Core Viewpoint - The A-share market showed a rebound with all major indices closing in the green, driven by significant inflows into the defense and military sector, as well as the resurgence of AI applications in financial technology [1][2] Group 1: Defense and Military Sector - The defense and military sector emerged as a leading performer, with over 133 billion yuan in net inflows, marking it as the top sector for institutional investment [2][5] - The defense military ETF (512810) saw a substantial increase of 3.78%, achieving its largest single-day gain since July, with 77 out of 79 covered stocks closing in the green [3][6] - Geopolitical factors are fueling the demand for defense spending, with expectations for increased investment in national defense and military capabilities [5][6] Group 2: AI and Financial Technology - The financial technology sector rebounded, with the largest financial technology ETF (159851) rising by 2%, indicating a recovery in market confidence [13][15] - Alibaba's AI assistant, Qianwen, achieved over 10 million downloads in just one week, highlighting the rapid growth of AI applications [15][10] - Analysts believe that the financial sector is an ideal testing ground for AI applications, with significant potential for transforming business processes and enhancing profitability [15][16] Group 3: Hong Kong Market Dynamics - The Hong Kong innovation drug sector also experienced a rebound, with leading companies like 3SBio and Heng Rui Medicine showing strong performance [2] - The Hong Kong internet ETF (513770) saw a price increase of over 2%, reflecting strong buying interest and a favorable valuation compared to A-shares [9][10] - The valuation of the Hong Kong internet sector is at a historical low, making it an attractive investment opportunity as it includes key players in AI and technology [9][10]

Market Overview - A-shares showed a rebound on November 24, with all three major indices closing in the green and over 4,200 stocks rising. However, market sentiment has slightly declined, with a trading volume of 1.74 trillion yuan, down by 2.4 billion yuan compared to the previous day [1] Sector Performance - The technology growth sector significantly recovered, with the defense and military industry emerging as a leading "super dark horse," attracting over 13.3 billion yuan in net inflows, the highest across all industries [2][4] - The defense military ETF (512810) surged by 3.78%, marking its largest single-day increase since July, while the general aviation ETF (159231) rose by 3.43%, both achieving their highest daily trading volumes in months [2][4] - The financial technology sector rebounded in the afternoon, with the largest financial technology ETF (159851) gaining 2% and maintaining its position above the annual line. The AI application by Alibaba, "Qianwen," achieved over 10 million downloads in just seven days, setting a record for AI application growth [3][14] Investment Insights - Analysts from Guotai Junan Securities believe that the Chinese stock market will gradually stabilize and embark on a year-end rally, despite recent global market fluctuations [4] - The defense military sector is expected to see increased investment due to ongoing geopolitical tensions, which may drive high-quality development in the industry [7] - The Hong Kong AI sector is showing strong momentum, with major stocks like Alibaba and Kuaishou experiencing significant gains, indicating a recovery phase for the sector [10][12] ETF Highlights - The Hong Kong Internet ETF (513770) has a current price-to-earnings ratio of 21.93, placing it in the historical bottom range, indicating a valuation advantage compared to other indices [10][11] - The financial technology ETF (159851) has a scale exceeding 90 billion yuan, with an average daily trading volume of 8 billion yuan over the past six months, making it a leading choice among similar ETFs [17]

国新证券也指出，在全球冲突多发和地缘局势并不平静的背景下，国防安全重要性提升，国防军工行业 估值有望获得支撑。 展望后市，东吴证券表示，2026年作为"十五五"规划开局之年与建军百年奋斗目标冲刺前夜，国防军工 行业将迎来需求刚性化、结构高端化与财务健康化的关键转折。申万宏源证券最新研报重申"加大国防 军工行业关注度"。 11月24日，风回科技成长，国防军工板块再成领涨"超级黑马"！主力闻风而动，全天"扫货"逾133亿 元，金额高居全行业（申万）断层首位！ | 代码 | 名称 | 现价 | 涨跌幅 主力净流入额 ▼ | | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1713.61 c 4.31% | 133.37亿 | | 801750 | 计算机(申万) | 5190.30 c 2.41% | 96.93亿 | | 801760 | 传媒(申万) | 829.75 c 3.49% | 82.51亿 | 板块个股掀涨停潮！国防军工ETF（512810）覆盖海陆空天79只龙头股，77股收红，中船防务、中国海 防、航天发展、长城军工等4股涨停，天海防务、国科军工分别 ...

