Economic Overview - The province achieved a GDP of 14,945.58 billion yuan in Q1, with a year-on-year growth of 5.9%, surpassing the national average by 0.5 percentage points [1] Production and Supply - Agricultural production remained stable, with vegetable and edible fungus output at 10,988,300 tons, a 2.3% increase year-on-year, and fruit output at 140,700 tons, up 3.6% [2] - Industrial production saw a significant increase, with the added value of large-scale industries growing by 8.8% year-on-year, 2.3 percentage points higher than the national average [3] - The manufacturing sector's added value increased by 9.7%, contributing 85.6% to the overall industrial growth [3] Service Sector - The service sector showed robust growth, with revenue from large-scale service industries increasing by 8.5% year-on-year [4] - Financial services improved, with total deposits reaching 116,674.1 billion yuan, a 9.3% increase [4] - Tourism also thrived, with 296 million visitors generating 280.57 billion yuan in revenue, marking a 5.3% and 4.8% increase respectively [4] Investment Trends - Fixed asset investment grew by 5.4% year-on-year, with major projects contributing significantly to this growth [5] - Industrial investment surged by 21.9%, maintaining a double-digit growth trend [5] - Private investment increased by 9.6%, outpacing overall investment growth [5] Consumer Market - Retail sales of consumer goods reached 740.05 billion yuan, growing by 7.0% year-on-year, higher than the national average [6][7] - Online retail sales increased by 14.7%, indicating a strong shift towards e-commerce [7] Emerging Industries - High-tech manufacturing and strategic emerging industries saw added value growth of 14.1% and 10.6% respectively [8] - Investment in high-tech manufacturing rose by 16.7%, with significant growth in sectors like computer and office equipment manufacturing [8] Policy Impact - Equipment investment grew by 46.3%, significantly contributing to fixed asset investment growth [9] - The real estate market showed signs of stabilization, with a reduction in the decline of new housing sales [9] Social Welfare - Employment remained stable, with 296,600 new urban jobs created in Q1 [10] - The per capita disposable income reached 8,752 yuan, reflecting a 5.7% increase [10] - Public spending on health, social security, and education increased, supporting overall welfare improvements [10]

Core Viewpoint - The military industry is entering a new cycle characterized by a transition from "volume and price increase" to "volume increase and price stability," and from "platform expansion" to "system building and short board supplementation," indicating the start of a second structural cycle recovery [1] Industry Growth Characteristics - Future growth in the military industry will exhibit structural characteristics, with stable growth in traditional sectors and new domains expected to outperform the industry average [1] Investment Recommendations - Three main investment lines are suggested: 1. **Traditional Military Sector**: Focus on industries with expected order recovery and performance support, particularly in the aerospace, shipbuilding, and aviation sectors [1] 2. **New Domains and New Qualities**: - In new warfare, attention should be on industries characterized by low cost, intelligence, and systematization, including low-cost precision-guided munitions, unmanned systems, and next-generation intelligent combat bases - For new productive forces, focus on industries with broad application market space, rapid growth, and low domestic production rates, mainly in commercial aerospace, low-altitude economy, and large aircraft - In new technologies, attention should be on MEMS devices, additive manufacturing, and ceramic matrix composites [1] 3. **Reform and Overseas Expansion**: Focus on companies with expected asset integration and competitiveness in the military trade market [1]