1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The aerospace industry maintains high prosperity, with both military and civilian sectors advancing simultaneously. The defense and military industry remains highly prosperous, driven by domestic demand and international military trade. The aviation sector is steadily growing, propelled by both military and civil aviation. The aerospace sector combines growth elasticity and development certainty [1][5]. - The Guozheng Aerospace and Aviation Industry Index is a strong defense - military index that emphasizes aviation and aerospace, featuring stable R & D, stable revenue, and high industry elasticity. It has a pure military - industrial attribute, and its R & D investment is steadily increasing. In the long - term, its performance is similar to that of the CSI Military Industry Index, but it shows prominent short - term elasticity [1]. - The Huanguo Guozheng Aerospace and Aviation Industry ETF (159267) closely tracks the underlying index, aiming to minimize tracking deviation and tracking error. The fund manager and the fund management company have rich experience and strong strength [1]. 3. Summary by Directory 3.1 Aerospace Maintains High Prosperity, with Both Military and Civil Sectors Advancing Simultaneously 3.1.1 Defense and Military Industry Maintains High Prosperity, Driven by Domestic Demand and International Military Trade - China's defense budget and the US defense expenditure have been growing steadily in recent years, maintaining a high level of military prosperity. From 2023 - 2025, China's defense budget expenditure had a year - on - year growth rate of 7.2%. The US also increased its defense construction and equipment investment in recent years [5]. - Domestically, the construction of military mechanization and informatization during the 14th Five - Year Plan is ongoing, and the development of intelligence and unmanned systems is expected to become a new driving force for military construction during the 15th Five - Year Plan. Currently, domestic and foreign defense construction in intelligent and unmanned systems is progressing orderly [10]. - Internationally, the unstable situation in the Middle East and high per - capita military spending have maintained the activity of the military trade market. China's military strength has been continuously increasing, and its military trade net export volume has been rising steadily. In 2024, the net export volume reached 1.059 billion TIV, and China's military trade export accounted for about 4% of the global total military market [14][18]. 3.1.2 Both Military and Civil Aviation Drive the Steady Growth of the Aviation Sector - **Military Aviation**: The 15th Five - Year Plan is expected to inject new growth momentum. The demand from the air force is rising steadily, and that from the navy is growing rapidly. There is a large space for model replacement, and foreign trade exports are expected to become a new performance growth point. The market space for military aviation engines in the next ten years is expected to reach 1.212 trillion yuan [27][37]. - **Civil Aviation**: - **Domestic Large - scale Aircraft**: The large - scale aircraft industry has great strategic significance and potential economic value. It has a significant economic "multiplier effect." The Commercial Aircraft Corporation of China (COMAC) is accelerating the production of large - scale aircraft, and the C919 is expected to reach an annual production capacity of 150 aircraft within five years [40][43]. - **Low - altitude Economy**: It is a new format in the aviation industry, and its scale is expected to exceed one trillion yuan in 2026. With policy support, it is expected to become a new driving force for new - quality productivity [46]. 3.1.3 The Aerospace Sector Combines Growth Elasticity and Development Certainty - **Guidance Equipment**: It has great growth elasticity. The importance of advanced missiles and consumable shells is increasing, and the demand for related core materials, chips, components, etc., is accelerating. The demand for real - ammunition training and global local conflicts has increased the demand for related ammunition [55][59]. - **Commercial Aerospace**: The satellite industry chain shows a pyramid structure, with great potential in the blue - ocean market worth hundreds of billions. The market concentration of rocket launches is expected to increase, and the operation end has a large value share and significant head - concentration effect [61][68]. 3.2 Guozheng Aerospace and Aviation Industry Index: A Strong Defense - Military Index that Emphasizes Aviation and Aerospace, Combining Stable R & D, Stable Revenue, and High Industry Elasticity 3.2.1 Index Compilation Method The Guozheng Aerospace Index was established to reflect the stock price changes of aerospace - related listed companies on the Shanghai, Shenzhen, and Beijing Stock Exchanges. It selects large - market - capitalization stocks in the "Aerospace" tertiary industry of Guozheng [72]. 3.2.2 Index Weight and Market - Capitalization Distribution As of July 1, 2025, the index had 50 constituent stocks. The index weights are relatively dispersed, with the top ten weighted stocks accounting for 49.42% and the top twenty accounting for 70.82%. The index focuses on the military - aviation equipment industry and has a pure military - industrial attribute [75]. 3.2.3 Index Industry/Theme Characteristics The constituent stocks of the Guozheng Aerospace Index are highly concentrated in the defense and military industry, with 48 stocks accounting for 98.20% of the weight. Compared with comparable indices, it has the highest concentration in the military industry, and its industry and theme attributes are the most prominent [83]. 3.2.4 Fundamental Characteristics The R & D investment of the Guozheng Aerospace Index has been rising steadily. By the end of 2024, its R & D investment ratio had risen to 4.53%. Compared with comparable indices, it has the strongest profit stability since 2022. In 2024, its net profit decreased by only about 5% compared with the end of 2021 [88][91]. 3.2.5 Index Investment Value Analysis In the long - term, the performance of the Guozheng Aerospace Index is similar to that of the CSI Military Industry Index. In the short - term, it shows high elasticity. During the market rebound period, its return performance is better than that of comparable military - industry indices [93][95]. 3.3 Huanguo Guozheng Aerospace and Aviation Industry ETF (159267) The fund was established on July 21, 2025, and officially listed on August 1, 2025. The current fund manager is Liu Xuanzi. It closely tracks the underlying index, aiming to minimize tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [1][99]. 3.4 Fund Manager and Fund Management Company Information 3.4.1 Fund Management Company Introduction Hua'an Fund Management Co., Ltd. was established in 1998 and is one of the first five fund management companies approved by the China Securities Regulatory Commission. As of December 31, 2024, the company's public - offering fund scale exceeded 650 billion yuan, and its non - monetary public - offering asset management scale exceeded 400 billion yuan. It manages 275 public - offering funds and has a total of 42 public - offering ETF products, with a cumulative scale of 135.071 billion yuan [100]. 3.4.2 Fund Manager Introduction Liu Xuanzi has a master's degree and 11 years of experience in the fund industry. She currently manages 18 passive index funds with a total scale of 5.009 billion yuan [102].

