当前重点关注宏达电子、中简科技、中航重机、七一二、鸿远电子、中航光电、火炬电子、盟升电子、北摩高科、钢研高纳、国睿科技、中国海防、宝钛股份、中航高科、光威复材、中航机电、中航沈飞、航发动力等。

投资主线与受益标的：重申“装备升级+国产替代”双逻辑，看好真正能迎来“业绩高弹性+估值双提升”的戴维斯双击的优质企业，布局四大主线：1）军工新材料：西部超导(钛材+高温合金)、中简科技(碳纤维)、光威复材（碳纤维）、菲利华（石英材料）；2）军工电子（元器件/芯片/半导体）：宏达电子、火炬电子、鸿远电子、苏试试验、赛微电子等。 3）航空制造：爱乐达、利君股份、三角防务；4）核心主机厂：中直股份、中航沈飞。

国防科技工业体系计划性强，五年规划在牵引行业需求方面扮演基石角色。展望“十四五”，军工行业有望迎来结构性加速：航天装备方向有望迎来系统性加速；航空装备方向新型军机有望迎来显著加速；电子装备作为配套产品其需求增速是其它各领域的加权平均，在信息化建设持续大力推进的背景下有望继续保持快速发展；地面装备与舰船装备有望保持平稳增长。审视整个军工行业并考虑在A 股中的有效投影标的，我们重点看好航天装备产业链、新型军机产业链，及部分受益于细分赛道渗透率提升、企业市占率提升的优质标的。

Industry analysis helps an organization understand the essential aspects of the industry. Moreover, it provides a better understanding of the company’s position in the market and helps in planning business strategies accordingly. The key segments discussed in this chapter while studying the global more electric aircraft market are as follows:

Over the past few years, the satellite industries market has been witnessing a shift in the trend from the usage of satellite for one-time stints toward their regular usage in satellite constellation. There is extensive demand for satellite constellations in the market owing to the increasing need for faster, reliable, and efficient real-time tracking and monitoring system for cargos, ships, etc., and earth observation (EO). Satellite constellations have numerous advantages, some of them that are expected to boost the market growth are listed as follows:

The presence of an existing mobile network with significant coverage, low discontinuation, high output, and low cost, drives the usage of the cellular-connected drone. Therefore, while different technologies such as satellite communication and radiofrequency have been used for connectivity in drones after a proper establishment of required infrastructure, the existing cellular network system globally is the most cost-efficient and reliable alternative for drone connectivity resulting in long-range BVLOS operations. Drone operations were restricted to visual range only while using radio connectivity, whereas drones can fly in long range with cellular connectivity due to strong long-range connectivity.

国防科技工业体系计划性强，五年规划在牵引行业需求方面扮演基石角色。展望“十四五”，军工行业有望迎来结构性加速：航天装备方向有望迎来系统性加速；航空装备方向新型军机有望迎来显著加速；电子装备作为配套产品其需求增速是其它各领域的加权平均，在信息化建设持续大力推进的背景下有望继续保持快速发展；地面装备与舰船装备有望保持平稳增长。

军工行业短期基本面的变化可以概括为如下，订单改善（很多军工企业都反映部分项目的十四五订单较十三五提升明显，且能看到未来3 年左右的整体订单）和订单可持续（十四五军工行业订单的高景气度已经于今年三季度末开始反应，今年第四季度或会提速，而明年十四五开局第一年可期）。