军工配置思路和低空经济最新观点

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, overcoming challenges, and new productive forces, aligning with national strategic support directions [7]. - The report highlights that military stocks have shown substantial rebounds, with top-performing stocks experiencing significant increases in their share prices during the recent market recovery [15]. Summary by Sections Section 1: Military Investment Strategy - The military sector is positioned as a high-growth area, ranking third among primary industries during the rapid market rebound from April to August 2022, with a rebound rate of 39.7% [7]. - The report emphasizes the importance of identifying stocks with low valuations and significant prior declines, suggesting that these stocks may present attractive investment opportunities [17]. Section 2: Latest Perspectives on Low-altitude Economy - The report discusses the recent policy direction from the 20th Central Committee, which emphasizes the development of general aviation and the low-altitude economy as part of modern infrastructure construction [25]. - Local governments have actively implemented plans to develop low-altitude operations, with initiatives such as the establishment of low-altitude operation companies and the opening of commercial flight routes [27]. - The report anticipates that upcoming policies and infrastructure developments will support the steady growth of the low-altitude economy, with significant events like the Zhuhai Airshow showcasing advancements in this sector [29].