军工ETF（512660）跟踪中证军工指数，成分股涵盖军工行业优质个股，表征军工行业整体表现。从申 万二级细分行业来看，航空装备、军工电子、航海装备等占指数权重较大，全面覆盖海陆空天信等。 除去短期催化外，军工板块基本面也日渐扎实。2025Q3军工行情单季度共实现营业收入1965.32亿元， yoy+60.3%。净利润为106.86亿元，yoy+88.8%。单季销售毛利率/销售净利率分别为16.70%/5.44%，分 别yoy-3.31pct/+0.81pct。军工行业基本面总体稳定，目前拐点隐现。 展望未来，"十五五"规划建议、百年强军奋斗目标等引擎有望持续释放动能，军工贸易出口加速，催动 军工行业成长；低空经济、商业航天等热点活跃，也有望催化军工板块行情。 军工ETF（512660）：海陆空天信全面布局 今日，军工板块领涨市场，军工ETF（512660）涨超2.5%。 近期，军工板块行情持续活跃，受到资金广泛关注。其一，地缘冲突不断。其二，珠海航展在即，将全 方位展示全球通用航空及低空经济领域的新产品、新技术、新服务，众多展品为"首展首秀"，催化军工 板块行情。 相较于同类指数，中证军工主要有以下特点： ...

2025迪拜国际航空展上，中国航空工业的参展表现成为本届航展的一大亮点。 此外，中国C919大飞机首次在中东亮相，航天飞鹏50架无人运输机订单落定迪拜。据新华社转引中国南方航空公司报道，中国南方航空一架C919飞机于当 地时间14日凌晨1点15分顺利抵达阿联酋迪拜阿勒马克图姆国际机场，参加17日至21日举行的2025年迪拜航空展。据航天飞鹏公众号，航天飞鹏与阿联酋重 要合作伙伴在展会现场正式签署50架无人运输机采购协议。此次签约的无人机产品深度适配中东高温、沙尘等特殊环境，后续将持续深耕阿联酋低空交通网 络建设，为无人低空物流场景提供高效解决方案。 军工ETF（512660）覆盖海陆空天信全产业链，规模居同类产品第一 基本面看，国防军工板块基本面坚实。兴业证券表示，"十五五"期间国防和军队建设精准化要求高，预计结构分化将更加显著。高成长投资方向重点关注： 精确制导武器、新型航空装备、水下装备、无人智能等。此外，在必须走高效益、低成本、可持续发展路子的导向下，竞争格局好，生产力高效、能支撑军 队低成本高效益发展的企业值得关注。 军工ETF（512660）覆盖海陆空天信全产业链，是把握行业配置机会的重要工具，规模 ...

（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涉及航空、航天、船 舶、兵器及军事电子等领域的上市公司证券作为指数样本，以反映中国军工行业上市公司证券的整体表 现。指数成分股呈现中小盘风格，主要聚焦于航空装备与军工电子行业。 兴业证券指出，"十五五"期间国防和军队建设精准化要求高，预计结构分化将更加显著。高成长投资方 向重点关注：精确制导武器、新型航空装备、水下装备、无人智能等。此外，在必须走高效益、低成 本、可持续发展路子的导向下，盈利端要精选竞争格局好，生产力高效、能支撑军队低成本高效益发展 的企业。 ...

