Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with the high-end equipment ETF showing a recent upward trend, indicating potential growth opportunities in the industry driven by modernization and geopolitical factors [1][2]. Market Performance - As of July 9, 2025, the CSI High-end Equipment Sub-index fell by 0.01%, with notable gainers including Beifang Navigation (+2.91%) and Sichuan Aerospace (+1.87%), while Jiuzhiyang led the declines [1]. - The high-end equipment ETF has seen a cumulative increase of 6.84% over the past two weeks as of July 8, 2025 [1]. Liquidity and Fund Flow - The high-end equipment ETF recorded a turnover rate of 2.71% with a transaction volume of 32.77 million yuan, and the average daily transaction volume over the past month was 55.20 million yuan [2]. - The latest scale of the high-end equipment ETF reached 1.18 billion yuan, with a net inflow of 7.55 million yuan recently, indicating strong investor interest [2]. - Over the past five trading days, there were net inflows on four days, totaling 15.10 million yuan [2]. Performance Metrics - The high-end equipment ETF's net value increased by 34.68% over the past year, with the highest single-month return recorded at 19.30% since inception [2]. - The longest consecutive monthly gain was two months, with a maximum increase of 29.39% and an average monthly return of 6.55% [2]. Industry Outlook - According to Zheshang Securities, 2025 marks the conclusion of the "14th Five-Year Plan," with an acceleration in national defense equipment modernization expected to boost industry prosperity [2]. - Ongoing regional political conflicts are providing practical validation for China's military export equipment, leading to potential revaluation of military enterprises [2]. - The establishment of a low-altitude leadership group by the Civil Aviation Administration is expected to drive the low-altitude economy, while the C919 aircraft production is accelerating, presenting opportunities for international expansion and self-sufficiency [2]. - The shipbuilding and deep-sea technology sectors are also showing upward trends, with continuous profit improvements and significant restructuring opportunities [2]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI High-end Equipment Sub-index accounted for 45.22% of the index, with notable companies including AVIC Shenyang Aircraft Company and Aero Engine Corporation of China [3].

截至2025年7月3日 13:27，中证高端装备细分50指数下跌0.07%。成分股方面涨跌互现，久之洋领涨18.64%，莱斯信息上涨6.88%，中国卫通上涨2.98%；中 国海防领跌，中光学、北方导航跟跌。高端装备ETF(159638)下修调整。 流动性方面，高端装备ETF盘中换手2.07%，成交2411.56万元。拉长时间看，截至7月2日，高端装备ETF近1周日均成交8312.25万元。 规模方面，高端装备ETF最新规模达11.58亿元。数据显示，杠杆资金持续布局中。高端装备ETF最新融资买入额达236.44万元，最新融资余额达2091.39万 元。 中信建投指出，当前军工行业呈现三大增长曲线：国内需求聚焦低成本精确制导弹药、无人系统及信息化智能化作战底座建设；军贸需求受区域冲突催化有 望爆发；泛军工需求关注大飞机、低空经济、商业航天、深海科技四大方向。 太平洋证券指出，中国的国防支出仍有较大增长空间，未来或将长期高于GDP增速。2025年是"十四五"规划收官之年，行业有望摆脱近两年的低迷期，迎来 全面复苏的景气拐点。随着订单恢复正常并陆续释放，军工板块或将进入业绩改善与估值提升的"戴维斯双击"阶段，建议关 ...

2025年航空航天等军工领域迎来黄金发展期，相关主题指数展现出强劲的走势，不少主题ETF实现连续 上涨。以高端装备ETF（159638）为例，Wind数据显示，该基金在上周实现五连涨，周涨幅高达 6.19%，6月30日高端装备ETF（159638）再度上涨4.13%，六个交易日上涨10.58%。从成交量看，6月 30日高端装备ETF成交额9087.58万元，显著高于近一年5092.59万元的日均成交额。 责任编辑：石秀珍 SF183 高端装备ETF跟踪标的为中证高端装备细分50指数，该指数覆盖航空航天装备制造、航空动力及控制系 统、微波雷达等多个细分领域的龙头股。值得一提的是，指数前十大成分股高度集中在航空航天领域。 截至6月27日，按照中证二级行业分类，中证高端装备细分50指数前十大成分股包括中航沈飞、中航光 电、航发动力、中航西飞、中航机载、航天电子和中航成飞等7只个股均属于航空航天与国防板块，合 计权重为35.24%。 作为国内最早布局被动投资业务的基金公司之一，嘉实基金在宽基和行业主题ETF领域，均走在了行业 的前列。2005年8月嘉实基金推出了国内首只沪深300指数基金，随后陆续推出嘉实沪深300E ...

