国防军工行业周报（2025年第37周）：周期向上且科技凸显，建议九月加大军工关注度-20250907

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an increase in focus on military investments in September [3][5]. Core Insights - The defense and military sector is expected to see favorable support from its fundamentals, with anticipated overperformance in Q3 reports due to a surge in military orders since Q1 [5]. - The industry is entering a significant growth cycle with the "14th Five-Year Plan" and increasing military trade expectations, which are projected to catalyze market performance [5]. - The report highlights a strong correlation between global geopolitical uncertainties and the rising demand for military trade, indicating a robust future for China's military exports [5]. - Key investment targets include high-end combat capabilities and new technology in military equipment, with a focus on unmanned and informationized systems [5]. Market Review - Last week, the Shenwan Defense and Military Index fell by 10.25%, while the CSI Military Leaders Index dropped by 11.4%, underperforming the broader market indices [3][6]. - The report notes that the military sector's performance ranked last among 31 Shenwan primary industry sectors [6]. - Individual stock performance varied significantly, with top gainers including Chunxing Precision (up 22.91%) and Yingliu Co. (up 11.48%), while the largest losers included Inner Mongolia First Machinery (down 23.76%) and Chengfei Integration (down 22.71%) [12][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 84.59, indicating it is in the upper range historically, with a valuation percentile of 71.06% since January 2014 [13][14]. - The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [19]. Key Valuation Targets - The report lists several key companies with their projected net profits and PE ratios for the upcoming years, indicating a focus on high-growth potential within the military sector [21]. - Notable companies include AVIC Shenyang Aircraft (market cap of 1,548 billion, PE of 46) and AVIC Xi'an Aircraft (market cap of 702.2 billion, PE of 69) [21].