Group 1: Market Performance - On August 11, the market showed divergence with the ChiNext Index rising over 1.00%, while the Shanghai Composite Index fell by 0.10% and the Shenzhen Component Index increased by 0.71% [1] - The Aerospace ETF Tianhong (159241) rose by 1.31%, with a trading volume exceeding 27 million yuan and a turnover rate over 5% [1] - The Aerospace ETF Tianhong (159241) attracted over 12 million yuan in net inflow on August 8, marking two consecutive days of inflows, totaling over 34 million yuan [1] Group 2: Aerospace ETF Characteristics - As of August 8, the Aerospace ETF Tianhong (159241) had a year-to-date share increase rate exceeding 115%, ranking first among similar products [2] - The ETF closely tracks the National Aerospace Index, which has a significant weight of nearly 98% in the defense and military industry, making it the highest military content index in the market [2] - The National Aerospace Index has a high "aircraft content," with the core sectors of aerospace and aviation equipment accounting for nearly 67% of its weight, focusing on key areas in the aerospace equipment industry chain [2] Group 3: Industry Developments - The merger between China Shipbuilding and China Heavy Industry in the shipbuilding sector has reached a critical stage after a year of coordination and approval [3] - Both companies announced on August 5 that the stock swap merger has received official approval from the CSRC, with trading of their stocks suspended from August 13 [3] - The military industry sector has shown strong performance recently, with a three-month consecutive increase, although there may be short-term profit-taking pressure due to recent gains [3]

Core Viewpoint - The aerospace ETF Tianhong (159241) is experiencing significant trading activity and capital inflow, driven by a favorable market environment and upcoming military events, indicating strong investor interest in the aerospace and defense sector. Group 1: ETF Performance - As of August 7, 2025, the aerospace ETF Tianhong (159241) recorded a turnover of 19.2% with a transaction volume of 89.5065 million yuan, reflecting active market trading [3] - The ETF has seen a cumulative increase of 4.14% over the past week, ranking first among comparable funds [4] - The latest scale of the aerospace ETF Tianhong (159241) reached 469 million yuan, marking a new high since its inception [4] - In the past month, the ETF's share volume increased by 83.5 million shares, indicating significant growth [4] - Over the last 10 trading days, the ETF attracted a total capital inflow of 36.0819 million yuan [4] Group 2: Market Drivers - The military sector is gaining attention due to the upcoming military parade on September 3, which is expected to showcase advanced equipment and act as a catalyst for the defense sector [5] - The release of the "Shenzhen Low Altitude Infrastructure High-Quality Construction Plan (2024-2026)" is anticipated to boost the low-altitude economy and related military technology applications [5] - The upcoming "14th Five-Year Plan" is expected to clarify the order logic and growth paths for military enterprises, providing long-term growth momentum for the sector [5] Group 3: ETF Composition and Focus - The aerospace ETF Tianhong (159241) closely tracks the National Aerospace and Aviation Industry Index, focusing on key areas such as aircraft and satellite industries [6] - The index has a high concentration of military-related stocks, with 98.2% of its constituents belonging to the defense and military industry, surpassing traditional military indices [7] - The index also has the highest exposure to drone-related companies, making it the leading index in terms of drone content [8] - It covers the aerospace industry chain comprehensively, with over 69% weight in aerospace, aviation, and maritime equipment [9] - The index constituents exhibit stronger technological attributes and clearer valuation logic, aligning with the trend of high-end development in the aerospace sector [10] Group 4: Growth Expectations - The National Aerospace and Aviation Industry Index is projected to have a higher revenue growth rate than traditional military indices by 2025 [11]

8月6日，航空航天ETF天弘（159241）早盘走高，截至发稿涨2%，成交额超3200万元，换手率 6.92%，盘初交投活跃。 成分股中，长城军工涨停，内蒙一机、北方导航、中兵红箭、国科军工等跟涨。 Wind金融终端数据显示，截至8月5日，航空航天ETF天弘（159241）年初至今份额变动率达101.96%， 居同标的产品首位。 航空航天ETF天弘（159241）紧密跟踪国证航天指数，按申万一级行业分类，该指数以98%的国防军工 行业权重形成显著特征，是全市场军工含量最高的指数。按申万二级行业分类，国证航天指数"含航 量"较高，航空装备与航天装备两大核心板块则占据67%权重，深度聚焦大飞机研制、低空经济、商业 航天等新兴领域航空航天装备产业链关键领域。 中航证券表示，抛开短期市场情绪扰动，军工行业的长期逻辑依旧坚实且清晰。军工行业或将彻底告别 此前单纯依靠事件驱动的周期性波动模式，进入成长与价值并重、景气度持续提升的发展新阶段。 （文章来源：21世纪经济报道） ...

