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]

Core Viewpoint - The defense and aerospace industry in China is expected to experience significant growth potential driven by multiple catalysts, including the "14th Five-Year Plan" and the "100th Anniversary of the Army" [1] Group 1: Industry Growth Potential - The defense and aerospace sector is projected to see substantial growth in both domestic and international demand from 2025 to 2027 due to various stimulating factors [1] - The military industry sector has been on a continuous upward trend since the end of June 2025, although there has been a slight recent pullback [1] - Upcoming events such as the September 3 military parade and the "15th Five-Year Plan" are expected to further boost industry performance [1] Group 2: Market Sentiment and Investment Trends - There has been a net inflow of leveraged funds for five consecutive weeks, indicating optimistic market expectations regarding the recovery of industry demand [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies involved in defense sectors such as aerospace, shipbuilding, and weaponry [1] - The index employs a weighted methodology to reflect the overall performance of Chinese military-themed listed companies [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 国泰海通指出，大国博弈加剧是长期趋势，军工行业长期向好。2027年要确保实现建军百年奋斗目标， 十四五期间有望加速补短板。全球跨区域联合军演增多、部分区域主权摩擦加剧、局部战事长期化，以 及多国加速推进防卫装备列装等动态，均凸显军事装备智能化、无人化及区域防御技术的关键作用。建 议重点关注国防信息化、区域防空反导等前沿热点与装备建设领域。 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从中国A股市场中选取涉及航空、航 天、兵器、船舶等国防工业领域的上市公司证券作为指数样本，以反映军工行业相关上市公司证券的整 体表现。指数成分股主要覆盖航空航天与国防领域，同时包含机械制造及相关配套服务等行业，采用派 许加权方式进行计算，并对单一样本权重设置上限。 ...

Core Viewpoint - The intensification of great power competition is a long-term trend, leading to a positive outlook for the military industry, which requires advanced aircraft and missiles as key tools for modern warfare [1] Industry Summary - The military industry is expected to accelerate the filling of gaps during the "14th Five-Year Plan" period, aiming to achieve the centenary goal of military development by 2027 [1] - In the aviation equipment sector, China is reshaping its supply chain by promoting the localization of key components such as engines and hydraulic oil to reduce foreign dependency [1] Index and ETF Summary - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies involved in aviation equipment, aerospace, shipbuilding, weaponry, military electronics, and satellites to reflect the overall performance of China's military industry [1] - The CSI Military Index covers multiple key sub-sectors within the military field, showcasing a comprehensive representation of the overall development status of China's military industry [1]

Group 1 - The international environment is becoming increasingly complex and severe, with recent naval joint exercises between China and Russia focusing on practical combat scenarios, including joint maneuvering and air defense [1] - The United States is constructing a counter-drone defense system and plans to include Ukraine in testing, utilizing various methods such as lasers and electromagnetic pulses [1] - The trend of great power competition is expected to intensify, with the defense strategies of the US and its allies shifting focus towards the Indo-Pacific region, potentially escalating tensions around China [1] Group 2 - The military industry is projected to perform well in the long term, as modern warfare requires advanced aircraft and missiles, as well as cost-effective equipment like rockets for sustained consumption and reliable communication systems [1] - China is reshaping its aviation supply chain, achieving breakthroughs in areas such as engines and hydraulic oil to reduce foreign dependency, with expectations to accelerate improvements during the 14th Five-Year Plan [1] - By 2027, China aims to achieve its military modernization goals in line with the centenary of the People's Liberation Army [1] Group 3 - The military ETF (512660) tracks the China Securities Military Industry Index (399967), which selects representative companies from the defense and military sectors, covering the entire industry chain across land, sea, air, and space [1] - This index reflects the overall performance of listed companies in the military industry within the Chinese A-share market, characterized by distinct military features and high industry concentration [1]

Group 1 - The intensification of great power competition is a long-term trend, and the military industry is expected to have a favorable long-term outlook [1] - By 2027, there is a goal to achieve the centenary military construction objectives, with expectations for accelerated improvements during the 14th Five-Year Plan period [1] - The recent defense and military industry index rose by 0.66%, outperforming the broader market by 1.60 percentage points, with the defense information technology sector performing particularly well [1] Group 2 - China's aerospace industry has made new progress, and the military industry maintains a high level of prosperity driven by strategic demand and technological breakthroughs [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies engaged in aerospace, weaponry, and defense information technology to reflect the overall performance of the military industry [1] - The constituent stocks of the index cover a wide range of areas, including military equipment manufacturing and technology research and development, indicating significant industry concentration and long-term growth potential [1]

