国防｜军费连续7.2%增长，“十四五”收官景气度料修复

Core Viewpoint - The article emphasizes the continuous growth of China's defense budget, which is projected to reach approximately 178.47 billion yuan in 2025, reflecting a year-on-year increase of 7.2%, maintaining a steady growth rate for three consecutive years. This growth is expected to lead to a valuation recovery in the military industry, particularly in sectors such as missiles, special robots, new materials, and commercial aerospace [1][2][7]. Group 1: Defense Budget Insights - China's defense budget for 2025 is approximately 178.47 billion yuan, with a year-on-year growth of 7.2%, consistent with the growth rates of 7.1% and 7.2% in 2022 and 2023 respectively [2] - The defense budget's growth aligns with the GDP growth target of around 5% for 2025, indicating a balanced approach to military spending relative to economic development [2] - Compared to other countries, China's defense spending remains low at around 1.5% of GDP, suggesting potential for future increases in defense expenditure [2] Group 2: Strategic Development and Policy Focus - The 2025 Government Work Report highlights the need to accelerate the development of new combat capabilities and emphasizes the completion of the "14th Five-Year Plan" for military construction [3] - The report stresses the importance of developing new productive forces and enhancing the network information system, which are critical for modern military capabilities [3] - The focus on new technologies and industries, such as commercial aerospace and low-altitude economy, is expected to receive ongoing policy support, fostering growth in these sectors [4][5] Group 3: Investment Recommendations - The military sector is anticipated to experience a valuation recovery, with specific areas or stocks likely to lead the recovery process, expanding from individual companies to broader sectors [7] - Recommended investment areas include missiles, special robots, new materials and processes, as well as low-altitude economy and commercial aerospace [7]