军工行业周报：我国载人月球探测工程研制工作取得新-20250818

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [38]. Core Viewpoints - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average level of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 is anticipated to mark a turning point for the industry, moving away from a period of stagnation towards a comprehensive recovery. As orders normalize and are gradually released, the military industry sector may enter a phase of performance improvement and valuation enhancement, referred to as the "Davis Double-Trigger" stage. It is recommended to focus on leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology, which have favorable competitive landscapes and high technological barriers [4][10]. Summary by Sections Industry Viewpoints - China's defense budget growth has been around 7%, with spending as a percentage of GDP below 1.5%, indicating potential for significant growth. The military sector is expected to recover in 2025, with a return to normal order levels leading to improved performance and valuations [4][10]. Market Performance - In the past week, the CSI 300 Index rose by 2.13%, while the aerospace and defense index fell by 2.13%. For the month, the CSI 300 Index increased by 4.60%, and the aerospace and defense index rose by 9.03% [11]. Industry News - Significant advancements in China's manned lunar exploration program were reported, including successful tests of the Long March 10 series rockets, which are crucial for future manned lunar missions. This marks an important technical foundation for the lunar exploration tasks [3][17][18]. Company Tracking - *ST Chengchang reported a revenue of 201.21 million yuan for the first half of 2025, a year-on-year increase of 180.16%, with a net profit of 56.63 million yuan, marking a significant turnaround [24]. - Aerospace Universe achieved a revenue of 207.02 million yuan, a 23.44% increase year-on-year, with a net profit of 34.70 million yuan, up 52.00% [25]. - Zhenlei Technology reported a revenue of 204.87 million yuan, a 73.64% increase year-on-year, with a net profit of 62.32 million yuan, reflecting a substantial growth [28].