国防军工行业周报：星舰顺利完成第五次试飞任务，关注相关产业链发展

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [2][21] Core Viewpoints - The defense and military industry index decreased by 2.5% last week, outperforming the CSI 300 index by 0.8% [5][8] - Since the beginning of 2024, the defense and military industry index has dropped by 0.1%, lagging behind the CSI 300 index by 13.4 percentage points [5][8] - As of October 11, 2024, the defense and military industry PE (TTM) is 57.89 times, positioned at the 39.4 percentile since 2012; the PB (LF) is approximately 2.89 times, at the 45.1 percentile since 2012 [5][8] Market Review - The defense and military industry index's performance last week (October 7 to October 11) showed a decline of 2.5%, while it outperformed the CSI 300 index by 0.8% [5][8] - The index has seen a year-to-date decline of 0.1%, underperforming the CSI 300 index by 13.4 percentage points [5][8] - The current PE (TTM) of the industry is 57.89, and the PB (LF) is about 2.89, indicating a relative valuation position [5][8] Investment Suggestions - The successful fifth test flight of SpaceX's Starship marks a new development opportunity for the global low Earth orbit satellite industry, with potential reductions in deployment costs [7][21] - Low Earth orbit satellites offer advantages such as low launch costs, minimal transmission delays, and wide coverage, which are significant for enhancing global communication capabilities and military security [7][21] - The report suggests paying attention to the development of the related industry chain as demand is expected to grow in various segments [7][21]