CITIC Construction Investment: Expected to usher in a turning point in the operation of the military industry in the first quarter of next year

Golden Ten Data on November 25, China Securities Construction Investment pointed out that the military industry is currently at a turning point from performance expectations to performance fulfillment, and the highest increase in zone since September 24 has reached 50%, reflecting the new cycle RISE expectations, and the first quarter of 2025 is about to enter the stage of performance fulfillment, and the structural and differentiated characteristics of zone may become more and more obvious. China Securities Construction Investment judged that with the gradual implementation of military personnel adjustment and related system reforms, orders are expected to be issued gradually in the later stage of the “14th Five-Year Plan”, and the backlog is superimposed on new demand, and the first quarter of 2025 is expected to usher in a turning point in the industry’s operation. At present, the military industry has gradually entered a new round of RISE cycle, from the stage of “volume and price rise” to the stage of “volume increase and price stability”, from the stage of “platform volume” to the stage of “building a system and making up for shortcomings”, and from the stage of “comprehensive rise” to the stage of “structural rise”. The future rise of the industry mainly presents structural characteristics, the rise of traditional fields is stable, and the rise of new domains and new qualitative fields is expected to far exceed the industry average.