gold both rising over 5%, driven by disappointing US non-farm payroll data that pushed spot gold above 3360 USD [1] - The online gaming sector saw a surge, with stocks like Giant Network and Shenzhou Taiyue rising over 8% [1] - Banking stocks performed well, with Qingdao Bank rising over 3% and Agricultural Bank reaching a historical high [1] - The robotics sector showed localized activity, with stocks like Lijun Co., Guoji Precision, and Shanhe Intelligent hitting the daily limit up, as the industry is expected to enter a year of mass production for humanoid robots [1] Adjustments in Other Sectors - Some innovative drug concept stocks experienced adjustments, with Kexing Pharmaceutical dropping nearly 11% and Aoxiang Pharmaceutical falling over 9% [1] - The photovoltaic equipment sector weakened, with Juhe Materials declining over 5% and Daqo Energy falling over 4% [1] Technical Indicators - A MACD golden cross signal has formed, indicating a positive trend for certain stocks [1]

金十数据8月4日讯，A股三大股指早盘低开后震荡回升，银行股稳步走高带动沪指翻红。截至中午收 盘，沪指涨0.2%，深证成指跌0.28%，创业板指跌0.49%；沪深两市半日成交额不足万亿，近2800只个 股上涨。盘面上，军工股活跃，爱乐达20CM涨停，长城军工、建设工业、航天电子多股涨停；黄金 股、游戏股涨幅居前。医药股领跌，科兴制药跌近11%；光伏设备股回调。 A股午评：沪指涨0.2% 军工股领涨 ...

Group 1: High-end Equipment ETF Performance - The high-end equipment ETF has a turnover rate of 1.54% with a transaction volume of 18.92 million yuan as of August 1 [2] - The latest scale of the high-end equipment ETF reached 1.199 billion yuan, with leveraged funds continuing to invest, showing a financing buy-in amount of 2.1449 million yuan and a financing balance of 19.1817 million yuan [2] - Over the past year, the net value of the high-end equipment ETF has increased by 26.30%, with the highest monthly return since inception being 19.30% and the longest consecutive monthly increase lasting 3 months with a maximum increase of 21.15% [2] Group 2: Defense and Aerospace Industry Insights - The PE-TTM of the national defense and military industry is at 84.92, which is in the 77.27 percentile over the past decade, indicating a relatively high valuation level [2] - The aerospace equipment industry has a PE-TTM of 76.50, placing it in the 71.02 percentile historically, suggesting strong valuation levels [2] - Increased regional conflicts are enhancing national security demands, leading to a global rise in military spending, which is expected to expand the military trade market and drive sector revaluation [2] Group 3: Commercial Aerospace Industry Development - The commercial aerospace industry in China is in the early stages of growth, characterized by high enthusiasm and numerous startups, but with uneven development among companies [3] - Regulatory policies introduced aim to strengthen quality supervision throughout the entire lifecycle of commercial aerospace projects, promoting standardized development in the industry [3] - As of July 31, 2025, the top ten weighted stocks in the CSI High-end Equipment Sub-index account for 46.03% of the index, with key players including AVIC Shenyang Aircraft, Aero Engine Corporation of China, and others [3]

Core Viewpoint - Huatai Securities released a report indicating that the A-share market is entering a period of increased volatility due to key domestic and international events, with a focus on sectors that show potential for rebound and sustained performance [1] Market Analysis - The market experienced a contraction in trading volume due to fluctuations in the US dollar index and policy expectations, but the selling pressure is considered manageable [1] - The current profit-making effect has reverted to levels seen in mid-July, suggesting a potential stabilization in the market [1] Sector Focus - Key sectors identified for rebound potential include AI, capacity clearance, and self-controllable technologies, which are expected to show continuous improvement in performance [1] - Investment strategies should focus on sectors with high dividend yield and potential for recovery, such as white goods, storage chips, optical fiber cables, chlor-alkali, aviation equipment, intelligent driving, and robotics [1] Strategic Recommendations - The report suggests an overweight allocation in large financials, innovative pharmaceuticals, and military industries to capitalize on growth opportunities [1]

华泰证券策略团队最新研报指出，上周进入海内外关键事件频发的"超级周"，后半周在美元指数、政策 预期扰动下，市场缩量调整，但考虑到目前赚钱效应已回调至7月中旬位置、市场抛压相对可控，短期 A股或进入波动率放大的平台期，局部热点活跃或为基准情形。结合题材容量、补涨空间、业绩持续性 分析，目前具备补涨逻辑且景气改善持续性的板块主要集中于AI、产能出清及自主可控方向。配置 上，把握赔率思维，关注白色家电等跌出股息率性价比的稳健及潜力高股息品种及Q2业绩回升且具备 补涨逻辑的方向，如存储芯片、光纤光缆、氯碱、航空装备、 智能驾驶、机器人等。战略上超配大金 融、创新药、军工。 ...