军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取十大军工集团控 股及主营业务相关的上市公司证券作为指数样本，覆盖航空、航天、船舶、兵器、军事电子和卫星等军 工领域，以反映军工行业相关上市公司证券的整体表现。该指数主要配置在航空装备与军工电子等行 业，呈现中小盘风格。 中信建投指出，国防军工行业作为国家安全的硬核支撑，具备强政策驱动与长期确定性，装备现代 化与信息化升级将持续推进。2025年国防预算达17846.65亿元，增速7.2%，军工电子市场规模预计达 5012亿元。行业重点发展高端雷达、卫星通信、无人作战系统等关键领域，龙头企业将受益于装备列装 加速与国产化替代深化，形成安全溢价与业绩双轮驱动。航空装备领域作为国防军工重要组成部分，低 空经济规模有望突破1.5万亿元，展现出逆周期防御特征和战略配置价值。 每日经济新闻 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法 ...

（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 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 华福证券指出，商业航天板块近期催化密集，12月4日至5日2025卫星互联网产业生态大会成功举 办，12月6日我国成功发射卫星互联网低轨14组卫星，全球龙头SpaceX启动新一轮融资并瞄准明年 IPO。26-27年在十五五计划、建军百年目标及军贸发展等多重催化下，内需外需均将大幅增长。 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取十大军工 ...

（文章来源：每日经济新闻） 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取十大军工集团控股且 主营业务与军工行业相关的上市公司，以及其他主营业务为军工行业的代表性公司作为样本股，以反映 军工主题股票的整体表现。 华福证券指出，商业航天板块催化密集，12月4日至5日2025卫星互联网产业生态大会在上海举办，12月 6日我国成功发射卫星互联网低轨14组卫星，全球龙头SpaceX启动新一轮融资并瞄准明年IPO。朱雀三 号遥一运载火箭完成入轨试验，虽一级回收未成功，但测试-发射-飞行全流程跑通，为后续复用迭代奠 定基础。可回收火箭的突破将显著降低发射成本，推动低轨星座组网与商业化落地，产业链逻辑从"运 力稀缺"转向"规模应用"。26-27年在十五五计划、建军百年目标及军贸发展等多重催化下，内需外需均 将大幅增长。 ...

Core Viewpoint - The establishment of the Commercial Space Administration by the National Space Administration and the release of the "Action Plan for High-Quality and Safe Development of Commercial Space (2025-2027)" aims to significantly expand the industry scale and enhance innovation vitality by 2027, covering multiple dimensions such as rockets, satellites, emerging industries, and financial support [1] Group 1: Industry Developments - The military expenditure globally is on the rise, with India planning to increase its defense budget by 20% and Turkey signing a $6.5 billion defense contract, indicating a trend of growing military budgets worldwide [1] - The acceleration of equipment construction in China is expected, with a focus on the iteration of main battle equipment and the development of new combat capabilities such as unmanned equipment, deep-sea operations, and information technology [1] Group 2: Investment Opportunities - The military sector is poised for a resonance between domestic demand (new productive forces) and military trade (high-end equipment exports) as the "14th Five-Year Plan" approaches, highlighting the investment value in the military industry [1] - The military ETF (512660) tracks the CSI Military Index (399967), which includes 79 stocks related to the military industry, reflecting the overall performance of listed companies in this sector [1]

Core Insights - The establishment of the Commercial Space Administration by the National Space Administration and the release of the "Action Plan for High-Quality and Safe Development of Commercial Space (2025-2027)" aims to significantly expand the industry scale and enhance innovation vitality by 2027, covering multiple dimensions such as rockets, satellites, emerging industries, and financial support [1] Industry Summary - The acceleration of satellite networking and the rise of private rocket companies mark a turning point for commercial space, with expected synergistic effects between the rocket and satellite sectors [1] - The tense international geopolitical situation is driving global military spending growth, which may accelerate equipment development in China, particularly in areas such as unmanned equipment, deep-sea operations, and information technology [1] - As the "14th Five-Year Plan" approaches, the military industry sector is expected to see a resonance between domestic demand and military trade, with the civilian and military trade markets potentially becoming a second growth driver [1] ETF and Index Summary - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies in the aviation, aerospace, shipbuilding, weaponry, and military electronics sectors from the Shanghai and Shenzhen markets to reflect the overall performance of China's military industry listed companies [1] - The index constituents exhibit a small and mid-cap style, primarily focusing on the aviation equipment and military electronics sectors [1]

