Core Viewpoint - The articles collectively emphasize the historical significance of China's victory in the Anti-Japanese War and the World Anti-Fascist War, highlighting the nation's journey towards rejuvenation under the leadership of the Communist Party of China, and the importance of unity and resilience among the Chinese people in achieving national goals [1][2][5][20]. Group 1: Historical Context - The victory in the Anti-Japanese War marked a turning point for the Chinese nation, transitioning from a period of humiliation to one of revival and strength [2]. - The articles recount the historical struggles faced by the Chinese people, including foreign invasions and internal strife, underscoring the lessons learned about the necessity of development and unity [2][13]. Group 2: National Strength and Modernization - The recent military parades showcased advanced military equipment, symbolizing China's growing strength and capability to defend peace [3][4]. - China's modernization is portrayed as a unique path that diverges from Western models, emphasizing the importance of socialism with Chinese characteristics [10][11]. Group 3: People's Role and Unity - The articles stress that the Chinese people are the creators of history, with their collective efforts being crucial in overcoming challenges and achieving national milestones [13][14]. - The emphasis on unity and collective action is highlighted as essential for the realization of the Chinese Dream and the nation's future development [16][22]. Group 4: International Relations and Peace - China's commitment to peace and development is reiterated, with a focus on its role in global governance and multilateral cooperation [19][21]. - The articles reflect on China's historical stance of non-aggression and its contributions to international peacekeeping efforts [18][19].

Core Viewpoint - The commemoration of the 80th anniversary of China's victory in the Anti-Japanese War and the World Anti-Fascist War has garnered significant attention from foreign media, highlighting China's military modernization and strategic capabilities. Group 1: Military Equipment Display - The military parade showcased many new weapons and equipment for the first time, including the "Thunder-1" air-based long-range missile, "Giant Wave-3" submarine-launched intercontinental missile, "Dongfeng-61" land-based intercontinental missile, and the new "Dongfeng-31" land-based intercontinental missile, demonstrating China's robust triad nuclear capabilities [6][8] - The "Dongfeng-61" missile was particularly noted for its expected longer range compared to the "Dongfeng-41," generating excitement among defense analysts [10][12] - The parade also featured underwater unmanned equipment, new tanks, laser weapons, and various aircraft, indicating advancements in military technology [16][18] Group 2: Message and Significance - Multiple foreign media outlets emphasized that the event not only showcased China's military modernization achievements but also conveyed a strong message that "China will no longer be bullied" [18][20] - The grand parade concluded with the release of 80,000 peace doves and balloons, accompanied by the well-known song "Singing the Motherland," symbolizing China's military strength and vision for peace [21]

Core Viewpoint - The article highlights the significant advancements in the Chinese military's weaponry and equipment, showcasing a range of domestically produced main battle equipment during the recent military parade, emphasizing the modernization and strategic capabilities of the armed forces [3][7]. Group 1: Characteristics of the Military Parade - The parade featured new-generation fourth-generation equipment as the main focus, including new tanks, carrier-based aircraft, and fighter jets, organized by combat modules to demonstrate the military's system combat capabilities [6]. - All displayed weaponry was current, domestically produced main battle equipment, reflecting a shift towards self-reliance in military technology [7]. - A selection of unmanned intelligent systems and anti-drone equipment, as well as new capabilities in cyber and electronic warfare, were showcased, highlighting the military's new domain and qualitative combat power [9]. Group 2: Advanced Equipment Displayed - The parade prominently featured advanced equipment such as hypersonic weapons, air defense systems, and strategic missiles, showcasing the military's strong strategic deterrence capabilities [11]. - The displayed weaponry demonstrated high levels of information technology and intelligence, indicating the military's adaptation to technological advancements and evolving warfare forms [11]. Group 3: Parade Structure and Significance - The military parade lasted approximately 70 minutes and was divided into two main segments, with 45 formations participating [13]. - The parade included various formations such as aerial flag-guarding teams, foot troops, battle flag teams, equipment teams, and aerial teams, sequentially passing through Tiananmen Square [13]. - The event marked the first military parade aimed at advancing Chinese-style modernization and showcased the new structure of military forces under the leadership of the Communist Party [21].

