国防军工行业报告：第十五届中国航展即将开幕，歼-35A等多款先进军机将亮相

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The 15th China Airshow will take place from November 12 to 17 in Zhuhai, Guangdong, showcasing advanced military aircraft including the J-35A [3][9] - The military industry has experienced rapid growth from 2020 to 2022, with significant performance differences in 2023 across sub-sectors, indicating a trend towards high-quality development [4][12] - Investment opportunities are expected to arise from new technologies and products in the military sector, particularly as China increases its presence on the global stage, with military trade exports anticipated to become a new growth point [4][12] Summary by Sections 1. Core Viewpoints - The upcoming airshow will feature 36 types of equipment, including the J-20 and J-35A, marking a significant display of China's military capabilities [3][9] - The J-35A is designed for multi-role operations, emphasizing its capabilities in air-to-ground and air-to-sea attacks, which may allow for faster production and deployment compared to heavier models like the J-20 [4][10] - The report suggests focusing on two main investment themes: traditional aerospace sectors with sustainable growth and new military trends involving new technologies and markets [5][12] 2. Market Overview - The military sector indices have shown strong performance, with the CSI Military Index rising by 12.55% and the Shenwan Military Index by 12.23% in the latest week, outperforming other major indices [14][16] - The top-performing stocks in the military sector include Zhongke Xingtu (+63.89%), Chenxi Aviation (+56.40%), and Shanghai Hanhua (+53.00%) [16][17] 3. Data Tracking - As of November 8, 2024, the CSI Military Index stands at 12,119.55, with a PE-TTM valuation of 82.73 and a PB valuation of 3.37, indicating that both valuations are at historical mid-levels [18] - The report tracks various companies' financing activities, including private placements and stock incentives, which are relevant for assessing market dynamics [22][23]