国防军工行业报告：多型新装备首次亮相珠海航展，中国军贸出口崛起势不可挡

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [8] Core Viewpoints - The 15th China International Aviation and Aerospace Exhibition concluded on November 17, with nearly 600,000 attendees and signed contracts exceeding 280 billion RMB. Multiple new domestic equipment made their debut, including the J-35A and J-15T fighter jets, the Hongqi-19 surface-to-air missile system, and lunar soil samples [10][22] - China's military trade market share is currently low at 5.8%, ranking 4th globally, which does not match its status as a major power. The global military trade landscape may change significantly due to the ongoing Russia-Ukraine conflict, presenting opportunities for rapid growth in China's military trade [11][46][48] - The military industry is expected to transition towards high-quality development after experiencing rapid growth from 2020 to 2022. New technologies and products are emerging, creating investment opportunities in new domains and markets [50] Summary by Sections 1. Core Viewpoints - Multiple new equipment debuted at the Zhuhai Airshow, showcasing China's advancements in military technology [10][22] - The military trade sector is anticipated to grow rapidly, with a focus on enhancing international competitiveness [11][46] - Investment suggestions include traditional aerospace sectors and new military trends, with specific companies highlighted for potential investment [50] 2. Market Overview - The military sector indices showed a decline, with the CSI Military Index down 8.60% and the Shenwan Military Index down 8.79% [52] - The top-performing stocks in the military sector included Zhenxin Technology (+7.32%) and Kesi Technology (+3.69%) [54] 3. Data Tracking - As of November 15, 2024, the CSI Military Index stood at 11,077.05, with a PE-TTM valuation of 75.89 and a PB valuation of 3.09, indicating that both valuations are at historical mid-levels [57]