军工本周观点：短期调整，继续看好

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [3]. Core Insights - The report emphasizes the importance of achieving the centenary goal of military construction by 2027, highlighting the need for quality, efficiency, and power transformations in military development [22]. - The military construction plan for the 14th Five-Year Plan has entered a critical phase of capability integration and delivery, necessitating innovative approaches to enhance combat effectiveness [22]. - The report suggests that industry demand is expected to gradually recover from H2 2024 to H1 2025, supported by positive macro-level guidance [22]. Summary by Sections Market Review - The military industry index (801740) fell by 4.49% during the week of August 5-9, underperforming the CSI 300 index, which declined by 1.56% [8]. - Various sub-sectors within the military industry experienced declines, with commercial aerospace, low-altitude economy, and engine sectors leading the downturn [11][12]. Individual Stock Performance - The top-performing stocks included Aerospace Science and Technology (up 13.62%) and Dongtu Technology (up 7.53%), while the worst performers were Aerospace Morning Light (down 27.77%) and Zongshen Power (down 20.03%) [12][13]. Funding and Valuation - The report notes a decrease in financing buy-ins compared to the previous week, although levels remain above early-year highs, indicating potential volatility in the index [17]. - The military sector's current price-to-earnings ratio is at 43.43, which is relatively low compared to the past five years, suggesting strong allocation value [17][20]. - The report anticipates a significant improvement in industry performance by 2025, which may further enhance valuation levels [20].