【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 资金抢筹布局军工板块，资金面看，军工ETF（512660）近10日净流入近8亿元，关注商业航天与 军贸方向。 东方证券指出，当前重点看好大飞机和军贸。大飞机方面，市场当前对板块关注度和预期均较低， 但发动机、机载等核心分系统攻坚提速，商发长江1000明年有望取得适航认证，基本解除了核心环节对 大飞机批产上量的阻碍，产业发展速度有望超预期。军贸方面，中东局势高度紧张，地区国防需求上 升，且从依靠单一来源 ...

2月25日，军工ETF（512660）收涨近2%，市场聚焦商业航天与装备升级 华泰证券指出，展望"十五五"，国防和军队现代化将实现高质量推进，实现由"量"的增值转向"质"的提 升。我军装备需求有望在总量稳中有增的情况下出现显著的结构性机会，新增量或将出现在"十五五"规 划建议中提到的新域新质、无人智能与反制、先进武器以及低成本装备等方面。在商业航天领域，可回 收火箭的进展是重要催化，随着我国可回收火箭逐渐成熟，发射运力提升将带来发射成本持续下降，有 利于卫星公司提升产能进而加速组网进度，缩短卫星的发射入轨周期，卫星产业链和运载火箭制造产业 链有望受益。 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，以及其他代表性军工企业作为指数样本，以反映军工行业整体表 现。指数成分股覆盖航空、航天、船舶、兵器等军工核心领域，行业分布主要集中于工业、原材料、信 息技术等板块，整体呈现中小盘风格。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint emphasizes that the commercial aerospace sector is entering a phase of distinguishing genuine opportunities from false ones, with a focus on companies that have actual demand and can realize revenue and profits in the future [1] - The military industry ETF (512660) has seen a net inflow of over 600 million yuan in the past five days, indicating strong investor interest in the sector [1] - The macro perspective highlights that strong launch capacity is a strategic focal point for major powers, while the medium perspective notes that the gap in rocket numbers supports a logic of inflation in rocket quantity [1] Group 2 - The article suggests focusing on domestic rocket companies, the overseas SpaceX and Tesla supply chains, and the rapidly developing satellite industry driven by technological changes [1] - The military industry ETF tracks the CSI Military Industry Index (399967), which selects major military-related listed companies from the Shanghai and Shenzhen markets, covering sectors such as aviation, aerospace, shipbuilding, and weaponry [1] - The index primarily reflects the performance of small and mid-cap companies in the military industry, particularly in aviation equipment and military electronics [1]

兴业证券指出，国防军工行业正由"十四五"逐步迈向"十五五"，2026年是加快建设先进国防科技工业体 系的关键一年。立足当前展望未来，"十五五"在建军百年奋斗目标的牵引下，国内武器装备建设力度有 望进一步强化；世界进入动荡变革期，军贸领域未来5到10年持续上行的大趋势非常明确。同时，商业 航天已成为资本市场的焦点赛道，一二级市场热度共振。国内火箭可回收渐行渐近，重复使用火箭技术 取得重要进展，其运营模式将彻底颠覆传统火箭发射频次低、检修周期长的现状。 （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由主要军工集团控股 且主营业务与军工行业相关的上市公司证券，以及在其他军工领域具有代表性的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。指数覆盖航空、航天、船舶等多个军工领域，行业 分布包括航空装备、军工电子等。 ...

Group 1 - The core viewpoint is that the U.S. will accelerate the production of five key missile types, significantly increasing the production capacity of the "Tomahawk" missile, "Advanced Medium-Range Air-to-Air Missile," "Standard-3" interceptors, and "Standard-6" missiles, with many weapons' output expected to rise by 2 to 4 times compared to current levels [1] - The international environment is becoming increasingly complex and severe, necessitating advanced aircraft and missiles as winning tools, along with cost-effective equipment like rockets for sustained consumption and a reliable communication command system for support [1] - The trend of great power competition is expected to continue long-term, with the U.S. and its allies shifting their defense strategy focus towards the Indo-Pacific region, indicating a positive long-term outlook for the military industry [1] Group 2 - By 2027, the goal is to ensure the achievement of the centenary military building target, with expectations of accelerated shortfall compensation during the 14th Five-Year Plan period [1] - It is recommended to focus on key sectors in aerospace and equipment construction, as well as frontier hotspots like satellite internet [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which consists of securities from ten major military groups whose main businesses are related to the military industry, covering areas such as aviation, aerospace, shipbuilding, weaponry, military electronics, and satellites [1]

Core Viewpoint - The article emphasizes the importance of advancing national defense and military modernization in China, highlighting the potential for growth in the military industry due to increased global competition and geopolitical tensions [1] Industry Overview - The 14th Five-Year Plan proposes high-quality advancement in national defense and military modernization, accelerating the upgrade of advanced weaponry and equipment, marking a new development period for military equipment [1] - China's global competitiveness in shipbuilding, aerospace, and satellite navigation has been continuously improving, positioning the defense and military industry as a crucial area for breakthroughs in new productive forces with a broad industry outlook [1] Market Dynamics - The importance of national defense and security is rising amid frequent global conflicts and unstable geopolitical situations, which is expected to support industry valuations [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects the top ten military groups and representative companies in the military sector from the Shanghai and Shenzhen markets, covering core military fields such as aviation, aerospace, shipbuilding, and weaponry [1] - The index is primarily focused on small and mid-cap stocks, with industry allocation mainly concentrated in industrial and information technology sectors [1]

