Core Viewpoint - The white liquor industry is undergoing a transformation from traditional marketing channels to diversified digital marketing strategies, driven by the rise of younger consumer groups and the experience economy [3][9][11]. Group 1: Digital Marketing Innovations - Shanxi Fenjiu launched the first "3D holographic" marketing advertisement in the white liquor industry on JD.com, allowing consumers to view the product in 360 degrees and place it in their environment using augmented reality [1][4]. - Wuliangye introduced a "digital wine certificate" that ensures authenticity through blockchain technology, with over 68,000 certificates created and a repurchase rate of 26.1% among users [4][12]. - Yanghe Distillery is shifting from deep distribution to precision marketing by launching three cultural liquor products targeting specific consumer groups, such as military enthusiasts and golf lovers [8][12]. Group 2: Changing Consumer Demographics - The main consumer demographic for white liquor is shifting from older generations to younger consumers born between 1985 and 1994, who are less responsive to traditional advertising methods [9][10]. - Young consumers prefer interactive and engaging marketing strategies, moving away from passive consumption of brand information [10][11]. - The rise of social media platforms has led to a significant increase in online engagement, with 83% of consumers using online channels to gather information about liquor [10]. Group 3: Impact on Industry Competition - The competition in the white liquor industry is intensifying as traditional marketing methods face challenges from digital strategies [11]. - Digital marketing is becoming a new competitive dimension, allowing leading companies to build stronger market positions while enabling regional brands to reach national markets more effectively [11]. - The transformation in marketing strategies is reshaping the sales ecosystem, with immersive experiences like 3D displays and AR technology enhancing consumer engagement [11][12].

Group 1 - The A-share market experienced slight adjustments on June 17, with the military industry sector showing significant movements, particularly the aerospace ETF (159227) which briefly turned positive, highlighting stocks like Zhongbing Hongjian, AVIC Shenyang Aircraft, Guobo Electronics, and Great Wall Military [1] - The 55th Paris Air Show, held from June 16 to 22, showcased China's aviation industry, featuring military aircraft such as the J-20, J-35A, J-10CE, Y-20, Z-20, and Z-10ME, indicating a strong ambition for transformation from a technology follower to a leader in the field, which may boost China's military trade [1] - The aerospace ETF (159227) closely tracks the National Aerospace Index, leading in scale among similar indices, with the defense and military industry accounting for 96.2% of the index, indicating a higher concentration in aerospace and defense equipment compared to other indices [1] Group 2 - According to AVIC Securities, themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence have been highly active since the beginning of the year, suggesting that these new military domains will continue to deepen and evolve [2] - The military industry's fundamentals are expected to improve continuously, with active themes and performance boosts likely to drive the overall military market in the near future [2]

过去，人们常说"中国经济会先于美国超越"，毕竟中国的经济发展速度一直处于全球领先地位。但如果从这些年的数据来看，实际上中国经济占美国GDP的 比重已从曾经的接近80%降到了现在的60%多，因此，想要在经济总量上超越美国，仍然面临一定的困难。然而，情况可能并非如此悲观，我们或许可以在 另一个领域实现超越，那就是军事！为什么这么说呢？ 从陆军层面来看，解放军已经基本完成军改，现已拥有数十个重型和中型合成化旅，且这些部队装备先进、训练有素。而美军的合成化改革虽然也在进行， 但由于多种原因，美国陆军的合成部队，如斯特赖克旅的数量相对较少。与此同时，自伊拉克战争以来，美国军队长期专注于治安战，投入大量资源研发针 对治安战的战术和装备，士兵的单兵装备也因此逐渐奢华化。治安战和大规模现代战争的战术需求截然不同，因此，美国的军队在面对一个大国的全面战争 时，其战斗力的发挥也充满变数。 再来看海军领域，美国海军在装备上仍具优势，特别是在核动力航母方面。美国的核动力航母数量较多，而中国海军目前尚未拥有一艘核动力航母。但值得 注意的是，解放军在舰船质量上的进展也十分显著。例如，解放军的福建号航母已经装备了成熟的电磁弹射器，而美国的 ...

