国防军工行业周报2024年第45周：国防军工板块走强，第十五届中国航展将于珠海举办

Investment Rating - The defense and military industry is rated as "Overweight" [6] Core Viewpoints - The defense and military sector has shown strong performance, with a weekly increase of 12.23% and a year-to-date increase of 21.61%, ranking 2nd and 6th among 31 primary industries respectively [1][12] - The current PE-TTM valuation for the defense and military sector is 77.19x, which is above the historical average plus one standard deviation [1][14] - The demand for national defense construction is expected to remain strong, supported by international military trade and military-to-civilian transitions, indicating a sustained high growth outlook for the sector [3][4] Summary by Sections Market and Stock Performance - The defense and military sector saw a weekly increase of 12.23% from November 4 to November 8, 2024, ranking 2nd among 31 primary industries [1][14] - Year-to-date, the sector has increased by 21.61%, ranking 6th among the same industries [12][14] - Top performing stocks for the week include Zhongke Xingtou (+63.89%), Chenxi Aviation (+56.40%), and Shanghai Huanxun (+53.00%) [2][29] Industry Dynamics - Key events include the upcoming 15th China International Aviation and Aerospace Exhibition in Zhuhai from November 12 to November 17, 2024, and the signing of the "Military Equipment Guarantee Regulations" by Chairman Xi Jinping [2][32] - The sector is expected to benefit from the new regulations and the focus on military equipment support [3][32] Industry Data - The Baltic Dry Index for dry bulk shipping increased by 8.49% this week, while the index for crude oil decreased by 4.60% [3] - The price of titanium sponge remained stable, while acrylonitrile and nickel prices increased by 1.13% and 1.74% respectively [3] Investment Recommendations - For 2025, it is recommended to focus on two main lines: defense construction and technology extension. Key stocks include AVIC Shenyang Aircraft Company, AVIC Xi'an Aircraft Industry Group, and China Shipbuilding Industry Corporation [4][5] - The report highlights the potential of military new materials, satellite technology, and 3D printing technology in various applications beyond defense [4]