国防军工行业简评报告：珠海航展，关注自主可控机会

Investment Rating - The industry investment rating is "Positive" [2][11]. Core Insights - The 15th China International Aviation and Aerospace Exhibition opened in Zhuhai, showcasing various "national key equipment" and highlighting investment opportunities in the defense and military sector [3][4]. - The exhibition attracted 1,022 companies from 47 countries and regions, with foreign exhibitors increasing by 104% year-on-year, indicating strong international interest in the Chinese market [4]. - National defense spending for 2024 is projected to be 1.69 trillion yuan, a 7.2% increase from the previous year, with new generation fighter jets, including the J-20S and J-35, making their debut at the exhibition [5]. - The commercial aerospace and low-altitude economy sectors are rapidly developing, becoming market hotspots, with various low-altitude products showcased at the exhibition [6]. - Investment in military equipment, commercial aerospace, and low-altitude economy is expected to drive domestic economic growth in the coming years, with a focus on self-sufficiency [6]. Summary by Sections Industry Overview - The report emphasizes the significance of the Zhuhai Airshow in promoting self-sufficiency in the defense sector and attracting international attention [3][4]. Market Trends - The report notes a stable growth in national defense spending and the introduction of advanced military aircraft, reflecting the government's commitment to enhancing military capabilities [5]. Investment Recommendations - The report suggests that investments in military equipment, commercial aerospace, and low-altitude economy will be key drivers for future economic development, with specific companies highlighted for potential investment [6].