隐身材料：先进战机核心技术，新兴材料潜力巨大 20250818 摘要 隐身技术依赖于探测手段的发展，主要包括可见光、雷达和红外探测， 其中雷达隐身技术是研究重点，主流方法为无源隐身，通过控制电磁波 和降低回波强度实现，RCS 是衡量隐身效果的关键指标。 雷达隐身技术主要通过减少电磁波发射和降低回波强度实现，包括使用 吸波材料和结构隐身材料。结构隐身材料利用先进复合材料制作具备隐 身功能的部件，如机翼和进气道等。 红外隐身主要针对 1-2.5 微米、3-5 微米和 8-14 微米波段进行处理，通 过涂覆低红外发射率涂层降低高温部位的红外辐射，实现隐身效果。 频率选择表面技术应用于飞机和战舰，允许特定频率电磁波通过，阻挡 其他频率，实现功能保障与隐身效果兼顾，如 F22 战斗机和拉菲特级护 卫舰的雷达罩。 超材料通过亚波长单元结构排列展现超常物理特性，可使电磁波绕过物 体实现隐身，为军事科技提供新的方向，实现更高效的隐藏。 Q&A 隐身材料在航空装备中的应用前景如何？ 随着航空装备的更新换代，隐身材料在整个航空产业链中的渗透力将显著提升。 下一代航空装备对战机隐形特性的要求越来越高，这使得隐身材料的性能指标 和应 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the development and significance of **unmanned loyal wingman** technology in the military aviation sector, emphasizing its role in enhancing combat capabilities through collaboration with manned aircraft [1][2]. Core Insights and Arguments - **Market Growth**: The unmanned loyal wingman market is expected to grow significantly during the 14th Five-Year Plan period, potentially matching the overall value of newly added fifth-generation aircraft annually [1][5]. - **Collaboration with Manned Aircraft**: Unlike traditional drones that operate in groups, unmanned loyal wingmen are designed to work closely with manned aircraft, enhancing reconnaissance and strike capabilities [3][6]. - **Stealth Technology**: Stealth capabilities are crucial for unmanned loyal wingmen, allowing them to integrate effectively into modern aerial combat systems. Countries are focusing on stealth performance to reduce radar cross-section [1][8][9]. - **U.S. Development**: The U.S. introduced the concept of loyal wingmen in 2015, aiming to achieve a fleet of 1,000 by 2030. China is also expected to reach a similar procurement level during the 14th Five-Year Plan [7][12]. Additional Important Content - **Technological Trends**: The development trend for unmanned loyal wingmen includes platformization and formation flying, with increasing autonomy driven by military AI advancements. Data link capabilities are essential for effective manned/unmanned operations [10]. - **Key Companies in the Industry**: Major players in the unmanned loyal wingman supply chain include: - **Assembly**: Shenyang Aircraft Corporation (沈飞) and Chengdu Aircraft Industry Group (成飞) - **Stealth Materials**: Jiachi Technology (佳驰科技) - **Engine Manufacturing**: Aero Engine Corporation of China (航发动力) - **Electronic Systems**: 712 Institute (712 所) [4][11][13]. - **Future Expectations**: Anticipation for new mid-range loyal wingman models from Shenyang and Chengdu, with a focus on different military branches' procurement shares, and significant breakthroughs in data link technology to enhance joint operations [12]. Conclusion - The unmanned loyal wingman technology represents a transformative shift in military aviation, with substantial implications for combat strategies and industry dynamics. The emphasis on stealth, collaboration with manned aircraft, and the involvement of key companies highlight the potential for growth and investment opportunities in this sector [1][2][10].

