9月26日，航发科技涨5.29%，截至发稿，报27.26元/股，成交1.51亿元，换手率1.73%，总市值89.99亿 元。 富国中证军工龙头ETF（512710）基金经理为王乐乐、牛志冬。 截至发稿，王乐乐累计任职时间10年51天，现任基金资产总规模398.66亿元，任职期间最佳基金回报 102.99%， 任职期间最差基金回报-97.19%。 牛志冬累计任职时间10年140天，现任基金资产总规模201.31亿元，任职期间最佳基金回报125.01%， 任职期间最差基金回报-88.81%。 从基金十大重仓股角度 从航发科技十大流通股东角度 数据显示，富国基金旗下1只基金位居航发科技十大流通股东。富国中证军工龙头ETF（512710）二季 度增持144.08万股，持有股数443.6万股，占流通股的比例为1.34%。根据测算，今日浮盈赚取约607.73 万元。 富国中证军工龙头ETF（512710）成立日期2019年7月23日，最新规模119.14亿。今年以来收益 10.41%，同类排名3525/4220；近一年收益31.75%，同类排名2887/3824；成立以来收益37.21%。 数据显示，富国基金旗下1只基金 ...

Group 1 - The core viewpoint of the news is the performance and stock details of AVIC Chengfei, which saw a decline of 5.02% on August 28, with a stock price of 94.43 yuan and a total market capitalization of 252.33 billion yuan [1] - AVIC Chengfei's main business includes the research, production, and sales of strain gauge products and related application systems, with revenue composition as follows: 61.50% from strain control, 23.65% from aviation military products, 12.59% from intelligent transportation, and 2.26% from others [1] Group 2 - From the perspective of major shareholders, the fund "Fuguo CSI Military Industry Leader ETF" (512710) increased its holdings by 1.95 million shares in the second quarter, holding a total of 5.66 million shares, which accounts for 0.96% of the circulating shares [2] - The fund has a current scale of 11.91 billion yuan, with a year-to-date return of 16.9% and a one-year return of 44.68% [2] Group 3 - The fund managers of "Fuguo CSI Military Industry Leader ETF" are Wang Lele and Niu Zhidong, with total fund assets of 39.87 billion yuan and 20.13 billion yuan respectively [3] - Wang Lele has a tenure of 10 years and 22 days, with the best fund return of 85.87% and the worst return of -97.19% during his tenure [3] - Niu Zhidong has a tenure of 10 years and 111 days, with the best fund return of 106.31% and the worst return of -50.13% during his tenure [3] Group 4 - The "Fuguo CSI Military Industry Leader ETF" holds AVIC Chengfei as its eighth largest position, with 5.66 million shares accounting for 4.18% of the fund's net value [4] - The estimated floating loss for the fund today is approximately 28.26 million yuan [4]

Core Viewpoint - The A-share market's bull market does not guarantee profits for all industries, as there is significant divergence in performance among sectors, with some industries outperforming the market while others lag behind [1] Historical Bull Market Analysis - Historical data from the last decade indicates that each bull market's leading sectors are closely aligned with the prevailing development trends of the era [1] - In the 2005-2006 bull market, industries such as non-ferrous metals, non-bank financials, and real estate benefited from urbanization and economic reforms [1] - The 2014-2015 bull market saw a rise in TMT sectors due to the emergence of smart manufacturing and new consumption trends, alongside a stimulus-driven infrastructure boom [1] - Post-2019, sectors like liquor and pharmaceuticals thrived due to consumption upgrades, while the "dual carbon" policy led to a surge in carbon-neutral industries [1][2] Industry Performance in Bull Markets - The analysis of the top 10 performing industries in each bull market reveals that machinery, building materials, and defense industries consistently ranked high, with significant gains even in years they did not make the top 10 [3] ETF Investment Strategies - **Machinery Sector**: The machinery sector, particularly in engineering and robotics, has maintained high performance. The Tianhong CSI Robotics ETF (159770) has a significant scale of over 7 billion, indicating strong market interest [4] - **Defense Industry**: The defense sector has shown consistent high performance across all four major bull markets from 2000 to 2021, with ETFs like Guotai CSI Defense ETF (512660) and Fuguo CSI Defense Leaders ETF (512710) exceeding 10 billion in scale [6] - **Building Materials**: The building materials sector is expected to benefit from increased demand and supply adjustments, with ETFs like Guotai CSI All-Index Building Materials ETF (159745) showing scale advantages [7]