数据显示，截至2025年5月30日，中证高端装备细分50指数前十大权重股分别为中航沈飞、中航光电、航发动力、中航西飞、中国长城、中航机载、海格通 信、航天电子、菲利华、中航成飞，前十大权重股合计占比45.86%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 002179 | 中航光电 | 1.65% | 7.23% | | 600893 | 航发动力 | 5.17% | 6.70% | | 600760 | 中航沈飞 | 5.54% | 6.48% | | 000768 | 中航西飞 | 2.96% | 4.57% | | 000066 | 中国长城 | 0.48% | 3.78% | | 600372 | 中航机载 | 2.46% | 3.73% | | 600879 | 航天电子 | 7.37% | 3.28% | | 300395 | 菲利亚 | 6.29% | 3.25% | | 002465 | 海格通信 | 2.19% | 3.08% | | 688122 | 西部超导 | 2.35% | 2.93% | 有机构指出，区域政治紧张局 ...

截至2025年6月17日 13:14，中证高端装备细分50指数下跌0.69%。成分股方面涨跌互现，航天南湖领涨4.05%，国博电子上涨2.84%，光电股份上涨2.48%； 四创电子领跌，海格通信、中航成飞跟跌。高端装备ETF(159638)下修调整。 流动性方面，高端装备ETF盘中换手2.74%，成交3476.08万元。拉长时间看，截至6月16日，高端装备ETF近1年日均成交4932.56万元。 规模方面，高端装备ETF最新规模达12.75亿元。资金流入方面，拉长时间看，高端装备ETF近5个交易日内，合计"吸金"1419.47万元。 数据显示，杠杆资金持续布局中。高端装备ETF最新融资买入额达381.65万元，最新融资余额达2305.45万元。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 002179 | 中航光电 | -0.47% | 7.23% | | 600893 | 航发动力 | -0.50% | 6.70% | | 600760 | 中航沈飞 | 0.73% | 6.48% | | 000768 | 中航西飞 | -1.01% | 4 ...

资金流入方面，高端装备ETF最新资金净流入791.75万元。拉长时间看，近20个交易日内有11日资金净流入，合计"吸金"6618.94万元。 截至2025年6月16日 13:43，中证高端装备细分50指数下跌0.01%。成分股方面涨跌互现，国睿科技领涨4.39%，菲利华上涨2.85%，中光学上涨2.25%；航天 南湖领跌，中天火箭、三角防务跟跌。高端装备ETF(159638)下修调整。 流动性方面，高端装备ETF盘中换手2.17%，成交2746.77万元。拉长时间看，截至6月13日，高端装备ETF近1周日均成交5027.00万元。 规模方面，高端装备ETF最新规模达12.76亿元，创近半年新高。份额方面，高端装备ETF最新份额达16.03亿份，创近1年新高。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 002179 | 中航光电 | -0.33% | 7.23% | | 600893 | 航发动力 | -1.00% | 6.70% | | 600760 | 中航沈飞 | -0.26% | 6.48% | | 000768 | 中航西飞 | -1 ...

