福建舰上的歼15T、歼35和空警600都完成了首次电磁弹射起飞和着舰训练，这次用的正是传说中的电 磁弹射。电磁弹射到底啥原理？ ...

Core Viewpoint - The article discusses the grand military parade held on September 3rd to commemorate the 80th anniversary of China's victory in the Anti-Japanese War and the World Anti-Fascist War, highlighting China's military modernization and commitment to peace and justice [2][3]. Summary by Sections Military Display - The parade featured over 10,000 troops, hundreds of ground equipment, and more than a hundred aircraft, showcasing a new layout of military strength [4]. - The aerial display included 9 helicopters forming the number "80" and banners proclaiming "Justice Prevails," "Peace Prevails," and "People Prevail" [3][11]. - All showcased military equipment was domestically produced, with many models making their public debut [7][10]. Aerial Forces - The air force segment included advanced aircraft such as the Airborne Early Warning and Control (AEW&C) aircraft, fighter jets, and bombers, demonstrating a comprehensive range of capabilities [10][14]. - Notable aircraft included the Airborne Early Warning 600, J-20A, J-20S, and J-35, which were all presented for the first time [10][11]. - The transport aircraft segment featured the Y-20A and Y-20B, highlighting their long-range strategic delivery capabilities [14]. Ground Forces - The parade included various ground equipment, with 115 Dongfeng military vehicles participating, showcasing their role in modern military operations [15][16]. - The Dongfeng military vehicles have been a regular feature in parades since 1984, indicating their significance in China's military history [16]. Nuclear Capabilities - The Dongfeng-5C intercontinental ballistic missile was displayed, emphasizing China's global strike capabilities and deterrence strategy [20][23]. Observers and Participants - The event was attended by representatives from various sectors, including logistics and technology, who expressed pride in the nation's military advancements and commitment to peace [21][29]. - Notable attendees included leaders from major companies and academic institutions, who emphasized the importance of national security and technological advancement in the context of military strength [31][32].

Group 1 - The military parade showcased all domestically produced active main battle equipment, with many making their debut [1][4][6] - The event marked the first military parade since the comprehensive promotion of Chinese-style modernization and the centenary of the People's Army [1] - The aerial formation included various types of aircraft, demonstrating a modular and systematic grouping that covers the current main battle aircraft types of the military [3][8] Group 2 - The parade featured 80 honor flags from anti-Japanese war model troops, leading the equipment formations in a combat-ready joint grouping [2] - The air force showcased advanced warning and reconnaissance capabilities, as well as long-range strike capabilities [3][8] - The new multi-purpose transport aircraft, equipped with domestically produced engines, demonstrated long-range strategic delivery capabilities [13] Group 3 - Ground equipment included 115 Dongfeng military vehicles, with 89 officially participating in the parade [14][19] - The parade highlighted the "Dongfeng-5C" liquid intercontinental strategic nuclear missile, which has a global strike range [19][23] - The event also featured various ground support units, including anti-drone and information support formations [14][19] Group 4 - Representatives from various industries, including logistics and technology, expressed pride and a sense of responsibility while attending the parade [22][30] - The presence of the network space troops for the first time emphasized the importance of cybersecurity in national defense [31] - The event was attended by notable figures from the tech industry, who highlighted the significance of the showcased military capabilities and the advancements in domestic technology [30][31]

