国防军工本周观点：内贸及军贸仍是需求牵引-20250518

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [4]. Core Insights - The core viewpoint emphasizes that domestic trade and military trade continue to drive demand in the industry [10][48]. Summary by Sections Industry Overview - The "New Era of China's National Security" white paper was released on May 12, outlining China's strategic focus on national security and its interaction with global stability [48]. - Recent defense sales agreements were made with Saudi Arabia, Qatar, and the UAE, totaling approximately $4.3 billion, indicating strong international demand for military equipment [49][50][51]. Market Performance - The military industry index (801740) decreased by 1.18% from May 12 to May 16, underperforming compared to the Shanghai and Shenzhen 300 index, which increased by 1.12% [19]. - The military index has increased by 0.68% since 2025, while the Shanghai and Shenzhen 300 index has decreased by 1.16%, showing relative strength in the long term [21]. Investment Opportunities - The report identifies three main investment lines: domestic trade, foreign trade, and self-sufficiency [54]. - Domestic Trade: Companies such as Tianqin Equipment, Gaode Infrared, and others are highlighted [54]. - Foreign Trade: Companies like Guangdong Hongda and Aerospace Rainbow are recommended [55]. - Self-Sufficiency: Companies involved in commercial engines and nuclear fusion are noted [56]. Financial Insights - As of May 16, the military industry index has a TTM price-to-earnings ratio of 65.05, indicating a high valuation but potential for recovery in demand by 2025 [53][38]. - Passive fund inflows into military ETFs have increased, suggesting a positive outlook for the sector [32].