The main difference lies in the difference between heavy holdings: the third largest weight in the CSI Military Industry Index is China Heavy Industries, which belongs to the shipbuilding sector. The sector has been in a downturn for a long time, and the company’s fundamentals and stock price performance are both weak, which has a negative impact on the index. The drag is more serious.

Looking at the leading military industry index, its largest shareholder is Hikvision, which does not belong to the national defense industry. Because it is mentioned in its preparation plan that the weight ratios of the military industry part and the military-to-civilian part are 85% and 15% respectively, that is, 15% of the weight is non-military industry stocks.

The so-called military-to-civilian conversion refers to companies that are affiliated with the top ten military industry groups, but their core business is not military products. Therefore, the stock price performance of these companies has low correlation with the military industry. For example, Hikvision regards its main business as The camp is for security.

In contrast, the heavyweight stocks of the CSI National Defense Index are more reasonable. They are all core military products and have no obvious flaws.

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