Core Insights - The defense and military industry is experiencing significant growth in both domestic and international demand due to multiple catalysts, including the upcoming 14th Five-Year Plan, the centenary of the military, and rapid development in military trade [1] Group 1: Industry Opportunities - The years 2026-2027 are expected to present thematic opportunities in the defense sector driven by the 14th Five-Year Plan, military centenary goals, and fast-growing military trade [1] - The aerospace equipment sector, particularly the commercial space segment, is showing outstanding performance [1] Group 2: Regulatory Developments - The National Space Administration has released the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" and established a dedicated regulatory body for commercial space [1] - Beijing plans to construct a gigawatt-level space data center in the dawn-dusk orbit, advancing AI computing power projects in three phases [1] Group 3: Investment Index - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies in the defense sector, including aerospace, weapons, and electronics, to reflect the overall performance of the military industry [1] - The CSI Military Industry Index covers 79 constituent stocks, demonstrating high industry concentration and representativeness, effectively showcasing market dynamics in China's military industry [1]

Core Viewpoint - The modernization of national defense and military construction during the "14th Five-Year Plan" period requires significant investment, high precision, and a focus on efficiency, low cost, and sustainable development [1] Investment Focus - The structural differentiation in defense and military construction is expected to become more pronounced, with high growth areas including precision-guided weapons, new aviation equipment, underwater equipment, and unmanned intelligence [1] Industry Index - The military industry ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies in the fields of aviation, aerospace, shipbuilding, weaponry, and military electronics from the Shanghai and Shenzhen markets to reflect the overall performance of China's military industry [1] Market Characteristics - The index constituents exhibit a small and mid-cap style, primarily focusing on the aviation equipment and military electronics sectors [1]

Core Viewpoint - The commissioning of China's first electromagnetic catapult aircraft carrier, Fujian, on November 7, showcases advanced electromagnetic launch technology and highlights breakthroughs in domestic aviation equipment [1] Industry Summary - The military industry sector is experiencing a reduction in the trend of passive capital outflows, coupled with strong demand recovery expectations for 2025-2026, indicating a positive outlook for capital flow [1] - The military industry is expected to benefit significantly from multiple catalysts, including the approaching 14th Five-Year Plan, the centenary of the military, and military trade development, leading to substantial growth in both domestic and international demand from 2025 to 2027 [1] - The military equipment sector, particularly aviation equipment, is poised to see significant benefits from the upcoming new prosperity cycle [1] ETF and Index Summary - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies in aviation, aerospace, shipbuilding, weaponry, and military electronics to reflect the overall performance of China's military industry [1] - The index components exhibit a small and medium-cap style, primarily focusing on the aviation equipment and military electronics sectors [1] - As of November 14, 2025, the military ETF has a scale of 14.12 billion, ranking first among 12 similar products [2]

Group 1 - The core viewpoint is that national defense strength has been added as a new long-term goal for 2035, emphasizing its importance for social stability, strategic initiative, manufacturing expansion, and the internationalization of the RMB [1] - The "15th Five-Year Plan" includes a significant enhancement of national defense capabilities compared to the "14th Five-Year Plan," continuing the "new three-step strategy" established since the 19th National Congress [1] - The military modernization strategy focuses on accelerating advanced combat capabilities, promoting military governance modernization, and strengthening the integrated national strategic system and capabilities [1] Group 2 - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies in sectors such as aviation, aerospace, shipbuilding, armaments, and military electronics to reflect the overall performance of China's military industry [1] - The index components exhibit a small and mid-cap style, primarily focusing on the aviation equipment and military electronics sectors [1] - As of October 27, 2025, the military ETF has a scale of 15.092 billion, ranking first among 12 similar products [2]

Group 1 - The upcoming 20th Central Committee's Fourth Plenary Session will focus on the "14th Five-Year Plan" and its implications for the "15th Five-Year Plan" [1] - The session is scheduled to take place from October 20 to 23 in Beijing, where the draft proposal for the 15th Five-Year Plan will be reviewed [1] - The 15th Five-Year Plan is expected to build on the achievements of the 14th Five-Year Plan, with a focus on the 100th anniversary of the military in 2027 and supporting the modernization of national defense and the military by 2035 [1] Group 2 - The military industry ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies in sectors such as aviation, aerospace, shipbuilding, weaponry, and military electronics [1] - The index aims to reflect the overall performance of publicly traded companies in China's military industry, with a focus on small and mid-cap stocks primarily in the aviation equipment and military electronics sectors [1]