军工配置思路和低空经济最新观点（10.07-10.11周报）

Investment Rating - The report maintains a strong outperform rating for the military industry [1]. Core Insights - The current military "bull market" can be referenced against the period from late April to early August 2022, where the military sector benefited from a significant valuation increase due to rising market risk appetite [7][14]. - The military sector is expected to exhibit multiple attributes such as self-reliance, reversal from difficulties, and new productive forces, aligning with national strategic support directions, making it worthy of attention [7]. - The report highlights that military stocks have shown significant rebounds, with top-performing stocks experiencing substantial increases in their share prices during the referenced period [15]. Summary by Sections Section 1: Military Investment Strategy - The military sector ranked third among primary industries during the rapid rebound from April 26 to August 10, 2022, with a rebound rate of 39.7% [7]. - The report emphasizes that the military sector is positioned as a high-growth area, benefiting from a broad market rally and strategic government support [7]. Section 2: Latest Perspectives on Low-altitude Economy - The report discusses the recent policy direction from the Third Plenary Session of the 20th Central Committee, which emphasizes the development of low-altitude economy as part of modern infrastructure construction [25]. - It notes that low-altitude economy encompasses traditional general aviation and integrates drone-supported services, representing a new economic form with significant productive force characteristics [25]. - Local governments are actively implementing plans to develop low-altitude infrastructure, with initiatives such as the establishment of low-altitude operation companies and the opening of commercial flight routes [27].