点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【金工】被动资金持续加仓港股ETF，医药主题基金净值优势显著——基金市场与ESG产品周报20250707 本周国内权益市场涨势延续，各类基金指数均实现正收益，权益类基金净值表现占优，国内新基市场热度回 落。行业主题基金方面，各赛道主题基金净值延续上涨，医药主题基金净值涨幅重居首位，TMT、国防军工 主题基金本周表现相对较弱。股票型ETF资金保持流出，资金净流出208.17亿元，主要减仓大盘宽基ETF，港 股ETF资金持续显著流入，资金净流入78.21亿元。 （祁嫣然 /马元心 ）2025-07-07 您可点击今日推送内容的第1条查看 【金工】市场或转向风格均衡——金融工程市场跟踪周报20250707 上周A股震荡上涨，交 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.5.6-2025.5.9）原油价格大涨，国内权益市场指数 普遍上涨，美股回调。行业方面，本周各申万一级行业全面上涨，国防军工、通信、电力设备行业涨幅居前。 基金市场方面，本周权益类基金净值明显上涨，其中股票指数型基金上涨1.76%。 基金产品发行情况： 本周国内市场新成立基金15只，合计发行份额为63.45亿份。其中股票型基金13只、债券型基金1只、混合型基 金1只。全市场新发行基金27只，从类型来看，股票型基金18只、债券型基金6只、混合型基金3只。 基金产品表现跟踪： 长期行业主题基金指数方面，本周国防军工主题基金表现亮眼，上涨4.46%，医药主题基 ...

Core Viewpoint - The military industry stocks have shown strong performance recently, with the China Securities Military Industry Index rising by 5.82% in the past week, indicating a potential recovery in the sector [1][2]. Group 1: Market Performance - Several military stocks have experienced significant gains, with ST Lihang achieving four consecutive daily limit-ups, and companies like Chengfei Integration and Tianjian Technology seeing three consecutive limit-ups [2]. - The average increase for military-themed funds was approximately 5.3%, with specific funds like the Huaxia Military Safety Fund rising by 9.22% [2]. - Over 37 out of 40 military stocks in the index saw price increases during this period, reflecting strong market interest [2]. Group 2: Fundamental Improvements - The military sector is expected to see a significant improvement in performance starting from the second quarter, with many companies likely to report better earnings [2][4]. - There is a notable recovery in military demand, with some upstream companies reporting improved order volumes both year-on-year and month-on-month [1][5]. - The military industry is positioned as one of the few sectors experiencing a positive economic cycle this year, with defensive attributes that may lead to independent market performance [3][5]. Group 3: Investment Opportunities - The military sector is currently undervalued, with a price-to-book ratio of approximately 3.12, which is relatively low compared to other technology sectors [4]. - Key areas of investment interest include low-altitude economy, military electronics, and advanced military materials, which are expected to benefit from increased orders and market demand [6][7]. - The military industry is anticipated to experience a significant increase in global defense budgets starting in 2025, further stimulating the military trade market [5][7].