国防军工行业周报（2025年第10周）：政府报告明确“十四五”收官，把握高端与新质战力双主线

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, suggesting an increase in focus on this sector [3][5]. Core Insights - The government report emphasizes the acceleration of new combat capabilities and military construction as the "14th Five-Year Plan" concludes, indicating a new growth cycle for high-end military capabilities [2][5]. - The defense budget is projected to grow by 7.2%, reinforcing the expectation of continued high-speed growth in the military sector [5]. - The report highlights the transition towards intelligent and unmanned military capabilities, with AI and robotics expected to be core components of new combat power [5]. - The commercial aerospace sector is being repositioned as a strategic emerging industry, suggesting a favorable investment window [5]. - Key investment themes include high-end military capabilities and new combat power, with specific focus on precision-guided weapons, underwater equipment, and AI/robotics [5]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 6.96%, outperforming the Shanghai Composite Index, which increased by 1.56% [3][6]. - The average increase for the civil-military integration index was 9.05%, indicating strong performance in this segment [3][6]. - Top-performing stocks in the defense sector included Plittech (up 38.12%) and Xuanji Information (up 20.77%) [3][13]. Valuation Changes - The current PE-TTM for the Shenwan Defense sector is 69.10, indicating it is in the upper range historically [14][20]. - The report notes a divergence in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations [14][20]. Key Investment Targets - Recommended stocks for high-end military capabilities include Feilihua, AVIC Electrics, and AVIC Xi'an Aircraft [5][20]. - For new combat power, suggested targets include Chengdu Huamei and Aerospace Electronics [5][20].