格隆汇12月29日｜浙商证券研报指出，内蒙一机业绩稳健增长，无人装备打开空间。2025年作为"十四 五"收官之年，公司在完成规划的驱动下有望实现业绩反转。同时，以99式为代表的我国第三代主战坦 克，自20世纪90年代研发至今已超过20年，未来我国新一代主战坦克、步兵战车等新装备具备持续换装 需求。我国坦克出口创下新里程碑，印巴冲突有望成为中国军贸转折点。另外，公司布局无人车，并参 股爱生无人机4.25%股权。相比其他军工主机厂估值仍保持较低水平，对应25年PB为2.3倍，维持"买 入"评级。 ...

Core Viewpoint - The articles highlight the dedication and preparation of military personnel for the upcoming grand military parade on September 3, emphasizing the modernization and achievements of the Chinese military [1][4]. Group 1: Military Training and Preparation - Soldiers are undergoing intense training to ensure a flawless performance during the parade, showcasing their loyalty and commitment to their mission [1]. - Ding Hui, a seasoned soldier, reflects on his experiences over 32 years, witnessing the modernization of military equipment and expressing pride in participating in the parade for the sixth time [2][3]. - The training involves overcoming challenges posed by different military vehicle types, with Ding Hui innovating training methods to enhance performance [2]. Group 2: Air Force and Female Pilots - Female pilot Kang Kai is preparing for her role in the parade, aiming for precision in her flying maneuvers and expressing pride in representing female pilots [5][6]. - Kang Kai's journey to becoming a fighter pilot is inspired by her father's military legacy, and she emphasizes the physical and mental challenges she has overcome [6][7]. Group 3: Equipment Maintenance and Support - Yang Yuzhu, a maintenance technician, plays a crucial role in ensuring the operational readiness of military vehicles during the parade, showcasing his expertise in equipment repair [8][9]. - Yang's commitment to continuous learning and innovation in maintenance techniques reflects the evolving demands of modern military operations [9][10]. Group 4: Legacy and Motivation - The articles emphasize the importance of military heritage and the motivation it provides to current soldiers, as seen through the experiences of soldiers like Xiao Rongji, who embodies the spirit of dedication and resilience [12][13]. - The narrative reinforces the idea that striving for excellence and upholding the legacy of past heroes is essential for the current generation of military personnel [13].

Core Viewpoint - Rheinmetall, Europe's largest ammunition manufacturer, is experiencing unprecedented growth due to increased demand from Germany, Ukraine, and other European countries, with expectations to exceed 2025 performance guidance [1] Group 1: Company Performance - The company confirmed a sales growth forecast of at least 25%-30% for 2025, with an operating profit margin of approximately 15.5%, up from 15.2% last year [1] - Rheinmetall's stock price has risen by 1.6% and has accumulated a 170% increase year-to-date, with a market capitalization of €75 billion (approximately $85 billion), surpassing that of Volkswagen [1] Group 2: Industry Context - The rise in defense stocks across Europe is attributed to increased military spending in response to U.S. pressure and the ongoing Russia-Ukraine conflict [1] - CEO Armin Papperger stated that the company is moving closer to its goal of becoming a global defense champion, with customers purchasing all products from the factory [1]