行业点评报告：泰柬冲突升级，军贸有望持续受益

Investment Rating - The industry investment rating is "Overweight" (看好) for the defense and military industry, marking the first rating of its kind [1]. Core Insights - The report highlights that the ongoing geopolitical complexities, such as the recent conflict between Thailand and Cambodia, are likely to sustain military trade benefits, leading to an increase in the valuation of the military industry [3]. - China's share in the international arms trade market is expected to continue rising, with a reported market share of 5.8% from 2019 to 2023, as the demand for advanced weaponry remains high [4]. - Sub-sectors such as unmanned equipment and rocket artillery are anticipated to benefit significantly from international conflicts and military trade orders, with specific companies identified as potential beneficiaries [5]. Summary by Sections Industry Overview - The defense and military industry is experiencing a favorable outlook due to escalating geopolitical tensions and increased military spending [3][4]. Market Dynamics - The international transfer of major weapons has increased by 3.2% from 2019 to 2023 compared to the previous five-year period, indicating a robust demand for military equipment [4]. Investment Opportunities - Key beneficiaries in the unmanned equipment sector include companies like Jingpin Special Equipment and Aerospace Rainbow, while ammunition-related companies such as Gaode Infrared and Guangdong Hongda are also highlighted as potential investment opportunities [5].