国防军工：军工本周观点：看好海外和国内新质生产力-20251110

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The report emphasizes optimism regarding the domestic and overseas new productive forces in the military industry, particularly with the recent commissioning of China's first electromagnetic catapult aircraft carrier, which showcases advanced technology [3][39] - The report anticipates a favorable development in the military industry fundamentals from Q4 2025 to 2026, driven by the nearing 14th Five-Year Plan and the centenary goals of the military [3][39] - The military industry is expected to experience significant growth in both domestic and foreign demand due to multiple catalysts, including the 14th Five-Year Plan and rapid military trade development [4][40] Summary by Sections 1. Weekly Market Review - From November 3 to November 7, the Shenwan Military Industry Index (801740) decreased by 0.47%, while the CSI 300 Index increased by 0.82%, resulting in an underperformance of -1.29 percentage points [10][15] - Since 2025, the Shenwan Military Industry Index has risen by 15.84%, compared to an 18.9% increase in the CSI 300 Index, leading to a relative underperformance of -3.07 percentage points [17] 2. Investment Opportunities - The report suggests focusing on various sectors within the military industry, including: 1. Land Equipment: Tianqin Equipment, Gaode Infrared, Ligong Navigation, Baiao Intelligent, Great Wall Military Industry, and China Ordnance Arrow 2. Stealth Materials: Jiach Technology, Huaqin Technology 3. Deep Sea: Western Materials, China Marine Defense 4. Engines: Hangyu Technology, Hangya Technology, Tunang Co. 5. Unmanned & Anti-Unmanned: Zongheng Co., Aerospace Rainbow, Ruike Laser, Sichuang Electronics, and Xinjing Steel 6. AI Intelligence: Xingtuxinke, Aerospace Electronics 7. Aircraft: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft 8. Nuclear Fusion: Guoguang Electric, Lianchuang Optoelectronics, Hezhuan Intelligent, Xuguang Electronics, Yongding Co., Jingye Intelligent, Weiteng Electric, Xinfengguang, Aike Saibo, Paike New Materials, Wangzi New Materials, and Hongwei Technology [4][40][42] 3. Valuation and Funding - As of November 7, the current TTM price-to-earnings ratio for the Shenwan Military Industry Index is 70.35, with a percentile rank of 92.55%, indicating a high configuration significance at this time [4][31] - The report notes a decrease in passive fund sizes and shares, with a net outflow of 617 million yuan from military ETFs, although the trend of net outflows has weakened [25][30] - The report anticipates a recovery in passive fund inflows due to strong demand recovery expectations in the military industry for 2025-2026 [30]