Institution: The long-term trend for the military industry is positive, GF CSI Military Industry ETF (512680) rises 2.18% in morning trading

NewTimeSpace News–As of 09:54 on January 22, 2026, Military ETF GF (512680) rose 2.18%, with the latest price at RMB 1.55. Looking at a longer timeframe, as of January 21, 2026, Military ETF GF has accumulated a 2.64% 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 ETF GF recorded an intraday turnover ratio of 1.24% with trading volume of RMB 73.9546 million. Looking at a longer period, as of January 21, the ETF's average daily trading volume over the past month reached RMB 200 million.

Regarding scale, Military ETF GF's assets under management increased by RMB 84.3726 million over the past six months, achieving significant growth and ranking 1st among 4 comparable funds. (Data source: Wind)

In terms of shares, Military ETF GF's share count increased by 426 million units over the past year, a significant increase ranking 2nd among 4 comparable funds. (Data source: Wind)

As of January 21, Military ETF GF's NAV has increased 11.22% over the past five years. In terms of return capability, as of January 21, 2026, since its inception, the ETF's highest monthly return reached 29.40%, the longest consecutive gain period lasted 4 months with a total gain of 40.40%, and the average return during positive months was 6.88%. As of January 21, 2026, Military ETF GF's annualized excess return over benchmark since inception is 1.42%.

As of January 16, 2026, Military ETF GF's Sharpe ratio over the past year stands at 1.82.

Regarding drawdown, as of January 21, 2026, Military ETF GF's relative benchmark drawdown this year was 0.03%, representing the smallest drawdown among comparable funds.

In terms of fees, Military ETF GF's management fee rate is 0.50% and custody fee rate is 0.10%, representing the lowest fee level among comparable funds.

In tracking accuracy, as of January 21, 2026, Military ETF GF's 2-month tracking error was 0.007%, representing the highest tracking precision among comparable funds.

Military ETF GF closely tracks the CSI Military Industry Index. The CSI Military Industry Index selects listed securities of companies controlled by the top ten military groups whose main business is related to the military industry, as well as other representative listed securities whose main business is in the military industry, as index constituents to reflect the overall performance of companies in the military industry.

Guotai Haitong stated that the long-term trend for the military industry is positive. The Fourth Plenary Session of the 20th Central Committee proposed "to achieve the centenary goal of building the military on schedule and to promote the modernization of national defense and the military in high quality," which calls for accelerating the construction of advanced combat capabilities and modernizing military governance to consolidate and improve the integrated national strategic system and capabilities. The two aerospace state-owned enterprises have already set the goal of becoming a strong aerospace nation during the "15th Five-Year Plan" and deployed key tasks.

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