Market Overview - The aviation equipment sector experienced a decline of 0.22% on August 5, with Huayin Technology leading the drop [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Performance - Ailida (300696) saw a significant increase of 6.81%, closing at 32.17, with a trading volume of 726,000 shares and a transaction value of 2.334 billion [1] - Hengyu Xintong (300965) rose by 5.19% to 80.04, with a trading volume of 95,600 shares and a transaction value of 780 million [1] - Zhongjian Technology (300777) increased by 4.96% to 37.66, with a trading volume of 209,000 shares and a transaction value of 781 million [1] - Huayin Technology (688281) declined by 4.71% to 73.62, with a trading volume of 36,900 shares and a transaction value of 280 million [2] - Other notable declines included Jiachi Technology (688708) down 4.46% and Jianghang Equipment (688586) down 2.77% [2] Capital Flow - The aviation equipment sector saw a net outflow of 1.678 billion from institutional investors, while retail investors contributed a net inflow of 1.188 billion [2][3] - The capital flow data indicates that institutional investors were net sellers, while retail investors were net buyers, suggesting differing market sentiments [2][3] Individual Stock Capital Flow - Hongdu Aviation (600316) had a net inflow of 24.3153 million from institutional investors, while retail investors had a net outflow of 80.3541 million [3] - Zhongjian Technology (300777) experienced a net inflow of 19.1756 million from institutional investors, but a net outflow of 28.5424 million from retail investors [3] - New Star Equipment (002933) saw a net inflow of 10.7080 million from institutional investors and a net inflow of 20.4644 million from retail investors [3]

Core Points - The former chairman of China Aviation Industry Corporation, Tan Ruishong, is facing prosecution for corruption, bribery, insider trading, and leaking insider information [1][2] - The investigation was conducted by the National Supervisory Commission and the Public Security Bureau of Chaoyang City, Liaoning Province, with the case now being handled by the Dalian People's Procuratorate [1] - Tan is accused of illegally occupying public property and accepting bribes while holding various high-ranking positions within the aviation industry [1][2] Group 1 - Tan Ruishong was investigated for serious violations of political, organizational, and disciplinary regulations, leading to his expulsion from the Communist Party [2] - The allegations include using his official position to benefit others in business dealings and illegally receiving substantial amounts of money [2] - The case highlights significant issues of corruption within the aviation sector, particularly in the context of state-owned enterprises [2] Group 2 - Tan Ruishong held several key positions, including chairman of Harbin Aviation Industry Group and general manager of China Aviation Industry Corporation [3][4] - His educational background includes a bachelor's degree from Beijing University of Aeronautics and Astronautics and a master's and doctoral degree from Harbin Engineering University [3] - His tenure as chairman of China Aviation Industry Corporation began in 2018, marking a significant leadership role in the industry [4]

