8月4日发行的华夏国证通用航空ETF联接（024912）将以不低于基金资产90%的比例投资标的通用航空 ETF基金（159230），以实现对国证通用航空产业指数的有效跟踪。据悉，国证通用航空指数发布于 2012年12月28日，其成分股主要聚焦通用航空、低空经济产业链龙头，从而反映沪深北交易所通用航空 产业相关上市公司证券价格变化。从行业分布看，申万二级行业中航空装备Ⅱ、军工电子Ⅱ、汽车零部 件分别占比达：37.3%、18.2%、7.2%，指数前三大行业集中度达62.7%。其余行业（如半导体、航天设 备Ⅱ、电池、航空机场）均与低空经济产业链关系密切。 兼具高弹性与高成长 通用航空迎来布局时机 作为中小盘风格指数，国证通用航空指数长期以来展现高弹性特征，相对市场主流宽基指数具有显著超 额收益。Wind数据显示，截至7月30日，最近一年、最近五年、基日（2012.6.29）以来国证通用航空产 业指数分别上涨43.44%、16.04%和225.12%，大幅跑赢同期沪深300指数23.20%、-2.34%和71.13%的涨 幅。此外，随着低空经济领域的快速发展，低空经济的投资机会获得市场广泛关注，2023年以来指数表 ...

面对历史性机遇，公募基金纷纷秣兵厉马，开始布局相关领域。作为ETF领域的领头羊，华夏基金分别 于2025年4月30日成立了航空航天ETF(159227)、2025年5月21日成立通用航空ETF基金(159230)，两只布 局低空经济相关领域产品。Wind数据显示，截至7月30日，跟踪国证航天航空行业指数的航空航天ETF 规模为7.60亿元，是跟踪该指数的4只ETF中规模最大的一只；跟踪国证通用航空产业指数的通用航空 ETF基金(159230)，截至7月30日，基金自5月30日上市以来日均成交额为887.84万元，交投十分活跃。 作为新质生产力的核心引擎之一，低空经济正以颠覆性姿态重构产业格局，在政策红利与市场需求共振 下，已经进入"政策落地-基建完善-技术突破-场景扩容"的正向循环，相关投资机会同样获得资金追捧。 今年已有6家公募基金发行相关ETF产品及联接基金。据悉，华夏基金在成功发行通用航空ETF基金 (159230)后，8月4日正式发行其联接基金—华夏国证通用航空ETF联接(代码：024912)，为场外投资者 布局低空经济领域，提供了一款高效便捷的投资工具。 8月4日发行的华夏国证通用航空ETF联接(0 ...

Core Insights - The low-altitude economy is transforming the industrial landscape, entering a positive cycle of "policy implementation - infrastructure improvement - technological breakthroughs - scenario expansion" driven by policy incentives and market demand [1][2] - The scale of China's low-altitude economy has surpassed 506 billion yuan in 2023, with a year-on-year growth rate of 34%, and is expected to reach 3.5 trillion yuan by 2035, presenting a significant investment opportunity [2][5] Investment Opportunities - Six public funds have launched related ETF products this year, with Huaxia Fund issuing the General Aviation ETF and its corresponding fund to facilitate investment in the low-altitude economy [1][3] - The Huaxia National General Aviation ETF Link (024912) will invest at least 90% of its assets in the General Aviation ETF (159230), effectively tracking the National General Aviation Industry Index [4] Market Performance - The National General Aviation Index has shown high elasticity, outperforming mainstream indices with significant excess returns, with increases of 43.44% over the past year and 225.12% since its inception [5] - The index has demonstrated active trading characteristics, with multiple rebounds exceeding 10%, providing ample trading opportunities for investors [5] Fund Management - Huaxia Fund has over 20 years of experience in the ETF market, managing over 650 billion yuan in equity ETFs, maintaining the industry's leading position for 20 consecutive years [6] - The launch of the Huaxia National General Aviation ETF Link (024912) aims to provide a convenient investment tool for retail investors to access leading companies in the low-altitude economy [6]