Core Viewpoint - The article highlights the significant advancements in the military's weaponry and equipment, showcasing a historic achievement in the development of domestically produced main battle equipment during a recent military parade [1][2]. Group 1: Characteristics of the Displayed Equipment - The main focus of the parade was on new-generation fourth-generation equipment, including new tanks, carrier-based aircraft, and fighter jets, organized by combat modules to demonstrate the military's system combat capabilities [4]. - A selection of land, sea, and air series of unmanned intelligent and anti-unmanned equipment, as well as new types of forces such as network-electronic warfare, were showcased, including new drones, directed energy weapons, and electronic jamming systems, highlighting the military's new domain and quality combat power [6]. - A number of advanced equipment, including hypersonic, air defense, missile defense, and strategic missiles, were prominently displayed, emphasizing the military's strong strategic deterrence capabilities [8].

Core Insights - The military has achieved significant advancements in weaponry and equipment, showcasing a historic development in its capabilities with a focus on domestically produced main battle equipment [1] - A large proportion of the showcased new equipment represents the evolution of modern warfare, highlighting the increasing importance of new domains and qualitative forces [1] Group 1: Characteristics of the Displayed Equipment - The main focus is on new-generation fourth-generation equipment, including new tanks, carrier-based aircraft, and fighter jets, organized by combat modules to demonstrate the military's system combat capabilities [2] - A selection of land, sea, and air series of unmanned intelligent and anti-unmanned equipment, as well as new types of forces such as directed energy weapons and electronic jamming systems, were showcased to highlight the military's new domain and qualitative combat power [3] - A number of advanced equipment, including hypersonic, air defense, anti-missile, and strategic missiles, were prominently displayed, demonstrating the military's strong strategic deterrence capabilities [4]

Group 1 - The article highlights the upcoming commemoration of the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, with various activities and preparations underway across the country [8][9][11] - The significance of the event is underscored by the participation of the military, including a comprehensive rehearsal for the parade, which has garnered significant public interest on social media platforms [9][10] - The commemorative activities include exhibitions, historical photo displays, and the issuance of special stamps, all aimed at honoring the sacrifices made during the war and promoting national pride [13][14] Group 2 - The military parade will showcase a range of advanced domestic weaponry, including new-generation equipment and unmanned systems, reflecting the modernization of the armed forces [10] - The commemorative events are designed to evoke a sense of historical awareness and national unity, encouraging citizens to remember the past and appreciate the current peace [11][12] - The donation of historical photographs by a French individual serves to bridge cultural understanding and highlight the importance of remembering the atrocities of war, emphasizing the need for historical education [15][17]

Group 1 - The core event is the commemoration of the 80th anniversary of China's victory in the Anti-Japanese War and the World Anti-Fascist War, with significant foreign attendance including 26 foreign heads of state and government leaders [1][3] - Russian President Vladimir Putin's visit to China is described as unprecedented, highlighting the importance of Sino-Russian relations [1][4] - The participation of leaders from North Korea and several Southeast Asian countries indicates China's growing influence and diplomatic efforts in the region [4][6] Group 2 - The military parade on September 3 is expected to showcase advanced weaponry, including new-generation equipment and strategic deterrent capabilities, reflecting China's military modernization efforts [8][9] - The event will feature a significant number of foreign leaders, including those from Indonesia and Malaysia, emphasizing China's commitment to strengthening ties with Southeast Asian nations [4][6] - The military display aims to convey China's determination to maintain national sovereignty and promote global peace, aligning with its long-standing policy of peaceful development [9]

