——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 an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [3][26]. Core Insights - The defense and military industry is expected to see a continuous improvement in fundamentals during the first half of 2026, driven by the implementation of the 14th Five-Year Plan, with orders and performance gradually recovering [3][4]. - The report highlights the importance of commercial aerospace and the two-engine industry (gas turbines and commercial engines) as key investment themes, alongside controlled nuclear fusion [3][4]. - The report notes that the military industry is entering a new cycle of quality improvement and growth, with a focus on enhancing combat capabilities and advancing national defense modernization [3][4]. Market Review - Last week, the Shenwan Defense and Military 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% [4][5]. - The defense and military sector's performance ranked 26th among 31 Shenwan primary industries, indicating a relatively poor performance [4][5]. - The report lists the top five performing stocks in the defense and military sector, with Tongyou Technology leading at a 26.43% increase, followed by Aerospace Electric and Tianyin Electromechanical [4][10]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 84.66, placing it in the upper range historically, with a valuation percentile of 69.61% since January 2014 [11][12]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [11][12]. Key Investment Targets - The report identifies key investment targets within the domestic demand sector, including AVIC Shenyang Aircraft, Feilihua, and Unigroup Guoxin, among others [3][4]. - For external growth opportunities, the report highlights companies such as Ruichuang Weina, Guorui Technology, and Zhenlei Technology as potential investment candidates [3][4].