Core Viewpoint - The defense and aerospace sector in A-shares is experiencing a correction, but there is an anticipated pulse opportunity ahead of the military parade on September 3, which historically has a significant catalytic effect on military stocks [1] Group 1: Market Performance - On August 20, A-shares opened lower, with the aerospace ETF (159227) showing a slight recovery, narrowing its decline to 0.17% by 10:01 AM, with a transaction volume of 26.8 million yuan [1] - The leading stocks in the aerospace ETF include Hitec Products, which rose over 5%, along with China Satellite, Aerospace Electronics, Aerospace Morning Light, and Steel Research High-tech, which also saw gains [1] Group 2: Sector Analysis - According to Shenwan Hongyuan Securities, the defense and military industry is expected to see increased market expectations as the military parade approaches, with historical data indicating a strong correlation between major parade events and military stock performance [1] - The aerospace ETF (159227) closely tracks the National Aerospace Index, focusing on core areas of military aerospace, with a high concentration of 97.86% in the primary military industry [1] - The weight of aerospace equipment in the ETF's constituent stocks is 66.8%, significantly surpassing that of the CSI Military and CSI Defense indices [1] Group 3: Index Performance - From July 31, 2024, to July 31, 2025, the National Aerospace Index is projected to yield a return of 37.28%, outperforming the CSI Defense Index (33.06%), CSI Military Index (30.4%), and Military Leader Index (26.78%) [1]

Group 1 - The A-share market showed a positive trend on August 19, with sectors like liquor and animal vaccines leading the gains, while the military industry sector experienced a slight decline [1] - The Aerospace ETF (159227), which has the highest military content, saw its decline expand to 1.88% by 10:36 AM, despite some of its holdings like Great Wall Military and Hailanxin rising [1] - The military sector is undergoing a minor adjustment, but the long-term positive trend remains intact due to advancements in technology and equipment showcased during military parades [1] Group 2 - The Aerospace ETF (159227) recorded a trading volume of 96.68 million yuan and a turnover rate of 10.48%, indicating active trading [1] - Over the past ten days, the ETF attracted over 117 million yuan in capital, highlighting significant investment interest [1] - According to Huafu Securities, the military sector has strong domestic trade attributes, with substantial growth expected from 2025 to 2027 driven by multiple catalysts, including the "14th Five-Year Plan" and "Centenary Goals" [1] Group 3 - The Aerospace ETF closely tracks the National Aerospace Index, focusing on core areas of military aerospace, with a high concentration of military stocks [1] - The index has a military industry representation of 97.86%, making it the highest purity military index in the market, with aerospace equipment accounting for 66.8% of its component stocks [1] - The ETF serves as an efficient tool for investing in leading military stocks and is currently the largest product tracking the National Aerospace Index [1]

Group 1 - The A-share market indices continued to rise on August 19, with the defense and military industry experiencing a pullback, leading in declines [1] - The Aerospace ETF (159227) saw a decline of 1.39% with a transaction volume of 49.42 million yuan, maintaining its position as the largest in its category [1] - Since July, the Aerospace ETF has attracted over 544 million yuan in net inflows, reaching a total size of 937 million yuan, making it the largest aerospace ETF in the market [1] Group 2 - On August 17, China successfully launched the Internet Low Earth Orbit 09 satellite group using the Long March 6A rocket from the Taiyuan Satellite Launch Center, marking a successful mission [1] - The Aerospace ETF closely tracks the National Aerospace Index, focusing on core areas of military and aerospace, with a high concentration in the defense sector, where the first-level military industry accounts for 97.86% [1] - The weight of aerospace equipment in the ETF's constituent stocks is 66.8%, significantly surpassing that of the CSI Military and CSI Defense indices, highlighting the increasing importance of aerospace power in modern warfare [1] Group 3 - According to Zheshang Securities, geopolitical conflicts are expected to persist in 2025, providing practical testing for China's military trade export equipment in overseas conflicts [2] - The military trade sector is anticipated to lead to a revaluation of China's defense and military enterprises, with a focus on military trade, new domains, and restructuring as the main themes in the second half of 2025 [2]

Core Viewpoint - A-shares experienced a collective decline in the three major indices, with the ChiNext index previously rising over 1% before turning negative [1] Market Performance - As of 10:05 AM, the Shanghai Composite Index fell by 0.04% - The Shenzhen Component Index decreased by 0.45% - The ChiNext Index dropped by 0.34% [1] Sector Performance - The sectors that saw the largest declines included PEEK materials, aerospace equipment, robotics, and gas [1]

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 ...

报告期内，公司利润总额、归属于上市公司股东的净利润、归属于上市公司股东的扣除非经常性损益的 净利润较去年同期增长45.82%、52.00%、103.08%，主要系宇航及通信产品、航空产品收入增长。 智通财经APP讯，航天环宇(688523.SH)披露2025年半年度报告，报告期公司实现营收2.07亿元，同比增 长23.44%;归属于上市公司股东的净利润3470万元，同比增长52%;扣非净利润2309万元，同比增长 103.08%;基本每股收益0.0859元。 ...

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]