军工行业周报：低空经济的安全发展观

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [2]. Core Viewpoints - The military industry is expected to enter a "V" shaped recovery as the "14th Five-Year Plan" progresses and the "15th Five-Year Plan" becomes clearer, indicating significant investment opportunities in areas such as unmanned equipment, satellite internet, and electronic countermeasures [16][20]. - The low-altitude economy is highlighted as a new growth area, with a projected market size of 5,059.5 billion yuan in 2023, expected to exceed 10,644.6 billion yuan by 2026, driven by national demand and supportive policies [82][83]. Summary by Sections Industry Trends - The defense and military index decreased by 0.66% this week, ranking 20th out of 31 industries, while the overall market showed a slight decline [61]. - The military sector is experiencing a rotation performance, with a focus on high-quality companies across the industry chain, which is expected to lead to a stable market performance [3][10]. Low-Altitude Economy - The low-altitude economy is recognized as a significant new theme, with the need for a scientific safety development perspective to balance safety and development [7][84]. - The report emphasizes the importance of developing anti-drone systems as a foundation for the prosperity of the low-altitude economy, addressing safety concerns arising from the increasing use of drones [91][92]. Mergers and Acquisitions - There is an observable trend of accelerated mergers and acquisitions within the military industry, with several companies announcing significant investments and partnerships [10][15]. - The report suggests that the military industry is entering a phase of integration and upgrading, driven by policy changes and market dynamics [14][15]. Investment Opportunities - The report identifies key investment opportunities in the military sector, including unmanned equipment, satellite internet, and electronic countermeasures, as well as in the low-altitude economy and military-civilian integration fields [20][128]. - Specific companies and sectors are highlighted for potential investment, including those involved in military aircraft, low-altitude operations, and advanced military materials [20][24][128].