国防军工行业报告：中国59家国防与高科技企业亮相阿布扎比国际防务展

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The 17th Abu Dhabi International Defense Exhibition (IDEX 2025) has gathered over 1,560 exhibitors from 65 countries, attracting more than 150,000 professional visitors, with 59 Chinese defense and high-tech companies showcasing advanced technologies [4][10] - The exhibition area exceeded 181,000 square meters, with China having one of the largest national pavilions, displaying hundreds of domestic weapon systems and military technologies, including stealth fighters and drones [5][10] - The military industry is expected to see a turning point in orders as the "Centenary Goal of Building the Army" enters its second half, with new technologies and products offering greater market flexibility [13] Summary by Sections Industry Overview - The closing index for the defense industry is 1,467.95, with a 52-week high of 1,712.48 and a low of 1,113.62 [1] Market Performance - The China Securities Military Industry Index rose by 1.66%, while the Shenwan Military Industry Index increased by 2.74% [16] - The top ten performing stocks in the military sector this week include Taihao Technology (+49.82%) and Kesi Technology (+47.44%) [18][20] Valuation Levels - As of February 21, 2025, the China Securities Military Industry Index stands at 10,668.82, with a PE-TTM valuation of 75.87 and a PB valuation of 3.43, both at historical mid-levels [21][23] Investment Recommendations - Two main investment themes are suggested: 1) Aerospace and "filling gaps" focusing on companies like Feilihua and Fenghuo Electronics [13] 2) New technologies, products, and markets with companies like Aerospace Zhizao and Aerospace Nanhai [13]