Core Viewpoint - The article highlights the significant advancements in China's military aviation capabilities, showcased during the 80th anniversary of the victory in the Anti-Japanese War and World Anti-Fascist War, with a focus on the new aircraft models developed by the Aviation Industry Corporation of China (AVIC) [2]. Group 1: Military Aircraft Showcase - The parade featured 125 military aircraft, including new models such as the KJ-600, J-20A, J-20S, and J-35, marking their public debut [2]. - The aerial formations were organized into a modular and systematic structure, demonstrating the capabilities of the air force across multiple domains, including early warning, strategic deployment, and strike capabilities [2]. Group 2: Specific Aircraft Types - The special mission aircraft team included the Y-9 anti-submarine patrol aircraft, electronic reconnaissance aircraft, and radar jamming aircraft, escorted by J-16 fighters [5]. - The unmanned combat aircraft team showcased various new models, including reconnaissance-strike drones and shipborne unmanned helicopters [6]. - The transport aircraft team consisted of Y-20A and Y-20B, equipped with new domestic engines, highlighting their long-range strategic deployment capabilities [7]. - The bomber team featured H-6N, H-6K, and H-6J bombers, emphasizing their long-range strike and area patrol capabilities [8]. Group 3: Refueling and Fighter Aircraft - The aerial refueling team demonstrated the Y-20A aircraft refueling H-6N, J-16, and J-20, showcasing China's new generation aerial refueling capabilities [10]. - The fighter aircraft team included multiple new stealth fighters, such as J-16D, J-20, J-35A, J-20S, and J-20A, indicating advancements in stealth technology [12]. - The carrier-based aircraft team, featuring J-15DH, J-15DT, J-35, and J-15T, demonstrated significant progress in carrier aviation capabilities [14].

Core Viewpoint - The article highlights the display of various military aircraft and equipment by the China Aviation Industry Corporation during the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, showcasing advancements in China's air combat capabilities. Group 1: Airborne Equipment - A total of 125 military aircraft, including the new models such as KJ-600, J-20A, J-20S, and J-35, were showcased for the first time in public [1] - The aerial formations included a variety of combat aircraft, transport planes, and early warning command aircraft, demonstrating a comprehensive representation of the military's air combat capabilities [1] Group 2: Specific Aircraft Types - The air command aircraft formation featured KJ-500A and J-16, along with KJ-600 and J-15T, highlighting the integration of advanced early warning systems [6] - The special aircraft formation included Y-9 anti-submarine patrol aircraft, electronic reconnaissance aircraft, and radar jamming aircraft, escorted by J-16 fighters [7] - The transport aircraft formation consisted of Y-20A and Y-20B, showcasing new domestic engines that enhance range, payload, and speed for strategic deployment [9] Group 3: Refueling and Fighter Aircraft - The aerial refueling formation demonstrated three Y-20A aircraft refueling J-16, J-20, and H-6N bombers, indicating advancements in aerial refueling capabilities [11] - The fighter aircraft formation included multiple new stealth fighters such as J-16D, J-20, J-35A, and J-20S, showcasing the evolution of China's carrier-based aircraft capabilities [12]

Group 1 - The defense and military industry sector has seen significant growth, with stocks like Guoke Military rising over 12% and several companies hitting the daily limit up [1] - The National Defense Military ETF (512810) experienced a 3% increase during trading, with a transaction volume exceeding 59 million yuan and a turnover rate of 9.55%, leading the market among similar ETFs [1][2] - The ETF's share price was reduced from approximately 120 yuan to around 60 yuan after a split, making it more accessible for investors [3] Group 2 - Advanced fighter jets like J-10CE and J-35 are expected to be strategic assets for China's military trade, enhancing domestic equipment research and development [3] - The military trade sector is anticipated to benefit from a global arms race and industry recovery, with a focus on military trade, military electronics, and consumable ammunition as key investment themes [3] - The National Defense Military ETF (512810) tracks the CSI Military Index and is designed to provide efficient exposure to the defense sector, combining traditional and new military capabilities [3]

Core Viewpoint - The essence of innovation is deeply embedded in the DNA of China's aviation industry, emphasizing the importance of self-reliance in aircraft design and development [1][3]. Group 1: Historical Development - The Shenyang Aircraft Design Institute, established in 1961, has achieved multiple milestones in China's aviation history, including the first high-altitude, high-speed jet fighter and the first carrier-based fighter [3]. - The institute has undertaken the development of over 40 key aircraft models, including the J-8, J-11, J-15, J-35, and various drones, marking the evolution from second-generation to fourth-generation fighters [3][7]. Group 2: Innovation and Challenges - The successful landing of the J-15 on the aircraft carrier Liaoning was achieved in less than two months after its commissioning, showcasing the team's rigorous preparation and innovative spirit [5]. - The institute has established various specialized laboratories and strengthened collaborations with external industry labs and educational institutions to enhance technological capabilities [5][7]. Group 3: Legacy and Future - The Shenyang Aircraft Design Institute honors the legacy of its heroes, such as the late Luo Yang, by forming the "Luo Yang Youth Commando Team" to inspire dedication and innovation among younger generations [8]. - The upcoming 15th China International Aviation and Aerospace Exhibition will feature the J-35A, highlighting the institute's commitment to high-performance aircraft design and the development of a skilled workforce [8][9]. Group 4: Design Philosophy - The design philosophy emphasizes a craftsman spirit, focusing on perfection and attention to detail in every aspect of aircraft design [9]. - Continuous dedication to innovation is seen as essential for the future success of the aviation industry in China [9].

