军工本周观点：重视商业航天强辐射效应：国防军工-20260111

Investment Rating - The report maintains a "stronger than the market" rating for the defense and military industry [5] Core Viewpoints - The report emphasizes the strong radiation effect of commercial aerospace, highlighting significant developments in the sector, including the approval of satellite frequency resources and the construction of additional satellites by SpaceX [37][38] - The report notes that the military industry index has outperformed the broader market, with a 13.63% increase compared to a 2.79% rise in the Shanghai Composite Index during the same period [10][37] - The report suggests that the commercial aerospace sector will continue to drive asset value reassessment across various industries, particularly in the rocket supply chain and satellite networks [39] Summary by Sections 1. Weekly Market Review - The military industry index rose by 13.63% from January 5 to January 9, outperforming the Shanghai Composite Index by 10.84 percentage points [10][16] - The aerospace sector showed a significant increase of 34.57%, while the low-altitude economy sector performed relatively flat [21][24] 2. Key Developments in the Industry - The report highlights the approval of plans to accelerate the construction of advanced manufacturing in Guangzhou, which includes support for satellite constellation projects [37] - The report mentions the successful launch of SpaceX's Falcon 9 rocket, which deployed an Earth observation satellite [41] 3. Investment Recommendations - The report recommends focusing on specific companies within the rocket sector, overseas commercial aerospace, satellite technology, nuclear fusion, stealth materials, deep-sea technology, engines, unmanned systems, AI, aircraft, and land equipment [40]