国防军工行业周报：国防支出预算较上年执行数增长7.2%，国防建设有望持续推进-2025-03-14

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [9][19]. Core Insights - The national defense budget for 2025 is set at 1.81 trillion yuan, reflecting a 7.2% increase from the previous year's execution, indicating a sustained push for defense construction [4][5]. - The defense industry index rose by 7.0% in the week of March 3 to March 7, outperforming the CSI 300 index by 5.6% [3][10]. - The current PE (TTM) for the defense industry stands at 69.10 times, placing it in the 62.5 percentile since 2012, while the PB (LF) is approximately 3.12 times, in the 54.0 percentile since 2012 [3][10]. Summary by Sections Market Review - The defense industry index has increased by 3.5% since the beginning of 2025, outperforming the CSI 300 index by 3.6 percentage points [3][10]. - The report highlights that the defense budget will focus on developing new combat capabilities and enhancing traditional military forces [5][19]. Investment Recommendations - The report suggests investing in emerging fields such as satellite internet, low-altitude economy, unmanned systems, and intelligent combat platforms, which align with future warfare trends and have significant market potential [6][19]. - It emphasizes that the current military industry is at a historically low PE valuation, with growth premiums becoming more prominent, recommending attention to undervalued leading companies [6][19].