军工行业事件点评：我国军费增速连续四年维持7%

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][19]. Core Insights - China's defense budget for 2025 is set at 1,784.665 billion yuan, reflecting a growth of 7.2%, maintaining a high level since 2020 [7]. - The report emphasizes the importance of clear defense construction goals for 2025 and 2027, which will positively impact the military industry [8]. - The expansion of the military market is anticipated due to the development of commercial aerospace and low-altitude economy sectors [9]. - The focus on new combat capabilities will drive advancements in equipment informatization, intelligence, and cost-effectiveness [10][11]. - Recent positive factors for the military industry include sustained military expenditure growth, government support for emerging industries, and the potential recovery of delayed orders [12]. Summary by Sections Defense Budget and Growth - The 2025 defense budget growth aligns with previous years, indicating a stable funding environment for military development [7]. - The defense budget as a percentage of GDP is projected to reach approximately 1.26%, the highest since 2017, but still lower than the U.S. figure of 2.99% [7]. Industry Development and Opportunities - The government report outlines a clear path for military industry demand, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [8][15]. - The military industry is expected to experience a "V" shaped recovery as it enters a significant growth cycle [15]. Emerging Sectors and Trends - The report highlights the potential for investment opportunities in unmanned equipment, military intelligence, satellite internet, and electronic countermeasures [15]. - The military sector is also expected to benefit from the integration of civilian and military industries, particularly in commercial aerospace and information security [15]. Market Dynamics - The report suggests a "two up, one down" market rhythm, indicating potential volatility in certain sub-sectors and stocks within the military industry [13]. - The military industry is characterized by a high degree of cyclical growth, with a focus on long-term investment strategies [15].