国防军工：军工本周观点：静待十五五规划-20251124

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Insights - The report emphasizes the anticipation of the 14th Five-Year Plan and the significant growth expected in both domestic and international demand for the military industry, driven by multiple catalysts such as the centenary of the military and rapid development in military trade [4][44]. - The military industry is expected to see a strong recovery in demand by 2026, with a current TTM price-to-earnings ratio of 67.34, indicating a high allocation significance at this time [4][44]. Summary by Sections 1. Weekly Market Review - The military index (801740) decreased by 1.72% from November 17 to November 21, outperforming the CSI 300 index, which fell by 3.77% [10][15]. - Since the beginning of 2025, the military index has risen by 11.39%, while the CSI 300 index has increased by 13.18%, resulting in a relative underperformance of -1.79% [17]. 2. Core Weekly Insights - The report highlights the recent naval exercises involving the Fujian aircraft carrier and various aircraft, showcasing advancements in military capabilities [3][43]. - The Dubai Airshow featured high-end aviation equipment from the Aviation Industry Corporation of China, indicating efforts to expand international markets [3][43]. 3. Important News and Announcements - The report notes significant developments in the aerospace sector, including successful satellite launches and advancements in fusion energy technology [50][51]. - It also mentions initiatives to promote low-altitude economic applications and the establishment of modern state-owned forest farms [52][53]. 4. Funding and Valuation - Passive fund inflows into the military sector have continued, with a net inflow of 3.88 billion yuan over the week, despite a slight decrease in fund size [29][44]. - The report indicates that the military sector's valuation remains attractive, with a projected recovery in demand expected to enhance performance in the coming years [4][44].