Core Viewpoint - The commercial aerospace sector is advancing steadily, and despite a recent pullback in the military ETF, there are potential investment opportunities in various segments of the industry [1] Group 1: Industry Trends - Strong transportation capacity is a strategic focal point for major powers, indicating a competitive landscape in commercial aerospace [1] - Various investment directions in commercial aerospace, including domestic rocket industry chains, overseas SpaceX chains, and space photovoltaic industry chains, are entering a phase of authenticity and should focus on industry trends [1] - The gap in rocket quantity is establishing a logic of inflation, with rocket companies increasing production capacity through public listings and financing [1] Group 2: Technological Advancements - The acceleration of China's satellite constellation plan is accompanied by the emergence of new technologies, such as flexible solar wings, flexible gallium arsenide battery cells, perovskite batteries, laser communication, and low-cost commercial satellites [1] - These technological advancements are entering a rapid development phase, indicating a shift towards more efficient and cost-effective solutions in the industry [1] Group 3: Market Potential - Future breakthroughs in commercial aerospace transportation capacity and a continuous reduction in launch costs suggest that the space photovoltaic market, valued in trillions, may not be far off [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which includes publicly listed companies related to the military sector, reflecting the overall performance of these securities [1]

Core Viewpoint - The international environment is becoming increasingly complex and severe, with intensified great power competition being a long-term trend. The defense strategy focus of the U.S. and its allies is gradually shifting towards the Indo-Pacific region, which may lead to escalating tensions around China [1]. Industry Summary - To win modern warfare, advanced aircraft and missiles are essential, along with cost-effective equipment like rockets for sustained consumption, and a reliable communication and command system for support [1]. - By 2027, the goal is to achieve the centenary military objectives, with the "14th Five-Year Plan" expected to accelerate the filling of gaps in military capabilities [1]. - The military industry is projected to have a long-term positive trend under these circumstances [1]. ETF and Index Summary - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects the top ten military groups listed on the Shanghai and Shenzhen markets, focusing on companies whose main business is related to the military industry [1]. - The constituent stocks cover various military fields, including aviation, aerospace, shipbuilding, and weaponry, and generally exhibit a small to mid-cap style [1].

Core Viewpoint - The Chinese military industry is transitioning from a model reliant on domestic demand to a new development pattern characterized by "domestic demand foundation, foreign trade expansion, and civilian backfeeding," leading to more diversified and sustainable growth [1] Group 1: Domestic Military Demand - The first growth curve focuses on domestic military demand, emphasizing "preparation for combat" and modernization of equipment, driven by stable growth in defense budgets and upgrades in military equipment [1] - Key growth directions include strong deterrence through high-precision technology and systematic unmanned low-cost solutions [1] Group 2: Military Trade Expansion - The second growth curve involves military trade expansion, leveraging cost-performance advantages, systematic combat capabilities, and geopolitical strategic cooperation [1] - China's share in global military trade continues to rise, establishing the country as a significant supplier in the global market [1] Group 3: Civilian Applications of Military Technology - The third growth curve represents the civilian application of military technology, resulting in the spillover of advanced military technologies into civilian sectors [1] - This trend is fostering the emergence of trillion-level new industries such as commercial aerospace, low-altitude economy, future energy, deep-sea technology, and large aircraft, thereby driving the development of new processes, materials, and components [1] - The cycle of "military technology for civilian use, backfeeding military industry" is forming a virtuous cycle [1]

Core Viewpoint - The Chinese military industry is evolving from a reliance on domestic demand to a new development pattern driven by three engines: "domestic demand foundation, foreign trade expansion, and civilian backfeeding" [1] Group 1: Domestic Demand - The first curve focuses on domestic military demand, emphasizing "preparation for war" and equipment modernization, supported by stable growth in defense budgets and equipment upgrades [1] - Key growth directions include strong deterrence through high-precision and systematic unmanned low-cost solutions [1] Group 2: Foreign Trade - The second curve represents military trade expansion, where China's military trade share continues to rise due to cost-effectiveness, systematic combat capabilities, and geopolitical strategic cooperation [1] - China is becoming a significant global supplier in the military trade sector [1] Group 3: Civilian Applications - The third curve involves the civilian application of military technology, leading to the emergence of trillion-level new industries such as commercial aerospace, low-altitude economy, future energy, deep-sea technology, and large aircraft [1] - This trend fosters the development of new processes, materials, and devices, creating a virtuous cycle of "military technology for civilian use, backfeeding military industry" [1] Group 4: Investment Vehicle - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies related to the military industry from the Shanghai and Shenzhen markets [1] - The index covers sectors such as aviation, aerospace, shipbuilding, weaponry, military electronics, and satellites, reflecting the overall performance of military-themed listed companies [1] - The index has a relatively balanced industry allocation, with a focus on aviation equipment and military electronics, and presents a small to mid-cap style overall [1]