Core Viewpoint - The military industry sector is experiencing significant growth, particularly in the low-altitude economy, which is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 in China [1][2] Group 1: Market Performance - On June 30, major indices collectively strengthened, with the aerospace ETF (159227) rising by 5.01%, and several of its constituent stocks, including China Aerospace Science and Industry Corporation and Changcheng Military Industry, hitting the daily limit [1] - The General Aviation ETF (159230) increased by 3.78%, with stocks like Chenxi Aviation reaching the daily limit [1] Group 2: Industry Outlook - The low-altitude economy is identified as a strategic emerging industry, leveraging low-altitude airspace resources for diverse applications such as manned flight, logistics delivery, and urban management [1] - The China Civil Aviation Administration forecasts substantial growth in the low-altitude economy, with a market size expected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [1] Group 3: Investment Strategy - Shenwan Hongyuan's strategy report indicates that the market may still experience speculative upward movements, with a high central oscillation expected in Q2-Q3 of 2025 [1] - Stablecoins and defense military industry are highlighted as short-term catalysts with clearer growth potential and higher stock price elasticity [1] Group 4: ETF Characteristics - The aerospace ETF (159227) is the largest military-focused ETF in the market, tracking the National Aerospace Index, with a high concentration of 98.4% in the defense military sector [1] - The General Aviation ETF (159230) tracks the National General Aviation Industry Index, focusing on the low-altitude economy and covering various sectors including aircraft manufacturing and operational services [2]

Group 1 - The A-share market experienced slight adjustments on June 17, with the military industry sector showing significant movements, particularly the aerospace ETF (159227) which briefly turned positive, highlighting stocks like Zhongbing Hongjian, AVIC Shenyang Aircraft, Guobo Electronics, and Great Wall Military [1] - The 55th Paris Air Show, held from June 16 to 22, showcased China's aviation industry, featuring military aircraft such as the J-20, J-35A, J-10CE, Y-20, Z-20, and Z-10ME, indicating a strong ambition for transformation from a technology follower to a leader in the field, which may boost China's military trade [1] - The aerospace ETF (159227) closely tracks the National Aerospace Index, leading in scale among similar indices, with the defense and military industry accounting for 96.2% of the index, indicating a higher concentration in aerospace and defense equipment compared to other indices [1] Group 2 - According to AVIC Securities, themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence have been highly active since the beginning of the year, suggesting that these new military domains will continue to deepen and evolve [2] - The military industry's fundamentals are expected to improve continuously, with active themes and performance boosts likely to drive the overall military market in the near future [2]

Group 1 - The three major indices collectively strengthened on June 16, with the military industry concept slightly rising, as the Aerospace ETF (159227) increased by 0.29% [1] - The Aerospace ETF closely tracks the National Aerospace Index, with the defense and military industry accounting for 96.2% of the index, indicating a higher concentration compared to other military indices [1] - The Aerospace ETF's weight in aerospace equipment is 71%, which is higher than that of the China Securities Military and National Defense indices [1] Group 2 - The military industry is expected to benefit from the dual drivers of global military development changes and strong internal growth in China [2] - The military industry's strategic position is continuously enhanced due to increased military demand driven by geopolitical conflicts and trade frictions [2] - The industry exhibits stronger anti-cyclical characteristics compared to traditional industries, with short-term drivers such as accelerated technological iteration and approaching key strategic nodes expected to maintain an upward trend in industry prosperity [2]

Group 1 - The three major indices showed strong performance in early trading on June 9, with the aerospace and defense sector experiencing significant gains, including a 2.88% increase in the Aerospace ETF (159227) and a 2.46% rise in the General Aviation ETF (159230) [1] - The global aerospace industry is undergoing historic changes, with China, as the world's second-largest economy, driving unprecedented development in the aerospace sector due to national defense, technological independence, and industrial upgrading [1] - The military industry in China is transitioning from a "follower" to a "leader" in the strategic emerging industries, gaining renewed attention after years of dormancy [1] Group 2 - The Aerospace ETF (159227) closely tracks the National Aerospace Index, covering core companies in China's military industry with a 99.2% representation in the military sector, focusing on aerospace and space equipment [1] - The General Aviation ETF (159230) tracks the National General Aviation Industry Index, emphasizing the general aviation and low-altitude economy, with 84.7% of its content related to the low-altitude economy and 58.6% related to national defense and military [2] - The domestic large aircraft content in the General Aviation ETF is 47.4%, aligning well with popular investment themes in the military sector [2]

