国防军工行业观察：洲际导弹试射奠定信心，体系梗阻破冰迫在眉睫

Industry Investment Rating - The industry investment rating for the defense and military sector is "Recommended" with a "Maintain" stance [2] Core Views - The defense and military sector (CITIC) index rose by 13.95% from September 18 to September 27, 2024, underperforming the Shanghai Composite Index by 0.23pct, the CSI 300 Index by 3.28pct, and the ChiNext Index by 8.87pct [2] - The successful test launch of an intercontinental ballistic missile by the Rocket Force on September 25, 2024, has bolstered market confidence in the development of military equipment, particularly for the Rocket Force [2][5] - The "14th Five-Year Plan" for military construction is entering a critical phase of capability integration and delivery, with demand for key military equipment expected to accelerate [7] - The sector's weakest phase of industry prosperity has passed, and demand is expected to significantly increase by 2025, extending into 2026 [8] - Companies such as Philips, Aerospace Electric, and HaiGe Communications are expected to see a strong recovery in demand [7][8] Market Performance - The defense and military sector (CITIC) index rose by 10.25% from September 25 to September 27, 2024, outperforming the Shanghai Composite Index by 2.41pct but underperforming the CSI 300 Index by 0.25pct and the ChiNext Index by 6.48pct [2] - The CSI Military Index increased by 13.97% during the week of September 23 to September 27, 2024, while the Shanghai Composite Index rose by 12.81% and the ChiNext Index by 22.71% [9] - Year-to-date, the CSI Military Index has fallen by 6.25%, underperforming the Shanghai Composite Index by 10.04pct and the ChiNext Index by 5.94pct [9] Key Companies - Philips, Aerospace Electric, and HaiGe Communications are highlighted as companies with strong potential for demand recovery [7][8] - Aerospace Nanhu, 712, and HaiGe Communications are expected to see a subsequent release of demand for supporting equipment [7] - Companies such as Aerospace Electric, Philips, and Platinum are recommended for attention due to delayed demand caused by industry personnel changes [8] Industry Dynamics - The China Aerospace Science and Technology Corporation successfully launched six satellites on September 20, 2024 [20] - The China Aerospace Science and Industry Corporation's Third Academy held a leadership meeting on September 25, 2024, emphasizing the completion of annual tasks [20] - The China Aerospace Science and Industry Corporation's Second Academy issued a decision on September 25, 2024, to ensure the completion of annual tasks [20] Company Updates - China Shipbuilding announced a stock swap ratio for its merger with China Heavy Industry, with a swap price of 37.84 yuan per share for China Shipbuilding and 5.05 yuan per share for China Heavy Industry [24] - Platinum plans to invest in a new production line for additive manufacturing powder materials, increasing annual production capacity from 800 tons to 3000 tons [25] - Philips completed its share repurchase plan, repurchasing 1.6881 million shares for a total of 50.087 million yuan [25]