Core Viewpoint - The military industry is experiencing a clear trend towards informationization and equipment upgrades, driven by geopolitical tensions and rising global military expenditures [1] Industry Trends - The cost pressure on raw materials has eased, which is beneficial for the military sector [1] - Geopolitical conflicts are pushing global military spending upwards, reinforcing the logic of military trade [1] - The commercial aerospace sector has seen significant activity, with StarNet launching network deployments twice within a week, accelerating the industry's development [1] Investment Insights - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies in the military sector, including aviation, aerospace, weapons, and shipbuilding, to reflect the overall performance of military-related securities [1] - The CSI Military Index covers core segments of the entire military industry chain, showcasing strong industry representation and technological innovation, effectively depicting the overall development trend of China's defense and military industry [1]

Core Viewpoint - The Chinese government has introduced the "Regulations on the Protection of Important Military Industrial Facilities," effective from September 15, 2025, to ensure the safety of military research and production activities amid a complex international security situation [1]. Group 1: Industry Trends - The current international security landscape is characterized by escalating regional conflicts and military dynamics, highlighting the importance of unmanned equipment and countermeasures, as well as advancements in aviation technology [1]. - The China Weapon Industry Group recently held a themed event showcasing the latest military equipment, including drones and anti-drone systems, reflecting a new concept of manned/unmanned collaborative operations [1]. - Increased defense spending is anticipated as international tensions rise, indicating a long-term positive trend for the military industry [1]. Group 2: Investment Tools - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects representative military industry listed companies from the Shanghai and Shenzhen stock markets, covering key subfields such as aerospace and weaponry [1]. - The index aims to reflect the overall performance of military-related listed companies in the Chinese A-share market, providing investors with a focused investment tool in this sector [1].

Core Viewpoint - The current international security situation is complex and severe, highlighting the importance of national defense construction [1] Group 1: Industry Trends - Ongoing regional conflicts and military dynamics emphasize the need for increased defense investment [1] - The China Weapon Industry Group recently held a military trade event showcasing the latest equipment such as drones and anti-drone systems, reflecting trends towards informationized and intelligent warfare [1] - Breakthroughs in aviation technology were noted, with the successful maiden flight of the Xinjou 60 civil search and rescue aircraft, which will enhance China's maritime rescue capabilities [1] Group 2: Strategic Outlook - The intensification of great power competition is a long-term trend, with the U.S. and its allies shifting their defense strategies towards the Indo-Pacific region [1] - Tensions around China are expected to gradually increase, making increased defense spending a necessary option [1] - The goal is to achieve the centenary military construction target by 2027, with the 14th Five-Year Plan expected to accelerate the filling of gaps in military capabilities [1] Group 3: Investment Opportunities - The military industry ETF (512660) tracks the CSI Military Industry Index (399967), which selects high-quality listed companies in the defense sector from the A-share market [1] - The CSI Military Industry Index exhibits high growth and volatility characteristics, providing a comprehensive view of the market trends in the defense industry [1]

Group 1 - The article highlights that geopolitical conflicts are intensifying security demands across nations, leading to an upward trend in global military spending and a continuous expansion of the military trade market. This is expected to drive a revaluation of the sector due to enhanced domestic substitution capabilities [1] - In the commercial aerospace sector, the acceleration of national network construction is noted, with a significant tender for launch services by Yangxin Satellite amounting to 1.336 billion. The second half of the year is anticipated to see a concentrated launch of reusable rockets, potentially leading to positive changes across multiple industry segments [1] - The National Space Administration has issued a notice to strengthen quality supervision and management of commercial aerospace projects, providing a systematic design for quality oversight throughout the entire lifecycle, which is expected to promote the safe and healthy development of the industry [1] Group 2 - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies in fields such as aviation, aerospace, weapons, and shipbuilding from the Shanghai and Shenzhen markets to reflect the overall performance of defense and military-related industries. The index focuses on companies with strong research capabilities and market competitiveness, leaning towards a growth-oriented style [1]