激浊扬清，周观军工第93期：2024珠海航展产业趋势跟踪

Investment Rating - The report maintains a "Positive" investment rating for the defense industry [2] Core Insights - The 2024 Zhuhai Airshow showcased multiple new equipment, indicating a transition from research to mass production, which lays a foundation for the long-term growth of defense enterprises [5][6] - Several central defense enterprises signed large contracts at the Zhuhai Airshow, suggesting the industry is poised for a resonance between military trade and civilian products [4][5] - The report emphasizes that 2024 is a key year for structural reversal in the defense sector, with the logic of military-civilian integration expected to continue to materialize [4][5] Summary by Sections Section 1: Aviation Equipment - The Aviation Industry Group presented over 260 exhibits at the airshow, marking a nearly 25% increase compared to the previous event [6][9] - New stealth fighter jets, J-20S and J-35A, were unveiled, with J-35A now officially part of the air force's arsenal, showcasing advanced stealth capabilities [12][13] - The report highlights the overwhelming advantages of fifth-generation fighters over older models, emphasizing their superior performance metrics [18] Section 2: Engine Equipment - China Aviation Engine Group showcased over sixty types of exhibits, with nearly half being publicly displayed for the first time [29][30] - The report notes that the after-sales service tasks have decreased, reflecting an improvement in product maturity and profitability potential [31][34] Section 3: Missile and Defense Systems - The report details the advanced capabilities of various missile systems, including the HQ-9BE and FD-2000A, which are designed to intercept high-value targets effectively [42][44] - The introduction of the FK-4000 defense system, which utilizes high-power microwaves to intercept drone swarms, highlights advancements in counter-drone technology [81][83] Section 4: Market Opportunities - The F-35 program is noted for its increasing orders and decreasing unit manufacturing costs, which is expected to support Lockheed Martin's long-term growth [22][23] - The report identifies key listed companies across the aviation industry chain, including engine assembly and components, indicating potential investment opportunities [24][25]