Core Viewpoint - The commissioning of China's first electromagnetic catapult aircraft carrier, Fujian, marks the entry into the "three aircraft carrier era," highlighting significant advancements in national defense and military capabilities [1] Group 1 - The transition from Liaoning to Shandong and now to Fujian represents a major achievement in China's national defense and military construction [1] - The development of the People's Navy is increasingly robust, enhancing its ability to safeguard the country's maritime territory and defend national sovereignty [1] - The growing strength of the People's Navy is a source of pride for Chinese citizens both domestically and abroad [1]

Group 1: National Defense and Technology - China's first electromagnetic aircraft carrier, Fujian, has officially entered service, marking the beginning of the "three aircraft carrier era" [2] - Fujian is the largest active vessel in the navy, with its home port located in Sanya, Hainan [2] - The development of carrier-based aircraft such as the J-35 and KJ-600 is progressing as planned, with expectations for operational capability not far off [2] Group 2: Antarctic Research - The "Snow Dragon" and "Snow Dragon 2" have crossed the equator as part of China's 42nd Antarctic expedition [3] - The expedition will focus on national needs and global scientific frontiers, including the construction of supporting facilities at the Qinling Station [3] - Key tasks include monitoring important Antarctic sea areas and applying domestic technology in new ways [3] Group 3: Energy Sector - The world's first 650°C ultra-supercritical coal-fired power unit has begun construction in Zhejiang, aiming to set records for the highest parameters and lowest coal consumption [4] Group 4: China International Import Expo (CIIE) - The CIIE showcased over 461 new products, technologies, and services, with participation from 155 countries and regions [5] - The exhibition area exceeded 367,000 square meters, featuring 290 Fortune 500 and industry-leading companies [6] - The event included a focus on the "silver economy" and introduced a pet-themed display area [6][7] - A total of 83 supporting activities were held, resulting in over 300 cooperation intentions and an estimated cooperation amount exceeding $10.3 billion [7]

Group 1 - China's first electromagnetic aircraft carrier, Fujian, has officially entered service, marking the beginning of the "three aircraft carrier era" for the country [2] - Fujian is the largest active vessel in the navy, with its home port located in Sanya, considering various operational factors [4] - The development of carrier-based aircraft, including the J-35 and KJ-600, is progressing as planned, with expectations for full operational capability in the near future [4] Group 2 - The "Xuelong" and "Xuelong 2" vessels have crossed the equator, embarking on China's 42nd Antarctic expedition, with "Xuelong" making a brief stop in Australia for supplies [6][8] - The expedition will focus on national needs and global scientific frontiers, including the construction of facilities at the Qinling Station and monitoring key Antarctic regions [8] Group 3 - The world's first 650°C ultra-supercritical coal-fired power unit has commenced construction in Zhejiang, aiming to set records for efficiency and low coal consumption [9] Group 4 - The China International Import Expo (CIIE) has seen over 461 new products, technologies, and services debut, with participation from 155 countries and regions [11] - The exhibition area exceeded 367,000 square meters, featuring 290 Fortune 500 and industry-leading companies, with record participation in various sectors [11][16] - The event included over 1,900 rounds of negotiations, resulting in more than 300 cooperation intentions and a total intended cooperation amount exceeding $10.3 billion [16]

Core Viewpoint - The commissioning of the aircraft carrier Fujian marks China's official entry into the third aircraft carrier era, featuring advanced electromagnetic catapult technology, which enhances operational efficiency and capabilities [1] Industry Summary - The Fujian aircraft carrier utilizes an electromagnetic launch system (EMALS), a cutting-edge technology currently mastered only by China and the United States, allowing for more stable and efficient aircraft launches compared to traditional steam systems [1] - The recent military industry quarterly reports indicate a clear performance inflection point, with a robust improvement in fundamentals and numerous catalysts expected in the near future [1] - The "14th Five-Year Plan" emphasizes strengthening national security and improving social governance, which aligns with the military industry's growth trajectory [1] Investment Opportunity - Investors are encouraged to consider the military ETF (512660), which tracks the China Securities Military Index (399967), reflecting the overall performance of publicly listed companies in the military sector, particularly in aviation and military electronics [1] - The index comprises small to mid-cap stocks, focusing on aviation equipment and military electronics, indicating a targeted investment approach within the military industry [1]

