（文章来源：每日经济新闻） 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。军工ETF（512660） 跟踪中证军工指数，从沪深市场中选取涉及航天、航空、船舶、兵器、军事电子等国防军工领域的代表 性上市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。该指数覆盖了国防军工 行业的多个子领域，具有较高的行业集中度和鲜明的军工特色。 兴业证券指出，军工板块情绪消化已较为充分，当前产业链各方向拥挤度降至低位，进入可布局阶段。 作为国家战略部署受益行业，"十五五"规划会议有望对板块行情构成较大提振。对内，军工作为强计划 性行业，"十四五"收官与"十五五"筹备叠加，前期积压需求有望释放，新一轮订单周期将推动行业景气 复苏；对外，全球军备竞赛背景下，中国武器竞争力持续提升，国际军贸市场空间进一步打开。地缘政 治紧张与国家安全需求强化，军工行业基本面改善的长期逻辑稳固。 ...

每日经济新闻 （责任编辑：董萍萍 ） 【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 东北证券指出，中国海军三型舰载机在福建舰成功完成起降训练，验证了我国完全自主研制的电磁 弹射和阻拦系统与舰载机的良好适配性，对推进海军转型建设具有里程碑意义。电磁弹射技术具备系统 效率高、弹射范围广、准备时间短等优势，且作为平台型技术，在军民领域具有通用性，未来有望实现 全方位放量。当前军工行业扰动因素已基本消除，下游需求呈恢复性增长，伴随"十四五"计划进入最后 一年及2027年建设目标迫近，行业中长期发展明确，国防军工板块安全边际高，具备长期成长确定性。 低空经济产业处于"政策+新产品商业化加速"双共振期，行业蓄势待发，值得重视。 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。军工ETF （512660）跟踪中证军工指数，从沪深市场中选取涉及航天、航空、船舶、兵器、军事电子等国防军工 ...

天风证券指出，战争已步入智能时代，人工智能技术正推动全领域全产业链加速演变。AI技术催 化装备体系无人智能化变革，一方面推动无人装备列装需求扩张，另一方面反哺军工AI产业发展，形 成双向促进。航空装备领域需重点关注无人机及其配套材料（如碳纤维复材、隐身材料）和小推力航发 的需求提升；地面装备领域机器狗等智能无人平台渗透率持续提升；海洋装备领域电子水声系统和无人 船艇成为水下攻防体系建设核心。 基础层需重视"云-边-端"算力网络建设及军用芯片国产化；技术层军工软件权重提升将重塑产业格 局；应用层AI赋能态势感知、指挥决策、电子对抗等多场景，推动硬件性能改进和作战形态革新。全 球军事AI市场规模预计2024年达1040亿美元，2025-2034年CAGR为13.4%，我国军队明确智能化、信息 化发展方向，政策持续加码AI军事应用。 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从中国A股市场中选取涉及航空、 航天、船舶、兵器等军工行业的上市公司证券作为指数样本，以反映军工领域相关上市公司证券的整体 表现。该指数以中小盘风格为主，重点配置于航空装备与军工电子行业。 注：如提及个股仅供参考，不 ...

Group 1 - The military industry ETF (512660) has seen a net inflow of over 600 million yuan for four consecutive days, indicating strong capital interest in the military sector [1] - On September 22, the Chinese Navy announced the successful launch and landing training of three types of carrier-based aircraft, marking the first time advanced carrier-based aircraft have been launched and recovered on an aircraft carrier with electromagnetic catapults [1] - The military industry is showing strong fundamental resilience this year due to multiple favorable factors, including the gradual release of demand and expectations from the 14th Five-Year Plan, which is driving domestic demand [1] Group 2 - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies in the military sector from the Chinese A-share market, reflecting the overall performance of these companies [1] - The index primarily focuses on small and mid-cap stocks, with a key allocation in the aerospace equipment and military electronics sectors [1]

Group 1 - The military industry is experiencing numerous catalysts this year, marking a transitional period between the "14th Five-Year Plan" and the "15th Five-Year Plan" [1] - Historical trends indicate that even before the official announcement of the "14th Five-Year Plan," leading companies in the sector showed significant growth in contract liabilities [1] - The upcoming "15th Five-Year Plan" is expected to support the medium to long-term prosperity of the industry [1] Group 2 - The military ETF (512660) covers the entire military-industrial chain, offering good elasticity and defensive attributes, making it an important tool for capturing industry allocation opportunities [1] - The ETF tracks the CSI Military Industry Index, which is compiled by the China Securities Index Company and includes representative listed companies in aerospace, aviation, shipbuilding, weaponry, and military electronics [1] - The index reflects the overall performance of listed companies in the military industry and has a high industry concentration with distinct military characteristics [1]

