Core Viewpoint - The aerospace ETF Tianhong (159241) has shown significant market activity, with a turnover of 34.03% and a trading volume of 216 million yuan, reflecting strong investor interest in the aerospace sector [1]. Group 1: ETF Performance - As of January 9, 2026, the aerospace ETF Tianhong (159241) tracked the National Aerospace Industry Index (CN5082), which surged by 4.44%, with constituent stocks such as Huayin Technology (688281) rising by 18.92% and Guoke Military Industry (688543) by 18.01% [1]. - Since the "924" market rally, the National Aerospace Industry Index has increased by 108.78% [1]. - On the previous Friday, the aerospace ETF Tianhong (159241) experienced a net subscription of 54 million units, indicating strong capital inflow [1]. Group 2: Product Highlights - The aerospace ETF Tianhong (159241) is designed to efficiently capture core military aerospace opportunities, with a military attribute ratio of 97.86%, making it the highest military content index in the market [3]. - The weight of aerospace equipment in the ETF is notably high at 66.8%, surpassing other indices such as the CSI Military and CSI Defense indices [3]. Group 3: Industry Developments - China has applied for over 200,000 satellite frequency resources, indicating a strategic national initiative to accelerate its satellite capabilities and compete with SpaceX [4]. - According to Guojin Securities, the construction of satellite internet is driving strong demand for commercial rockets, with plans to launch a total of 44,816 satellites, leading to an estimated annual need for approximately 8,963 satellite replacements [5]. - The commercial rocket industry in China is entering a new phase of engineering and industrialization, supported by government policies and the initiation of IPO processes for several commercial rocket companies [5].

Core Viewpoint - The aerospace industry in China is experiencing significant growth, driven by policy support and increased launch activities, with the Tianhong Aerospace ETF showing strong market performance and substantial inflows [1][2]. Group 1: Market Performance - As of January 5, 2026, the Tianhong Aerospace ETF (159241) recorded a turnover of 20.78% and a transaction volume of 128 million yuan, indicating active market trading [1]. - The CN5082 index, which tracks the aerospace industry, rose over 2.5% during the trading session, with key stocks like Beifang Navigation (600435) up 6.68% and AVIC High-Tech (600862) up 5.88% [1]. - The Tianhong Aerospace ETF saw a significant growth of 34.11 million yuan over the last two weeks, reflecting strong investor interest [1]. Group 2: Product Highlights - The Tianhong Aerospace ETF (159241) tracks the CN5082 index, which covers the aerospace industry chain, with a combined weight of over 68% in aerospace and aviation equipment, making it the highest "aerospace content" military index in the market [1]. - The top ten holdings of the ETF include major state-owned enterprises such as Aero Engine Corporation of China and AVIC Shenyang Aircraft Corporation, providing both stability from core assets and growth potential from smaller market cap companies [1]. Group 3: Industry Developments - The Chinese aerospace industry is set to achieve a record 73 launch missions in 2025, including significant satellite launches, showcasing the sector's robust growth [1]. - Private rocket companies like New Space and Blue Arrow are making progress in rocket recovery and reuse technology, and are initiating IPO processes, indicating a vibrant industry landscape [1]. - Policy initiatives, such as those from Shanghai supporting the G60 Science and Technology Corridor, are aimed at promoting satellite manufacturing and commercial operations, alongside national emphasis on developing emerging industries like aerospace and low-altitude economy [1][2]. Group 4: Institutional Insights - CITIC Securities highlights that China's military industry has evolved into a new growth model characterized by "domestic demand foundation, foreign trade expansion, and civilian backfeeding," leading to a sustainable and diversified growth momentum [2]. - The commercialization of military technology is fostering new trillion-level industries such as commercial aerospace and low-altitude economy, creating a virtuous cycle of "military technology for civilian use, backfeeding military industry" [2].

