国防军工行业周报（2026年第12周）：基本面延续修复趋势，回调后加大行业关注-20260323

Investment Rating - The report maintains a positive outlook on the defense and military industry, rating it as "Overweight" [3][27]. Core Insights - The defense industry is experiencing a fundamental recovery trend, with expectations for continued improvement in orders and performance as the "14th Five-Year Plan" progresses. The report suggests increasing attention to the industry during market pullbacks [3][4]. - The geopolitical situation continues to catalyze interest in the industry, particularly in commercial aerospace and the dual-use technology sectors, which are expected to maintain high levels of attention [3]. - The report highlights that the military industry is entering a new cycle of quality improvement and growth, driven by the goals set for the centenary of the military and the modernization of defense forces [3][4]. Market Review - Last week, the Shenwan Defense and Military Industry Index fell by 6.26%, while the CSI Military Leaders Index dropped by 6.57%. In comparison, the Shanghai Composite Index decreased by 3.38%, and the CSI 300 Index fell by 2.19%. The defense index underperformed against the broader market indices but outperformed the military leaders index [4][5]. - The average decline for the CSI Civil-Military Integration Index was 7.11%, indicating a weaker performance among civil-military integration stocks [4]. - The top five performing stocks in the defense sector last week were Tongyou Technology (26.43%), Aerospace Electric (15.56%), Tianyin Electromechanical (14.13%), *ST Zhisheng (8.07%), and Guanglian Aviation (2.31%). Conversely, the bottom five were Tefa Information (-14.34%), Feilihua (-14.07%), Nanjing Panda (-13.92%), Baosheng Co. (-13.64%), and Rongfa Nuclear Power (-12.5%) [4][11][12]. Valuation Changes - The current PE-TTM for the Shenwan Military Industry Index is 84.66, which is in the upper range historically, indicating a high valuation level compared to the past [12][13]. - The report notes a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][16]. Key Investment Opportunities - The report emphasizes the importance of focusing on domestic demand growth and emerging themes driven by technological advancements. Key areas of interest include: 1. Domestic Demand: Intelligentization/informationization, unmanned equipment, dual-use industries, and consumable weapons. 2. External Expansion: Military trade, commercial aerospace, large aircraft manufacturing, low-altitude economy, controllable nuclear fusion, and deep-sea technology [3][4]. - Recommended stocks for domestic demand include AVIC Shenyang Aircraft, Feilihua, and Huazhong Technology, while stocks for external expansion include Ruichuang Micro-Nano, Guorui Technology, and Zhenlei Technology [3].