国防军工行业周报：全国低空交通一张网项目启动，助力低空行业有序发展

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [9][19]. Core Views - The launch of the "National Low-altitude Traffic One Network" project presents new investment opportunities, as the low-altitude economy is recognized as a strategic emerging industry with a vast market potential across various sectors including drone development, operation services, flight training, and aviation tourism [6][19]. - The defense and military industry index decreased by 0.6% last week, underperforming the CSI 300 index by 1.8%. Since the beginning of 2024, the industry index has increased by 3.7%, lagging behind the CSI 300 index by 11.1 percentage points [3][10]. - As of February 14, 2024, the defense and military industry PE (TTM) stands at 66.21 times, positioned at the 57.0 percentile since 2012, while the PB (LF) is approximately 2.98 times, at the 48.0 percentile since 2012 [3][10]. Summary by Sections Market Review - The defense and military industry index fell by 0.6% from February 10 to February 14, 2024, underperforming the CSI 300 index by 1.8%. The industry index has risen by 3.7% since the start of 2024, but this is 11.1 percentage points lower than the CSI 300 index [3][10]. - The current PE (TTM) for the industry is 66.21, and the PB (LF) is about 2.98, indicating a moderate valuation compared to historical data [3][10]. Investment Recommendations - The initiation of the "National Low-altitude Traffic One Network" project is expected to drive investment in the low-altitude economy, which encompasses various sectors such as drone manufacturing and logistics. The project is anticipated to enhance market potential and attract more capital into the industry, supporting high-quality development [6][19].