2026年国防军工投资策略：传统军工稳步推进强支撑，民用转化快速发展高弹性（附报告）

Group 1 - The core logic indicates that the domestic market is stabilizing, and the 14th Five-Year Plan is initiating a new construction cycle in the military sector [10][12][19] - The transition from mechanization and informationization to unmanned and intelligent systems is a key focus, with an emphasis on quality and quantity improvements in military equipment [5][7][8] - The military modernization goal for 2027 aligns with the strategic objectives outlined in the 14th and 15th Five-Year Plans, aiming for a world-class military [12][14][34] Group 2 - The international military trade market is expanding, with China entering a new phase characterized by the integration of intelligent and unmanned technologies [10][19][20] - Global military expenditure is on the rise, driven by increasing geopolitical tensions and conflicts, which is expected to boost demand for military equipment [23][24][27] - China's military trade market share is projected to grow, with expectations of reaching approximately 3% of the global military trade market by 2025 [20][27] Group 3 - The military technology spillover into civilian applications is creating new investment opportunities, particularly in sectors like commercial aerospace and nuclear fusion [50][54][59] - The commercial aerospace sector is being recognized as a new pillar industry, with significant growth potential driven by government support and technological advancements [61][63] - The military technology transformation is expected to enhance the economic multiplier effect, with high-value applications in various civilian sectors [54][59]