Core Viewpoint - The aerospace ETF Tianhong (159241) has reached a record high since its listing, indicating strong market activity and investor interest in the aerospace sector [1] Group 1: Market Performance - As of December 25, 2025, the aerospace ETF Tianhong (159241) recorded a trading price that set a new high, with a turnover rate of 12.73% and a transaction volume of 75.2243 million yuan [1] - The CN5082 index, which tracks the aerospace industry, rose nearly 4%, with significant gains in constituent stocks such as Guanglian Aviation (300900) up 19.99%, Tian'ao Electronics (002935) up 10.01%, and Hangfa Technology (600391) up 10.00% [1] - Over the two weeks leading up to December 24, the aerospace ETF Tianhong (159241) saw an increase in scale by 5.8472 million yuan, reflecting substantial growth [1] - In the last ten trading days, the aerospace ETF Tianhong (159241) attracted a total of 31.6645 million yuan in inflows [1] Group 2: Product Highlights - The aerospace ETF Tianhong (159241) closely tracks the CN5082 index, which encompasses sectors such as aerospace equipment, military electronics, and satellite internet, indicating a focus on high-tech and R&D-intensive industries [2] Group 3: Industry Events - The 2025 Wenchang International Aerospace Forum was held in Wenchang, Hainan, gathering around 500 participants from the global aerospace sector to discuss opportunities in commercial aerospace amid significant industry changes [2] - Following the successful launch of the commercial aerospace launch site in Hainan, the industry is entering a new phase of scale and industrialization, supported by the construction of the Hainan Free Trade Port [2] Group 4: Institutional Insights - CITIC Securities noted that by December 2025, SpaceX had successfully launched 3,095 Starlink satellites, and domestic developments are expected to produce a recoverable medium-sized launch vehicle comparable to Falcon 9, indicating a breakthrough in launch capacity [2] - The reduction in launch costs is anticipated to accelerate market realization in satellites, terminals, and computing power, confirming the investment thesis in commercial aerospace [2] - The entry of China Star Network and G60 Qianfan Constellation into mass launch phases, along with the operationalization of the Hainan commercial launch site, is expected to lead to a new era in commercial aerospace characterized by high capacity and low costs [2]

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown strong market activity with a turnover of 18.28% and a total transaction volume of 93.5183 million yuan, indicating significant investor interest in the aerospace sector [1]. Group 1: ETF Performance - As of December 10, 2025, the aerospace ETF Tianhong (159241) has experienced a scale growth of 360 million yuan and an increase of 27.6 million shares over the past six months, reflecting substantial growth [2]. - The ETF closely tracks the National Index of Aerospace and Aviation Industry, which encompasses various sub-sectors such as aerospace equipment, military electronics, and satellite internet, indicating a focus on high-tech and research-intensive industries [2]. Group 2: Market Activity - On December 9, 2025, China's Long March rocket series achieved a record of three launches in one day, successfully placing three satellites into their designated orbits, showcasing the country's robust capabilities in high-density space launches [3]. - The three successful launches included the Long March 6 rocket, which deployed a group of 15 low-orbit satellites for satellite internet, and the Long March 4B and Long March 3B rockets, which launched remote sensing and communication satellites, respectively [3]. Group 3: Industry Outlook - Looking ahead to 2026, CICC anticipates that the aerospace industry will continue to thrive due to a combination of domestic and international demand, driven by ongoing equipment upgrades and increasing global defense spending amid complex geopolitical situations [3]. - The development of new operational capabilities and the expansion of commercial aerospace, large aircraft, and low-altitude economy sectors are expected to benefit from the spillover of specialized technologies, marking a new phase of growth for the industry [3].

Core Insights - The aerospace ETF Tianhong (159241) has shown active trading with a turnover of 16.55% and a transaction volume of 89.89 million yuan, reflecting strong market interest [1] - The CN5082 index, which tracks the aerospace industry, has risen by 1.95%, marking three consecutive days of gains, with notable increases in stocks such as Guangqi Technology (10.01%) and Aerospace Development (9.99%) [1] - The establishment of the Commercial Space Administration by the National Space Administration signifies a new phase of standardized development in China's commercial aerospace market, projected to reach a market size of 2.8 trillion yuan by 2025 [2] Product Highlights - The aerospace ETF Tianhong (159241) tracks the CN5082 index, which covers the aerospace industry chain, with over 68% weight in aerospace and aviation equipment, making it the highest "aerospace content" military index in the market [1] - The top ten holdings include major state-owned enterprises like Aero Engine Corporation of China and AVIC, providing both stability from core assets and growth potential from smaller market cap companies [1] Key Events - The successful launch of the Long March 7 modified rocket on November 30, which successfully placed the Shijian-28 satellite into orbit, marks the 611th flight of the Long March series [1] - The establishment of the Commercial Space Administration aims to enhance the efficiency of launch approvals and licensing, promoting the standardized and scaled development of the industry [2] - The action plan for promoting high-quality and safe development in commercial aerospace outlines four core goals, including support for low-cost technologies and the establishment of a national fund to optimize the industry ecosystem [2]