（文章来源：央视新闻） 检察机关在审查起诉阶段，依法告知了被告人谭瑞松享有的诉讼权利，并讯问了被告人，听取了辩护人 的意见。检察机关起诉指控：被告人谭瑞松利用担任中国航空工业第二集团公司副总经理，中国航空工 业集团公司副总经理等职务上的便利，非法占有公共财物，数额特别巨大；利用担任哈尔滨东安发动机 （集团）有限公司副总经理、总经理，哈尔滨航空工业（集团）有限公司董事长，中国航空工业第二集 团公司副总经理，中国航空工业集团有限公司副总经理、总经理、董事长等职务上的便利，为他人谋取 利益，非法收受他人财物，数额特别巨大；作为内幕信息知情人，在内幕信息敏感期内多次从事与内幕 信息有关的证券交易，并多次泄露内幕信息，明示、暗示他人从事与内幕信息有关的证券交易，情节特 别严重，依法应当以贪污罪、受贿罪和内幕交易、泄露内幕信息罪追究其刑事责任。 记者今天（5日）从最高人民检察院获悉，中国航空工业集团有限公司原党组书记、董事长谭瑞松涉嫌 贪污、受贿和内幕交易、泄露内幕信息案，由国家监察委员会、辽宁省朝阳市公安局分别调查、侦查终 结，经最高人民检察院指定，由辽宁省大连市人民检察院审查起诉。近日，大连市人民检察院已向大连 市中 ...

融券方面，当日融券卖出0.83万股，净卖出0.82万股。 8月4日，沪深两融数据显示，中航成飞获融资买入额1.07亿元，居两市第290位，当日融资偿还额1.27亿 元，净卖出2034.17万元。 最近三个交易日，31日-4日，中航成飞分别获融资买入1.42亿元、1.69亿元、1.07亿元。 ...

Group 1 - Over 60% of companies have utilized repurchase loans, with 653 companies in the A-share market receiving a total loan support of 141.82 billion yuan, of which 89.42 billion yuan is specifically for share repurchases, accounting for 63.05% [1] - Companies such as Muyuan Foods, BOE Technology Group, and Haier Smart Home have each secured over 1 billion yuan in repurchase loan limits [1] - Muyuan Foods announced a total repurchase of 53.63 million shares, representing 0.98% of its total equity, with a total repurchase amount of 2.16 billion yuan, and the repurchase price ranged from 36.16 yuan to 46.20 yuan per share [1] Group 2 - AVIC Heavy Machinery announced the completion of its share repurchase, having repurchased 11.94 million shares, which is 0.76% of its total equity, using a total of 200 million yuan [2] - Kailong High-Tech received a 25 million yuan repurchase loan and completed its repurchase plan by acquiring 1.69 million shares, which is 1.47% of its total equity, for a total amount of 2.55 million yuan [2] - Other companies like Shandong Road and Bridge and Yanshan Technology also completed their share repurchases quickly after obtaining special loans [3]