Investment Rating - The industry investment rating is "Overweight" [1][10] Core Viewpoints - The military industry is expected to benefit from the upcoming military parade showcasing new equipment, indicating a new phase in equipment construction and a potential turning point for orders and revenue in the military sector [3][4] - The performance of the military sector is anticipated to improve continuously from Q3 2025 to Q2 2026, following a decline in orders in 2024 due to anti-corruption efforts, with a significant recovery expected in 2025 [4][5] - The current military market rally is supported by fundamental improvements, with expectations for sustained order fulfillment and a favorable direction for equipment development during the "14th Five-Year Plan" [5][6] Summary by Sections Industry Performance - The military sector's performance is projected to improve significantly in the coming quarters, with a low performance base in 2024 allowing for substantial year-on-year growth [4] - The military parade is a key catalyst for the current market rally, with new equipment expected to be major products in the next five years [5] Key Beneficiaries - Companies involved in unmanned equipment, low-cost ammunition, and intelligent systems are expected to benefit from international military trade and conflicts [6] - Specific beneficiaries include companies like Jingpin Special Equipment, Aerospace Rainbow, and others in various segments of the military supply chain [6]

Core Points - The upcoming military parade on September 3 is a significant event marking the first display of military strength in the new journey of Chinese-style modernization, emphasizing the spirit of the great anti-Japanese war and the importance of maintaining international order and justice [4][6][10] Summary by Sections Parade Overview - The parade will feature 45 formations and last approximately 70 minutes, with troops lined up along Chang'an Avenue to be reviewed by President Xi Jinping [6][9] - The parade will consist of a ceremonial segment and a display segment, showcasing various military units and equipment [6][9] Military Structure and Equipment - The parade will highlight a new military structure, including a combination of traditional and modern forces, with a focus on operational capabilities [7][10] - All displayed equipment will be domestically produced, featuring advanced weaponry such as new-generation tanks, aircraft, and unmanned systems [10] Training and Preparation - The preparation involves over ten thousand personnel and hundreds of aircraft and ground vehicles, requiring meticulous planning and execution akin to a military operation [9] - Training emphasizes real combat standards, utilizing advanced technologies for coordination and assessment [9] Public Impact and Coordination - The overall principle during preparations is to minimize disruption to the public, with training locations chosen to avoid densely populated areas [12][13] - Coordination with local traffic and air control authorities aims to reduce the impact on civilian activities during the parade [14][15]

Investment Rating - The investment rating for the defense and military industry is "Positive" [2] Core Viewpoints - The year 2025 is expected to be a "big year for military investment" characterized by "dual-cycle resonance, industrial turning point" due to economic recovery, value reassessment, and event catalysts [3][45] - The industry has shown signs of a turning point since February 2025, with significant order growth in the upstream sector [3][46] - New warfare forms are anticipated to stimulate new demands, opening up new growth spaces for China's military industry [3][46] Summary by Sections Market Performance - From August 18 to August 22, the Shanghai Composite Index rose by 3.49%, while the defense and military index increased by 3.15%, underperforming the market by 0.34 percentage points [1][25] - Year-to-date, the defense and military index has risen by 27.1%, outperforming the market by 12.9 percentage points [1][27] Key Events - The upcoming September 3 military parade is expected to showcase a significant number of new-generation weapons, emphasizing the military's operational capabilities [4][10] - The parade will feature domestically produced main battle equipment, including new tanks, carrier-based aircraft, and fighter jets [4][10] Technological Trends - The era of unmanned and intelligent warfare is emerging, with significant applications observed in recent conflicts such as the Russia-Ukraine war [5][20] - Countries worldwide are heavily investing in unmanned systems, with the U.S. and Ukraine planning to produce millions of drones in the coming years [5][21] Investment Focus - Key investment themes include "new combat capabilities" and "value reassessment under economic recovery" [5][45] - Notable companies to watch include AVIC Shenyang Aircraft Corporation, Huayin Technology, and Aerospace Electronic [5][45] Stock Performance - Notable stock performances from August 18 to August 22 include Chengfei Integration (+33.27%) and Lijun Shares (+19.76%) [32] - Year-to-date, Longcheng Military (+432.14%) and Beifang Changlong (+399.25%) have shown significant gains [34]