华福证券指出，"十五五"时期国防和军队现代化建设投入体量大、精准化要求高，必须走高效益、 低成本、可持续发展路子。要加快先进战斗力建设，推进新域新质作战力量规模化、实战化、体系化发 展，加强传统作战力量升级改造，统筹网络信息体系建设运用，加快无人智能作战力量及反制能力建 设，加紧国防科技创新和先进技术转化。同时要巩固提高一体化国家战略体系和能力，推动新质生产力 同新质战斗力高效融合、双向拉动，建设先进国防科技工业体系，优化国防科技工业布局。在26-27年 【十五五计划将近】＋【建军百年目标】+【军贸快速发展】等多重催化下，国防军工行业内外需均将 实现大幅增长。当前军工板块估值虽处于历史较高分位，但考虑到2026年行业基本面强恢复预期，仍具 备较高配置意义。 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、兵器及军事电子等领域的上市公司证券作为指数样本，以反映中国军工行业上市公司证券的 整体表现。指数成分股呈现中小盘风格，主要聚焦于航空装备与军工电子行业。 注：数据来源wind、截至2025.11.19，军工ETF规模为144.61亿，在同类12只产 ...

（文章来源：每日经济新闻） 申万宏源表示，军贸有望开启供需共振大格局：随着全球地缘政治不确定性增加，全球军贸需求不断扩 大，国际军贸市场发生新的格局变化。而随着产品迭代加快且体系能力强化，我国产品性能和供给能力 获得高度认可，中国潜在需求明显扩大，中东、亚洲等市场订单催化不断，所以预计我国军贸的需求与 供给将会持续强烈共振，从而造就中国军贸未来大格局。 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、兵器及军事电子等领域的上市公司证券作为指数样本，以反映中国军工行业上市公司证券的整体表 现。指数成分股呈现中小盘风格，主要聚焦于航空装备与军工电子行业。 ...

1、防守优良：在2018年、2022年、2023年的弱势行情中跌幅同类最小，尤其是2023年优势显著； 2、进攻有力：在2024年，中证军工同类收益排名第一。而2019、2020年的牛市行情中，中证军工 涨幅仍然较大，接近军工龙头和中证国防。 感兴趣的投资者可以关注军工ETF（512660），全面布局军工全产业链。 风险提示：不构成个股投资建议，指数涨跌不代表未来。观点随市场环境变化，不构成投资建议。 提及基金风险收益水平各不相同，请选择与自身风险偏好匹配的产品，谨慎投资。基金收益分配原则详 见基金法律文件。 近期，外围扰动再起，今日军工板块领涨市场，军工ETF（512660）涨超2%。 中泰证券表示，当前军工行业受地缘政治风险上升影响，关注度持续提升。俄乌冲突持续，欧洲地 缘风险加剧，带动国际军贸需求增长。 国内方面，中国可回收火箭"朱雀三号"即将首飞，长征十二号成功发射低轨卫星，航天发射能力稳 步提升。可控核聚变、3D打印航空发动机等关键技术取得突破，低空经济政策与产业共振，发展提 速。 未来，军工行业将受益于地缘风险催化、技术进步及政策支持，高端武器装备出口潜力释放，核心 资产价值有望重估。发展驱动因素 ...

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]

Core Viewpoint - The 20th National Congress of the Communist Party emphasizes achieving the centenary goal of military development and advancing the modernization of national defense and the military, indicating a long-term positive trend for the military industry [1] Industry Summary - The military industry sector has underperformed the broader market in the short term, but the CS Aerospace and Defense Index has shown strong performance, highlighting structural opportunities in specific sub-sectors [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which consists of securities from ten major military groups and other military-related listed companies, covering key military sectors such as aviation, aerospace, shipbuilding, weapons, military electronics, and satellites [1] - The index sample has a broad industry distribution and exhibits a small to mid-cap style, aiming to comprehensively reflect the overall market performance of military-related listed company securities [1]

Core Viewpoint - The commissioning of the aircraft carrier Fujian marks China's official entry into the third aircraft carrier era, featuring advanced electromagnetic catapult technology, which enhances operational efficiency and capabilities [1] Industry Summary - The Fujian aircraft carrier utilizes an electromagnetic launch system (EMALS), a cutting-edge technology currently mastered only by China and the United States, allowing for more stable and efficient aircraft launches compared to traditional steam systems [1] - The recent military industry quarterly reports indicate a clear performance inflection point, with a robust improvement in fundamentals and numerous catalysts expected in the near future [1] - The "14th Five-Year Plan" emphasizes strengthening national security and improving social governance, which aligns with the military industry's growth trajectory [1] Investment Opportunity - Investors are encouraged to consider the military ETF (512660), which tracks the China Securities Military Index (399967), reflecting the overall performance of publicly listed companies in the military sector, particularly in aviation and military electronics [1] - The index comprises small to mid-cap stocks, focusing on aviation equipment and military electronics, indicating a targeted investment approach within the military industry [1]

