Core Viewpoint - The article highlights the significant display of unmanned combat equipment during the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, showcasing the military's focus on future battlefield capabilities with an integrated approach to unmanned operations [1]. Ground Unmanned Combat Unit - The ground unmanned combat unit featured various types of unmanned equipment, including reconnaissance and assault unmanned vehicles, mine-clearing drones, and multi-rotor drones, demonstrating a comprehensive combat layout [5][7]. - The showcased reconnaissance and assault unmanned vehicle is equipped with a tracked chassis and can perform diverse military tasks such as reconnaissance and fire strikes, supporting tanks and infantry units in coordinated operations [7]. - The army is actively exploring mixed operations involving both manned and unmanned systems to enhance reconnaissance, obstacle-clearing, and precision strike capabilities [9]. Naval Unmanned Combat Unit - The naval unmanned combat unit included domestically developed unmanned underwater vehicles, unmanned boats, and mine-laying systems, capable of executing underwater reconnaissance, patrol, and mine-clearing tasks [10]. - New unmanned boats can autonomously detect and neutralize underwater mines, significantly improving the efficiency and safety of mine-clearing operations [12]. - The development of unmanned mine-laying systems and mine-clearing vessels is aimed at synchronizing offensive and defensive capabilities in naval operations [14]. Aerial Unmanned Combat Unit - The aerial unmanned combat unit showcased various models of unmanned aerial vehicles, emphasizing a well-rounded combat system [18]. - The newly introduced shipborne unmanned helicopter enhances naval reconnaissance and operational capabilities, providing critical support for long-range maritime missions [20][22]. - Recent training innovations have focused on practical scenarios, pushing the limits of personnel and equipment, and improving operational readiness in response to various maritime and aerial situations [24].

Investment Rating - The report maintains an "Accumulate" rating for the defense and military industry [6]. Core Insights - The integration of AI in the military sector is becoming a significant trend, with "intelligence supremacy" emerging as a key factor in modern warfare. The advent of AI technologies, particularly since the launch of ChatGPT in 2022, has accelerated the application of large models across various industries, including defense [1][11]. - The report highlights the rapid rise of companies like Palantir, which has seen its market value increase nearly 20 times since the beginning of 2023, surpassing traditional defense contractors [2]. - The report emphasizes the importance of identifying China's equivalent to Palantir by understanding how AI can empower the military industry and pinpointing critical segments within the AI military supply chain [2][3]. Summary by Sections AI Empowerment in Military - AI is transforming military operations through various applications, including: 1. Command, Control, and Decision-Making: AI assists in battlefield decision-making [2]. 2. Intelligence, Surveillance, and Reconnaissance (ISR): AI significantly enhances military efficiency, reducing OODA loop times [2]. 3. Unmanned Equipment: AI is driving advancements in autonomous operations and collaborative systems [2]. 4. Equipment Development: AI is enabling new models for weapon development, such as enhanced industrial software [2]. 5. Simulation and Training: AI is providing high-fidelity and cost-effective military simulation and training systems [2]. AI Military Supply Chain - The AI military supply chain consists of three segments: 1. Upstream: Data and computing power [3]. 2. Midstream: Algorithms and models [3]. 3. Downstream: Applications in command decision-making, intelligence analysis, unmanned equipment, and production assistance [3]. - The report suggests focusing on midstream companies that possess core databases and vertical algorithms, akin to Palantir's business model [3]. Investment Recommendations - The report recommends a dual strategy for investing in the "AI + Military" sector: 1. Target companies that align with Palantir's business model, possessing military data, algorithms, and application experience, such as Kesi Technology and Zhongke Xingtu [4]. 2. Explore companies expanding AI into unmanned equipment and development, including Jingpin Special Equipment, Zhongwu Drone, Xibu Materials, and Huaru Technology [4].