国防军工：军工本周观点：关注军贸及出口产业链-20251009

Investment Rating - The industry rating is "Outperform the Market" [4][60]. Core Viewpoints - The report emphasizes the importance of focusing on military trade and export supply chains, with a strong outlook for the military industry from Q4 2025 to 2026 due to improving fundamentals and emerging themes such as nuclear fusion [2][39]. - The military industry index (801740) increased by 2.51% during the week of September 22-30, underperforming the Shanghai and Shenzhen 300 index, which rose by 3.08% [2][9]. - The report highlights a significant rebound in the military sector, particularly following the recent military parade, and anticipates a new cycle of prosperity in the military industry [2][39]. Summary by Sections Weekly Market Review - The military industry index rose by 2.51% during the week, ranking 6th among 31 first-level industries [14][9]. - Since the beginning of 2025, the military index has increased by 18.75%, outperforming the Shanghai and Shenzhen 300 index by 0.82% [16][9]. - The aviation sector performed particularly well, driven by the Changchun Aviation Exhibition [20][9]. Fund and Valuation Analysis - As of September 30, the military index's TTM price-to-earnings ratio is 77.86, placing it in the 99.22 percentile, indicating high allocation significance [3][39]. - Passive fund inflows into military ETFs increased, with a net inflow of 986 million yuan during the week, suggesting a positive trend in funding for the military sector [27][39]. Key Investment Opportunities - The report suggests focusing on various segments within the military industry, including: 1. Land Equipment: Tianqin Equipment, Gaode Infrared, Ligong Navigation, etc. 2. Stealth Materials: Jiach Technology, Huaqin Technology. 3. Deep Sea: Western Materials, China Marine Defense. 4. Engines: Hangyu Technology, Hangya Technology, Tunan Co., Ltd. 5. Drones & Anti-Drones: Zongheng Co., Ltd., Aerospace Rainbow, etc. 6. AI Intelligence: Xingtuxinke, Aerospace Electronics. 7. Aircraft: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft. 8. Nuclear Fusion: Hezhuan Intelligent, Yongding Co., Ltd., etc. [40][43].