Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [1] Core Insights - The defense and military industry has seen a significant increase in heavy positions, with a total market value of 800.82 billion yuan, reflecting a 17.27% increase quarter-on-quarter [2][5] - The active fund segment shows a heavier increase of 17.87%, with a market value of 465.53 billion yuan, indicating a strong interest from active funds [2][5] - Despite the increase in fund allocation, the defense industry remains underweight compared to other sectors, suggesting potential for future growth in fund allocation [2][10] Summary by Sections 1. Heavy Position Market Value and Allocation Ratio Changes - The total market value for the defense and military industry is 800.82 billion yuan, with a quarter-on-quarter increase of 17.27%, ranking 11th among all sectors [2][5] - The allocation ratio for the defense industry stands at 2.73%, with a slight increase of 0.03 percentage points, still underweight by 0.12% [10] - Active funds show a market value of 465.53 billion yuan, with a 17.87% increase, and an allocation ratio of 2.53%, up by 0.15 percentage points, indicating a more pronounced underweight of 0.31% [10] 2. Sub-sectors and Representative Industry Chain Analysis - The aviation, aerospace, and new materials sectors have seen an increase in allocation ratios, while the shipbuilding sector has decreased [14] - The missile industry chain has experienced the highest increase in allocation, while the aircraft industry chain has reached its highest allocation level since 2023 [18] - The long-range firepower sector has been consistently increased, while the satellite and unmanned sectors have seen reductions in allocation [24] 3. Heavy Position Stock Analysis - The concentration of heavy positions has increased, with China Shipbuilding, AVIC Optical, and AVIC Shenfei leading in market value [26] - The most significant increases in heavy positions were seen in stocks like Feilihua and China Power, particularly in the aircraft and missile industry chains [20][26] - The report highlights a preference for central state-owned enterprises, although there has been a slight decrease in preference compared to the previous quarter [26]
军工行业2024Q3基金持仓分析
Huafu Securities·2024-11-04 12:01