Group 1 - The military industry ETF (512660) has seen a net inflow of over 600 million yuan for four consecutive days, indicating strong capital interest in the military sector [1] - On September 22, the Chinese Navy announced the successful launch and landing training of three types of carrier-based aircraft, marking the first time advanced carrier-based aircraft have been launched and recovered on an aircraft carrier with electromagnetic catapults [1] - The military industry is showing strong fundamental resilience this year due to multiple favorable factors, including the gradual release of demand and expectations from the 14th Five-Year Plan, which is driving domestic demand [1] Group 2 - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies in the military sector from the Chinese A-share market, reflecting the overall performance of these companies [1] - The index primarily focuses on small and mid-cap stocks, with a key allocation in the aerospace equipment and military electronics sectors [1]

印尼再次释放购买中国战机的明确信号 近日，防务亚洲网站披露了一则重要消息：印度尼西亚国防部高层官员公开表态，计划采购中国制造的歼-10C战斗 机。值得注意的是，这次表态并非普通的技术讨论，而是直接反映了印尼国家领导层的战略决策意向。 战略决策早有端倪 印尼国防部信息局局长弗雷加准 将在接受采访时透露，空军正在对歼-10C进行详细评估，目的是为印尼获取最先进的作战平台，以配合当前国防政策的实施。更关键的是，他特别强调这一 采购计划并非临时起意，而是源自前国防部长、现任总统普拉博沃·苏比安托任内制定的国防战略，现由新任防长沙弗里·贾姆苏丁持续推进。该计划旨在加 速印尼军队现代化进程，并与努山塔拉三叉戟之盾国家战略相衔接。 分析人士指出，这一表态传递出两个重要信息：首先，作为对华友好的印尼现任领导 人，普拉博沃总统的亲自推动将大大提升采购案落地的可能性；其次，该采购被纳入国家战略框架，说明其具有长期性和严肃性，绝非一时兴起。 空军现 状倒逼装备更新 印尼空军的装备采购为何如此反复？看看其空军现状就明白了。作为东南亚地理环境最复杂的国家，印尼空军肩负着异常繁重的任务：既 要守护马六甲海峡等国际战略水道，又要在苏拉威西 ...

Group 1 - The Chengfei sector is experiencing a downturn, with *ST Lihang hitting the daily limit down [1] - Other companies such as Huaru Technology, Qifeng Precision, Huali Chuantong, Aileda, Chengfei Integration, and Quanxin Co., Ltd. are also seeing declines [1]

转自：中央纪委国家监委网站 中央纪委国家监委网站 李云舒 李灵娜 自吉林长春报道 9月19日，2025年空军航空开放活动和长春航空展开幕。本次航空展集中展出百余型空军现役飞机、地面装备 以及退役经典装备。 空军航空大学"红鹰"飞行表演队进行飞行表演。 新华社记者 颜麟蕴 摄 观众在现场拍摄运油-20A。 新华社记者 许畅 摄 9月19日至23日，2025年长春航空展在吉林省长春国际航空博览城举行。这是2019年以来长春市举办的第四届 航空展，也是规模最大、内容最丰富、体验最新的一届。开展首日，记者与12万余名观众共同走进这场空天 盛会，感受中国航空事业的蓬勃发展。 地面之上，重器列阵、触手可及。飞行表演区外侧的主干道两旁，静态陈列着空军百余型战机和地面装备。 其中最大亮点，莫过于歼-20首次静态展示。在这当之无愧的"C位"之前，观众隔着护栏，仔细观察战机的隐 身涂层和菱形机头。不远处，"胖妞"运-20运输机同样人气高涨，巨大的机舱门敞开着，等候进入机舱参观的 观众队伍足有数百米。 室外展区不仅展示现役主力装备，还陈列了多型曾立下赫赫战功的退役战机，如抗美援朝时期的功勋战机、 国产第一代歼击机歼-5、第一款超音 ...

Core Insights - The report emphasizes a strategy based on industry rotation and thematic ETFs, recommending sectors such as agriculture, film and cinema, and aerospace equipment for the upcoming week [2][3]. - The strategy has shown a cumulative net return of approximately -0.21% for the period from September 15 to September 19, 2025, with an excess return of about 0.16% compared to the CSI 300 ETF [3][11]. - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 24.91%, outperforming the CSI 300 ETF by about 6.36% [3]. Strategy Update - For the week of September 22, 2025, the model recommends increasing positions in the following ETFs: Grain ETF, Film ETF, Industrial Mother Machine ETF, and Oil & Gas ETF, while continuing to hold Aerospace ETF and Green Electricity ETF [2][10]. - The report includes specific ETFs and their respective weights, indicating a focus on sectors like agriculture (46.77% in Grain ETF) and film (45.35% in Film ETF) [10]. Performance Tracking - The report details the performance of various ETFs over the past week, highlighting that the average return of the ETF portfolio was -0.37%, while the CSI 300 ETF had a return of -0.21% [11]. - The report also notes that certain ETFs, such as the Green Electricity ETF and Aerospace ETF, continue to be held despite recent performance fluctuations [11].

