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国防军工:歼10C有望引领中国军贸
HUAXI Securities·2025-06-08 05:32

Investment Rating - The report rates the defense and military industry as "Recommended" [1] Core Viewpoints - The J-10C fighter jet is expected to lead China's military trade, becoming a prominent symbol of China's military exports [11] - The potential demand and development space in the military trade market are anticipated to exceed market expectations, with various companies positioned to benefit [11] Summary by Sections Events - Indonesia is evaluating the feasibility of purchasing Chinese-made J-10 fighter jets, influenced by the aircraft's performance in the India-Pakistan conflict and its competitive pricing compared to Western counterparts [2] - Recent reports highlight the J-10's development and achievements, with significant interest shown at the Langkawi International Maritime and Aerospace Exhibition [2] - Pakistan's government announced the acquisition of 40 J-35 fifth-generation stealth fighters and other military equipment from China [2] Analysis and Judgments - The J-10 is poised to continue the success of previous Chinese military exports, moving from low-end markets to mid-high-end markets [3] - The J-10CE is positioned as a cost-effective option for developing countries, competing against established models like the F-16 and MiG series [4] - The J-10CE is expected to gain more international interest, particularly in Southeast Asia, South America, and the Middle East [5] Global Military Trade Landscape - The military trade landscape is shifting towards integrated solutions rather than just hardware sales, with increasing demand for comprehensive military systems [6] - Countries like South Korea are emerging as significant players in the global arms market, challenging traditional military powers [6] Industry Development - The J-10CE's capabilities, including advanced avionics and weapon systems, are expected to drive growth in the military supply chain [7] - The use of advanced materials and engines in the J-10CE enhances its performance and operational capabilities [7][8] Investment Recommendations - Key beneficiaries of the J-10's success include: - AVIC Chengdu Aircraft Industry Group, a core manufacturer of fighter jets [11] - Zhongjian Technology, a leader in high-end carbon fiber for aerospace applications [11] - Guorui Technology, a leader in military radar systems [11] - AVIC Shenyang Aircraft Corporation, known for its advanced fighter jets [12] - Hongdu Aviation, a core manufacturer of training aircraft with significant export potential [12]