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Investment Rating - The report maintains an "Accumulate" rating for the defense and military industry [5] Core Views - The report is optimistic about the gradual improvement of fundamentals and the upward trend in new domains and new quality combat capabilities, particularly in satellite internet construction [8][24] - The defense index has risen by 24.04% since May 6, driven by military trade and parade sentiments, indicating strong market performance [8][23] Summary by Sections Industry Overview - The defense and military industry comprises 143 listed companies with a total market value of 30,365.12 billion and a circulating market value of 25,995.20 billion [2] Market Performance - The defense and military index increased by 5.93% this week, outperforming other major indices [7][37] - The current PE(TTM) for the defense and military sector is 75.6 times, with sub-sectors showing varying valuations [7][43] Key Improvement Tracks - **Missile and Military Electronics**: Anticipated growth in demand for precision-guided munitions is expected to lead to a surge in military electronics orders starting from Q4 2024 [8][23] - **Aerospace Engine Supply Chain**: Recovery in military engine procurement and improvements in profitability are expected due to new model introductions and maintenance business growth [9][10][23] Focus Areas for Development - **New Generation Manned and Unmanned Aircraft**: The J-35 is expected to drive a new wave of growth in the aerospace supply chain [11][23] - **Satellite Internet**: The successful launch of the seventh batch of satellites for the GW constellation marks significant progress in satellite internet capabilities [12][24] - **Commercial Space Industry**: The report highlights the acceleration of commercial space activities, with plans for significant satellite launches in 2025 [14][24] Suggested Companies to Watch - **Missile and Military Electronics**: Companies like Zhenhua Technology, Hongyuan Electronics, and Torch Electronics are highlighted [19][25] - **Aerospace Engines**: Focus on Aviation Power and its supporting companies [26] - **New Generation Unmanned Aircraft**: Companies such as AVIC Shenyang Aircraft and AVIC Chengfei are recommended [27] Key Developments - **Nuclear Fusion**: The "Spark One" project aims to complete construction by the end of 2029, with a goal to demonstrate power generation by 2030 [15][28] - **Low-altitude Economy**: The successful flight of a 2-ton eVTOL for offshore oil platform logistics marks a significant milestone [16][29]

Group 1 - The U.S. government has begun issuing H20 chip licenses to Nvidia after a delay, following a meeting between Nvidia's CEO Jensen Huang and President Trump [2] - The global industrial robot market is facing challenges, with a 3% decline in new installations last year, totaling approximately 523,000 units. However, China is expected to see a 5% increase in new installations in 2024, raising its global market share from 51% in 2023 to 54% [2][3] - Geely's satellite constellation project aims to deploy 64 satellites within the next two months, achieving global coverage for satellite IoT communication, with a total of 41 satellites already in orbit [4] Group 2 - Zhongchuang Innovation and GAC High Domain have signed a strategic cooperation agreement in the eVTOL sector, focusing on the standardization of power products. The GOVY AirCab, equipped with a high-energy battery from Zhongchuang Innovation, is currently in the certification phase and is expected to enter mass production in the second half of 2026 [4]