中信建投证券认为，目前军工行业处于板块估值、业绩增速以及资金配置三重底部区间，具备显著投资价值。该行表示，随着军队人事调整和相关制度改革的逐步落地，“十四五”后期订单有望逐步下发，积压叠加新增需求，2024年行业订单和业绩增速有望企稳回升，或将开启第二轮结构性复苏。此外，光大证券表示，随着《军队审计条例》新修订后发布等行业事件的落地，以及二十届三中全会对于相关产业链发展的相关工作部署，板块关注度有望迎来阶段性提升。Military stocks had the highest gains in early trading. As of press release, China Aviation Technology (02357) rose 4.09% to HK$4.33; China Shipbuilding Defense (00317) rose 2.9% to HK$12.08; and Aerospace Holdings (00031) rose 2.3% to HK$0.455.
The Zhitong Finance App learned that military stocks had the highest gains in early trading. As of press release, China Aviation Technology (02357) rose 4.09% to HK$4.33; China Shipbuilding Defense (00317) rose 2.9% to HK$12.08; and Aerospace Holdings (00031) rose 2.3% to HK$0.455.
According to the news, on November 5, the Air Force organized a press conference in Beijing to present information about celebrating the 75th anniversary of the Air Force's founding and participating in the 15th China Air Show. According to Colonel Niu Wenbo of the Air Force Equipment Department, the J-35A medium stealth multi-purpose fighter will also have the opportunity to meet everyone during the 15th China Air Show. Furthermore, military expert Li Li said that the unveiling of the J-35A means that the Chinese Air Force will have two stealth fighter jets at the same time — the J-20 and the J-35A. This is the second country in the world to be equipped with two stealth fighters at the same time after the US Air Force is equipped with the F-22 and F-35.
CITIC Construction Investment Securities believes that the military industry is currently at the bottom of the triple sector's valuation, performance growth rate, and capital allocation, and has significant investment value. The bank said that with the gradual implementation of military personnel adjustments and related system reforms, orders for the second half of the “14th Five-Year Plan” are expected to be gradually issued, and the backlog is compounded by new demand. The growth rate of industry orders and performance is expected to rise steadily in 2024, or the second round of structural recovery may begin. Furthermore, Everbright Securities said that with the implementation of industry events such as the newly revised “Military Audit Regulations” and related work arrangements for the development of related industrial chains at the Third Plenary Session of the 20th Central Committee, the sector's attention is expected to rise in a phased manner.
