国防军工行业周报：南京市发布低空飞行服务保障办法征求稿，关注相关产业链发展

Investment Rating - The industry rating for the defense and military industry is "Overweight" (maintained) [2] Core Insights - The defense and military industry index fell by 3.4% last week, underperforming the CSI 300 index by 1.7% [3] - Year-to-date, the defense and military industry index has increased by 8.4%, lagging behind the CSI 300 index by 5.0 percentage points [3] - As of November 1, the defense and military industry PE (TTM) is 68.79 times, positioned at the 62.1 percentile since 2012; the PB (LF) is approximately 3.11 times, at the 53.3 percentile since 2012 [3][6] Market Review - The defense and military industry index experienced a decline of 3.4% from October 28 to November 1, underperforming the CSI 300 index by 1.7% [6] - The PE (TTM) for the defense and military industry is 68.79 times, while the PB (LF) is about 3.11 times as of November 1 [6] Investment Suggestions - The release of the "Nanjing Low Altitude Flight Service Guarantee Measures" is expected to have a significant positive impact on the low-altitude economy investment sector, promoting collaborative development and sustainable growth [5][14] - The low-altitude economy industry chain includes upstream flight infrastructure and service guarantees, midstream aircraft manufacturing, and downstream operational applications [5][14] - Key investment opportunities are suggested in areas such as complete aircraft manufacturing, power systems, airspace management, and low-altitude operations [5][14]