军工行业周报：退一为进二

Investment Rating - The report maintains an "Overweight" rating for the defense industry [3]. Core Views - The defense industry is experiencing a cyclical adjustment, with the National Defense and Military Industry Index declining by 2.79% this week, ranking 25th out of 31 industries. Despite this, trading volume remains high at 242.545 billion yuan, indicating sustained interest in the sector [1][50]. - The report emphasizes confidence in the medium to long-term prospects of the military industry, suggesting a "two steps forward, one step back" trend, with potential volatility in short-term high-flying sectors and stocks [1][8]. - Key themes such as low-altitude economy and nuclear fusion are highlighted as active areas, with financing balances at historical highs contributing to market fluctuations [1]. Summary by Sections Recent Market Performance - The National Defense and Military Industry Index decreased by 2.79% this week, with significant fluctuations in individual stocks, including a notable increase in some stocks like Sichuan Jiuzhou (+60.99%) and declines in others like Fujida (-11.94%) [50]. Important Events and Announcements - The report notes the successful conclusion of the 15th China International Aviation and Aerospace Exhibition, which resulted in approximately 285.6 billion yuan in signed cooperation agreements [51]. Low Altitude Economy - The low-altitude economy is projected to become a major investment theme for 2024, with the market size expected to exceed 1 trillion yuan by 2026, driven by supportive policies and infrastructure development [64][65]. - The report identifies the low-altitude economy as a new growth area, emphasizing the importance of developing related technologies and infrastructure to support this sector [66]. Anti-Drone Systems - The report discusses the growing need for anti-drone systems as a critical component of low-altitude economic security, highlighting the increasing threats posed by drones in both military and civilian contexts [73][74]. - It emphasizes the potential for significant growth in the anti-drone market, driven by rising demand for security solutions in response to drone-related incidents [89]. Commercial Aerospace - The commercial aerospace sector is recognized as a new engine for productivity, with significant advancements in both rocket and satellite technologies. The report notes that private rocket companies have achieved record launches in 2023, indicating a turning point for the industry [90][99]. - The report outlines the collaborative progress between rocket and satellite sectors, suggesting a deepening integration of manufacturing and application [98]. Investment Opportunities - The report suggests focusing on investment opportunities in unmanned equipment, satellite internet, electronic countermeasures, and the broader "big military" sectors, which include civil-military integration areas [22][23].