Market Overview - On August 4, A-shares experienced a rebound after an initial decline, with all three major indices closing higher, driven by strong performance in the banking sector and a recovery in thematic concepts [1] - The total trading volume in the two markets reached 1.5 trillion yuan, with over 3,800 stocks rising [1] Sector Performance - The defense and aerospace sectors showed significant gains, with the General Aviation ETF (159231) rising by 3.29%, reaching a new closing high since its listing [1][4] - The low-altitude economy in China has surpassed 506 billion yuan in 2023, with a year-on-year growth rate of 34%, and is projected to reach 3.5 trillion yuan by 2035, presenting a substantial investment opportunity [2][6] Fund Flows - The defense industry ETF (512810) saw a net inflow of 9.739 billion yuan, ranking second among all sectors, indicating strong investor interest [2] - The General Aviation ETF has accumulated a total increase of 21.63% since its launch, reflecting robust market sentiment [4] Investment Opportunities - Analysts suggest that the military industry sector is showing signs of recovery, with catalysts expected to drive performance in the first half of 2025 [3] - The low-altitude economy is anticipated to continue its growth trajectory, supported by government policies and technological advancements [6] Banking Sector Insights - The banking sector saw a strong performance, with the Agricultural Bank of China reaching a new high, and several banks, including Qingdao Bank and Postal Savings Bank, showing significant gains [16][18] - The central bank's commitment to maintaining a moderately loose monetary policy is expected to benefit the banking sector [18] - Recent data indicates that several listed banks have reported positive growth in net profit for the first half of the year, with asset quality remaining stable [19][20] ETF Highlights - The banking ETF (512800) has become the largest and most liquid among the 10 banking ETFs in the market, with a fund size exceeding 14.4 billion yuan [22] - The General Aviation ETF and its linked funds provide an effective tool for investors to capture opportunities in the burgeoning low-altitude economy [9]

8月4日，A股先抑后扬，三大指数早盘低开，银行发力带动沪指率先翻红，午后题材概念回暖，创业板 指、深证成指接力反弹，三大指数集体收涨。全市场超3800只个股上涨，两市成交额1.5万亿元。 盘面上，国防军工、商业航天携手猛拉，表现突出。一键覆盖"低空经济+大飞机+军民融合+商业航 天"的通用航空ETF华宝（159231）场内价格大涨3.29%，创上市以来收盘价新高！ 周末重磅，我国自主研发的2吨级电动垂直起降航空器（eVTOL）——峰飞航空凯瑞鸥，成功实现全球 首次海上石油平台物资运输飞行，标志着我国在海陆低空物流场景应用中迈出关键一步。 中国民航局数据显示，中国低空经济规模2023年已突破5060亿元，同比增速达34%，预计到2035年市场 规模有望达到3.5万亿元，为投资者提供万亿级蓝海市场。 代码有"八一"的国防军工ETF（512810）放量上探，场内价格收涨2.67%。近期国防军工人气持续攀 升，各路资金密集涌入。 主力资金方面，今日大举净流入国防军工（申万）97.39亿元，居所有行业TOP2；ETF资金方面，国防 军工ETF（512810）已连续5日获资金增仓，合计达1.44亿元。 | | 0.693 ...

Market Overview - A-shares showed resilience and strength despite significant declines in overseas markets, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing up by 0.66%, 0.46%, and 0.5% respectively [3] - Over 3,800 stocks rose while more than 1,300 stocks fell, indicating a broad market rally [3] - The micro-cap stock index hit a new historical high, reflecting strong investor sentiment [3] Military Industry - The military sector experienced a significant rally, with multiple stocks hitting the daily limit, including Wanze Co., Aerospace Electronics, and others [5] - The military information technology, aerospace, military, and Beidou navigation sectors saw increases of 3.68%, 3.41%, 2.97%, and 2.81% respectively [5] - Catalysts for this rally included the premiere of a military documentary revealing China's unmanned combat operations and expectations surrounding the upcoming military parade [5][6] Yajiang Hydropower Station - The Yajiang hydropower station concept saw mixed performance, with some stocks experiencing volatility and others achieving significant gains [9][10] - Shanhai Intelligent hit a new high with a cumulative increase nearing 100% over 11 days, while other stocks like Xizang Tourism faced declines [9][10] Tian Tan Biological - Tian Tan Biological surged after news of a successful Phase I clinical trial for an HIV vaccine using the Tian Tan strain, leading to a strong market response [14][19] - The company has historical ties to the Tian Tan strain, enhancing its market relevance [20] - Despite initial gains, Tian Tan Biological's stock experienced a pullback, closing up nearly 4% [21] Battery Swapping - Several battery swapping concept stocks saw significant price increases, particularly Shandong Weida and Zhanpeng Technology, following a strategic partnership announcement from CATL [24][26] - The partnership involves the introduction of battery-swapping vehicles across various market segments, indicating potential growth in the sector [26][31] - The market's early reaction to the news suggests possible information leakage prior to the official announcement [31]

Group 1 - The company, AVIC Heavy Machinery, announced the approval of a proposal to change the transfer base price for the equity of Excellence Forging Technology (Wuxi) Co., Ltd. during the 23rd temporary meeting of its seventh board of directors [2]