市场回顾：2021 年9 月~10 月（2021.9.27~2021.10.29），国防军工(申 万)指数下跌2.23%，涨跌幅居申万28 个子行业中第11 名，相对上证 综指、沪深300、创业板指、WIND 全A 的超额收益率分别为-0.41pcts、 -3.45pcts、-6.68pcts 和-0.99pcts。

1 市场回顾 .................................................................................................................. 3

1.1 整体情况 .................................................................................................................................................. 3

1.2 子行业情况.............................................................................................................................................. 3

1.3 个股情况 .................................................................................................................................................. 4

1.4 行业估值 .................................................................................................................................................. 4

2 重点行业动态点评.................................................................................................... 5

3 投资观点与关注标的 ................................................................................................ 6

3.1 投资观点 .................................................................................................................................................. 6

3.2 关注标的 .................................................................................................................................................. 6

4 重点公司及行业动态 ................................................................................................ 7

4.1 重点公司动态 ......................................................................................................................................... 7

4.2 行业动态 ................................................................................................................................................ 10

5 风险提示 ................................................................................................................ 12