华福证券指出，25-27年在【十四五任务冲刺】＋【建军百年目标】+【军贸快速发展】等多重催化下， 国防军工及航空装备Ⅱ行业内需外需均呈现巨大增长潜力，主题型机会层出不穷。军工板块自2025年6 月底以来持续上涨，虽近期涨幅略有回落，但9月3日阅兵仪式及十五五规划等催化因素仍将推动行业表 现。资金面显示杠杆类资金连续五周净流入，反映市场对行业需求恢复的乐观预期。 （文章来源：每日经济新闻） 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。 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涉及航空、航天、船 舶、兵器等国防工业领域的上市公司证券作为指数样本，采用派许加权方法编制。该指数覆盖了航空航 天与国防、机械制造以及电子和通信设备等军工相关行业，旨在反映中国军工主题上市公司证券的整体 表现。 ...

（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 ...

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代表军工行业特征的 上市公司证券作为指数样本，涵盖航空、航天、船舶、兵器等多个领域，以反映军工行业相关上市公司 证券的整体表现。该指数成分股覆盖了国内主要的国防军事相关企业，具有较为全面的行业代表性。 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。 中信建投指出，我国卫星互联网进入高密度发射期，GW星座发射频率显著提升，从01-05组星的一到两 个月发射间隔缩短到05-07组星的3-5天发射间隔，组网速度明显加快，或表明我国卫星互联网开始进入 快速组网期。垣信卫星已启动2025年运载火箭发射服务招标，预计建设将逐步提速。海南商发的一号和 二号发射工位已开启常态化发射工作，并计划新增三号、四号工位，以满足"高频次、大运力、低成 本"发射需求。2025年下半年，多款大 ...

Core Viewpoint - The merger between China Shipbuilding and China Heavy Industry has received approval from the China Securities Regulatory Commission, entering the implementation phase, which is expected to boost the military industry sector [1][4]. Group 1: Merger Details - The merger involves a share swap and will lead to the suspension of trading for both companies' stocks starting August 13, with China Heavy Industry's stock being delisted [4]. - The merger is seen as a significant move in the military industry, potentially reducing domestic competition and enhancing military trade exports [4][5]. Group 2: Industry Outlook - The military industry is expected to maintain a high level of prosperity due to ongoing mergers and acquisitions, with state-owned enterprises possessing numerous advantageous assets [5]. - Recent geopolitical events and increased military spending globally are likely to drive demand for military trade, enhancing the competitiveness of China's military products [6][7]. Group 3: Market Trends - The completion of the BeiDou-3 global satellite navigation system has shown significant growth, with the industry scale projected to increase from 403.3 billion yuan in 2020 to 570 billion yuan by 2024, and expected to exceed 600 billion yuan by the end of this year [7]. - The military industry is entering a fundamental upward cycle, driven by domestic demand for modernization and the transition towards intelligent and unmanned systems [7]. Group 4: Upcoming Events - The upcoming military parade commemorating the 80th anniversary of the victory in the War of Resistance against Japan is expected to positively impact the military sector, as historical trends indicate a surge in military stock performance leading up to such events [8][10]. - The current period marks a transition between the 14th and 15th Five-Year Plans, with significant growth in military contracts and orders anticipated [10]. Group 5: Investment Tools - The military ETF (512660) is highlighted as a key investment tool, covering the entire military industry chain and currently leading in scale among similar products [10].

Group 1 - The core viewpoint of the articles highlights the celebration of the 98th anniversary of the People's Liberation Army and the optimistic outlook for military trade, civil aviation, and commercial aerospace industries in China [1] - The "14th Five-Year Plan" and the planning for the "15th Five-Year Plan" are expected to boost domestic demand and contribute to economic growth, particularly in military trade and civil aviation [1] - The military industry ETF (512660) is noted for its comprehensive coverage of the defense industry chain, showcasing good elasticity and defensive attributes, making it an important tool for industry allocation opportunities [1] Group 2 - As of August 5, 2025, the military industry ETF has a scale of 16.953 billion, ranking first among 12 similar products [2] - The military industry ETF tracks the China Securities Military Industry Index, which selects representative listed companies in the defense sector, reflecting the overall performance of the military industry [1][2] - The index covers multiple sub-sectors of the defense industry, demonstrating high industry concentration and distinct military characteristics [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 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]