国防军工行业行业双周报：《军队装备保障条例》发布，再提“全面聚焦备战”

Investment Rating - The report recommends a positive investment outlook for the defense and military industry, suggesting to "buy low and accumulate" [2][3]. Core Insights - The release of the "Military Equipment Support Regulations" indicates a renewed focus on military preparedness and may lead to a restart of large-scale equipment procurement, enhancing the military's operational capabilities by 2027 [2][12]. - The re-election of Trump is expected to usher in a golden era for the global defense industry, with U.S. military spending reaching $734.3 billion in the 2019 fiscal year, a 7.6% increase, the highest growth rate in 14 years [2][13]. - The ongoing U.S.-China rivalry emphasizes the importance of supply chain security, with domestic military industry advancements in dual-use components, particularly in critical military chips, expected to drive growth [3][14]. - The military sector's valuation is slightly above the historical average, with a current TTM valuation of 61.68x, indicating potential for upward movement in the current market environment [3][26]. Summary by Sections 1. Military Equipment Support Regulations - The new regulations aim to enhance military equipment support capabilities and streamline procurement processes, marking a significant shift in military priorities [2][12]. 2. Military Market Performance - The defense and military index saw a weekly increase of 13.08%, outperforming other sectors, with specific sub-sectors like aviation and aerospace showing significant gains [15][18]. 3. Military Sector Valuation Levels - The military sector's current valuation is 61.68x, slightly above the historical average of 59x, with a valuation percentile of 65.4%, suggesting room for growth [3][26]. 4. Important Company Dynamics - Approximately 46 military-related companies have engaged in stock buybacks since June 2023, totaling 2.02 billion yuan, reflecting confidence in the industry and individual company prospects [3][33]. 5. Military Industry Trends - The report highlights ongoing advancements in military technology and procurement, with significant events such as the upcoming airshow showcasing new military aircraft [2][32].