Group 1 - The aerospace and defense sector is experiencing active trading, with the aerospace ETF (159227) showing a turnover of 17.83% and a transaction volume of 150 million yuan, indicating a vibrant market activity [1] - The latest scale of the aerospace ETF has reached 852 million yuan, marking a new high since its establishment [1] - Companies such as Great Wall Military Industry (601606) and Aerospace Development (000547) have shown significant stock price increases of 8.46% and 4.11% respectively, while Huazhong Technology (300045) has led the decline [1] Group 2 - The aerospace ETF (159227) tracks the National Aerospace Index, with a high concentration of 97.91% in the military industry, focusing on the aerospace sector and covering key components such as fighter jets, transport aircraft, helicopters, and missiles [2] - From July 29, 2024, to July 28, 2025, the National Aerospace Index has achieved a return of 38.85%, outperforming other military indices such as the China Securities National Defense Index (34.37%) and the China Securities Military Industry Index (32.84%) [2]

Group 1 - The aerospace ETF Tianhong (159241) has seen a recent increase of 2.33%, rebounding after two touches of the 20-day moving average, with a trading volume of 240.35 million yuan [2] - The ETF has accumulated a 4.41% increase over the past month, ranking first among comparable funds [2] - In terms of net inflow, the ETF has attracted a total of 60.56 million yuan over the past five days, also leading among similar products [2] Group 2 - Shenzhen has released a plan to build a high-quality low-altitude infrastructure, aiming to establish itself as the "global low-altitude economy capital" by 2026, with an expected economic output of over 130 billion yuan [3] - The commercial aerospace sector is expected to continue being driven by satellite constellation construction and commercial launches, with a positive outlook for mid-term performance in satellite manufacturing [3] - The aerospace ETF is seen as an efficient way for ordinary investors to participate in the military industry investment [3] Group 3 - The aerospace ETF Tianhong (159241) closely tracks the National Aerospace and Aviation Industry Index, focusing on key areas such as aircraft and satellite industries [4] - The index has a high concentration of defense and military stocks, with 98.2% of its constituents belonging to the defense industry [5] - The index also has the highest exposure to drone-related companies in the market, making it a leader in this segment [6] Group 4 - The index covers the aerospace industry chain comprehensively, with over 69% weight in aerospace, aviation, and naval equipment [7] - The technology attributes of the index constituents are stronger, aligning with the trend of high-end development in the military and aerospace sectors [8] - Revenue growth expectations for the index in 2025 are projected to exceed those of traditional military indices [9]

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown strong performance, with a notable increase in trading volume and significant growth in fund size, driven by key catalysts in the military industry and increasing market interest [3][4][5]. Group 1: ETF Performance - As of July 18, 2025, the aerospace ETF Tianhong (159241) rose by 1.76%, with a turnover rate of 19.89% and a transaction volume of 783.29 million yuan, indicating active market trading [3]. - The fund's size reached 391 million yuan, with a total of 344 million shares, reflecting an 80% increase in shares year-to-date, the highest among similar products [3][4]. Group 2: Key Catalysts in Military Sector - The upcoming grand military parade is expected to showcase the latest achievements in military equipment, highlighting China's capabilities in joint command and operational support [4]. - The anticipated commissioning of the Fujian aircraft carrier, China's first fully domestically designed and built catapult aircraft carrier, is generating significant market interest due to expected demand for carrier-based aircraft [4]. - Successful military trade collaborations, including a $1 billion deal with the UAE for 350 low-altitude aircraft, are expanding order volumes and enhancing China's military export prospects [4]. Group 3: Industry Outlook - The defense and military industry is entering an upward cycle, with domestic demand expected to rise due to military modernization efforts transitioning from mechanization and informatization to intelligent and unmanned systems [4]. - The global geopolitical landscape is increasing military trade demand, with China's products gaining recognition for performance and supply capabilities, potentially reshaping the global military trade landscape [4]. Group 4: ETF Characteristics - The aerospace ETF Tianhong (159241) closely tracks the National Aerospace and Aviation Industry Index, focusing on key sectors such as aircraft and satellite industries, aligning with emerging themes like commercial space [5]. - The index has the highest "military content," with 98.2% of its constituent stocks belonging to the defense and military industry, surpassing traditional military indices [6]. - It also leads in "drone content," with significant participation from companies involved in drone technology, making it the index with the highest drone exposure in the market [7]. - The index covers the aerospace industry chain comprehensively, with over 69% weight in aerospace, aviation, and naval equipment, marking it as the highest in "aerospace content" among military indices [8]. - The index constituents exhibit stronger technological attributes, aligning with the trend of high-end development in the military sector, and have outperformed traditional military indices in terms of returns over the past year [9].