Industry Overview - The military industry shows overall stability, with potential turning points emerging. Future growth is expected to be driven by the 14th Five-Year Plan and the 2027 centenary goal for military strength [1] - Key sectors such as nuclear fusion and commercial aerospace are rapidly growing, presenting investment opportunities [1] Military Industry Performance - In Q3 2025, the military industry achieved a revenue of 196.53 billion yuan, a year-on-year increase of 60.3% [4] - The net profit for the same quarter was 10.686 billion yuan, reflecting a year-on-year growth of 88.8% [5] - The gross profit margin and net profit margin for Q3 2025 were 16.70% and 5.44%, showing a year-on-year decrease of 3.31 percentage points and an increase of 0.81 percentage points, respectively [6] Naval Equipment - Naval equipment generated a revenue of 73.96 billion yuan in Q3 2025, up 84.8% year-on-year [10] - The net profit for this segment was 4.839 billion yuan, marking a significant year-on-year increase of 230.3% [10] - The gross profit margin and net profit margin were 13.49% and 6.54%, with year-on-year increases of 0.83 percentage points and 2.88 percentage points, respectively [10] - Contract liabilities at the end of Q3 2025 stood at 155.897 billion yuan, a year-on-year increase of 7.2% [10] Aerospace Equipment - Aerospace equipment reported a revenue of 57.787 billion yuan in Q3 2025, reflecting an 11.1% year-on-year increase [15] - The net profit for this segment was 3.078 billion yuan, down 4.3% year-on-year [15] - The gross profit margin and net profit margin were 17.59% and 5.33%, with year-on-year decreases of 1.17 percentage points and 0.86 percentage points, respectively [15] - Contract liabilities at the end of Q3 2025 were 33.128 billion yuan, a decrease of 5.7% year-on-year [18] Aerospace Equipment - Aerospace equipment achieved a revenue of 5.975 billion yuan in Q3 2025, a year-on-year increase of 80.1% [20] - The net profit for this segment was 247 million yuan, down 40.6% year-on-year [20] - The gross profit margin and net profit margin were 15.86% and 4.13%, with year-on-year decreases of 16.53 percentage points and 8.4 percentage points, respectively [20] - Contract liabilities at the end of Q3 2025 were 4.430 billion yuan, up 8.0% year-on-year [20] Military Electronics - Military electronics reported a revenue of 52.738 billion yuan in Q3 2025, a significant year-on-year increase of 142.5% [25] - The net profit for this segment was 2.313 billion yuan, reflecting a year-on-year increase of 312.7% [25] - The gross profit margin and net profit margin were 19.96% and 4.39%, with year-on-year decreases of 14.98 percentage points and an increase of 1.81 percentage points, respectively [25] - Contract liabilities at the end of Q3 2025 were 15.831 billion yuan, a substantial year-on-year increase of 140.4% [25] Ground Armaments - Ground armaments achieved a revenue of 6.071 billion yuan in Q3 2025, a year-on-year increase of 10% [30] - The net profit for this segment was 209 million yuan, showing a remarkable year-on-year increase of 808.8% [30] - The gross profit margin and net profit margin were 19.82% and 3.44%, with year-on-year increases of 0.98 percentage points and 3.02 percentage points, respectively [30] - Contract liabilities at the end of Q3 2025 were 3.724 billion yuan, a year-on-year increase of 17.4% [31]