军工行业周报：从历史看珠海航展期间军工行情

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [3]. Core Insights - The military sector is experiencing a significant uptrend, with the National Defense and Military (Shenwan) index rising by 12.23%, ranking second among 31 industries. The trading volume reached a historical high of 456.77 billion yuan, a week-on-week increase of 29.17% [1][15]. - The upcoming Zhuhai Airshow is expected to enhance market focus on military aerospace companies and low-altitude economy sectors, with several new military and aerospace equipment set to debut [4][23]. - The report anticipates a "V" shaped recovery in the military industry as the "14th Five-Year Plan" enters a critical phase and the "15th Five-Year Plan" becomes clearer, indicating potential investment opportunities in unmanned equipment, satellite internet, and electronic countermeasures [7]. Summary by Sections Recent Market Performance - The National Defense and Military index increased by 12.23%, outperforming other indices such as the Shanghai Composite (+5.51%) and Shenzhen Component (+6.75%). Notable stock performances include Shengnan Technology (+81.4%) and Zhongke Xingtou (+63.89%) [15]. Key Events and Announcements - The 15th China International Aviation and Aerospace Exhibition will take place from November 12 to 17, showcasing new military and aerospace equipment, including the J-35A stealth fighter and the J-15T carrier-based fighter [4][23]. - Recent strategic partnerships and contracts in the military sector indicate a growing interest and investment in defense capabilities [16]. Zhuhai Airshow Outlook - The airshow is expected to boost market expectations for improved performance in military aerospace companies, following a challenging period for the industry [4][23]. - The event will also highlight advancements in low-altitude economy and commercial aerospace, expanding the military market's potential [4][23]. Low-altitude Economy - The low-altitude economy is projected to become a major investment theme in 2024, with a market size expected to exceed 1 trillion yuan by 2026, driven by supportive policies and infrastructure development [26][27]. - The report emphasizes the importance of developing counter-drone systems to ensure the safety and growth of the low-altitude economy [36][37]. Commercial Aerospace - The commercial aerospace sector is identified as a new engine for productivity, with significant growth potential driven by market mechanisms and government support [41]. - The report outlines the historical development of China's commercial aerospace policies, indicating a robust framework for future growth [41].