印巴冲突再起，军贸市场进入上行周期

Investment Rating - The report maintains a "Buy" rating for several companies in the defense industry, including 中航沈飞 (AVIC Shenyang Aircraft Corporation), 航天彩虹 (Aerospace Rainbow), 航天南湖 (Aerospace South Lake), 国睿科技 (Guorui Technology), 国科军工 (National Science Military Industry), 长盈通 (Changying Technology), and 国博电子 (Guobo Electronics) [5][8][11]. Core Insights - The military trade market is entering an upward cycle due to increased global military spending and frequent geopolitical conflicts, with significant opportunities in drone and radar exports from China [1]. - The demand for air defense early warning radars is expected to rise due to advancements in ballistic missile technology, leading to a new wave of foreign trade demand [2]. - Military drones are becoming essential in modern warfare due to their advantages such as no personnel casualties and high cost-effectiveness, with the Wing Loong series being a key export model for China [3]. - China's military trade is transitioning to a phase dominated by self-researched equipment, achieving a net surplus in military trade, with aircraft, ships, armored vehicles, and missiles being the main export products [4]. Summary by Sections Military Trade Market - The military trade market is predicted to grow significantly due to geopolitical tensions and increased military budgets globally [1]. - Key segments for export opportunities include drones, air defense radars, consumable equipment, and military aircraft [1]. Air Defense Radar - The demand for air defense early warning radars is expected to increase as missile defense systems face greater interception challenges [2]. - Companies like 航天南湖 and 国睿科技 are actively expanding their radar product lines and market presence [2]. Drone Market - Military drones are increasingly utilized in modern combat, with the Wing Loong series being a major export success for China [3]. - Companies such as 中无人机 and 航天彩虹 are leading in the international drone market, benefiting from their proven performance in real combat scenarios [3]. Export Opportunities - China's military exports are characterized by high cost-performance ratios, with products like 歼-10CE fighter jets and 彩虹-4A drones gaining international recognition [4]. - The report highlights several companies to watch, including 中航沈飞, 航天彩虹, 航天南湖, 国睿科技, 国科军工, 长盈通, and 国博电子, all of which are positioned to benefit from the growing military trade market [4].