行业研究丨深度报告丨航天航空与国防 [Table_Title] 转型，增长的信心—— 国防军工行业 2026 年度投资策略 %% %% %% %% research.95579.com 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年，内装、军贸和军转民行情相继成为国防军工的主线行情，总体来讲，第二成长曲线成 为选股的核心矛盾，因此我们提出一种自下而上、以第二成长曲线为核心的新投资框架。展望 2026 年，我们判断军转民、军贸仍旧为国防军工行业投资主线。国防军工开支持续稳定增长背 景下，内装仍将随军费稳定增长，结合政策导向、装备建设现状、技术发展方向，我们判断网 络信息体系建设、无人化智能化作战集群、网络空间与电磁频谱对抗、以及弹药消耗等方向或 将是后续建设的弹性领域。依据前述投资框架，我们筛选出若干投资方向/标的供投资者参考。 分析师及联系人 [Table_Author] 王贺嘉 王清 杨继虎 SAC：S0490520110004 SAC：S0490524050001 SAC：S0490525040001 SFC：BUX462 张晨晨 张飞 李麟君 SAC：S049052408000 ...

Core Viewpoint - The article emphasizes the importance of traditional industries in China's economic landscape, particularly in the context of the 14th Five-Year Plan, highlighting their role in stabilizing growth, employment, and income [5][10]. Market Review - The recent market performance indicates a shift from growth stocks to value stocks, with traditional sectors like electric equipment, steel, and coal showing significant gains, while tech sectors faced declines [2][4]. - The "old-style" stocks, characterized by stable earnings and generous dividends, are regaining attention as market dynamics shift [2][4]. Industry Rebalancing - Traditional industries are crucial for short-term demand expansion and are categorized under the 14th Five-Year Plan as essential for economic stability [4][5]. - The plan aims to optimize traditional industries while fostering new and future industries, with traditional sectors accounting for approximately 80% of manufacturing value [5]. Traditional Industries' Role - Traditional industries are seen as the backbone of the economy, essential for maintaining growth, employment, and income levels, especially during economic downturns [5]. - The service sector also plays a vital role in employment, necessitating a shift towards high-quality development [5]. Market Analysis of Traditional Industries - The analysis of operational and financial leverage across traditional industries reveals varying levels of risk and opportunity, with some sectors showing signs of stress due to high leverage [6]. - The first quadrant indicates high non-current asset ratios and debt levels, posing risks in a slowing economy, while the third quadrant shows low leverage, suggesting potential for growth in an upward economic trend [6]. Short-term Trends in Traditional Industries - The Producer Price Index (PPI) data indicates a recent uptick in prices for certain traditional sectors, supporting the profitability of traditional industry stocks [9]. - Specific sectors like coal mining and black metal mining have shown PPI increases, which may enhance their profitability [9]. Investment Strategy for Traditional Industries - The article warns against a rigid investment approach, termed the "Guevara dilemma," advocating for a flexible strategy that adapts to changing market conditions [10]. - Traditional industries must integrate with new technologies and models to achieve high-quality development, emphasizing the need for innovation and transformation [10].