军工行业周报：火箭军向太平洋发射洲际弹道导弹

Investment Rating - The industry investment rating is "Positive" with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [29] Core Viewpoints - The military industry sector is currently at a historically low average valuation, highlighting long-term investment value. Given the complex and changing international landscape, demand for military products is still in the early stages of an explosive growth phase. A new industry boom cycle is anticipated, with significant growth potential for leading companies across the supply chain. In recent years, China's defense spending growth rate has consistently outpaced GDP growth. It is believed that there is still considerable room for growth in China's defense spending, which may remain above GDP growth for the long term. Military product orders are expected to normalize and gradually be released, leading to performance improvement and valuation enhancement, referred to as the "Davis Double Play." It is recommended to focus on leading companies in niche areas with favorable competitive dynamics and high technological barriers [4][8] Summary by Sections Industry News - On September 25, the Rocket Force of the People's Liberation Army successfully launched an intercontinental ballistic missile carrying a training simulation warhead into the Pacific Ocean, achieving its intended purpose as part of routine military training [11] - On September 27, China successfully launched its first reusable return technology test satellite, which is expected to significantly enhance the technology level and application efficiency of returnable satellites [12] - Chongqing has released an action plan to promote the development of the low-altitude economy, aiming for significant progress in low-altitude airspace management reform by 2025 [13] Market Performance - In the past week, the Aerospace and Defense Index increased by 12.69%, while the CSI 300 Index rose by 15.88%. For the month, the Aerospace and Defense Index saw a 9.44% increase compared to an 11.42% rise in the CSI 300 Index [9][10]