Core Viewpoint - The commissioning of the Fujian aircraft carrier marks a significant technological breakthrough for China, positioning it among the world's leading naval powers with its conventional power electromagnetic catapult technology [1][12]. Development Milestones - The Fujian aircraft carrier is China's first domestically designed and built catapult aircraft carrier, featuring a flat-deck design and electromagnetic catapult and arrestor systems, with a full-load displacement of over 80,000 tons [4][6]. - The carrier was launched on June 17, 2022, and has undergone various tests, including mooring tests and an 8-day sea trial starting on May 1, 2024, which met expected performance targets [8]. - As of September 22, 2025, the carrier has successfully conducted its first catapult launches and landings with the J-15T, J-35, and KJ-600 carrier-based aircraft [10]. Strategic Implications - The Fujian carrier enhances the People's Navy's capabilities for near-seas defense and far-seas escort operations, officially entering the "three-carrier era" with the addition of the Fujian, Shandong, and Liaoning carriers [16][22]. - The ability to launch fully loaded fighter jets increases combat effectiveness, while the electromagnetic catapult allows for a wider range of aircraft, including fixed-wing early warning aircraft, enhancing situational awareness and command capabilities [18]. - The presence of three carriers enables simultaneous deployment in three major directions, improving the mobility of carrier groups and providing broader security depth [20].

Core Viewpoint - The commissioning of the Fujian aircraft carrier, the world's first conventionally powered aircraft carrier utilizing electromagnetic catapult technology, marks a significant technological breakthrough for China's naval capabilities [1][12]. Group 1: Development Milestones - The Fujian aircraft carrier is China's first entirely self-designed and built electromagnetic catapult aircraft carrier, with its construction closely followed since its first sea trial in May last year [3]. - The carrier features a flat-deck design with electromagnetic catapults and arrestor wires, and has a full-load displacement of over 80,000 tons. It was launched on June 17, 2022, with hull number 18 [5]. - The Fujian carrier conducted mooring tests as planned on September 23, 2022, and completed its first sea trial from May 1, 2024, lasting eight days to test various systems [8]. Group 2: Operational Capabilities - The Fujian carrier has successfully demonstrated electromagnetic launch and recovery capabilities, representing another breakthrough in China's aircraft carrier development and significantly advancing naval transformation [12]. - The operational mode of the Fujian carrier will be more flexible compared to conventional carriers, allowing for the launch of various aircraft types, from transport planes to drones, enhancing its combat effectiveness [14][17]. - The ability to launch fighter jets fully loaded with fuel and munitions increases their operational capacity, while also enabling the deployment of fixed-wing airborne early warning aircraft, greatly improving situational awareness and command capabilities [18]. Group 3: Strategic Implications - The entry into the "three-carrier era" with the Fujian, Shandong, and Liaoning carriers allows the People's Navy to operate simultaneously in three major directions, enhancing the mobility and strategic depth of carrier groups [19][21]. - The three carriers can be rotated in operations, ensuring a continuous operational capability and providing a robust naval presence [23].

Core Viewpoint - The commissioning of the Fujian aircraft carrier marks a significant technological breakthrough for China, positioning it among the world's leading naval powers with its conventional power electromagnetic catapult technology [1][12]. Group 1: Development Milestones - The Fujian aircraft carrier is China's first entirely self-designed and built electromagnetic catapult aircraft carrier, with its journey closely monitored since its first sea trial in May last year [3]. - The carrier features a flat-deck design with electromagnetic catapults and arrestor wires, boasting a full-load displacement of over 80,000 tons [5]. - The Fujian was launched on June 17, 2022, and has undergone various tests, including mooring tests and an eight-day sea trial to assess its power and electrical systems [7][8]. Group 2: Operational Capabilities - The Fujian carrier has successfully completed its first catapult takeoff and landing training with the J-15T, J-35, and KJ-600 carrier-based aircraft, indicating its operational readiness [10]. - The introduction of the Fujian enhances the flexibility of naval operations, allowing for a wider range of aircraft types to be launched, from transport planes to drones, thereby improving combat capabilities [12][15]. - With the commissioning of the Fujian, the People's Navy officially enters a "three-carrier era," significantly boosting its near-seas defense and far-seas escort capabilities [15][19]. Group 3: Strategic Implications - The presence of three aircraft carriers enables simultaneous deployment in three major directions, enhancing the mobility and operational depth of carrier strike groups [17]. - The ability to rotate the Fujian, Shandong, and Liaoning carriers ensures a continuous operational capability, providing a robust naval presence [19].

