国防装备行业周报（2024年12月第4周）：重视新一代战机、低空经济司成立；聚焦空军装备、低空经济等

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The core logic of the defense and military industry is summarized in 12 words: endogenous + external, domestic demand + foreign trade, military products + civilian products [1] - The growth trend of the defense and military industry is strong, driven by factors such as scale effects, equity incentives, and large orders with significant prepayments [1] - The direction of external growth is clear, with ongoing deepening of state-owned enterprise reforms and potential for military asset securitization and core military product restructuring [1] - The demand for military exports is robust, with Chinese tanks, drones, trainer aircraft, and fighter jets showing global competitiveness [1] Recent Market Performance - The defense index rose by 0.3% this week, while the Shanghai Composite Index increased by 1.0% [8][20] - Year-to-date, the defense index has increased by 10.2%, lagging behind the Shanghai Composite Index by 4.1 percentage points [8][20] - The top five performing military stocks this week include: Hangfa Technology (+17%), Jinxin Nuo (+14%), Guangqi Technology (+9%), Xinzhi Group (+9%), and China Ship Technology (+9%) [9][20] Key Companies and Investment Suggestions - Recommended core companies include: AVIC Xi'an Aircraft Industry Group, AVIC Shenyang Aircraft Corporation, Hongdu Aviation, Aero Engine Corporation of China, China Shipbuilding Industry Corporation, China Shipbuilding Defense, China Power, AVIC Helicopter, North Navigation, and others [1] - Investment suggestions for aircraft include: Hongdu Aviation, AVIC Xi'an, AVIC Shenyang, Aero Engine Corporation, and others [1] - For shipbuilding, recommended companies are: China Shipbuilding, China Heavy Industry, China Power, and others [1] - In the low-altitude economy sector, suggested companies include: AVIC Helicopter, Weihai Guangtai, and others [1]