Core Viewpoint - The articles highlight the dedication and preparation of military personnel for the upcoming military parade on September 3, emphasizing the modernization of the Chinese military and the commitment of soldiers to their duties and national defense [1][4]. Group 1: Military Training and Preparation - Soldiers are undergoing rigorous training to ensure a successful military parade, showcasing their loyalty and determination [1]. - Ding Hui, a seasoned soldier, reflects on his experiences over 32 years, witnessing the modernization of military equipment and expressing pride in participating in the parade [2][3]. - The training involves high-intensity exercises, with soldiers adapting to various military vehicles and enhancing their skills through innovative methods [2][3]. Group 2: Individual Soldier Stories - Female pilot Kang Kai expresses her honor in flying over Tiananmen and her commitment to achieving precision in her training [5][6]. - Yang Yuzhu, a maintenance technician, emphasizes the importance of equipment reliability and his role in ensuring the success of the parade through effective maintenance [8][9]. - Xiao Rongji, the 36th leader of the "Yang Gensi Class," embodies the spirit of dedication and resilience, aiming to uphold the legacy of heroism in the military [11][12]. Group 3: Modernization and Technological Advancements - The articles discuss the rapid development of military equipment, transitioning from mechanization to information and digitalization, which raises the standards for soldiers [3][10]. - The military is focused on enhancing its strategic capabilities and operational readiness, reflecting a commitment to building a world-class military [10]. Group 4: Inspirational Themes - The narrative emphasizes the importance of heroism and the continuous pursuit of excellence among soldiers, fostering a culture of dedication and service [12]. - The military's commitment to national defense and the safeguarding of sovereignty is a recurring theme, highlighting the soldiers' roles as protectors of the nation [12].

百年梦想，强军有我。让我们一同倾听，那些向着建军一百年奋斗目标冲锋的铿锵足音！ 2027年，中国人民解放军建军一百周年，是时间的标尺，是奋斗的刻度。 百年征程，铁血荣光；强军路上，使命如磐。今年恰逢纪念抗战胜利80周年，我们特别推出《我 的2027奋斗目标》抗战特辑，邀请抗战英雄部队官兵代表，讲述他们的强军誓言与时代担当。 0:00 出品人：柳刚 监制：李砺寒、黄明 策划：王逸涛、蔡琳琳 统筹：蔡琳琳、李政权、孟钊 文案：孟钊、曾伟华 摄像：张扬晨、董俊宏 后期：王彦清、郭泽天、赵川、葛元蕊 ...

Group 1 - The meeting emphasized the importance of Xi Jinping's strong military thought as a guiding principle for modernizing national defense and the military, highlighting its role in promoting a distinctive Chinese military path [1][2] - The Wuhan Military District has made significant progress in political education, military training, and national defense mobilization capabilities since the last military meeting, strengthening military-civilian unity [1][2] - The meeting outlined key tasks, including enhancing national defense mobilization, improving grassroots military construction, and fostering collaboration between military and local resources to boost combat readiness and production efficiency [2] Group 2 - The meeting called for a focus on the centenary military goals, urging a high-quality development of the people's armed forces and a commitment to the political responsibility of the party in military affairs [2] - It was stressed that the local government should actively support military personnel and veterans, ensuring the implementation of preferential policies and enhancing community support for the armed forces [2] - The meeting highlighted the need for comprehensive national defense education, utilizing local historical resources to promote patriotism and military support among the populace [2]

Core Viewpoint - The announcement of the "Most Beautiful New Era Revolutionary Soldiers" aims to inspire military personnel to advance the goals of building a strong military in the new era, reflecting the commitment to the Party and the mission assigned by the people [1][2]. Group 1: Recognition of Soldiers - Twelve exemplary soldiers were recognized for their dedication to the Party's leadership and their roles in advancing military objectives, showcasing various contributions such as political education, grassroots leadership, combat readiness, research innovation, and community support [1]. Group 2: Call to Action - Military personnel expressed the need to learn from the recognized soldiers' deeds and spirit, emphasizing the importance of adhering to Xi Jinping's thoughts and enhancing military training and preparedness to build a world-class military [2].