Group 1 - The core viewpoint highlights the rising demand and premium for military trade equipment, driven by the "14th Five-Year Plan", "Centenary of the Army", and "indigenous and controllable domestic substitution", indicating a strong certainty in domestic growth for the military industry [1] - The military ETF (512660) covers the entire industry chain of land, sea, air, and space, demonstrating good elasticity and defensive attributes, making it an important tool for capturing industry allocation opportunities [1] - As of September 1, 2025, the military ETF has a scale of 15.864 billion, ranking first among 12 similar products, reflecting a strong market position [1] Group 2 - The index tracked by the military ETF is the China Securities Military Industry Index, which is compiled by the China Securities Index Company, selecting representative listed companies in the defense and military industry from the Shanghai and Shenzhen markets [1] - The index covers multiple sub-sectors of the national defense and military industry, exhibiting high industry concentration and distinct military characteristics [1]

Group 1 - The core viewpoint is that the new equipment showcased in military parades, such as unmanned clusters and hypersonic weapons, represents a revolution in "algorithm-defined equipment" that disrupts traditional warfare rules [1] - The explosive growth of intelligent and unmanned equipment is fundamentally a result of the integration of data, algorithms, and computing power, which significantly impacts mechanical warfare [1] - The technological turning point is reflected in three aspects: the leap from assisted decision-making to autonomous decision-making in AI algorithms, breakthroughs in new materials and power systems leading to hypersonic platforms, and the widespread availability of low-cost sensors and communication modules enabling distributed operations [1] Group 2 - The military ETF (512660) covers the entire defense industry chain, providing good elasticity and defensive attributes, making it an important tool for capturing industry allocation opportunities [2] - The ETF tracks the CSI Military Index, which selects representative listed companies in the defense industry from the Shanghai and Shenzhen markets, reflecting the overall performance of related securities [2] - As of September 1, 2025, the military ETF has a scale of 15.864 billion, ranking first among 12 similar products, indicating a high concentration and distinct characteristics of the military industry [2]

Group 1 - The defense and military industry sector has long-term growth certainty, with recent order delays due to personnel adjustments causing a temporary decline in industry prosperity. However, as the "14th Five-Year Plan" approaches its final year, disturbances have largely been eliminated, leading to a recovery in downstream demand [1] - The construction goals for 2027 are imminent, and the medium to long-term objectives (achieving modernization of national defense and military by 2035, and building a world-class military by 2050) provide clear guidance for industry development. The sector is expected to significantly improve due to demand recovery and capacity structure optimization [1] - The military industry sector is experiencing a continuous recovery in prosperity, with notable performance in the long-range firepower segment. The commercial aerospace field is accelerating, and the StarNet project is expected to drive order growth in the second half of the year [1] Group 2 - The military ETF (512660) covers the entire defense industry chain, demonstrating good elasticity and defensive attributes, making it an important tool for capturing industry allocation opportunities. It currently ranks first among similar products with a scale of 16.046 billion [2] - The military ETF tracks the CSI Military Index, selecting representative listed companies in the defense and military sectors from the Shanghai and Shenzhen markets, reflecting the overall performance of related securities. The index covers multiple subfields of the defense industry, showcasing high industry concentration and distinct military characteristics [2]

Core Viewpoint - The defense and aerospace industry in China is expected to experience significant growth potential driven by multiple catalysts, including the "14th Five-Year Plan" and the "100th Anniversary of the Army" [1] Group 1: Industry Growth Potential - The defense and aerospace sector is projected to see substantial growth in both domestic and international demand from 2025 to 2027 due to various stimulating factors [1] - The military industry sector has been on a continuous upward trend since the end of June 2025, although there has been a slight recent pullback [1] - Upcoming events such as the September 3 military parade and the "15th Five-Year Plan" are expected to further boost industry performance [1] Group 2: Market Sentiment and Investment Trends - There has been a net inflow of leveraged funds for five consecutive weeks, indicating optimistic market expectations regarding the recovery of industry demand [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies involved in defense sectors such as aerospace, shipbuilding, and weaponry [1] - The index employs a weighted methodology to reflect the overall performance of Chinese military-themed listed companies [1]

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。 （文章来源：每日经济新闻） 国泰海通指出，大国博弈加剧是长期趋势，军工行业长期向好。2027年要确保实现建军百年奋斗目标， 十四五期间有望加速补短板。全球跨区域联合军演增多、部分区域主权摩擦加剧、局部战事长期化，以 及多国加速推进防卫装备列装等动态，均凸显军事装备智能化、无人化及区域防御技术的关键作用。建 议重点关注国防信息化、区域防空反导等前沿热点与装备建设领域。 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从中国A股市场中选取涉及航空、航 天、兵器、船舶等国防工业领域的上市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。指数成分股主要覆盖航空航天与国防领域，同时包含机械制造及相关配套服务等行业，采用派 许加权方式进行计算，并对单一样本权重设置上限。 ...