军工电子月报：Deepseek自主可控突破，军事智能化大势所趋

Investment Rating - The report maintains an "Accumulate" investment rating for the military electronics industry [4]. Core Insights - The breakthrough of DeepSeek is expected to lead to a value recovery in the military electronics industry, as it significantly reduces training and inference costs, making it a market highlight during the Spring Festival [2][26]. - The military electronics sector is poised to benefit from the anticipated recovery in the industry, with a focus on new technologies and fields driving demand [28]. - The performance of military electronics companies is under pressure, with a significant number of firms reporting declines in earnings forecasts for 2024 [39]. Summary by Sections 1. Industry Performance Overview - In January, the military electronics index from AVIC Securities decreased by 7.21%, slightly outperforming the broader military index which fell by 7.28% [29][30]. 2. Key Monthly Insights - The launch of DeepSeek-R1 has garnered attention, indicating a shift in global capital perception towards Chinese tech stocks, with significant gains in Hong Kong and US markets for Chinese assets following its release [27][2]. - The military electronics industry is expected to see a recovery in demand as it is primarily positioned upstream in the military sector, benefiting from the overall industry rebound [8]. 3. Earnings Forecasts for 2024 - As of February 14, 2024, 44 military electronics companies have announced their earnings forecasts, with 9 companies expecting growth while 35 anticipate declines. The median lower limit for net profit growth is projected at -83.91% [39][7]. 4. Military Intelligence Development - The report emphasizes the importance of military artificial intelligence, likening its development to historical milestones in military technology, and highlights the need for urgent advancements in this area to maintain competitive advantage [10][9]. 5. Recommendations for Investment - The report suggests focusing on companies involved in intelligent technology and military simulation, as well as those developing specialized chips and radar systems, indicating a shift towards modernization and technological advancement in the military sector [12][13].