Group 1 - The core viewpoint of the news highlights the performance and potential of the high-end equipment ETF, indicating a stable liquidity and significant market interest in the defense sector [2] - As of June 5, the high-end equipment ETF has a recent average daily trading volume of 62.60 million yuan, with a total trading volume of 24.83 million yuan on a specific day [2] - The latest scale of the high-end equipment ETF reached 1.25 billion yuan, with a balanced inflow and outflow of funds recently [2] - The top ten weighted stocks in the CSI High-end Equipment Sub-index account for 45.86% of the index, with key players including AVIC Shenyang Aircraft, AVIC Optical, and Aero Engine Corporation of China [2] - The release of the "Important Military Facility Protection Regulations" on May 26 emphasizes the protection of enterprises involved in national defense research and production, enhancing the institutional support for national defense modernization [2] Group 2 - The military industry sector is experiencing a re-evaluation of military trade logic due to regional conflicts, which is expected to break through domestic military product pricing bottlenecks and achieve sustainable long-term returns [2] - The defense and military industry sector is characterized by long-term growth certainty, with the current "14th Five-Year Plan" entering its final year and industry disturbances largely eliminated [2] - The recovery of downstream demand and optimization of production capacity structure contribute to a high safety margin for the sector [2] - Investors can consider the CSI High-end Equipment Sub-index 50 ETF linked fund (018028) to capitalize on industry rotation opportunities [3]

截至2025年5月26日 10:14，中证高端装备细分50指数下跌0.16%。成分股方面涨跌互现，海格通信领涨5.35%，中国长城上涨3.90%，西部超导上涨3.68%； 四创电子领跌，航天南湖、中国海防跟跌。高端装备ETF(159638)上涨1.18%。 机构分析指出，2025 年世界格局不确定性持续，区域冲突不断。中国军用产品随着技术升级，性价比优势凸显，更多外贸型号有望进入海外市场。在各国 军费支出因区域冲突增加、军贸进口需求增大的背景下，中国军贸出口上升空间巨大，产业配套军贸公司未来增量值得期待。 国泰海通指出，国防军工行业长期趋势向好，卫星互联网等前沿领域值得关注。当前，大国博弈加剧是长期趋势，加大国防投入成为必选项。 场外投资者可通过中证高端装备细分50ETF联接基金（018028）布局行业轮动机会。 流动性方面，高端装备ETF盘中换手1.34%，成交1588.20万元。拉长时间看，截至5月23日，高端装备ETF近1月日均成交5973.48万元。规模方面，高端装备 ETF最新规模达11.83亿元。 从资金净流入方面来看，高端装备ETF近4天获得连续资金净流入，最高单日获得698.43万元净流入，合 ...

Group 1 - The China Securities High-end Equipment Sub-index 50 has shown a slight increase of 0.22%, with notable stocks such as Four Creation Electronics and Guorui Technology hitting the 10% limit up [1] - The High-end Equipment ETF (159638) has experienced a trading volume of 3.18% and a transaction value of 38.45 million yuan, with an average daily transaction of 58.34 million yuan over the past month [2] - The latest scale of the High-end Equipment ETF has reached 1.202 billion yuan, with a net inflow of 3.1062 million yuan recently [2] Group 2 - The top ten weighted stocks in the China Securities High-end Equipment Sub-index 50 account for 45.74% of the index, including companies like AVIC Optoelectronics and AVIC Shenyang Aircraft [2] - The 55th Paris Air Show is scheduled from June 16 to 22, showcasing China's growing military trade expectations with participation from 20 Chinese enterprises [2] - The defense budget in China is expected to maintain a growth rate of around 7%, indicating significant potential for future increases in defense spending, which is currently below 1.5% of GDP [3]

国信证券认为，中长期来看，我国军费平稳增长为国防军工行业稳定发展提供坚实基础，行业规模和利 润有望保持持续上升态势。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，国防安全重要性提升，行业估值有望获得支撑。建议重点关注航空航天装备产业链公司，包括 主机、航空发动机和军工电子信息化领域的龙头企业。 中邮证券表示，展望2025年，军工行业订单有望迎来拐点，在服务于提升装备性能或降低装备成本的新 技术、以新域新质作战力量为代表的新产品、军贸和军用技术转化带来的新市场方向或蕴含更大弹性。 建议关注以下两条投资主线：1）航空航天主线和"查漏补缺"新重点；2）蕴含更大弹性的新技术、新产 品、新市场。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 5月21日，A股三大指数高开。盘面上， 煤炭、电力设备等板块涨幅居前，国防军工小幅回调。 相关ETF方面，高端装备ETF（159638）下跌0.13%，盘中频现溢价交易（当前溢折率0.08%）。成分股 方面， ...