军工行业周报：2025年展望

Industry Investment Rating - The report maintains an "Overweight" rating on the defense industry, indicating a positive outlook for the sector [138] Core Views - Military intelligence is considered the modern equivalent of the "Two Bombs, One Satellite" project, with significant strategic importance [2][55] - Low-altitude economy is identified as a long-term, large-scale, and highly certain investment theme, with strong policy support and growth potential [4][12][103] - The defense industry is expected to enter a "V-shaped" recovery as the 14th Five-Year Plan progresses and the 15th Five-Year Plan becomes clearer [182] Military Intelligence - Military intelligence is driven by AI, big data, IoT, cloud computing, and unmanned systems, aiming to enhance overall combat capabilities [30][55] - The US and Europe are heavily investing in military AI, with companies like Palantir and Lockheed Martin securing significant contracts [55][170] - China is following closely, with domestic companies emerging in areas like equipment development, command systems, and intelligent hardware [55] Low-Altitude Economy - Anti-drone systems are crucial for the prosperity of the low-altitude economy and serve as a barrier for low-altitude security [5][6][71] - The low-altitude economy is supported by national policies, with infrastructure and flight vehicle manufacturing expected to lead the development [104][105] - The industry is in its early stages, with significant growth potential in areas like air traffic control systems, core technologies, and manufacturing [103][105] Market Data - The defense sector (Shenwan) index rose by 0.33% last week, ranking 9th out of 31 industries [27] - Major defense ETFs saw a 0.35% increase in shares last week, with the total trading volume of the defense sector reaching 200.431 billion yuan [82] Investment Opportunities - Key areas to watch include low-altitude economy, civil aviation, commercial aerospace, and military trade, which are expected to drive long-term growth [103][182] - Companies like Les Information, Sichuan Jiuzhou, and CITIC Offshore are highlighted in the low-altitude economy sector [122] - In the military materials sector, companies like Guangwei Composite Materials and AVIC Materials are expected to benefit from increased demand [28][123] Military Equipment and Technology - The development of unmanned and intelligent systems is reshaping the future of warfare, with a focus on cost-effectiveness and system integration [148][166] - The 076 amphibious assault ship, named "Sichuan," represents a significant step in China's naval modernization and far-sea defense capabilities [155] - Military intelligence and unmanned systems are expected to play a crucial role in future conflicts, with significant investments in AI and related technologies [170][189]