激浊扬清，周观军工第100期：重视军工新材料的配置价值

Investment Rating - The report maintains a "Positive" investment rating for the military industry [2]. Core Insights - The military industry is experiencing a recovery phase, with a focus on the demand for ammunition as a significant investment opportunity. The report emphasizes the importance of the J-35 aircraft and its associated supply chain, predicting that the demand for stealth materials will increase due to the acceleration of new aircraft deployments [62][66]. Summary by Sections Stealth Materials - Stealth aircraft are now standard for advanced military jets, providing significant operational advantages such as low detectability and the ability to penetrate enemy defenses. The U.S. Air Force's 2030 vision emphasizes a combination of manned and unmanned platforms for effective air superiority [11]. - Stealth materials, including radar-absorbing coatings, are crucial for modern military aircraft, allowing for the maintenance of stealth without altering the aircraft's structure [13][16]. Aerospace Composites - The demand for aerospace composites is expected to rise significantly due to the introduction of new military aircraft, with composites playing a vital role in reducing weight and enhancing performance. The J-35 is anticipated to drive this demand further [31][32]. - The report highlights that the composite materials used in military drones exceed those in manned aircraft, with usage rates between 50% to 80% of the total structural weight [31]. Ceramic Matrix Composites (CMCs) - CMCs are identified as having superior properties for high-temperature applications in advanced aircraft engines, with a working temperature of up to 1650°C. This material is seen as a key technology for future engine components [54][56]. - The report notes that while the U.S. has made significant advancements in CMC applications, China is catching up through collaborative research and development efforts [60]. Market Trends and Opportunities - The military industry is shifting towards a focus on ammunition consumption as a primary investment direction, with a notable emphasis on the J-35 aircraft's supply chain and the potential for significant returns from related companies [62][66]. - The report suggests that the upcoming years will see a surge in military aircraft deployments, which will positively impact the entire military supply chain, particularly in ammunition and stealth materials [62][66].