国防军工2025年度策略：否极泰来，军工春天已来

Investment Rating - The report maintains an "Increase" rating for the defense and military industry, indicating a positive outlook for investment opportunities in this sector [55]. Core Insights - The defense industry is expected to enter a reversal phase over the next three years, with significant opportunities arising from increased military spending and equipment orders [67]. - The report highlights a trend towards unmanned, informationized, and cost-effective military equipment, reflecting the evolving nature of modern warfare [58]. - Key areas of focus include missile systems, military electronics, and new combat capabilities, which are anticipated to experience high growth in the coming years [57][58]. Summary by Sections 1. Defense and Military - The defense industry is poised for a rebound, with a focus on stable growth in main battle equipment and new opportunities arising from innovative mechanisms [63]. - The report emphasizes the importance of military trade as a means of enhancing political influence and as a significant profit growth point for military enterprises [20][59]. 2. Main Battle Equipment - The aviation sector is expected to grow steadily, with new aircraft showcased at exhibitions indicating a strengthening of bargaining power among manufacturers [63]. - The report notes that military aircraft engines and related technologies are becoming increasingly important, with a focus on maintenance and aftermarket services [63]. 3. Elastic Directions - Missile systems and military electronics are highlighted as key areas for growth, with military electronics expected to lead the way in the upcoming equipment order cycle [32][45]. - The report identifies underwater equipment and unmanned systems as critical components of future military capabilities, with significant investments anticipated in these areas [47][50]. 4. Incremental Directions - Military trade is identified as a crucial growth area, particularly in light of recent global conflicts that have increased demand for specific military equipment [17][59]. - The low-altitude economy is projected to be a major growth sector, with policies and industry developments expected to drive significant advancements [59]. 5. Investment Recommendations - The report suggests focusing on companies that are well-positioned within the defense supply chain, particularly those involved in main battle equipment, missile systems, and military electronics [70]. - Specific companies to watch include aviation manufacturers, missile producers, and firms specializing in military electronics and satellite communications [70].