进入12月，在中国军队多个军兵种部队开展的实战化演训中，无人机、网络信息体系、AI智能技术 等"新"力量发挥出重要作用。这是2025年中国军队新域新质力量发展的生动写照。 图片2025年9月3日，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在北京隆重举行。图为 空中无人作战方队接受检阅。 中新社记者 盛佳鹏 摄 此外，徒步方队的四支战略兵种本身就代表新域新质力量，与装备方队中的新型作战力量群共同展示中 国军队新域新质力量的建设成就。 军事专家潘新毛认为，未来战场将以体系对体系、算法对算法，实现先敌发现、先敌决策、先敌打击。 智能化装备带来震撼的背后是中国军队强大的军事力量和科技实力，为维护和平提供坚不可摧的新质支 撑。 值得关注的是，越来越多的无人化智能化装备出现在部队的练兵场上。中国军队新域新质力量的发展不 是停留在"展示"层面，而是向着"实战化常态运用"迈进，实现从战斗力"试验田"到"主产地"的关键跨 越。 年内，一段四足机器人参加部队实战化训练的视频受到海内外高度关注。据报道，在这场有人无人协同 攻击对抗演练中，参训官兵融合运用无人机、"机器狼"等无人装备，配合完成先期侦察印证、要点精打 清除 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [6] Core Views - The company has shown a profit margin improvement driven by automation and military trade growth, despite a slight decline in revenue and net profit in Q3 2025 [4][5] - The company is actively expanding its presence in the high-end military trade market, leveraging geopolitical tensions to enhance demand for its products [5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 7.894 billion yuan, a year-on-year increase of 11.07%, and a net profit attributable to shareholders of 386 million yuan, up 6.18% year-on-year [2] - In Q3 2025, the company achieved revenue of 2.167 billion yuan, a decrease of 6.59% year-on-year, with a net profit of 96 million yuan, down 3.85% year-on-year [4] - The company improved its gross margin by 0.57 percentage points to 14.77% and net margin by 0.17 percentage points to 4.47% in Q3 2025 [4] Market Position and Strategy - The company is focusing on the development of unmanned intelligent combat capabilities and actively exploring military trade markets, transitioning from mid-to-low-end products to high-end offerings [5] - The company has successfully upgraded its military trade products, achieving significant results in new market expansions, which is expected to enhance its foreign trade performance [5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.41, 0.49, and 0.56 yuan respectively, with corresponding PE ratios of 46.6, 39.8, and 34.6 based on the closing price of 19.34 yuan on October 29 [6]

Group 1 - The core viewpoint of the article emphasizes the successful training and testing of the Fujian aircraft carrier, indicating its readiness for operational deployment in the near future [3][4]. - The Fujian aircraft carrier has successfully conducted catapult takeoff and landing training with J-15T, J-35, and KJ-600 carrier-based aircraft, marking a significant milestone in China's aircraft carrier development [3]. - The training of the Fujian aircraft carrier is progressing smoothly as planned, with expectations for its operational readiness not being far off [3]. Group 2 - The recent Air Force Aviation Open Day event in Changchun attracted nearly one million visitors, showcasing the achievements of the People's Air Force and its strategic transformation [4]. - The event featured impressive displays of 41 aircraft from 16 different types, including the H-6H, Y-20A, J-20, and KJ-500, highlighting the evolution of air force equipment [4]. - The open day served as a significant public engagement event, igniting enthusiasm for national defense and fostering a sense of patriotism among attendees [4].

Group 1 - The core viewpoint of the article highlights the successful training and testing of the Fujian aircraft carrier, indicating its readiness for operational deployment with advanced capabilities [2][3] - The recent successful launch and recovery training of carrier-based aircraft such as J-15T, J-35, and KJ-600 on the Fujian carrier marks a significant milestone in China's naval development [3] - The ongoing training of the Fujian carrier is progressing as planned, with expectations for its operational readiness not far off [3] Group 2 - The 2025 Air Force Aviation Open Day event in Changchun attracted nearly one million visitors, showcasing the achievements of the People's Air Force and its strategic transformation [5] - The event featured static displays of advanced aircraft including the J-20, and a flight demonstration involving 41 aircraft, highlighting the evolution of air force capabilities [5] - The open day served as a national defense education platform, igniting public interest in aerospace and patriotism [5]

Core Points - The 2025 Air Force Aviation Open Day and Changchun Airshow commenced on September 19, showcasing significant military equipment and providing a visual feast for the public [1] - The airshow features over a hundred types of active military aircraft and ground equipment, with notable first-time displays including the J-20 stealth fighter and a bomber formation [2] - The J-10C fighter jet has its own dedicated exhibition area, highlighting its recent combat success in May, where its export version, the J-10CE, achieved multiple aerial victories without sustaining losses [4] Industry Highlights - The airshow includes a dedicated unmanned intelligent equipment pavilion, reflecting the increasing integration of AI technologies in warfare, with 45 participating units showcasing over 200 products [5][7] - The low-altitude economy pavilion presents a comprehensive display of the low-altitude economic industry chain, featuring 82 leading domestic enterprises and over 100 new products across various categories [8] - A total of 209 exhibitors participated in this year's airshow, an increase of 69 from the previous event, including both state-owned enterprises and notable private companies, demonstrating the strength of China's aviation industry [9]

Investment Rating - The report provides a positive investment outlook for the defense and military industry, highlighting a dual logic driving significant market opportunities in 2025 [4]. Core Insights - The report emphasizes that the improvement in military orders and thematic catalysts, such as military AI and robotics, will significantly expand the investment space and elasticity within the military sector [4][40]. - It identifies four main investment themes: order elasticity in missiles and underwater systems, thematic space in military AI/robotics, military-civilian integration in commercial aerospace and low-altitude economy, and value investment in aircraft and engines [4][50]. Summary by Sections 1. Dual Logic Driving the 2025 Military Market - The report outlines that the military construction cycle in China is currently in a new phase, with increasing demand for various military products and a shift from sporadic orders to more consistent and widespread orders across the industry [4][10]. - It notes that the demand for military supplies is expected to grow due to increased training frequency and global conflicts, which will drive ammunition consumption [16][23]. 2. Order Elasticity Main Line: Missiles/Underwater - The missile sector is projected to enter a growth phase in 2025, with significant potential for order elasticity, particularly in guided missiles [4][50]. - The underwater sector is also highlighted, with a focus on the development of underwater combat systems and the integration of various platforms [78][82]. 3. Thematic Catalysts: Military AI/Robotics - The report discusses the acceleration of military AI and robotics, which are expected to become core components of new combat capabilities, enhancing the overall investment landscape [40][44]. - It emphasizes that global military powers are increasingly prioritizing the development of intelligent weaponry and new combat strategies [44][45]. 4. Military-Civilian Integration: Commercial Aerospace/Low-altitude Economy - The report indicates that policies supporting commercial aerospace and low-altitude economies are gaining traction, presenting new investment opportunities [4][50]. - It highlights specific companies that are well-positioned to benefit from these trends, such as Zhenray Technology and Shanghai Hanhua [4]. 5. Value Investment Main Line: Aircraft/Engines - The aircraft and engine sectors are expected to maintain stable growth, with resilience against market fluctuations [4][50]. - The report suggests focusing on companies like AVIC Shenyang Aircraft and Aero Engine Corporation of China for potential investments [4].