Core Viewpoint - The A-share market has seen a collective rise in major indices, with a notable surge in the military industry sector driven by strong performance and upcoming events [1][3]. Group 1: Market Performance - The three major A-share indices closed higher, with the Shanghai Composite Index up by 0.66%, the Shenzhen Component Index up by 0.46%, and the ChiNext Index up by 0.5%, with over 3,800 stocks rising [1]. - The military equipment sector experienced significant gains, with stocks like Hengyu Xintong, Beifang Changlong, and Aileda reaching their daily limit up [3][5]. Group 2: Upcoming Events and Catalysts - The upcoming military parade on September 3, commemorating the 80th anniversary of the victory in the War of Resistance Against Japan, is expected to showcase new domestic military equipment, including drones and hypersonic weapons [9][21]. - The recent unveiling of drone swarm and robotic combat capabilities has attracted attention, indicating advancements in military technology [6][9]. Group 3: Industry Trends and Data - The military industry is experiencing a significant transformation, with the military index achieving three consecutive monthly gains, reflecting a robust market environment [10][11]. - The military sector's transaction volume reached a historical high of 1.5272 trillion yuan in the previous month, accounting for over 4% of the total transaction volume in the market for three consecutive months [11]. - The military trade export data shows a 56.48% increase from the previous decade, with aircraft exports rising by 44.65% and air defense weapon exports increasing by over 450% [14]. Group 4: Investment Insights - The military sector is expected to see a recovery in demand, with a notable increase in military orders and a positive outlook for the second half of the year [21][22]. - The aerospace sector is becoming a focal point for investment, with leading companies like AVIC Shenfei seeing increased fund holdings, indicating strong investor interest [19][22]. - The National Aerospace ETF has attracted significant capital inflow, with a total of over 600 million yuan in net inflow over five days, reflecting heightened investor interest in the aerospace sector [22].

Group 1: Aerospace and Defense Sector Performance - The aerospace and defense sector saw significant gains on August 4, with major concepts like large aircraft, commercial aerospace, and satellite navigation being particularly active [1] - The Tianhong Aerospace ETF (159241) rose over 2% during the session, with trading volume exceeding 20 million yuan [1] - The ETF has attracted a net inflow of over 60 million yuan over the past week, indicating strong investor interest [1] Group 2: eVTOL Development and Logistics Innovation - On August 3, a major breakthrough was announced with the successful transportation flight of materials from a sea oil platform using China's independently developed eVTOL aircraft, marking a global first [2] - The eVTOL "Kairuiou," capable of carrying 2 tons, completed a 58-minute flight from Shenzhen to an oil platform 150 kilometers offshore, showcasing advancements in low-altitude logistics [2] - The establishment of a leadership group by the Civil Aviation Administration for general aviation and low-altitude economy indicates potential policy support for the sector in the second half of the year [2] Group 3: Military Industry Outlook - The military industry is expected to experience a shift in market sentiment, with current fundamentals and confidence levels appearing stronger than in previous years [3] - The ongoing military sector rally is driven more by fundamental factors rather than just calendar effects or major event catalysts, suggesting a more sustainable growth trajectory [3] - Focus remains on sectors within the military industry that show strong performance expectations, with significant events potentially providing long-term investment opportunities [3]

Group 1 - The aerospace ETF Tianhong (159241) has seen a decline of over 1.4% as of July 30, with a notable increase in trading volume and a premium trading rate of 0.11% [1] - The ETF has experienced a net subscription of over 25 million shares, accumulating over 11 million yuan in net inflow over the past two days [1] - As of July 29, the latest circulating scale of the aerospace ETF Tianhong (159241) is 429 million yuan, with a share growth rate of 87.76% year-to-date, ranking first among similar products [1] Group 2 - The military electronics sector is witnessing a recovery in orders, with several listed companies expected to report improved performance in their semi-annual reports this year [2] - Active funds have increased their allocation to the military sector for the first time in ten quarters during Q2, indicating a shift in investment strategy [2] - The military sector's current valuation (PEttm) is approximately 61.7 times, slightly above the average level of 59 times, suggesting potential for further growth [2]

