Group 1: Historical Significance - The Northeast Anti-Japanese United Army was the earliest armed force to fight against Japanese invaders under the leadership of the Communist Party of China, enduring the longest and facing the harshest conditions during the war [3][4] - The contributions of the Northeast Anti-Japanese United Army are historically significant, with notable figures such as Yang Jingyu and Zhao Yiman becoming household names, symbolizing the indomitable spirit of the nation [3][4] Group 2: Commemoration and Education - Various memorials and museums, such as the Northeast Martyrs Memorial Hall and the "September 18" Historical Museum, serve as important sites for commemorating the heroes and educating the public about their sacrifices [6][8][10] - The "Eight Women Jumping into the River" memorial highlights the bravery of female soldiers who sacrificed themselves for the greater good, becoming a key site for patriotic education [10][11] Group 3: Cultural and Educational Initiatives - Educational institutions like Jilin University and Liaoning Technology University are actively involved in researching and promoting the history and spirit of the Northeast Anti-Japanese United Army, creating collaborative projects to preserve this legacy [15][16] - The "Rewalking the Anti-Japanese United Army Route" initiative has attracted over 100,000 participants from various regions, emphasizing the importance of understanding and honoring this historical struggle [18] Group 4: Economic Development and Legacy - The spirit of the Northeast Anti-Japanese United Army continues to inspire economic development in the region, with local communities leveraging historical significance to boost tourism and agriculture, leading to significant income growth [19][24] - Companies in the manufacturing sector, such as Ansteel and China First Heavy Industries, are advancing in high-tech fields, reflecting the enduring legacy of the anti-Japanese spirit in modern industrial achievements [22][24]

Core Viewpoint - The article discusses the recent activity in the military industry stocks, highlighting the impact of the upcoming military parade and the associated "parade market" trends observed in previous years [5]. Group 1: Military Equipment and Technology - The military parade will showcase domestically produced main battle equipment, including new-generation tanks, carrier-based aircraft, and fighter jets, emphasizing the PLA's operational capabilities [4]. - The parade will feature advanced equipment such as hypersonic weapons, air defense systems, and strategic missiles, demonstrating the military's strong deterrent capabilities [4]. - The focus will be on new types of unmanned intelligent systems and electronic warfare capabilities, reflecting the military's adaptation to technological advancements and evolving warfare [4]. Group 2: Market Trends and Analysis - Historical analysis shows that military stocks typically experience a rally 1-2 months prior to major parades, with military indices rising in the lead-up to these events [5]. - The strength of the "parade market" is influenced by overall market conditions and risk appetite, with significant past gains noted, such as an 84% excess return in the military sector during the 2015 parade [5]. - Post-parade, military stocks may face short-term adjustments, but long-term performance will be driven by the fundamentals of the military industry [5].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **defense and military industry** in China, particularly the investment strategies and market dynamics leading up to 2025 [1][2]. Core Insights and Arguments - **Core Drivers of Stock Price Increase**: The primary drivers for stock price increases in the military industry are **orders, contracts, and performance expectations**. Orders represent critical milestones in weapon development, while contracts are agreements between the military and industrial sectors for equipment purchases. Performance refers to the revenue and profit reported by listed companies, with pre-report performance expectations acting as catalysts for stock price movements [4][1]. - **Stock Price Dynamics**: The military stock price movements can be divided into two phases: **expectation phase** and **performance realization phase**. The expectation phase is characterized by high volatility and significant price increases, while the performance realization phase tends to be more stable but may experience price corrections due to valuation adjustments [5][1]. - **Investment Strategy**: The recommended investment strategy is **swing trading**, particularly buying during the performance realization phase when stock prices decline. This is due to the competitive landscape and the eventual improvement in profitability and asset quality of military enterprises, which are expected to materialize despite potential delays [7][1]. - **New Trends in the Industry**: Current narratives in the military industry include **high-end military trade breakthroughs** and **civilian-military integration**. The industry is also focused on addressing past deficiencies in domestic equipment construction, with a directive to make up for three years of shortfalls within one year to meet the 2027 military goals [8][1]. Additional Important Content - **High-End Military Trade**: The breakthrough in high-end military trade is exemplified by the demonstration of China's systematic equipment capabilities in global markets, such as during the India-Pakistan conflict, which showcased the effectiveness of Chinese military equipment [9][1]. - **Market Positioning of Companies**: Companies like **AVIC Xi'an Aircraft Industry Group** are expected to see a revaluation of their stock prices due to their role in high-end military trade. The company’s market value is currently around **80 billion**, which is significantly lower compared to its peers, indicating potential for growth [3][1]. - **Component Market Outlook**: Orders in the component sector are expected to rise in the latter half of 2025, enhancing confidence in a **3-5 year expansion cycle** for the military industry. This is anticipated to create investment opportunities in companies like **AVIC Optoelectronics** and **Zhenhua Technology** [17][1]. - **Geopolitical Considerations**: The importance of advanced aircraft manufacturers is highlighted in the context of geopolitical events, as these manufacturers play a crucial role in the global military trade market [10][1]. - **Civilian-Military Integration**: The strategy of integrating military technologies into civilian applications is seen as vital for the development of the mechanical industry in China, with companies leveraging advanced technologies for broader market opportunities [14][1]. - **Safety in Explosives and Ammunition Production**: The safety production of explosives and ammunition is emphasized as a critical area, with companies in this sector being recommended due to their importance in national defense capabilities [22][1][23][1]. This summary encapsulates the key points discussed in the conference call, providing insights into the military industry's current state and future directions.