长城基金翁煜平：关注军工中下游订单催化

Group 1 - The market is currently experiencing significant structural trends, with active performance in the technology sector and increased volatility in the military industry, leading to notable market divergence [1] - Based on the completion of the "14th Five-Year Plan" and expectations for the "15th Five-Year Plan," the military industry, particularly upstream targets, is expected to benefit from order catalysts [1] - In August, the military trade expectations led to downstream manufacturers reflecting long-term market value, but upstream orders showed weak performance in Q2 and Q3, resulting in weaker stock performance [1] Group 2 - There is potential for upward movement in orders from the perspective of the "14th Five-Year Plan" completion, combined with new demand from the "15th Five-Year Plan," which may benefit upstream targets [1] - The company will continue to focus on upstream targets that have order and performance support, with relatively reasonable valuations, as these stocks are expected to experience valuation shifts with the anticipated rise in orders [1]