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4]. Core Insights - The report highlights the significant growth potential in the military trade equipment sector, particularly focusing on aircraft engines as high-value consumables, which are expected to see increased demand due to long-term maintenance and replacement needs [10][15]. - The potential for domestic aircraft, such as the C919, to penetrate Southeast Asian markets is emphasized, with countries like Malaysia and Pakistan showing interest in adopting these aircraft [38][41]. - The report discusses the strategic positioning of companies like Huayin Technology in stealth materials and the anticipated growth in the ceramic-based composite materials sector [84][86]. Summary by Sections Military Trade Equipment - Aircraft engines hold a primary position in military trade, with their export share decreasing from 3.6% (2014-2018) to 2.0% (2019-2023) [14]. - The demand for maintenance and replacement of aircraft engines is driven by the long service life of military aircraft, which often exceeds the lifespan of the engines themselves [15][18]. C919 Aircraft - The C919 is expected to gain traction in Southeast Asia, with significant interest from Malaysian and Pakistani airlines [41][47]. - The global demand for commercial aircraft remains robust, with Airbus and Boeing having backlogs that exceed their annual delivery rates, indicating a favorable market for the C919 [47][55]. - The C919's production capacity is projected to increase significantly, with plans to reach 200 aircraft per year by 2029 [54][76]. Stealth Materials - Stealth technology is becoming a standard feature in advanced military aircraft, significantly enhancing their operational capabilities [86]. - The report identifies Huayin Technology as a key player in the stealth materials market, focusing on the development of ceramic-based composites [84][86]. Maintenance and Aftermarket - The military aircraft engine aftermarket is projected to exceed 428.7 billion yuan over the next 20 years, with an average annual market value of 21.44 billion yuan [25][28]. - Companies involved in the maintenance and aftermarket services for aircraft engines are expected to see substantial revenue growth as the market expands [28][31]. Supply Chain and Domestic Production - The report outlines the potential for increased domestic production and supply chain development for the C919, with a focus on enhancing the localization rate of components [77][80]. - The growth of domestic suppliers is anticipated to benefit from the increasing demand for locally produced aircraft and components [80][82].

Core Viewpoint - Stealth materials are essential for modern military technology, significantly enhancing the survivability and effectiveness of weapon systems by reducing detection rates and improving combat capabilities [3][4][45]. Group 1: What are Stealth Materials - Stealth materials are the foundational elements of stealth technology, allowing for reduced detection rates while maintaining the shape of military equipment [3][4]. - They can be categorized by spectrum (radar, infrared, visible light, laser, and sound) and by purpose (stealth coatings and structural materials) [5]. Group 2: Types of Stealth Materials - Radar Absorbing Materials (RAM) are crucial for stealth, designed to absorb radar waves and minimize reflection [8][9]. - Structural RAM serves dual purposes, acting as both structural components and stealth materials, with advancements in composite materials enhancing their effectiveness [9][10]. - Infrared stealth materials are increasingly important due to their ability to evade detection by infrared systems, with developments in both single and composite types [17][19]. Group 3: Future Prospects - The development of stealth materials is focused on practical applications, lightweight designs, multi-spectrum capabilities, multifunctionality, smart materials, and high-temperature resistance [36][38][39][40][41][43]. - The demand for stealth materials is driven by geopolitical tensions, modernization of military equipment, and the need for advanced stealth capabilities across various platforms [46][48]. Group 4: Investment Logic - The investment in stealth materials is supported by strong demand from military modernization, high technical barriers, and significant market potential due to increasing defense budgets [45][46][48]. - Key investment considerations include technological strength, engineering capabilities, core supplier status, and the sustainability of orders [52][53].

Core Viewpoint - The article emphasizes the growing demand for stealth materials in modern air combat, highlighting their critical role in enhancing the performance of advanced military aircraft and the significant market potential for these materials [2][3][4]. New Demand - The emergence of stealth aircraft, such as the F-22, marks a new era in air combat, where stealth capabilities are essential for operational success. Stealth technology allows aircraft to choose their engagement timing and methods, significantly reducing the opponent's countermeasures [2][19]. - The development of stealth materials is becoming a trend in stealth technology, as they can effectively reduce radar and infrared signatures without altering the aircraft's aerodynamic features [36][40]. New Market - The demand for stealth materials is expected to grow rapidly in both the pre-installation market (new military aircraft) and the post-installation market (maintenance and updates). For instance, 50% of the maintenance costs for the F-22 are attributed to its stealth coatings, indicating a robust aftermarket for these materials [3][4][18]. New Logic - The investment logic for stealth materials can be categorized into four phases: 1. Short-term: Increased demand for stealth materials as new aircraft are deployed. 2. Mid-term: Significant potential for performance enhancement and increased penetration rates of stealth materials. 3. Long-term: Expansion of stealth requirements into structural components, creating new growth opportunities. 4. Aftermarket: A large volume of orders leading to economies of scale, driven by the consumable nature of stealth materials [4][5][7]. New Pattern - The stealth materials industry exhibits high barriers to entry, including military qualifications, first-mover advantages, and research and development challenges. Established manufacturers have a competitive edge due to their early development of stealth materials, while newer entrants face significant hurdles [5][6]. Industry Overview - The stealth materials market is characterized by a growing need for advanced materials that can provide radar absorption and infrared stealth capabilities. The market is expected to expand as countries prioritize the development of high-performance military aircraft [3][4][18]. - Companies like Huayin Technology and Guangqi Technology are focusing on different types of stealth materials, such as high-temperature infrared stealth materials and room-temperature radar-absorbing materials, indicating a diverse product landscape within the industry [5][6].

