军工本周观点：火箭融资元年——供应链扩产时刻：国防军工-20260201

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [61]. Core Insights - The report emphasizes that 2026 will be a pivotal year for China's rocket financing, marking the beginning of a golden era for the rocket industry, with core companies expected to go public and drive supply chain capacity expansion [40][41]. - The focus should remain on the domestic rocket industry and the SpaceX supply chain, as both are expected to accelerate in terms of industry speed and performance realization [40][41]. - The report highlights significant developments in the SpaceX supply chain, including plans for deploying 1 million satellites and conducting 10,000 Starship launches annually, which will enhance space computing capabilities [42][43]. Summary by Sections Industry Performance Review - During the week of January 26-30, the Shenwan Military Industry Index (801740) decreased by 7.69%, while the CSI 300 Index increased by 0.08%, resulting in an underperformance of 7.77 percentage points [11][16]. - Since the beginning of 2026, the Shenwan Military Industry Index has risen by 4.09%, outperforming the CSI 300 Index, which increased by 1.65% [18][19]. Key Investment Opportunities - Recommended companies in the domestic rocket industry include: Feiwo Technology, Western Materials, Aerospace Power, Haoshi Electromechanical, and Guanglian Aviation [41][46]. - For the SpaceX supply chain, suggested companies are: Lens Technology, Yujing Co., and Maiwei Co. [42][46]. Financial and Valuation Insights - As of January 30, the current TTM price-to-earnings ratio for the Shenwan Military Industry Index is 82.54, with a percentile rank of 98.82% [45][44]. - The report notes a recovery in passive fund inflows, with net inflows of 186 million yuan into military ETFs during the week, indicating improved market conditions [29][43].