Market Performance - On September 22, the aviation equipment sector rose by 0.3%, led by Chaozhuo Aerospace Technology, which increased by 7.70% to a closing price of 57.51 [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Notable gainers included: - Chaozhuo Aerospace Technology (688237) with a closing price of 57.51 and a rise of 7.70% [1] - Zongheng Co., Ltd. (688070) with a closing price of 54.40 and a rise of 5.88% [1] - Jialiqi (301586) with a closing price of 53.60 and a rise of 4.63% [1] - Other stocks with positive performance included: - *ST Guanqu (688287) up 2.39% [1] - AVIC Shenyang Aircraft (600760) up 2.07% [1] Fund Flow Analysis - The aviation equipment sector experienced a net outflow of 600 million yuan from institutional investors, while retail investors saw a net inflow of 670 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors increased their positions [2] Detailed Fund Flow for Selected Stocks - Jialiqi (301586) had a net inflow of 29.22 million yuan from institutional investors, indicating strong interest [3] - Chaozhuo Aerospace Technology (688237) saw a net inflow of 9.21 million yuan from institutional investors, despite a slight outflow from retail investors [3] - Other stocks like *ST Guandian (688287) and AVIC Technology (600391) also showed varying levels of net inflow and outflow, reflecting diverse investor behavior within the sector [3]

Core Insights - The Chinese Air Force has made significant breakthroughs in large transport aircraft, particularly with the Y-20 series, especially the latest Y-20B model, which has achieved rapid development and mass production within two years since its debut in April 2023 [1][3]. Group 1: Development and Production - The Y-20B has reached a production scale of 10-15 aircraft per year, with satellite images showing 16 Y-20Bs stationed at a military airport, indicating that the total number of units may have surpassed 100 [1]. - The key to the rapid development of the Y-20B is the breakthrough in engine technology, transitioning from the Russian D-30KP-2 engine in the Y-20A to the domestically produced WS-20 engine, which significantly enhances performance and ensures self-sufficiency in critical technology [1][3]. Group 2: Engine Technology - The WS-20 engine, with a thrust of 16 tons, began testing on the Il-76 platform in 2014 and was first fitted on the Y-20 in November 2020, marking a significant advancement in China's aviation capabilities [3]. - The Y-20B's range exceeds 8,000 kilometers, greatly improving its strategic deployment capabilities, and its production has been confirmed by satellite imagery showing multiple units at the factory [3]. Group 3: Industry Impact - The success of the Y-20B represents a milestone for China's aviation industry, overcoming long-standing reliance on foreign engines, which has historically hindered the development of Chinese fighter jets [4]. - The successful mass production of the WS-10 and WS-20 engines signifies a comprehensive breakthrough in aviation engine technology, which will also support the development of other large aircraft like the C929 wide-body passenger plane [4]. Group 4: Competitive Landscape - Russia's aviation industry faces severe challenges due to China's engine technology advancements, which have eroded its market share, compounded by international sanctions from the Russia-Ukraine conflict [6]. - The Y-20's success underscores the importance of independent innovation, as reliance on foreign technology has proven insufficient for achieving core technological advancements [6].

Group 1 - The 2025 Changchun Airshow attracted over 90,000 visitors on its first day, showcasing China's advanced aviation capabilities [1] - The airshow featured various aircraft demonstrations, including the Y-20A, J-16, H-6, and J-20, highlighting the operational capabilities of the Chinese Air Force [1] - A demonstration of a counter-terrorism operation was conducted using the domestically developed Z-20KA helicopter and the Z-10K attack helicopter, showcasing their combat effectiveness [2] Group 2 - The innovation capacity of China's aviation industry is increasingly drawing attention, with new technologies and design concepts being presented at the airshow [3] - The advancements in aircraft and equipment not only enhance the operational capabilities of the People's Air Force but also reflect the industry's commitment to meeting real combat needs [3] - The audience's enthusiastic response to the aerial performances indicates strong public support and recognition for the achievements of the Chinese Air Force and its aviation industry [3]

Core Insights - The 11th Air Force Aviation Open Day and Changchun Air Show commenced on September 20, attracting 236,000 visitors on its first public day, showcasing the achievements of the People's Air Force in practical training and the rapid development of the aviation industry [1] Group 1: Event Overview - The event featured a static display of the J-20 fighter jet, allowing the public to observe its advanced stealth capabilities, situational awareness, and maneuverability [1] - Over a hundred types of active Air Force aircraft and ground equipment were exhibited, highlighting the capabilities of the People's Air Force in safeguarding national airspace [1] Group 2: Expert Commentary - Military expert Fu Qianshao emphasized the J-20's advanced onboard radar, infrared search and tracking system, and electro-optical aperture system, which provide comprehensive situational awareness, likening it to a small early warning aircraft [1] Group 3: Historical Context - Liu Yuan, grandson of the first commander of the Air Force, expressed emotional reflections on the evolution of the Air Force, recalling the challenges faced during its establishment, including a lack of equipment and skilled personnel [2]

Group 1 - The stock price of Jiachi Technology (688708) closed at 70.21 yuan, down 5.8% from last week's 74.53 yuan, with a market cap of 28.085 billion yuan [1] - The highest intraday price this week was 74.92 yuan on September 15, and the lowest was 68.8 yuan on September 18 [1] - Jiachi Technology ranks 11th out of 46 in the aerospace equipment sector and 664th out of 5153 in the A-share market [1] Group 2 - In the first half of 2025, Jiachi Technology reported a revenue of 278.643 million yuan, a year-on-year decrease of 24.33% [2][3] - The net profit attributable to shareholders was 113.202 million yuan, down 46.47% year-on-year [2][3] - Research and development investment increased by 88.78% year-on-year, accounting for 25.47% of total revenue [2][3] Group 3 - CITIC Securities, as the sponsor for Jiachi Technology's IPO, issued a report confirming no major issues or violations were found during the ongoing supervision [2][3] - The company has no significant changes in core competitiveness, and the use of raised funds is compliant [2]