据新华网报道，2 0 2 5年我国国防预算约1 7 8 4 7亿元，同比+7 . 2%，自2 0 2 3年以来增幅连续三年持 平。2 0 2 5年《政府工作报告》强调抓好"十四五"规划收官，随着行业修复，军工板块整体将得到 估值修复；提出因地制宜发展新质生产力，我们认为相关产业将在政策的持续支持下快速发展。随 着行业修复，军工板块整体将望获得估值修复，其中部分领域或个股有望率先开启底部复苏，进 而"从一个企业，扩散到一个型号再扩散到一个领域"。推荐导弹、特种机器人、新材料新工艺、两 机，以及低空经济、商业航天。 ▍ 国防预算连续三年同比+7 . 2%，占GDP比例较低仍有提升空间。 据新华网报道，2 0 2 5年我国国防预算约1 7 8 4 7亿元，同比+7 . 2%，自2 0 2 3年以来增幅连续三年持 平。我国2 0 2 2 - 2 0 2 4年国防预算分别同比+7 . 1%/ 7 . 2%/ 7 . 2%，军费同比增速连续3年保持7%以 上。据政府工作报告，2 0 2 5年GDP增速目标为5%左右，国防开支总体上与国家经济发展水平相 协调，7 . 2%的国防预算增速保持适度增长。欧盟委员会主席冯德莱恩3 ...

A股午后回落，创业板指、科创50指数跌超1%； 港股午后亦走弱，两大股指午后双双下探。 个股方面，京东健康跌超12%，京东集团跌约5%； 李宁、 同程旅行、快手等涨近5%。 与此同时，亚太市场普遍走低，其中，日经225指数跌超800点，跌幅为2%，澳洲标普200指数跌近2%，富时马来西亚综指跌近1%，韩国综合指数、富时新加 坡海峡指数小幅下跌。 具体来看，沪指早盘窄幅震荡，午后在金融、地产等板块的拖累下回落走低；创业板指、科创50指数等均下挫。截至收盘，沪指跌0.25%报3372.55点，深证 成指跌0.5%报10843.73点，创业板指跌1.31%报2205.31点，科创50指数跌1.24%，沪深北三市合计成交18619亿元，较昨日减少逾900亿元。 场内超3500股飘绿，地产、半导体、券商、保险、医药等板块均走低；有色板块强势上扬，新威凌30%涨停，罗平锌电、华锡有色、华钰矿业等均涨停；煤 炭、钢铁板块亦拉升，安源煤业涨停，三钢闽光涨超7%；军工板块活跃，迈信林涨超10%创出新高，川大智胜、神剑股份、云赛智联等涨停；汽车产业链股 亮眼，恒勃股份、多利科技、征和工业等涨停；白酒股再度上扬，迎驾贡酒涨超5%， ...

Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Viewpoints - The defense budget is steadily increasing, providing a fundamental guarantee for the prosperity of the military industry. The defense budget has maintained a single-digit growth for nine consecutive years since 2016, indicating a stable growth trend [2] - The global situation is tense, and major power competition is intensifying, which necessitates an appropriate increase in military spending to accelerate equipment upgrades and ensure national economic security [2] - China's military spending is about one-fourth of the United States, with a defense budget of 1.67 trillion yuan (approximately 229.41 billion USD) for 2024, which is about 25.89% of the US military budget [3] - The proportion of military spending to GDP in China is below the world average, with China's defense spending remaining under 1.5% of GDP, while the UK is expected to increase its military spending to 2.5% of GDP by 2027 [3] - The government work report emphasizes the need to enhance training and preparation, accelerate the development of new combat capabilities, and focus on major defense projects and network information system construction [4] Summary by Sections Investment Logic - The military budget provides a basic guarantee for the military industry's prosperity, with steady growth in defense spending since 2016 [2] - The current global tensions and major power competition necessitate an increase in military spending to support equipment upgrades and national economic security [2] Global Military Spending Trends - Other countries may enter a high-growth military spending cycle, with significant increases expected in Europe as they respond to security needs [3] - The EU plans to mobilize nearly 800 billion euros for defense spending, indicating a readiness to significantly increase military expenditures [3] Defense Budget Allocation - The defense budget is increasingly tilted towards equipment spending, with the proportion of equipment costs rising from 33.2% to 41.1% between 2010 and 2017 [4] - New combat capabilities and technological innovation are highlighted as key areas for future military spending [4] Investment Recommendations and Valuation - Focus on two structural opportunities: consumable ammunition (missiles, long-range rocket artillery, and aerial bombs) and platform-type equipment, particularly new aircraft and their associated aerospace power industry [5] - Emphasize the importance of new technologies and the potential for military technology to transition into civilian applications, particularly in satellite internet and low-altitude economies [5] - Military trade is expected to open up new demand opportunities, with equipment exports providing significant profit potential for related companies [5]