Economic Overview - China's economic share of US GDP has decreased from nearly 80% to over 60%, indicating challenges in surpassing the US in total economic size [1] - The US has maintained an average economic growth rate of over 2% in recent years, with GDP increasing from $20 trillion in 2018 to $27.72 trillion in 2023 [3] - Factors such as the US-China trade war and Federal Reserve interest rate hikes have negatively impacted China's economy, leading to a depreciation of the RMB and widening the nominal GDP gap with the US [5] Military Comparison - The Chinese military has completed reforms and now possesses several advanced heavy and medium combined brigades, while the US Army has fewer combined units due to a focus on counterinsurgency warfare [7] - In naval capabilities, while the US Navy has an advantage in nuclear-powered aircraft carriers, China's naval advancements, such as the Fujian aircraft carrier with electromagnetic catapults, show significant progress [9][10] - China's naval fleet is expanding rapidly, with the potential to surpass the US in numbers, as the US's Nimitz-class carriers approach retirement [12] - In the air force sector, China's J-20 is in large-scale production, while the US's F-22 production has ceased, indicating a potential shift in air superiority [12]

Summary of the Conference Call Industry Overview - The military industry is showing a downward trend, but the decline is narrowing, indicating signs of bottoming out. The revenue realization in the components segment is catalyzing the industry, with expectations for improved conditions in Q2 [2][4][10]. - The Longjiang Military Group categorizes over a hundred companies into main tracks (military aircraft engines, missiles) and new directions (new equipment, military trade, military-to-civilian transitions). The upstream components are recovering first, with improvements in cash flow and inventory for main manufacturers [2][5][6]. Key Insights - Q2 is expected to see a focus on emerging segments such as rocket forces, navy, army, and information support troops, with significant development potential following management system optimizations [2][8]. - The military industry is anticipated to accelerate recovery in 2025, driven by mobilization orders and systemic improvements, with missiles becoming a preferred investment choice [2][10]. - Military trade is benefiting from optimized national military trade management and global political changes, becoming a crucial aspect of the defense technology industry's international expansion [2][12][13]. Company-Specific Highlights AVIC Shenyang Aircraft Corporation (沈飞) - Selected as the "gold stock" for May due to low holdings, minimal competition, low valuation, and potential. The lack of disclosed 2025 operational targets enhances its safety margin and presents a contrarian investment opportunity [2][3][15][16]. - The company is currently valued at a static P/E ratio of around 30 times, which is at the lower end of its historical valuation range. Expectations for increased production tasks in 2025 are based on improved cash flow and contract signing [17][20]. - Future growth is supported by new aircraft models entering production phases, with a projected ROE close to 20% and significant asset scarcity [18][21]. Tunan Co., Ltd. (图南股份) - Tunan has shown improvement in Q1 2025 after a significant decline in Q4 2024. The company is expected to achieve approximately 330 million yuan in revenue in 2025, with a compound annual growth rate of 35% to 40% over the next two years [2][29]. - The company specializes in high-temperature alloy materials, with a strong focus on casting and deformation alloys, and is gradually extending its business into downstream products [23][26]. - Tunan's profitability is expected to improve significantly, with projections indicating a doubling of revenue and profit over the next three years [28][29][30]. Additional Important Points - The military industry is experiencing a structural shift with a focus on unmanned systems and advanced technologies, which will likely reshape operational dynamics and market opportunities [21][22]. - The management of military companies is increasingly focused on optimizing production and expanding capacity to meet future demands, particularly in the context of national defense strategies [20][14]. - The competitive landscape in the military sector remains relatively stable due to strong regulatory frameworks, which may provide a clearer path for companies to capitalize on emerging opportunities [11][12].