（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 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。 每日经济新闻 国泰海通指出，国际环境日益复杂严峻，中俄近期开展海上联合演训，演练课目贴近实战，包括联 合机动、联合防空等；美国正构建反无人机防御体系，计划将乌克兰纳入测试，采用激光、电磁脉冲等 多种手段。大国博弈加剧是长期趋势，美国及其盟友国防战略重心向印太转向，中国周边紧张局势可能 逐步加剧，军工行业长期向好。要打赢现代战争，既需先进战机、导弹作为制胜手段，又需火箭弹等高 效费比装备支撑持久消耗，还需可靠通信指挥体系保障。中 ...

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 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]

Core Viewpoint - The current international security situation is complex and severe, highlighting the importance of national defense construction, with ongoing regional conflicts and military dynamics [1] Group 1: Industry Trends - The China Weapon Industry Group recently showcased new equipment such as drones, cruise missiles, and anti-drone combat systems, reflecting the trend towards informationization and intelligence in military equipment [1] - Significant technological breakthroughs in the aviation sector, exemplified by the successful maiden flight of the new Zhoushan 60 civil rescue aircraft, will enhance China's emergency rescue capabilities [1] - The intensifying great power competition has shifted the defense strategies of the US and its allies towards the Indo-Pacific, potentially escalating tensions around China [1] - The military industry is expected to have a long-term positive trend, driven by the 2027 military centenary goal and the "14th Five-Year Plan" demand for addressing shortcomings, particularly in defense informationization and aviation equipment [1] Group 2: Investment Opportunities - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects representative military industry listed companies from the Chinese A-share market, covering sectors such as aviation, aerospace, weaponry, and shipbuilding [1] - This index reflects the overall performance of listed companies in the military industry and is characterized by distinct industry features and high growth potential [1]

Group 1 - Global military spending continues to grow, with rigid demand accelerating, providing strong support for the military industry market [1] - The restructuring of the supply side is significant, with the loosening of the dollar system weakening U.S. control, and Russia's arms trade share collapsing to 7%, opening a replacement gap for China [1] - China's military manufacturing completeness has significantly improved, nearing the levels of Germany and France, shifting military trade from a deficit to a surplus, with the share center rising to 5.51% from 2010 to 2024 [1] Group 2 - The military-civilian integration system advantages and practical verification are overturning international perceptions, enhancing the reliability of military technology from the laboratory to the battlefield, indicating that China's global competitive advantage in military industry is underestimated [1] - Through the Belt and Road Initiative, China has deepened export substitution, with significant increases in military trade exports to countries like Pakistan, laying the foundation for global competition [1] Group 3 - The military ETF (512660) tracks the China Securities Military Index (399967), which selects representative military industry listed companies from the Shanghai and Shenzhen markets, covering sub-industries such as aerospace and weaponry [1] - The China Securities Military Index tends to allocate high-tech and national defense-related industries, featuring distinct thematic investment characteristics [1]

Group 1 - The core viewpoint indicates that the allocation of active funds in the military industry sector has increased, with a 0.92 percentage point overweight in Q2 2025, up by 0.35 percentage points from Q1 2025, suggesting potential for further expansion in the context of domestic demand and foreign trade resonance [1] - The current complex international situation has led to a rising demand for advanced defense equipment, which is expected to open up the market for China's integrated combat system [1] - Key areas such as unmanned, intelligent, underwater, and information technology are anticipated to become focal points in the 14th Five-Year Plan, highlighting the investment value in the military sector [1] Group 2 - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies in the defense and military industry from the Chinese A-share market, reflecting the overall performance of these securities [1] - The CSI Military Index focuses on the defense sector, comprising highly representative and liquid securities, showcasing distinct industry characteristics and style allocation [1]

Group 1 - The military industry is at a critical juncture with the transition of the "Five-Year Plan," and significant events like military parades are expected to boost both the industry's fundamentals and market expectations [1] - The global arms race is intensifying, and China's weaponry is demonstrating strong competitiveness, which is likely to expand the market space for China in international military trade [1] - The military sector is expected to see a high win rate in July and August due to accelerated order deliveries in Q2 and the approach of important industry events such as Army Day, military parades, and National Day, which will catalyze policy and order expectations [1] Group 2 - The execution of the "14th Five-Year Plan" is entering a critical phase of capacity integration and delivery, while the preparation for the "15th Five-Year Plan" is advancing, leading to a significant release of previously accumulated downstream demand [1] - A new round of order cycles is anticipated to drive a recovery in the overall industry prosperity [1] - The military ETF tracks the CSI Military Index (399967), which reflects the overall performance of listed companies in the military sector, characterized by high industry concentration and distinct military features [1]

