Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights a structural reversal in demand for the defense and military industry, indicating potential investment opportunities [2][4] - The report provides insights into the changes in holdings of military stocks among public funds, suggesting a cautious but optimistic outlook for the sector [5][12] Summary by Relevant Sections Public Fund Holdings - As of Q4 2024, the market value of military stocks in the top ten holdings of 6064 active public funds reached 43.719 billion, accounting for 2.46%, an increase of 0.10 percentage points quarter-on-quarter [3][5] - The total market value of 120 military stocks in the A-share market is 1.95 trillion, representing 2.08% of the total A-share market value of 93.96 trillion, with a quarter-on-quarter increase of 0.13 percentage points [6][8] Fund Allocation Trends - The allocation of military stocks in the top ten holdings of active public funds decreased to 1.59% after excluding 11 military-themed funds, indicating a low allocation status [12] - The proportion of state-owned military stocks among actively held military stocks rose to 80.33% in Q4 2024, recovering from a decline in previous quarters [13][16] Sector Breakdown - As of Q4 2024, the allocation of military stocks by sector shows that aviation military stocks account for 26.18%, with a quarter-on-quarter increase of 4.48 percentage points, while aerospace military stocks account for 22.96%, showing a decrease of 6.01 percentage points [16] Stock Performance - The top stocks with increased holdings in Q4 2024 include Guorui Technology (1.366 billion), AVIC High-Tech (1.233 billion), and Aero Engine Corporation (1.123 billion) [22] - The stocks with the largest reductions in holdings include AVIC Optoelectronics (-2.049 billion) and Aerospace Electric (-1.636 billion) [22][24]
2024Q4公募基金军工股持仓分析：配置比例环比下降仍处低配，航天方向环比减配
INDUSTRIAL SECURITIES·2025-02-03 05:40