国防军工行业：2024珠海航展亮点速递

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry in China [3] Core Insights - The 2024 Zhuhai Airshow will showcase unprecedented scale and space, expanding from 100,000 square meters to 450,000 square meters, attracting over 890 exhibitors from 47 countries and regions [1][10] - New military equipment such as the J-35A, J-20S, J-15T, Hongqi-19, Rainbow-7, and Z-20F will be presented, highlighting advancements in stealth technology and multi-role capabilities [1][15][18] - The changing international landscape, particularly with the U.S. elections, may accelerate China's defense construction efforts due to increased military pressure [1] Summary by Sections Airshow Highlights - The airshow will feature a comprehensive display of military capabilities across air, land, sea, and space, with dynamic demonstrations integrating manned and unmanned systems [1][12] - Notable new equipment includes: - J-35A: A new generation stealth multi-role fighter, enhancing China's air combat capabilities [15][16] - J-20S: The world's first dual-seat fifth-generation stealth fighter, improving situational awareness and command capabilities [18][20] - J-15T: A carrier-based fighter with enhanced operational capabilities through electromagnetic catapult launch [21][22] - Hongqi-19: A medium-range missile defense system capable of intercepting various missile threats [23][24] - Rainbow-7: A high-altitude stealth reconnaissance drone with multi-mission capabilities [24][25] Investment Recommendations - The airshow is expected to drive growth in military trade, with significant contracts anticipated due to the increased scale and participation compared to previous years [2] - Recommended companies to watch include: - Aviation Equipment: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, AVIC Electromechanical, Aero Engine Corporation of China, and others [2] - Military Trade Related: Hongdu Aviation, Guorui Technology, Lijun Co., and others [2]