军工行业研究：复盘美国六代机发展，展望航空装备投资机会

Investment Rating - The report suggests focusing on key technologies and positioning in the sixth-generation fighter aircraft sector, indicating a positive investment outlook for related companies [13]. Core Insights - The development of sixth-generation fighter jets is seen as crucial in the context of increasing global tensions and technological competition, with the potential for significant advancements in new technologies and materials [2][14]. - The U.S. military's Next Generation Air Dominance (NGAD) program aims to shift from platform-centric to network-centric operations, enhancing multi-domain situational awareness and operational capabilities [47][76]. - The report highlights the importance of various components in the aviation equipment supply chain, including stealth materials, aviation engines, and composite materials, as key areas for investment [77][96]. Summary by Sections Section 1: Development of Sixth-Generation Fighters - The U.S. military identifies the sixth-generation fighter's primary tasks as comprehensive air and missile defense, close air support, and electronic warfare capabilities [42]. - Key features of sixth-generation fighters include advanced aerodynamics, supercruise capabilities, and enhanced situational awareness through integrated sensor systems [44][46]. Section 2: Market Performance - The military industry index has shown a slight increase of 0.33% this week, underperforming compared to the Shanghai Composite Index and the CSI 300 Index [78][98]. - The current price-to-earnings (PE) ratio for the military sector is 99.88, indicating a valuation at the historical median level [83]. Section 3: Stock Performance - Top-performing stocks this week include Aviation Industry Corporation of China (17.4%), Jinxin Technology (13.7%), and Guangqi Technology (9.3%) [2][87]. - Conversely, stocks with the largest declines include ST Xinyan (-17.3%) and Zhonghaida (-16.2%) [87].