Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The successful launch of three types of carrier-based aircraft from the Fujian ship marks a significant milestone in China's naval capabilities, indicating that the country is now at the forefront of carrier technology globally [3][9] - The transition from "near-sea defense" to "far-sea control" is expected to reshape the strategic landscape in the Western Pacific, with the Fujian ship's capabilities potentially altering the balance of power in the region [11][9] Summary by Sections Fujian Ship's Electromagnetic Launch Success - The Fujian ship has successfully demonstrated electromagnetic catapult launches with the J-15T, J-35, and KJ-600 aircraft, showcasing its advanced capabilities [3][9] - This achievement signifies that China is now the second country to master electromagnetic launch technology, surpassing the traditional steam catapult systems [4][20] Expected Growth in Carrier-Based Aircraft - The report anticipates a significant increase in the number of carrier-based aircraft as China's naval capabilities expand, with the potential for accelerated construction of additional aircraft carriers [5][46] - The current fleet includes three carriers, and with advancements in electromagnetic launch technology, the operational capacity and number of aircraft are expected to rise rapidly [5][46] Investment Opportunities and Beneficiaries - Key investment themes include companies involved in electromagnetic launch systems and aircraft carrier construction, such as Xiangdian Co., China Power, and China Shipbuilding [5][48] - Beneficiaries in the aircraft manufacturing sector include major manufacturers like AVIC Shenyang Aircraft and AVIC Xifei, as well as companies involved in radar and new materials [5][48]