信达军工E周刊第201期：2025Q3行业持续改善，商业航天提速

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes a "景气反转" (economic recovery), "价值重估" (value reassessment), and "事件催化" (event-driven catalysts), suggesting that 2025 could be a significant year for military investment, characterized by a "双周期共振" (dual-cycle resonance) and a major turning point in the industry [5][48][49] Summary by Sections Industry Performance - The defense and military industry index decreased by 0.22% during the week of October 27-31, 2025, underperforming the broader market by 0.33 percentage points, ranking 21 out of 29 sectors [3][26] - Year-to-date, the defense and military index has increased by 17.72%, slightly underperforming the broader market indices [29][32] Key Developments - The successful launch of the Shenzhou 21 manned spacecraft on October 31, 2025, marks a significant milestone in China's space exploration efforts, contributing to the country's transition from a space power to a space strong nation [3][15] - The domestic liquid rocket industry is advancing rapidly, with the Tianlong 3 rocket expected to make its maiden flight by the end of 2025, and the Zhihang 1 rocket entering the final assembly phase [4][19][21] Financial Performance - The report indicates that the military sector's performance is improving, with notable profit increases for companies such as Hongyuan Electronics and Hangyu Technology, with year-on-year profit growth of 437% and 26% respectively in Q3 2025 [5][49] - The military sector's valuation is becoming more attractive, with a PE-TTM ratio fluctuating between 76-80, closing at 79.0 on the last trading day of the week [42] Investment Focus - The report suggests focusing on "新质战斗力" (new quality combat capabilities) and "景气反转、低估值" (economic recovery and undervalued stocks) as key investment themes [6][48] - Recommended stocks include major players in the new generation combat systems, unmanned equipment, satellite internet, and commercial aerospace sectors [6][48][49]