国防军工本周观点：看多陆军装备-20250615

Investment Rating - The report maintains a rating of "stronger than the market" for the defense and military industry [6] Core Viewpoints - The report expresses a bullish outlook on army equipment, driven by the recent escalation of the Israel-Iran conflict and the anticipated strong recovery in demand for the military industry by 2025 [42][11] - The military sector is expected to benefit from multiple catalysts, including the "14th Five-Year Plan" initiatives, the centenary of the military, domestic substitution, and rapid development of military trade, leading to significant growth in both domestic and foreign demand [42][11] Summary by Sections Industry Performance - The military industry index rose by 1.03% from June 9 to June 13, outperforming the CSI 300 index, which fell by 0.25%, resulting in an excess return of 1.29 percentage points [14] - Since the beginning of 2025, the military index has increased by 3.36%, while the CSI 300 index has decreased by 1.80%, leading to an excess return of 5.16 percentage points [16] Valuation and Funding - As of June 13, the military industry index has a TTM price-to-earnings ratio of 66.71, ranking in the 91.76 percentile, indicating a high configuration value [42][33] - Passive fund inflows into military ETFs increased slightly, with a net inflow of 830 million yuan during the week, although this was a decrease of 689 million yuan from the previous week [27][32] Key Investment Themes - The report recommends focusing on three main lines of investment: domestic trade, foreign trade, and self-sufficiency [42] - Suggested companies for domestic trade include Tianqin Equipment, Baiao Intelligent, and Gaode Infrared [42] - For foreign trade, companies like Guangdong Hongda and Aerospace Rainbow are highlighted [44] - In the self-sufficiency category, companies such as Aerospace Technology and Tunan Co. are recommended [44]