北交所科技成长产业跟踪第二十五期：印巴冲突背景下国防建设地位凸显，关注北交所军工、航空产业企业

Group 1 - In 2025, China's defense expenditure is projected to be 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2% [4][8][10] - The Indian military conducted strikes against multiple targets in Pakistan, escalating regional tensions [4][8] - The domestic aircraft industry, particularly the C919, has a backlog of orders exceeding 1 trillion yuan, with a significant portion of its structure designed and manufactured by Chinese companies [4][28][27] Group 2 - The median price-to-earnings (P/E) ratio for the North Exchange's technology growth stocks increased by 5.69% from May 6 to May 9, 2025, with 91% of companies experiencing price increases [4][35][37] - The median P/E ratio for the new energy sector rose by 7.72% to 37.6X, indicating a positive trend in valuations [41][62][64] - The median P/E ratio for the electronic equipment sector increased from 55.1X to 56.0X, with a total market capitalization rising from 1,314.2 billion yuan to 1,398.0 billion yuan [41][43][44] Group 3 - The mechanical equipment sector's median P/E ratio rose from 55.8X to 58.7X, with total market capitalization increasing from 958.0 billion yuan to 1,022.8 billion yuan [48][49][50] - The information technology sector's median P/E ratio increased from 81.7X to 86.4X, with total market capitalization rising from 861.8 billion yuan to 890.0 billion yuan [53][54][56] - The automotive sector's median P/E ratio increased from 31.0X to 32.9X, with total market capitalization rising from 539.5 billion yuan to 557.2 billion yuan [58][61] Group 4 - The North Exchange's aerospace and military industry chain includes 15 companies, highlighting the growth potential in this sector amid geopolitical tensions [4][32][33] - The C919 aircraft is positioned to compete with Boeing's 737 series and Airbus's A320 series, indicating a strategic move towards enhancing domestic capabilities in the aviation market [4][27][28]