国防军工行业报告：火箭军成功发射1发洲际弹道导弹，中央政治局会议支持上市公司并购重组

Investment Rating - The report does not explicitly state the investment rating for the defense industry [1]. Core Views - The successful launch of an intercontinental ballistic missile by the Rocket Force on September 25, 2024, is part of routine military training and demonstrates the performance of weaponry and training levels [5][9]. - The Central Political Bureau meeting on September 26, 2024, emphasized support for mergers and acquisitions among listed companies, indicating a potential consolidation trend in the military industry [10]. - The military industry is expected to maintain moderate competition domestically while consolidating for international trade, which could enhance profitability in military exports [10]. - The military industry has experienced significant growth from 2020 to 2022, but 2023 has shown notable performance disparities across sub-sectors, suggesting a shift towards high-quality development [11]. Summary by Sections 1. Core Views - The Rocket Force's missile launch is a routine exercise aimed at testing equipment and training effectiveness, with prior notifications to relevant countries [5][9]. - The Central Political Bureau's meeting supports mergers in the military sector, with notable examples including the planned merger between China Shipbuilding and China Heavy Industry [10]. - The military industry is expected to see reduced domestic competition and increased military trade opportunities, with recommended stocks including Guorui Technology, AVIC Shenyang Aircraft, and others [10]. 2. Market Overview - The military sector indices showed significant increases, with the CSI Military Index rising by 13.97% and the Shenwan Military Index by 14.24% [12]. - The top-performing stocks in the military sector included Feilihua (+25.35%) and Shanghai Hanhua (+25.25%) [14]. 3. Data Tracking - The military sector's PE-TTM valuation is at 56.65, with a PB valuation of 2.62, indicating a mid-range historical position for PE and a low historical position for PB [16][17]. - The report tracks various companies' financing and stock incentive data, highlighting significant capital raises and stock options in the military sector [21][22]. 4. Key Sub-sector Information - The report discusses developments in low-altitude economy initiatives in Beijing and Chongqing, aiming for substantial growth in related enterprises and infrastructure by 2027 [25]. - It also covers military trade developments, including U.S. military aid to Ukraine and India's establishment of a defense factory in Morocco [26][27]. - The report highlights advancements in drone technology, with India's successful test flight of the FWD-200B unmanned bomber [28].