国防军工：印巴冲突下，关注军贸市场投资机会

Industry Investment Rating - The investment rating for the defense and military industry is "Outperform the Market" and is maintained [1]. Core Viewpoints - The report highlights the recent escalation of conflict between India and Pakistan, which has implications for military trade opportunities [4][5]. - Pakistan is identified as a significant military trade partner for China, with approximately 60% of China's military exports going to Pakistan from 2019 to 2023 [5]. - The report emphasizes the need for military state-owned enterprises to enhance their international competitiveness, suggesting that there is substantial room for growth in revenue and profit margins compared to international military giants [6]. - Relevant listed companies in the defense sector include Guorui Technology, AVIC Chengfei, Aerospace Nanhua, Guobo Electronics, Leidian Weili, Zhongwu Drone, and Aerospace Rainbow [6]. Summary by Sections Industry Basic Situation - Closing point: 1439.46 - 52-week high: 1712.48 - 52-week low: 1113.62 [1]. Recent Research Reports - The report mentions that 62 military listed companies disclosed their Q1 2025 performance, with 20 companies showing year-on-year growth [4]. Relative Index Performance - The report includes a performance chart comparing the defense and military industry to the CSI 300 index, indicating fluctuations in relative performance over time [3].