Group 1 - The National Defense Science and Technology University is conducting a high-tech knowledge training class for senior military officials in Shandong Province, emphasizing the importance of local economic and social development [2][3] - Shandong's leadership, represented by Secretary Lin Wu, highlighted the province's commitment to implementing Xi Jinping's directives and fostering a modern industrial system while ensuring economic stability and growth [2] - The training program aims to strengthen cooperation between the National Defense Science and Technology University and Shandong Province in areas such as talent cultivation, scientific research, and academic exchange [3] Group 2 - The training class includes visits to high-level military and local units, allowing participants to experience the rich cultural heritage of Shandong and the advancements in military reform and technology [3] - The event reflects Shandong's strategic role as a major military province, with a focus on enhancing national defense mobilization and supporting military readiness [2][3]

Investment Rating - The report assigns an "Overweight" rating for the defense industry, consistent with the previous rating [8]. Core Insights - The national defense budget for 2025 is set at 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2%, which is higher than the expected GDP growth target of 5% [3][8]. - The defense budget growth rate has remained stable over the past nine years, with the proportion of defense spending to GDP still having room for improvement compared to countries like the US and Japan [3][8]. - The report emphasizes the importance of the defense budget as a foundation for modernization and equipment development, with a consistent growth trend observed from 2016 to 2024 [3][8]. Summary by Sections National Defense Budget Overview - The 2025 defense budget is 1,784.7 billion yuan, marking a 7.2% increase, which aligns with the stable growth trend observed in previous years [3][8]. - The defense budget growth has been consistent, with annual increases of 7.6%, 7%, 8.1%, 7.5%, 6.6%, 6.8%, 7.1%, and 7.2% from 2016 to 2024 [8]. Comparison with Other Countries - Japan's defense budget for 2025 is projected at 8.7 trillion yen, a 9.4% increase, while the US defense budget for the fiscal year 2024 is approximately 886 billion USD, accounting for 3% of its GDP [8]. - China's defense spending as a percentage of GDP has remained below 1.5%, indicating significant potential for growth compared to global averages and specific countries [8]. Strategic Implications - The report highlights the ongoing modernization of the military and defense capabilities as a priority, with a focus on implementing Xi Jinping's military strategies and enhancing combat readiness [8]. - The year 2025 is seen as a pivotal year for transitioning from the 14th Five-Year Plan to the 15th, with expectations for steady growth in defense spending to support modernization goals [8]. Recommended Investment Targets - The report suggests focusing on companies within the aerospace and aviation supply chain, recommending specific stocks such as AVIC Optoelectronics, Aerospace Electric, AVIC Shenyang Aircraft, and others [8].

Core Viewpoint - The Chinese government is committed to a coordinated development of national defense and economic construction, with a planned defense budget of 1.81 trillion yuan for 2025, reflecting a 7.2% increase from the previous year [1][2]. Summary by Sections National Defense Budget - The 2025 national defense budget is set at 1.81 trillion yuan, with a 7.2% increase from the previous year's execution [1]. - Central government expenditure is 1.78 trillion yuan, also showing a 7.2% growth compared to the previous year [1]. Allocation of Increased Defense Spending - The increase in defense spending will focus on developing new combat capabilities, enhancing traditional military forces, and improving military training and education systems [3]. - The budget is legally managed and approved by the National People's Congress, ensuring transparency in its allocation and use [2]. Strategic Objectives - The defense budget aims to enhance China's military capabilities in response to complex security challenges and to fulfill international responsibilities [2]. - The military modernization process is aligned with national modernization goals, aiming to achieve the centenary military objectives by 2027 [1][2]. Key Areas of Focus - Development of new operational forces and a new military structure [3]. - Improvement of reconnaissance, joint strike capabilities, and comprehensive support systems [3]. - Emphasis on practical military training and the development of a new military talent cultivation system [3]. - Ongoing reforms in national defense and military personnel policies to enhance training and living conditions for troops [3].