11月24日午后，国防军工板块继续发力，行业涨幅、主力净流入额均高居全行业（申万一级）断层首位！在全球冲突多发和地缘局势并不平静的背 景下，国防军工板块关注度持续飙升。 场内热门国防军工ETF（512810）午后上探2.6%触及半年线，实时成交超5500万元。成份股中船防务封死涨停板，中国海防、国科军工、航天彩虹 等维持强势。 东吴证券表示，展望2026年，作为"十五五"规划开局之年与建军百年奋斗目标冲刺前夜，国防军工行业将迎来需求刚性化、结构高端化与财务健康 化的关键转折。核心判断有五： 五是财务质量全面改善，现金流与盈利能力进入上行通道，估值逻辑从主题博弈转向基本面定价。 一是订单确定性显著增强，"十四五"尾单集中交付与"十五五"新规划启动形成双轮驱动； 【投国防军工，选"512八一0"】代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通标的，是一键投资国防军工核心资产的高效工 具，覆盖『商业航天 + 低空经济 + 可控核聚变 + 大飞机 + 深海科技 + 军用AI 』等诸多热门主题。 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为200 ...

一是订单确定性显著增强，"十四五"尾单集中交付与"十五五"新规划启动形成双轮驱动； 二是需求结构加速向新质战斗力和消耗性作战能力倾斜； 三是军贸成为第二增长曲线，体系化出口打开高端市场天花板； 四是军民融合深化，商业航天、低空经济、核聚变等方向实现"军技民用、双向赋能"； 五是财务质量全面改善，现金流与盈利能力进入上行通道，估值逻辑从主题博弈转向基本面定价。 【投国防军工，选"512八一0"】代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通标 的，是一键投资国防军工核心资产的高效工具，覆盖"商业航天 + 低空经济 + 可控核聚变 + 大飞机 + 深 海科技 + 军用AI "等诸多热门主题。 11月24日午后，国防军工板块继续发力，行业涨幅、主力净流入额均高居全行业（申万一级）断层首 位！在全球冲突多发和地缘局势并不平静的背景下，国防军工板块关注度持续飙升。 场内热门国防军工ETF（512810）午后上探2.6%触及半年线，实时成交超5500万元。成份股中船防务 封死涨停板，中国海防、国科军工、航天彩虹等维持强势。 东吴证券表示，展望2026年，作为"十五五"规划开局之年与建军百年奋斗目标 ...

11月21日，大市深度调整，沪指失守3900点，科技成长风格普遍受挫，国防军工未能幸免。国防军工 ETF（512810）全面覆盖海陆空天核心资产，早盘低开低走跌逾2%，盘中价格创3个月新低！权重股中 航沈飞、中航西飞跌逾2%。 阶段新低时刻，国防军工ETF（512810）场内高频溢价，显示买盘相对强势，或有资金逢跌介入。拉长 时间看，此前10日累计逾1.13亿元资金净流入。 中长期维度，国防军工板块前景乐观。据中信建投跟踪分析，2025年三季报，板块共实现营业收入 6003.75亿元，同比回升16.99%；归母净利润Q1业绩筑底，Q2景气度逐步改善，三季报共实现298.22亿 元，同比回升14.01%。板块核心标的在第三季度迎来业绩拐点，营收与归母净利润实现双双同比大幅 回正，底部复苏有望持续。 国新证券表示，十五五规划为我国国防和军队现代化的高质量推进做出了总部署，新域新质作战力量建 设将加快先进武器装备的更新换代，军工装备迎来新的发展时期。近年来我国在船舶、航空航天、卫星 导航等领域的全球竞争力持续提升，国防军工行业是新质生产力发展突破的重要方向，行业前景广阔。 在全球冲突多发和地缘局势并不平静的背景下， ...

