国防军工行业：全力推进“十四五”规划圆满收官，新一轮景气上行周期已开启

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The completion of the "14th Five-Year Plan" is crucial, and there is a strong determination to meet the established goals despite challenges. The military industry is expected to accelerate its tasks, marking the beginning of a new upturn cycle [3][7] - The international instability presents new opportunities for China's military trade, driven by technological advancements and the expansion of new domains [6][7] Summary by Sections Industry Overview - The report emphasizes the importance of completing the "14th Five-Year Plan" and the urgency to address challenges, highlighting the need for high-quality development and effective execution of the plan [7] Investment Recommendations and Targets - The military industry is anticipated to perform well, with specific stocks recommended for investment, including: - Ammunition and Information Technology: Suggestions include Aerospace Electric (002025, Buy), Feilihua (300395, Buy), and others [7] - New Quality Productivity: Focus on AI-related companies and low-altitude economy sectors [7] - Aviation Equipment and Supporting Industries: Recommendations include major manufacturers and supporting companies [7]