Core Points - The Fujian aircraft carrier, China's first domestically designed and built catapult aircraft carrier, was launched on June 17, 2022, with a full displacement of over 80,000 tons and features electromagnetic catapults and arrestor wires, making it the world's first conventionally powered aircraft carrier using electromagnetic launch technology [1] - As of November 30, 2023, the Fujian carrier is undergoing mooring tests, and it successfully completed its first sea trial from May 8, 2024, returning to the Jiangnan Shipyard after an 8-day mission, achieving expected results in various system tests [1][3] - The carrier is expected to significantly enhance the People's Liberation Army Navy's (PLAN) long-range defense and maritime capabilities, marking the arrival of a three-carrier era for the navy [3] Group 1 - The Fujian carrier has successfully conducted multiple sea trials since its first sea test in May 2024, with key catapult tests completed by September 2025, exceeding initial expectations [3] - The carrier has completed training for three types of carrier-based aircraft, indicating a substantial improvement in the PLAN's operational capabilities [3] - The Fujian carrier has passed through the Taiwan Strait to conduct scientific research and training tasks in the South China Sea [4] Group 2 - There is potential for the Fujian carrier to operate alongside the Liaoning and Shandong carriers, forming a dual-carrier battle group that enhances joint operational capabilities [5] - The integration of the Fujian carrier's airborne early warning aircraft, the KJ-600, with the Liaoning and Shandong carriers could improve the overall situational awareness and operational flexibility of the carrier group [5] - The Fujian carrier has demonstrated reliable performance in multiple sea tests, with its new carrier-based aircraft showing combat readiness [7]

Core Viewpoint - The Fujian aircraft carrier, China's first electromagnetic catapult aircraft carrier, has made significant progress since its launch three years ago and is expected to enter service within the year, marking the approach of a "three-carrier era" for the Chinese Navy [1][11][30]. Summary by Relevant Sections Development Progress - The Fujian carrier was launched on June 17, 2022, and has since undergone various tests, including mooring tests and multiple sea trials, totaling over 100 days at sea [5][11]. - The first sea trial took place from May 1 to May 8, 2024, focusing on testing power and electrical systems [9]. - The carrier has successfully completed its seventh sea trial, which concentrated on the electromagnetic compatibility of carrier-based aircraft [11]. Technical Specifications - The Fujian carrier has a full-load displacement of over 80,000 tons and is the world's first conventionally powered aircraft carrier to utilize electromagnetic catapult technology [14]. - It is designed to carry various types of carrier-based aircraft, including fighter jets, early warning aircraft, anti-submarine aircraft, and drones [12][14]. Aircraft Compatibility - The carrier is expected to deploy the J-35 and other types of carrier-based aircraft, with the J-15T variant likely to be tested first due to its reinforced landing gear for catapult launches [16][18]. - The design of the J-35 allows for a dual-engine, medium-sized stealth carrier-based aircraft, optimizing the number of aircraft that can be carried on the limited deck space [19]. Strategic Implications - The development of the Fujian carrier reflects a significant leap in China's naval capabilities, transitioning from ski-jump takeoff carriers to those utilizing electromagnetic catapults [21][30]. - With the increasing number and advanced capabilities of Chinese aircraft carriers, there are implications for global naval power dynamics, particularly in the Asia-Pacific region [30][32].

Core Viewpoint - The Fujian aircraft carrier, China's first electromagnetic catapult aircraft carrier, is expected to be commissioned within the year, marking the approach of a "three-carrier era" for the Chinese Navy [3][12]. Summary by Sections Development Timeline - The Fujian aircraft carrier was launched on June 17, 2022, and is designated with hull number 18 [5]. - The carrier began mooring trials on September 23, 2022 [7]. - The first sea trial is scheduled from May 1 to May 8, 2024, focusing on testing power and electrical systems [9]. - As of March 2025, the Ministry of Defense confirmed that the Fujian has completed its seventh sea trial, with a total of over 100 days at sea [11]. Aircraft and Capabilities - The Fujian is expected to carry various types of carrier-based aircraft, including the J-35 [13]. - It features electromagnetic catapults and arrestor wires, with a full-load displacement of over 80,000 tons, making it the world's first conventionally powered aircraft carrier using electromagnetic launch technology [15]. - The J-15T and J-15D carrier-based aircraft have been showcased, with the J-15T being a reinforced version designed for catapult launches [18]. - A scaled model of the carrier-based J-35 was also presented, indicating potential for a dual-engine medium-sized carrier-based aircraft [20]. - The design of carrier-based aircraft will focus on maximizing the number of aircraft that can be deployed on the limited deck space [21]. Strategic Implications - The development of the Fujian reflects a significant leap in China's aircraft carrier technology over the past decade, transitioning from ski-jump takeoff systems to electromagnetic launch systems [24]. - The increasing number and advanced capabilities of Chinese aircraft carriers are expected to enhance regional stability and peace, countering the Western naval operational frameworks led by the United States [36].