军工周报：可控核聚变板块热度飙升，关注产业趋势性投资机会-20250603

Investment Rating - The report rates the defense and military industry as "outperforming the market" [4] Core Insights - The defense and military sector is experiencing a recovery in demand, with long-term growth certainty due to the completion of the 14th Five-Year Plan and upcoming construction goals for 2027 and 2035 [3][4] - The controllable nuclear fusion sector has shifted from thematic investment to trend-based industrial investment, supported by increasing global attention and domestic initiatives [1][36] - The low-altitude economy is in a dual resonance phase of policy support and accelerated commercialization of new products, indicating significant growth potential [2][35] Summary by Sections Market Review - The Shenwan Defense and Military Index rose by 2.13%, ranking third among 31 Shenwan primary industries, while the Shanghai Composite Index fell by 0.03% [1][11] - The current PE (TTM) for the defense and military sector is 75.26 times, with sub-sectors like aerospace equipment at 135.64 times and ground armaments at 136.23 times [21][4] Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation, AVIC Shenyang Aircraft, and AVIC Xi'an Aircraft [3] - Highlight new technologies in the military sector, including companies like Lianchuang Optoelectronics and Guangqi Technology [3] - Emphasize opportunities in underwater equipment and missile supply chains [3] Industry Dynamics - The report notes the increasing importance of controllable nuclear fusion, with multiple domestic projects underway and significant government support [36][37] - The U.S. has paused exports of critical components for the C919 aircraft, creating opportunities for domestic alternatives like the Changjiang-1000A engine [2][41] - The low-altitude economy is being bolstered by new policies and technological advancements, with significant investments in drone logistics and urban air mobility [32][35]