中信建投：军工行业已逐步进入新一轮周期

Core Viewpoint - The military industry is entering a new cycle characterized by a transition from "volume and price increase" to "volume increase and price stability," and from "platform expansion" to "system building and short board supplementation," indicating the start of a second structural cycle recovery [1] Industry Growth Characteristics - Future growth in the military industry will exhibit structural characteristics, with stable growth in traditional sectors and new domains expected to outperform the industry average [1] Investment Recommendations - Three main investment lines are suggested: 1. Traditional Military Sector: Focus on industries with expected order recovery and performance support, particularly in the aerospace, shipbuilding, and aviation sectors [1] 2. New Domains and New Qualities: - In new warfare, attention should be on industries characterized by low cost, intelligence, and systematization, including low-cost precision-guided munitions, unmanned systems, and next-generation intelligent combat bases - For new productive forces, focus on industries with broad application market space, rapid growth, and low domestic production rates, mainly in commercial aerospace, low-altitude economy, and large aircraft - In new technologies, attention should be on MEMS devices, additive manufacturing, and ceramic matrix composites [1] 3. Reform and Overseas Expansion: Focus on companies with expected asset integration and competitiveness in the military trade market [1]