国防军工本周观点：调整时刻依然看好-20250908

Investment Rating - The industry rating is "Strongly Outperforming the Market" [67] Core Viewpoints - The report emphasizes optimism for the military industry, particularly from Q4 2025 to 2026, driven by strong demand recovery expectations and a new economic cycle approaching [39][40] - Despite a recent decline in the military index, passive funds continue to show net inflows, indicating sustained confidence in the military sector [39][23] - The current price-to-earnings ratio (TTM) for the military index is 70.07, with a 94.51% percentile ranking, suggesting high allocation significance at this time [39][29] Summary by Sections Market Review - The military index (801740) fell by 10.25% from September 1 to September 5, while the Shanghai and Shenzhen 300 index decreased by 0.81%, resulting in a relative underperformance of -9.44 percentage points [11][6] - Year-to-date, the military index has increased by 27.98%, outperforming the Shanghai and Shenzhen 300 index, which rose by 14.28% [13] - Various sub-sectors within the military industry experienced declines, with the information technology sector seeing a significant drop of 12.12% [17] Fund and Valuation Insights - Passive fund sizes in military ETFs decreased slightly, but fund shares increased, indicating continued investment interest despite market declines [23] - The military sector's valuation has decreased from 78.3 to 70.07, reflecting a more favorable investment environment given the anticipated recovery in demand [29] Key Investment Opportunities - The report suggests focusing on specific companies within various segments of the military industry, including land equipment, stealth materials, deep-sea technology, engines, unmanned systems, AI, aircraft, and nuclear fusion [40][42]