国防军工行业周报（2026年第11周）：基本面修复趋势不改，继续加大行业关注度-20260316

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [3][25]. Core Insights - The defense and military sector experienced a short-term pullback influenced by market trends, but the certainty of military spending and ongoing geopolitical tensions are expected to enhance the industry's prospects. The report suggests increasing attention to the sector during dips [3]. - The "14th Five-Year Plan" is progressing, with expectations for improved orders and performance in the military industry, alongside steady growth in military trade. The report emphasizes the importance of commercial aerospace, gas turbine industries, and controllable nuclear fusion as key investment themes [3]. - The report highlights that the aerospace sector is becoming a new pillar industry, with accelerated commercialization of commercial aerospace. Government initiatives are set to foster the development of new industries, including satellite internet [3]. - The report identifies several investment opportunities driven by domestic demand growth and technological advancements, including smart technology, unmanned equipment, and military trade [3]. Market Review - Last week, the Shenwan Defense and Military Index fell by 6.64%, while the CSI Military Leaders Index dropped by 8.03%. In comparison, the Shanghai Composite Index decreased by 0.7%, and the CSI 300 Index increased by 0.19% [4]. - The report notes that the defense and military sector's performance ranked last among 31 Shenwan primary industry categories, with a 6.64% decline [4]. - The top five performing stocks in the defense and military sector last week included融发核电 (9.9%), 南京熊猫 (9.36%), 北斗星通 (9.28%), ST 炼石 (5.88%), and 航天电器 (5.62%) [9]. - Conversely, the bottom five stocks were 中国动力 (-16.33%), 合众思壮 (-15.18%), 航发科技 (-14.12%), 中天火箭 (-13.81%), and 航天彩虹 (-13.22%) [10]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 90.65, placing it in the upper range historically, with a valuation percentile of 72.12% since January 2014 [10]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [10].