Guotou Securities·2025-12-28 14:05Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the defense and military industry [5] Core Insights - The defense and military sector has shown resilience, outperforming major indices such as the Shanghai Composite Index and the ChiNext Index during the week of December 19 to December 26, 2025, with the Shenwan Defense and Military Index rising by 6.00% [14][18] - The report highlights significant individual stock performances, with China Satellite leading with a 36.24% increase, followed by Guanglian Aviation at 32.44% [18][19] - Key announcements from companies in the sector include significant contracts and share repurchase plans, indicating active corporate strategies to enhance shareholder value and operational capacity [20] Summary by Sections 1. Defense and Military Market Review - The China Securities Military Index rose to 13,616.67 points, up 6.16%, while the China Defense Index increased to 1,816.41 points, up 5.57% during the specified week [14][15] - The Shenwan Defense and Military Index outperformed the Shanghai Composite Index, which rose by 1.88%, and the CSI 300 Index, which increased by 1.95% [14][15] 2. Key Company Announcements - Lianchuang Optoelectronics announced a share pledge and repurchase plan involving a total of 319,932,200 yuan for shares held by a major shareholder [20] - Huayin Technology signed a framework agreement worth 392,105,597 yuan for the processing of aircraft engine components [20] 3. Key Industry News - France's President Macron confirmed the initiation of a new generation aircraft carrier program with an estimated cost of 10.25 billion euros [21] - RTX's Raytheon secured a $1.7 billion contract to deliver Patriot missile defense systems to Spain [21]