Core Viewpoint - The article highlights the significant advancements in China's aircraft strength research and verification over the past 60 years, emphasizing its critical role in ensuring the safety and performance of domestic aircraft like the C919 and AG600 [3][4][8]. Group 1: Development History - The strength research institute was established during the "Third Line Construction" period in 1964, marking a pivotal shift in China's aviation industry from repair to manufacturing and design [4][6]. - The first full-scale destruction test of the H-6 aircraft in 1968 demonstrated China's capability for large aircraft strength verification, marking a new phase in the country's aviation strength research [4][6]. - Over the past six decades, the institute has evolved from a single focus on strength testing to a multi-faceted approach that includes manuals, guidelines, standards, and tools [8]. Group 2: Testing Capabilities - The institute has developed a "building block" testing capability system that includes full-scale static, fatigue, and ground vibration tests, ensuring comprehensive validation of aircraft structures [6][7]. - It has completed hundreds of full-scale tests and thousands of large component tests, supporting the development of key aircraft such as the J-20, Y-20, C919, and AG600 [8]. Group 3: Climate Environment Laboratory - After 15 years of research, the institute established a climate environment laboratory that is internationally leading, capable of simulating extreme weather conditions for aircraft testing [9][10]. - This laboratory can recreate 12 types of extreme climate conditions, significantly enhancing the testing capabilities for aircraft adaptability [10][11]. Group 4: Software Development - The institute has developed the SABRE structural analysis software system, which supports various engineering and structural strength needs, breaking the reliance on foreign software [12]. - This software has been applied across multiple industries and has resolved numerous challenges in aircraft development [12]. Group 5: AG600 Aircraft Development - The AG600 amphibious aircraft, designed for both land and water operations, received its type certificate from the Civil Aviation Administration of China, marking a significant achievement in its development [16][19]. - The strength institute played a crucial role in verifying the structural integrity of the AG600, addressing unique challenges posed by its dual-environment functionality [19][20].

证券研究报告：国防军工|深度报告 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 1492.79 | | 52 | 周最高 | 1712.48 | | 52 | 周最低 | 1113.62 | 行业相对指数表现（相对值） -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 国防军工 沪深300 2024 年，我们跟踪的 71 只军工标的合计营收增速放缓，利润承 压。71 只军工标的 2024 年共实现营业收入 5662.71 亿元，同比增长 0.76%，共实现归母净利润 238.96 亿元，同比减少 26.24%，利润下滑 的原因主要为整体毛利率同比下滑，整体毛利率 17.67%，同比降低 1.80pcts。分板块看，船舶板块业绩增长显著，其他板块业绩不同程 度承压。2024 年，船舶板块共实现营业收入 1900.51 亿元，同比增长 11.25%，实现归母净利润 65.52 亿元，同比增长 115.10%。 合同负 ...

证券研究报告：国防军工|深度报告 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 1492.79 | | 52 | 周最高 | 1712.48 | | 52 | 周最低 | 1113.62 | 行业相对指数表现（相对值） -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 近期研究报告 《印巴冲突下，关注军贸市场投资机 会》 - 2025.05.08 业绩短期承压，"十四五"收官行业有望否极泰来 ⚫ 投资要点 2024 年，我们跟踪的 71 只军工标的合计营收增速放缓，利润承 压。71 只军工标的 2024 年共实现营业收入 566 ...

来源：中国新闻网 中新网广州5月1日电 (记者 王坚)广东科学中心和中国科技馆联合推出的"我们的'20'时代——航空科普 展"(下称"航空科普展")1日在位于广州的广东科学中心推出，为民众提供一个近距离了解并探索我国航 空科技发展的机会，进一步推动航空科普知识的普及和传播。 据介绍，航空科普展包含丰富的图文影像、经典飞机模型和航空飞行模拟体验展品；系统讲述了一百多 年来，中国航空工业从萌芽孕育、艰难探索，进而从小到大、从弱到强的壮阔历程，向公众展示了航空 工业为保障国家安全、服务经济社会发展、增进民生福祉所作出的突出贡献。 从中国人自己制作的第一架飞机——"冯如1号"到东北老航校的建校，从"一五"时期飞机试制捷报的频 传到中国航空工业的布局基本形成，再到歼20、直20等一批"国之重器"相继问世……航空科普展以中国 航空工业发展史为主线，设置"沧桑砥砺救国志""功炳天疆报国心""蓝天绘就强国路"三部分内容。 同时，航空科普展以时间为脉络，以典型人物、典型机型及航空故事为载体，引导公众尤其是青少年全 面了解我国航空事业70多年来的光辉历程，同时近距离感受中国航空工业"20"时代最先进的装备成果， 了解并感受我国航 ...