军工行业周报：第十五届珠海航展开幕，加贺号完成F-35起降测试

Investment Rating - The report rates the military industry as "Overweight" [7] Core Viewpoints - The military sector has experienced a pullback, with the defense industry index dropping by 9.36%, underperforming the market by 5.84 percentage points [8][18] - By 2043, China's civil aviation fleet is expected to exceed 10,000 aircraft, indicating significant growth potential in the aviation sector [8] - The 15th China International Aviation and Aerospace Exhibition showcased various new military equipment, highlighting advancements in China's defense capabilities [14][29] - The report emphasizes the long-term positive trend for the military industry due to increasing geopolitical tensions and the need for enhanced national defense [15] Summary by Sections 1. Core Viewpoints - The 15th Zhuhai Airshow opened, featuring the successful F-35 takeoff test by Japan's Kaga [14] - The airshow attracted over 1,000 exhibitors from 47 countries, with a notable increase in international participation [14] - The report suggests focusing on aerospace equipment construction and satellite internet as key investment areas [14] 2. Market Review - The military defense index fell by 9.36%, ranking last among sectors [18][19] - The report notes that the defense information technology sector performed relatively well during this period [23] 3. Major News in the Military Industry - The 15th Zhuhai Airshow highlighted China's advancements in military technology, including the debut of the J-35A stealth fighter and the Hongqi-19 missile system [29][30] - The report discusses the significance of the airshow in showcasing China's military capabilities and fostering international cooperation in aerospace [29][30] 4. Important Company Announcements - The report lists key companies in the military sector, including AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group, as potential investment targets [15][16]