军工行业周报：从DeepSeek和Palantir火热再看军事智能化

Investment Rating - The report maintains an "Overweight" investment rating for the defense and military industry [1] Core Views - The military industry is expected to experience a recovery in delayed orders, particularly in the context of the "14th Five-Year Plan" concluding year, with a potential compensatory growth [5][7] - The upcoming National People's Congress is anticipated to announce defense spending budgets, which may not decrease amid global changes [5] - Emerging strategic industries such as low-altitude economy and commercial aerospace are expected to be hot topics during the National People's Congress, likely leading to supportive policies [5] Summary by Sections Military Intelligence - Military intelligence has become a crucial path for weapon development and battlefield efficiency, with significant investments in artificial intelligence by countries like the US [3][6] - The report emphasizes the need for China to adopt a proactive approach similar to historical projects like "Two Bombs, One Satellite" to advance military AI [40][41] Low-Altitude Economy - The low-altitude economy is viewed as a long-term, significant theme with potential for growth, driven by increasing military and civilian demand [5][34] - The report highlights the importance of anti-drone systems as foundational to the prosperity of the low-altitude economy [34] Industry Performance - As of February 8, 2025, 154 companies have released performance forecasts, with 54 expecting profit increases, indicating a mixed outlook for the military industry [7] - The military industry index has shown a significant recovery, with a 50% increase in the past year, reflecting a positive market sentiment [8][27] Future Trends - The report outlines four key trends for the military industry during the "15th Five-Year Plan": cost reduction, unmanned and intelligent systems, globalization, and the expansion of the "Big Military" concept [14][22] - The military industry is expected to see a rational wave of mergers and acquisitions, focusing on extending the industrial chain and technological innovation [23] Investment Opportunities - The report suggests focusing on investment opportunities in military intelligence, low-altitude economy, commercial aerospace, and military trade as part of the "Big Military" strategy [28][34] - Specific companies and sectors within the military supply chain, such as UAVs and military materials, are highlighted as potential investment targets [29][33]