板块高人气国防军工ETF（512810）全面覆盖海陆空天核心资产，局部高温继续，天海防务飙升14.16% 创5年新高，航天发展再现一字涨停喜提四板，股价续创三年新高，中船防务首板！ | 序号 | 代码 | 名称 | 估算权重 | 现价 | 涨跌幅 ▼ | 总市值 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 300008 | 天海防务 | 0.71% | 7.82 | 14.16% | 135亿 | | 2 | 000547 | 航天发展 | 1.09% | 12.53 | 10.01% | 2004Z | | 3 | 600685 | 中船防务 | 0.78% | 28.93 | 10.00% | 320亿 | | 4 | 688543 | 国科军工 | 0.00% | 53.00 | 6.94% | 111亿 | | રે | 601606 | 长城军工 | 1.54% | 55.15 | 5.61% | 399亿 | | 6 | 600764 | 中国海防 | 0.44% | 31.04 | 5.18% | 221亿 | | 7 | 300775 ...

11月19日早盘，国防军工板块盘中直线拉升，场内热门国防军工ETF（512810）水下拉起，V字翻红， 半年线失而复得！ 值得关注的是，场内高频溢价，或有资金继续押注半年线支撑。此前10个交易日，512810累计吸金1.2 亿元。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 【投国防军工，选"512八一0"】代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通标 的，是一键投资国防军工核心资产的高效工具，覆盖"商业航天 + 低空经济 + 可控核聚变 + 大飞机 + 深 海科技 + 军用AI "等诸多热门主题。 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。2020- 2024年分年度历史收益分别为：67.91%、14.28%、-25.74%、-11.02%、8.20%。指数成份股构成根据该 指数编制规则适时调整，其回测历史业绩不预示指数未来表现。以上个股均为标的指数成份股，仅作展 示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金 管理人评估的 ...

11月18日，大盘延续震荡下跌，三大指数低开低走，沪指收跌0.81%报3939.81点，创业板指跌逾1%， 两市成交额1.93万亿元。 | 序号 代码 | | 两日图 现价 涨跌 涨跌幅 ▼ 名称 | | --- | --- | --- | | 1 562030 | | 1 0.547 0.005 0.92% 信创ETF基金 | | 2 | 589520 | 科创人工智能ETF华宝 www 0.570 0.005 0.88% | | 3 | 159851 | Jur 0.844 0.006 0.72% 金融科技ETF | | 4 | 515000 | W/ 0.938 0.003 0.32% 科技ETF | | ત | 159363 | 创业板人工智能ETF华宇 Ax.zf V 0.838 0.002 0.24% | | 6 | 512000 | W. J. 0.583 0.001 0.17% 券商ETF | AI应用再度逆市走强，阿里旗下C端AI助手千问人气火爆，公测上线次日便冲入苹果App Store免费应用 总榜第五位，排名超越DeepSeek；蚂蚁集团今日发布首个全代码生成多模态内容的AI助手灵光，在 ...

Core Viewpoint - The defense and military industry sector is experiencing a significant pullback, with the popular defense ETF (512810) declining over 1% and hitting a six-month low, while major military stocks are also seeing declines [1][2]. Group 1: Market Performance - The defense military ETF (512810) has seen a decline of 1.60%, trading at 0.676, with a drop of 0.011 [2]. - Major military stocks such as AVIC Shenyang Aircraft Corporation and China Shipbuilding Industry Corporation have dropped nearly 3% and over 1% respectively [1]. Group 2: Investment Opportunities - The ETF has attracted over 100 million yuan in net subscriptions over the past six trading days, indicating active interest from investors [1]. - Analysts suggest that the fourth quarter may see the gradual realization of "14th Five-Year Plan" related orders, coupled with military trade catalysts, which could lead to a resurgence in the defense and military market [1]. - The defense industry is expected to benefit from geopolitical risks, technological advancements, and policy support, with potential for high-end weapon exports and a revaluation of core asset values [1]. Group 3: Strategic Insights - CITIC Securities' report indicates a shift in China's defense industry from "cyclical growth" to "comprehensive growth," driven by domestic demand, foreign trade expansion, and civilian contributions [3]. - The defense ETF (512810) is highlighted as an efficient tool for investing in core defense assets, covering various hot themes such as commercial aerospace, low-altitude economy, and military AI [3].