Group 1 - The three major indices collectively retreated on May 20, with the General Aviation concept following suit, as the National General Aviation Industry Index (980076.SZ) experienced a drop of nearly 1% before recovering to a decline of 0.25% [1] - Among the index constituents, Shen Cheng Jiao and Digital Zheng Tong rose over 5%, while Hang Fa Control and Nan Wang Technology increased nearly 4% [1] - The General Aviation ETF (159230) fell nearly 1%, with a trading volume of 134 million yuan, making it the top performer in its category, and its latest circulation size is 267 million yuan [1] Group 2 - The General Aviation ETF closely tracks the National General Aviation Industry Index, focusing on the general aviation and low-altitude economy industry chain, with low-altitude economic content at 84.7%, defense and military content at 58.6%, and domestic large aircraft content at 47.4% [2] - Western Securities emphasizes the importance of monitoring domestic low and high orbit constellation progress, alongside breakthroughs in rocket technology and military communication as indirect catalysts [2] - The focus on low orbit includes the initial network completion of StarNet and Qianfan constellations, while high orbit attention is on the commercialized constellations of Tiantong and Beidou, with potential catalysts from new products or value-added services [2]

Group 1 - The regulatory intervention has led to a cessation of the intense price war in the food delivery industry, with major platforms like JD, Meituan, and Ele.me being urged to comply with laws and promote fair competition [1] - Wanda and Ru Yi have entered the trendy toy market by investing 144 million yuan in Beijing Lezi Tiancheng Cultural Development Co., with the valuation of its core brand 52TOYS exceeding 4 billion yuan [1] - The establishment of the China Low Altitude Economy Industry Development Alliance marks a new phase of high-quality development in the low altitude economy, aiming to promote 100 landmark scenarios and incubate 50 unicorn companies within three years [1] Group 2 - Following the establishment of a stock repurchase and increase loan tool by the People's Bank of China, the enthusiasm for stock repurchases among listed companies has significantly increased, with a total loan application amount exceeding 110 billion yuan [2] - In April, the average return rate of QDII funds was -0.63%, with top-performing funds primarily related to Hong Kong medical assets, while oil-themed funds showed weaker performance [2] Group 3 - The silver economy is gaining traction, with nearly 330 million active users in the silver demographic, indicating a strong online consumption capability and willingness to spend [3] - In April, new RMB loans decreased significantly, while social financing and M2 growth accelerated, indicating enhanced financial support for the real economy [3]

5月16日，A股三大指数涨跌不一。国证通用航空产业指数走势震荡，截至发稿涨0.72%。成分股中，利 君股份涨停，国睿科技、联创光电、应流股份、珠海冠宇、中海达、航天电子等股涨幅居前。 相关产品中，跟踪国证通用航空产业指数的通用航空ETF基金（159230）正在发行中。根据公司公告， 通用航空ETF基金（159230）于5月7日至5月16日进行发售。该ETF即将于今日结束募集。 消息面上，据央广网，2025年5月10日，中国低空经济产业发展联盟（以下简称"联盟"）在三亚正式成 立。这一联盟的成立，标志着我国低空经济产业迈入以产业协同、场景创新为核心驱动力的高质量发展 新阶段。该联盟致力于为全球低空经济发展贡献"中国智慧"与"海南方案"。联盟宣布将以海南为创新试 验田，重点推动无人机物流、城市空中交通（UAM）、低空文旅等场景落地，并展示电力巡检无人 机、医疗急救运输机等前沿应用。中国低空经济产业发展联盟创始发起人、联席理事长焦涌表示，未来 三年，联盟将联动低空经济领域上下游企业，计划推动100个标志性场景落地，孵化50家独角兽企业， 并助力海南低空经济规模突破千亿。联盟成立后，将通过产业协同、场景创新与国际合作 ...