Institution: Defense Industry Expected to See Strong Demand Recovery in 2026 with High Certainty,Fullgoal CSI Military Top ETF (512710) Falls 3.58%

NewTimeSpace News – As of 10:34 on January 20, 2026, Military Industry Leader ETF (512710) fell 3.58%, with the latest price at RMB 0.86. Looking at a longer timeframe, as of January 19, 2026, the ETF has accumulated an 11.49% gain over the past two weeks. (The stocks listed above are index constituents only and do not constitute specific investment recommendations.)

In terms of liquidity, Military Industry Leader ETF recorded an intraday turnover ratio of 5.45% with trading volume of RMB 544 million. Looking at the broader period, as of January 19, the ETF's average daily trading volume over the past week reached RMB 1.214 billion.

Regarding scale, Military Industry Leader ETF's latest assets under management reached RMB 10.062 billion. (Data source: Wind)

Data shows leveraged funds continue to build positions. Military Industry Leader ETF's net purchases through margin financing this month reached RMB 1.0154 million, with the latest financing balance at RMB 196 million. (Data source: Wind)

As of January 19, Military Industry Leader ETF's NAV has increased 75.18% over the past two years. In terms of return capability, as of January 19, 2026, since its inception, the ETF's highest monthly return reached 29.15%, the longest consecutive gain period lasted 4 months with a total gain of 38.05%, the average return during positive months was 7.49%, and the annual profitability percentage was 66.67%. As of January 19, 2026, Military Industry Leader ETF's 2-year annualized excess return over benchmark was 0.40%.

As of January 16, 2026, Military Industry Leader ETF's Sharpe ratio over the past year stands at 1.51.

Regarding drawdown, as of January 19, 2026, Military Industry Leader ETF's maximum year-to-date drawdown was 9.88%, with a relative benchmark drawdown of 0.09%.

In terms of fees, Military Industry Leader ETF's management fee rate is 0.50% and custody fee rate is 0.10%.

In tracking accuracy, as of January 19, 2026, Military Industry Leader ETF's half-year tracking error was 0.014%.

Military Industry Leader ETF closely tracks the CSI Military Industry Leader Index. The CSI Military Industry Leader Index selects 30 listed securities of companies whose business involves military products and services as index constituents to reflect the overall performance of leading listed companies in the military industry sector.

Huafu Securities stated that the investment side should gradually focus on the industry core—the SpaceX industry chain + domestic rocket industry chain, which may be the fastest and most inflation-elastic core direction of the industry. SpaceX's industry chain progress is extremely fast, with Starship and V3 satellites expected to achieve commercial deployment in 2027, and various segments of the industry chain will enter a rapid revenue realization period from 2027 to 2030. China is accelerating its catch-up in the rocket segment, which will bring huge quantity inflation effects during this process; two launch missions failed this week, but trial and error is the only path to success, making the urgency for China to accelerate rocket industry development even more pressing. Meanwhile, China Aerospace Science and Technology Corporation's 2026 annual meeting emphasized the need to make all-out efforts to break through reusable rocket technology and forward-deploy future industries such as space digital intelligence. Ground terminals are also worthy of attention and are expected to have high income realization confidence. Considering the strong demand recovery expectation and certainty for the military industry in 2026, the brokerage is optimistic about continuous improvement in subsequent capital flows.

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