国防军工本周观点：继续看多军工-20250714

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [7]. Core Viewpoints - The report expresses a bullish outlook on the military industry, highlighting a strong recovery in demand expected by 2025, driven by multiple catalysts such as the "14th Five-Year Plan" and the "Centenary of the Army" goals [3][43]. - The report notes that the military industry index has shown a relative outperformance against the broader market, with a 10.71% increase since 2025 compared to a 2.03% increase in the CSI 300 index [10][18]. - The report emphasizes the high configuration value of the military sector, with a current TTM P/E ratio of 70.34, placing it in the 96.86th percentile historically [43][33]. Summary by Sections 1. Market Performance - The military index rose by 0.88% during the week of July 7-11, outperforming the CSI 300 index, which increased by 0.82% [10][16]. - The report indicates that the military sector has been catalyzed by significant events, such as the approval of the merger between China Shipbuilding and China Heavy Industry, which positively impacted related stocks [43][10]. 2. Investment Opportunities - The report identifies four main investment themes: 1. Domestic Trade: Companies like Tianqin Equipment and Baiao Intelligent [3][44]. 2. Foreign Trade: Companies such as Guangdong Hongda and Aerospace Rainbow [4][45]. 3. Self-sufficiency: Companies involved in domestic engine production like Hangyu Technology and Tunan Co [5][46]. 4. Emerging Industries: Companies in nuclear fusion and commercial aerospace sectors [9][48]. 3. Fund Flows and Valuation - The report notes a significant inflow of passive funds into military ETFs, with a net inflow of 2.127 billion yuan during the week, indicating strong investor interest [29][32]. - The report highlights that despite a slight decrease in leveraged funds, the overall outlook for the military sector remains positive due to anticipated demand recovery [32][43].