Group 1 - The military industry sector remains active, with the Aerospace ETF Tianhong (159241) reaching a new high since its listing, showing a 0.59% increase and a turnover rate of nearly 5% [1] - The Aerospace ETF Tianhong (159241) has seen a net inflow of over 4.7 million yuan, with a total circulation scale of 415 million yuan and a share growth rate of 84.61% year-to-date, ranking first among similar products [1] - The Aerospace ETF closely tracks the Guozheng Aerospace Index, which has over 98% weight in the defense and military industry, making it the highest military content index in the market [1] Group 2 - Several brokerages have analyzed Q2 public fund holdings, indicating that institutions have begun to increase their allocation to the military sector, suggesting a potential turning point for the industry [2] - According to Minsheng Securities, after ten consecutive quarters of reducing military allocations, institutions started to increase their allocation in Q2 2025, indicating a recovery in industry demand [2] - Dongfang Securities noted a significant increase in the overweighting of military stocks by active funds in Q2 2025, with expectations for further expansion due to market perceptions and performance elasticity [2]

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown strong performance with a recent increase of 1.72%, reflecting a growing interest in the aerospace and defense sector, particularly as the Army Day approaches [3][4]. Group 1: ETF Performance - The aerospace ETF Tianhong (159241) has achieved a cumulative increase of nearly 4% over the past three days, with a trading volume of 39.76 million yuan [3]. - The fund has seen a net subscription of 5 million shares today, indicating strong investor interest [4]. Group 2: Industry Trends - The aerospace ETF closely tracks the National Aerospace Industry Index, which has a high concentration of military-related stocks, with over 73% of its weight in aerospace and defense equipment [4][6]. - The upcoming Army Day is expected to further boost the aerospace and defense sector, leading to increased activity and investment in the industry [4]. Group 3: Low-altitude Economy Developments - The first International Low-altitude Economy Expo was held in Shanghai, attracting nearly 300 global enterprises, indicating a growing focus on low-altitude economic development [5]. - A significant order for 500 eVTOL aircraft worth 1.75 billion USD was signed, marking a major milestone for the Chinese eVTOL market [5]. Group 4: Index Characteristics - The National Aerospace Industry Index has the highest military-related stock content in the market, with 98.2% of its constituents belonging to the defense industry [6]. - The index also has the highest concentration of drone-related companies, making it a key player in the drone market [7]. - The index is well-positioned to benefit from the trend of military modernization towards high-end aerospace applications, outperforming traditional military indices in terms of returns [8][9].

Group 1 - Aerospace ETF Tianhong (159241) saw a 1.55% increase in intraday trading, with a turnover rate of 11.30% and a transaction volume exceeding 460 million yuan [1] - The ETF recorded a net subscription of 6 million units during intraday trading, indicating strong investor interest [1] - Key constituent stocks such as Construction Industry rose over 9%, with Inner Mongolia First Machinery, North Navigation, Guangqi Technology, and Aerospace Electronics also experiencing gains [1] Group 2 - As of July 25, 2025, 67 military industry companies have announced their half-year performance forecasts, with 41 expecting profit increases and 26 anticipating declines [2] - The leading companies in terms of growth are primarily focused on the shipbuilding, defense, and aerospace sectors [2] - The military sector is currently in a state of upward potential with a solid bottom, although short-term volatility may occur in rapidly rising sub-sectors and individual stocks [2]

Group 1 - The aerospace ETF Tianhong (159241) has shown a significant increase of 12.52% over the past month, leading its peers [1] - As of July 24, the latest share count for the aerospace ETF Tianhong is 350 million shares, with a circulating scale of 406 million yuan, marking a new high since its listing [1] - The aerospace ETF closely tracks the Guozheng Aerospace Index, which has over 98% weight in the defense and military industry, focusing on key areas such as large aircraft manufacturing and commercial aerospace [1] Group 2 - Beijing Economic-Technological Development Area is becoming a major hub for commercial aerospace, with over 75% of domestic commercial rocket companies located there [2] - The area plans to achieve over 40 rocket launches and more than 130 satellites in orbit by 2025, supported by a complete "star-ground integration" industrial chain [2] - The commercial aerospace and low-altitude economy sectors are expected to show strong growth, with investors encouraged to focus on leading companies in these fields [2] Group 3 - The investment opportunity in commercial aerospace is emphasized, particularly with the maturation of private large-capacity liquid rockets and advancements in reusable technology [3] - The opening of low-orbit satellite internet projects to private rockets is anticipated to significantly reduce launch costs and accelerate satellite internet development [3] - Companies involved in rocket structure components, liquid rocket engine components, and 3D printing services for rockets are recommended for attention [3]