Core Viewpoint - The recent military parade showcased the "unmanned combat swarm" as a significant highlight, indicating advancements in military technology and strategic capabilities [1] Group 1: Military Technology - The display of unmanned intelligent and anti-drone equipment by the army, navy, and air force signifies a national-level technological demonstration [1] - The integration of unmanned systems in military operations reflects a shift towards modern warfare strategies [1] Group 2: Future Implications - The event raises questions about the future of military engagements and the potential for unmanned systems to redefine combat scenarios [1] - The emphasis on unmanned technology suggests a focus on innovation and modernization within the military sector [1]

Group 1 - The article highlights the advancements in maritime and aerial unmanned combat systems, showcasing their role as "strategic weapons" in modern warfare [1] - New types of unmanned underwater vehicles, unmanned boats, and unmanned mine-laying systems are emphasized as key assets for naval operations [1] - Aerial capabilities include new reconnaissance and strike drones, unmanned wingmen, and shipborne unmanned helicopters, which are designed for covert strikes, wide-area coverage, and autonomous collaboration [1]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5]. Core Viewpoints - The development of deep-sea technology is crucial for national defense security and resource utilization, recognized as a key strategic direction for the 14th Five-Year Plan [9][12]. - The future of unmanned combat systems is expected to evolve towards collaboration, intelligence, and electronic warfare, with significant global interest in drone deployment [17][18]. - The report emphasizes the importance of the military industry in the current economic context, highlighting the potential for growth in demand for military electronics and key materials [19]. Summary by Sections Investment Suggestions and Targets - The report suggests focusing on various sub-sectors within the military industry, including military electronics, new quality and new domains, and military trade, with specific companies recommended for investment [19]. Industry Performance - The defense and military industry index (Shenwan) increased by 0.15%, underperforming compared to the Shanghai Composite Index, which rose by 1.70% [21][22]. - The report notes that the military industry ranked 21st out of 31 in terms of performance among Shenwan's primary industry indices [24]. Key Developments - The report outlines significant advancements in deep-sea technology, including the development of various deep-sea equipment and systems, which are expected to drive growth in the industry [13][15]. - It highlights the increasing global emphasis on unmanned combat systems, with countries like Japan planning substantial investments in drone technology [17][18]. Market Trends - The report indicates a positive outlook for the military industry as the new phase of equipment construction approaches, with a focus on domestic demand recovery and advancements in new quality production capabilities [19].

Core Viewpoint - The article highlights the exemplary dedication and achievements of Zhang Zanshan, a soldier in the Chinese army, showcasing his commitment to military training and innovation in modern warfare tactics [1][2][3]. Group 1: Achievements and Contributions - Zhang Zanshan has been recognized for his leadership in overcoming technical challenges during military training, successfully demonstrating new artillery techniques that resulted in precise strikes [5][6]. - Under his guidance, the unit has developed a "smart+" unmanned training model, which is now being promoted across the military [7]. - Zhang has led his team to solve over ten training challenges, fostering a new generation of capable soldiers [7]. Group 2: Training and Innovation - Zhang Zanshan has actively engaged in modernizing military training by integrating new combat tactics and equipment, including the adaptation of drones for combat scenarios [6][7]. - He has initiated collaborations with experts from educational institutions and manufacturers to enhance tactical training and innovation [6][7]. - The unit has successfully modified drones for stealth operations, demonstrating a proactive approach to addressing equipment shortages and enhancing operational capabilities [6][7]. Group 3: Personal Journey and Philosophy - Zhang's military journey began 23 years ago, driven by a desire to embody the spirit of the Red Army and tackle challenges head-on [2][3]. - His philosophy emphasizes that a leader's authority is earned through competence, which has guided his continuous pursuit of knowledge in military tactics and equipment [2][3]. - Zhang's relentless training regimen and commitment to excellence have established him as a role model within the military [2][3].