国防军工行业报告：《军队装备科研条例》发布，高质量、高效益、低成本、可持续为发展新理念

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The newly revised "Military Equipment Research Regulations" will be implemented on March 1, 2025, emphasizing high quality, high efficiency, low cost, and sustainability as new development concepts [11][12] - The implementation of the regulations provides institutional guarantees for the high-quality development of military equipment research, aiming to enhance independent innovation and self-reliance in equipment research and development [12][14] - The military industry is expected to see an inflection point in orders in 2025, driven by new technologies and products that enhance equipment performance or reduce costs, as well as new market directions from military trade and technology transfer [15] Summary by Sections 1. Investment Suggestions - Two main investment lines are suggested: 1) Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and AVIC Shenyang Aircraft [15] 2) New technologies, products, and markets with greater elasticity, including companies like Aerospace Intelligent Manufacturing, Guorui Technology, and Guangdong Hongda [15] 2. Market Overview - The military industry index saw a decline of 0.18% this week, while the overall market indices showed positive growth, indicating the military sector's underperformance relative to the broader market [16] - The top ten performing stocks in the military sector this week included Kesi Technology (+15.24%) and China Great Wall (+13.65%) [20] 3. Valuation Levels - As of February 14, 2025, the military industry index stood at 10,494.21, with a PE-TTM valuation of 75.37 and a PB valuation of 3.16, both of which are at historical mid-levels [22][23] 4. Data Tracking - The report includes tracking of private placements and stock incentive data for military companies, highlighting various fundraising and stock incentive activities [28][29] 5. Key Sector Information - The report discusses developments in low-altitude economy initiatives and military trade markets, including the launch of a national low-altitude traffic network and increased military sales to India [33][35]