国防军工行业投资策略：面向十五五新采购周期，迎接装备体系变革

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [10] Core Viewpoints - The global defense spending growth presents opportunities for the military trade market, particularly with historical events like Middle East reconciliation and the Beijing Declaration, which may lead to a reduction in reliance on Western weapons and an increase in demand for Chinese equipment [1] - The next three years will focus on enhancing military capabilities to meet strategic national development goals, with a significant emphasis on achieving a world-class military by 2025 [10] - The military industry is expected to enter a new procurement cycle in 2025, with new orders anticipated to be fulfilled in the first half of the year, leading to a rebound in profitability for affected companies [11] Summary by Sections Industry Investment Strategy - The report emphasizes the importance of focusing on the transformation of the equipment procurement and defense industrial systems over the next three to five years, which may lead to a restructuring of the industry chain and corporate valuation systems [14] - Key areas of investment include platform-type listed companies, new generation aviation equipment systems, low-cost ammunition, and advancements in network information technology [2] Market Trends - The military trade market is expected to see a surge in demand due to the rapid production and deployment of new generation weapons and the ongoing reforms in the equipment system [10][11] - The report highlights the potential for significant changes in the defense industry driven by social participation and fair competition, which will alter the pricing system and enhance capital operation efficiency [14]