国防军工行业周报：国航、南航接收首架C919，国产大飞机交付提速

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [19] Core Insights - The defense and military industry index rose by 1.2% last week, outperforming the CSI 300 index by 1.4% [5][8] - Since the beginning of 2024, the defense and military industry index has declined by 14.4%, lagging behind the CSI 300 index by 11.2 percentage points [5][8] - As of August 30, 2024, the defense and military industry PE (TTM) is 45.4 times, positioned at the 9.8 percentile since 2012; the PB (LF) is approximately 2.5 times, at the 18.7 percentile since 2012 [5][8] Summary by Sections Market Review - The defense and military industry index increased by 1.2% from August 26 to August 30, 2024, outperforming the CSI 300 index by 1.4% [5][8] - The PE (TTM) of the defense and military industry is 45.4 times, and the PB (LF) is about 2.5 times as of August 30, 2024 [5][8] C919 Aircraft Development - China International Airlines and China Southern Airlines received their first C919 aircraft, marking a significant step in the delivery of domestically produced large aircraft [6] - The C919 aircraft has a current domestic production rate of approximately 60%, with expectations for gradual increases due to supportive policies and improved domestic technology [19] Investment Recommendations - The successful commercial operation and capacity enhancement of the C919 aircraft signify a breakthrough in Chinese aviation technology, creating substantial market opportunities for the entire aviation supply chain [19] - The report suggests focusing on companies involved in upstream raw materials, midstream components, and downstream assembly related to the large aircraft industry [19]