Investment Rating - The report rates the defense and military industry as "Overweight," indicating an expectation for the industry to outperform the overall market [3][29]. Core Insights - The report highlights that geopolitical uncertainties are increasing the valuation of the military industry, with expectations for quarterly performance to gradually materialize, potentially triggering a reversal in stock performance [2][6]. - The military industry is expected to see a gradual increase, particularly in June, driven by external geopolitical factors and the implementation of the 14th Five-Year Plan [6]. - The report emphasizes the importance of the military's fundamental changes, with stable order inflows expected to translate into performance improvements starting in Q2 [6]. - Key investment opportunities are identified in precision-guided weapons, underwater capabilities, AI/robotics, and traditional aircraft supply chains [6]. Market Review - The report notes that the Shenwan Defense and Military Index fell by 2.01%, while the CSI Military Leaders Index dropped by 2.83%, underperforming the Shanghai Composite Index, which fell by 0.51% [3][7]. - The report provides a detailed performance analysis of individual stocks within the military sector, highlighting the top gainers and losers for the week [14][15]. Valuation Changes - The report states that the current PE-TTM for the Shenwan Military Sector is 74.63, placing it in the upper range historically, with significant differentiation among sub-sectors [15][21]. - The report includes a valuation table for key military industry stocks, projecting future earnings and PE ratios [22].

Core Viewpoint - The article highlights the life and experiences of Xia Shuqin, a survivor of the Nanjing Massacre, emphasizing her role as a witness to history and a defender of truth and peace [3][16][37]. Group 1: Historical Context - In 1937, during the Nanjing Massacre, Xia Shuqin lost seven family members and was severely injured, becoming an orphan at a young age [7][8]. - The Nanjing Massacre resulted in the deaths of at least 300,000 civilians over a period of nearly six weeks, with widespread atrocities committed by Japanese soldiers [8][10]. Group 2: Personal Journey - Xia Shuqin has dedicated her life to recounting her traumatic experiences and advocating for justice for the victims of the massacre [13][31]. - In 1994, she became the first survivor to publicly accuse Japan of its wartime atrocities, revealing the ignorance of many Japanese citizens regarding these events [16][28]. Group 3: Legal Battles and Advocacy - Xia Shuqin faced defamation from Japanese right-wing groups but successfully pursued legal action, winning a defamation case in 2006 and achieving a comprehensive victory in Japan in 2009 [20][22]. - She has engaged with Japanese citizens, receiving both support and hostility, and continues to call for acknowledgment of the massacre [24][28]. Group 4: Legacy and Memory - Xia Shuqin's family has grown, symbolizing resilience and the passage of history, with her grandchildren now taking on roles as memory bearers of the Nanjing Massacre [42][46]. - The article concludes with a reflection on the importance of remembering history to ensure a peaceful future, highlighting Xia Shuqin's life as a testament to survival and the enduring impact of historical memory [37][46].