2025年06月08 F 证券研究报告|行业研究|军工行业点评 国防军工 军工行业周报：导致变化的变化 报告摘要 全年观点请关注 2025 年军工投资策略《今朝更好看》。 本周,国防军工（申万）上涨 0.41%,在 31个行业中排名 24。 本周,受印尼评估采购歼-10 可行性、卫星互联网低轨 04 组卫星发 射成功等相关事件影响,星图测控、陕西华达、中航成飞等相关个股 涨幅居前。 一、新战争形态催生新需求 近年来,国际局势动荡,以巴以、俄乌等为代表的冲突无一不展 现了新战争形态对于新型武器装备的需求，以"智能化、体系化、信 息化"为代表的新质新域作战力量已成为大国战略竞争的制高点和制 胜未来的关键力量。现代战争作战空间领域已打破传统时空界限,陆、 海、空、天、电、网、认知等各作战领域交叉重叠,带来战场空间多 维、敌情威胁多源、影响制约多因、对抗活动多域等显著变化。此外, 战场态势瞬息万变,对抗行动复杂多样,实现快速控局、精准控局变 动愈发困难。 地缘政治紧张局势的持续升级进一步推动全球军费攀升, 2024 年全球军费开支同比增长 9.4%,达 2.718 万亿美元,增幅为冷战后 最高,并连续第十年增长,为军 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the defense and aerospace industry [2]. Core Insights - The domestic aviation industry is witnessing a significant ramp-up in production capacity, particularly for the C919 aircraft, with expected deliveries to reach 50 units in 2025, significantly surpassing 2024's figures [2][25]. - The C919's international market expansion is progressing, with the European Union Aviation Safety Agency (EASA) certification process underway, which is crucial for entering the European market [6][51]. - The report highlights the robust domestic demand for aircraft, predicting that China will become the largest aviation market globally by 2043, with an estimated 10,061 aircraft needed, valued at approximately $1.4 trillion [52][53]. Summary by Sections Domestic Aviation Industry Analysis - The C919 aircraft is set to enter a new phase of commercial operation, with significant orders from major airlines, totaling over 300 units in 2024 [21]. - The C919 has already commenced operations on 15 domestic routes, with nearly 8,000 flights conducted [22]. - A series of regional mobilization meetings have been held to enhance collaboration within the aviation supply chain, facilitating the C919's production scale-up [26][28]. International Aviation Market Analysis - Boeing and Airbus reported their 2024 performance, with Airbus consistently outperforming Boeing in both orders and deliveries over the past three years [7][8]. - The report notes that Boeing's commercial aircraft deliveries are expected to recover in 2025, while Airbus anticipates a 7% increase in deliveries [9]. Capital Market Situation - The report outlines the ongoing construction projects in Shanghai related to the C919, which are crucial for supporting its production capacity [31][32]. - The establishment of a comprehensive supply chain around the C919 in Shanghai is highlighted, with significant investments and projects aimed at enhancing production capabilities [30][29].