Group 1 - The defense and aerospace equipment industry is benefiting from industrial upgrades and the trend of self-sufficiency, with domestic equipment localization being the foundation for the industry's rise [1] - On the supply side, sub-sectors like shipbuilding and nuclear power equipment maintain stable prosperity due to inventory updates and counter-cyclical adjustments [1] - On the demand side, emerging fields such as humanoid robots and gas turbines are achieving breakthroughs, indicating long-term growth potential [1] Group 2 - The engineering machinery sub-sector is accelerating its export capabilities due to global competitiveness [1] - The overall valuation level of the industry remains relatively stable, with the machinery sector outperforming the CSI 300 index by 0.32 percentage points in June [1] - With the advancement of high-end equipment localization and the release of demand in emerging markets, there are significant structural growth opportunities in the industry [1] Group 3 - The military ETF tracks the CSI Military Index (399967), which is compiled by the China Securities Index Company and includes representative listed companies in aerospace and defense information sectors [1] - The CSI Military Index aims to reflect the overall performance of the Chinese military industry securities, characterized by high industry concentration and distinct style allocation, serving as an important indicator for observing military sector trends [1]

Group 1 - The defense and aerospace equipment industry is benefiting from industrial upgrades and the trend of self-control, with core equipment localization being the foundation for the industry's independent rise [1] - Demand-side opportunities arise from the growth of emerging markets and rising exports, focusing on leading companies in competitive niche sectors [1] - On the supply side, stock updates and import substitution are key, with sectors like shipbuilding, rail transit equipment, and nuclear power equipment benefiting from stock updates or counter-cyclical adjustments, showing relatively stable prosperity [1] Group 2 - In the nuclear power equipment sector, the third generation of nuclear power has entered the stage of mass construction, and the demonstration of the fourth generation of nuclear power has officially commenced operation, indicating promising future mass construction [1] - The gas turbine industry is entering a global renewal cycle, benefiting from incremental demand brought by AI data centers, showing a clear upward trend in prosperity [1] - The overall valuation level of the industry remains relatively stable, with a long-term positive outlook on structural opportunities brought by high-end equipment self-control and export development [1] Group 3 - The military ETF (512660) tracks the CSI Military Industry Index (399967), which is compiled by the China Securities Index Company, selecting listed companies in the defense and military industry from the Shanghai and Shenzhen markets [1] - This index reflects the overall performance of listed companies in China's military industry, characterized by significant industry concentration and growth potential [1]

Core Viewpoint - The defense and military industry is transitioning from emotion-driven military trade logic to a fundamental strengthening, driven by frequent geopolitical events since 2025 [1] Group 1: Military Trade and Industry Outlook - The India-Pakistan conflict since 2025 has led to a reassessment of military trade value, with military trade expected to break through domestic pricing bottlenecks, providing higher profit margins and boosting sector valuations [1] - In the aerospace equipment sector, a turning point in orders has been established, with a 22% quarter-on-quarter increase in contract liabilities for main aircraft manufacturers in Q1 2025, and a significant improvement in component orders [1] - Military electronics are expected to maintain high order levels throughout the year, indicating strong demand [1] Group 2: Specific Sector Developments - In the aerospace propulsion sector, inventory reduction and price adjustments are nearing completion, with new model production expected to drive demand recovery [1] - In the weaponry sector, long-range artillery and unmanned ground equipment are benefiting from domestic demand recovery and a high level of military trade activity, with core companies projecting significant revenue growth for 2025 [1] - The commercial aerospace sector is entering a critical phase of large-scale deployment, with plans to launch approximately 2,100 satellites in China by 2025, and breakthroughs in reusable rocket technology expected to lower cost barriers [1] Group 3: Domestic Aircraft and ETF Insights - The domestic large aircraft C919 is accelerating its production, with an expected delivery of 20-30 units in 2025, and the process of domestic engine replacement is speeding up [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which is compiled by the China Securities Index Co., Ltd., reflecting the overall performance of representative listed companies in the defense and military industry [1] - The CSI Military Industry Index features distinct industry characteristics and cyclical styles, with constituent stocks primarily from high-tech enterprises related to national defense modernization [1]