Group 1 - The defense and military industry is transitioning from an emotion-driven military trade logic to a fundamental realization due to frequent geopolitical events [1] - Since 2025, the India-Pakistan conflict has prompted a reassessment of military trade logic, with military trade expected to break through domestic military product pricing bottlenecks, leading to higher profit margins [1] - Domestic demand is entering a new prosperity cycle, with a confirmed turning point in aviation equipment orders, as contracts for main aviation manufacturers increased by 22% quarter-on-quarter in Q1 2025 [1] Group 2 - The missile volume increase is significantly improving component orders, and military electronics orders are expected to remain high throughout the year [1] - The inventory reduction and price adjustments in the aviation engine sector are nearing completion, with new models entering batch production, which will drive the volume of supporting aviation engines [1] - The weaponry and equipment sector, particularly long-range fire and unmanned ground equipment, is benefiting from the recovery of domestic demand and high military trade prosperity, with core companies expected to provide high growth guidance for 2025 [1] Group 3 - The commercial aerospace sector is entering a critical phase of large-scale deployment, with an estimated 2,100 satellites expected to be launched in China by 2025, and breakthroughs in reusable rocket technology are imminent [1] - Overall, the dual drivers of military trade and domestic demand are expected to continuously enhance industry valuations [1] - The military ETF (code: 512660) tracks the CSI Military Industry Index (code: 399967), which reflects the overall performance of military-themed stocks selected from the A-share market [1]

二、核心受益标的梳理 最后一家，也是作者为大家挖掘的一家"中航系"压轴王牌重组黑马，停牌箭在弦上！来gong肿hao「睁眼看市」**，知悉。 军用领域：成飞承接新型战斗机订单，加速国防现代化； 民用领域：作为 C919 机头核心供应商，受益大飞机产业红利； 新兴领域：整合无人机、航发资源，探索商业航天、新能源汽车跨界应用。 成飞集成：成飞集团控股上市公司，受益于集团资产整合及军民融合业务拓展。 贵航股份：成飞收购中航贵飞并注入中航电测后，其空域资源优势将提升成飞整体产能，贵航股份作为集团旗下航空零部件供应 商，有望承接更多订单。 航天电子：航天科技集团旗下航天电子设备供应商，通过跨集团协同拓展商业航天市场。 2025 年，中国航空工业集团掀起重大资产整合浪潮，成飞集团借壳中航电测上市成为标志性事件。 这场改革既是响应国资委深化国企改革的号召，更是推动我国航空工业迈向世界一流、实现高端制造升级的关键一步。 一、整合背后：国家战略与产业升级双驱动 国资委明确要求央企聚焦国防、航天、高端装备等领域重组整合。航空工业集团通过整合，优化资源配置，强化 "军品 + 民品" 双轮驱 动： 军工板块长期估值承压，2025年有 ...