Group 1: Carbon Fiber - Carbon fiber is a crucial material in modern warfare, enhancing the performance of military equipment due to its high strength, low density, and excellent thermal and electrical properties [4][6][10] - The development of carbon fiber began in the 1860s, and it is often referred to as "black gold" due to its high practical value and manufacturing complexity [6][7] - The use of carbon fiber composite materials has significantly improved the performance of advanced military aircraft like the F-35, where it constitutes up to 35% of the aircraft's structure [9][10] Group 2: Metamaterials - Metamaterials are engineered to have properties not found in naturally occurring materials, offering revolutionary applications in military technology, particularly in stealth and radar evasion [14][18] - Recent advancements in metamaterials have led to significant developments in stealth technology, enabling military assets to avoid detection by radar and other sensors [18][19] - The research and application of metamaterials are expected to transform future combat scenarios by enhancing the capabilities of various military platforms [24][25] Group 3: Graphene - Graphene is recognized as the strongest and thinnest known material, with exceptional electrical and thermal conductivity, making it highly valuable in military applications [28][30] - The U.S. and other developed nations are investing heavily in graphene research for its potential use in advanced military technologies, including high-performance sensors and lightweight armor [31][32] - Graphene's unique properties could lead to significant improvements in military computing and sensor technologies, enhancing operational capabilities [30][33] Group 4: Armor Protection Materials - The demand for advanced armor protection materials has increased due to the evolving nature of modern warfare, necessitating improvements in military vehicle protection [36][37] - Various materials, including ballistic glass, steel, ceramics, and high-strength fibers, are utilized in military armor systems to enhance protection against modern threats [38][41] - The development of composite armor systems that integrate multiple materials is becoming a standard practice to achieve optimal protection while minimizing weight [41][42] Group 5: Stealth Coatings - Stealth coatings are critical for reducing the detectability of military assets by controlling their observable characteristics across various detection methods [47][49] - These coatings can be classified into several types, including radar-absorbing, infrared, and visible light stealth coatings, each designed to mitigate specific detection risks [51][52] - The ongoing development of multi-functional stealth materials is essential for enhancing the survivability of military platforms in increasingly complex combat environments [58][63] Group 6: 3D Printing in Defense - 3D printing technology is emerging as a transformative force in the defense sector, enabling rapid prototyping and production of complex military components [66][67] - The U.S. military is integrating 3D printing into its supply chain to improve maintenance and operational efficiency for aircraft and other military equipment [71][74] - This technology allows for the production of parts on-demand, reducing lead times and costs associated with traditional manufacturing methods [67][71]

Core Viewpoint - The article discusses the participation of China's aviation industry, represented by advanced fighter jets and drones, in the 55th Paris Air Show, highlighting the significance of this event for showcasing China's aerospace advancements and potential export opportunities [1][25]. Group 1: Participation in Paris Air Show - China Aviation Industry Corporation announced its participation in the Paris Air Show from June 16-22, showcasing models such as the J-20, J-35A, J-10CE, Y-20, Z-20, and Z-10ME [1]. - The J-10CE, which gained attention after its performance in the India-Pakistan air conflict, is particularly highlighted as it competes directly with the French Rafale at the air show [1]. Group 2: Historical Context - The first participation of Chinese fighter jets in the Paris Air Show occurred in 1989 with the J-8II, marking a significant moment in showcasing China's aerospace capabilities [3]. - The article draws parallels between the development of the French Rafale and China's J-10, noting the historical context of their respective advancements in military aviation technology [10][12]. Group 3: Technological Advancements - The J-10's design incorporates a canard-delta configuration, which was a strategic choice given China's technological capabilities at the time of its development [11]. - The J-10 has evolved significantly, with the introduction of advanced radar systems and missile technology, such as the PL-15, enhancing its combat capabilities [21][24]. Group 4: Export Potential - The participation in the Paris Air Show is seen as a strategic move to promote potential exports of the J-10CE and other models, indicating a shift in China's approach to international military sales [24][25]. - The article speculates on the future export of the J-20, which could significantly alter geopolitical power dynamics [25].