2024年通过的《欧盟关键原材料法案》（Critical Raw Materials Act, CRMA）制定了提升34种战略材料 本土供应能力的计划。这些材料包括锂、锑、钨、铜和稀土元素，广泛用于制造半导体、风力涡轮机和 炮弹等产品。 前景不容乐观 该法案设定了2030年的非约束性目标：届时欧盟应开采其所需矿产的10%，将这些材料的回收能力提升 至15%，并能够加工其每年每种战略原材料需求的40%。 然而，审计院在一份报告中指出："前景并不乐观。按目前情况，能源转型所需的26种材料中，有7种的 回收率仅为1%至5%，另有10种则完全未被回收。" 报告将此归咎于缺乏针对具体材料的激励措施。 报告还警告："欧盟旨在到2030年实现40%加工自给率的能力建设正在倒退——部分加工厂因高昂的能 源成本而关闭，这严重削弱了产业竞争力。" 此外，欧盟与第三国建立的关键原材料战略伙伴关系也尚未显现成效。 欧洲审计院（ECA）周一表示，欧盟在减少对外依赖、实现科技、国防和能源转型所需关键金属与矿产 进口多元化方面的努力"尚未取得实质性成果"。 "过去五年，欧盟签署了14项原材料战略伙伴关系协议，其中7项是与治理水平较低的国家 ...

Core Viewpoint - North Korea's leader Kim Jong-un emphasized the need to enhance missile and artillery production capabilities in response to future military requirements, indicating a strategic focus on military modernization and production capacity expansion [1] Group 1: Production Plans and Goals - Kim Jong-un discussed increasing the production plan for 2026 based on future national missile and artillery needs, highlighting the necessity to strengthen the technical foundation of related production enterprises [1] - The completion of the 2025 production plan by relevant enterprises was highly praised, underscoring their central role in implementing national defense development plans [1] Group 2: Military Strategy and Modernization - The missile and artillery production sectors were identified as crucial for enhancing war deterrence, with a call for relevant agencies to prepare for the implementation of modernization and production goals set forth by the Party's recent congress [1] - An important modernization plan for military enterprises was approved for review by the Party, indicating a structured approach to military industrial enhancement [1]

金正恩高度评价相关企业圆满完成2025年度生产计划，肯定企业在落实国防力量发展计划中发挥的中枢核心作用。 金正恩强调，导弹及炮弹生产部门对提高战争遏制力至关重要，朝鲜导弹总局、第二经济委员会相关总局须做好准备，无条件落实朝鲜劳动党第九次代表大 会新提出的现代化及生产目标。视察当日，金正恩批准提请劳动党九大审议的重要军工企业现代化计划文件草案。 （总台记者 董海涛） 总台记者获悉，朝鲜劳动党总书记、国务委员长金正恩近日视察了多家重要军工企业，了解了导弹及炮弹第四季度生产情况。 ...

金正恩强调，导弹及炮弹生产部门对提高战争遏制力至关重要，朝鲜导弹总局、第二经济委员会相关总局须做好准备，无条件落实朝鲜劳动党第九次代表大 会新提出的现代化及生产目标。视察当日，金正恩批准提请劳动党九大审议的重要军工企业现代化计划文件草案。 （文章来源：央视新闻客户端） 总台记者获悉，朝鲜劳动党总书记、国务委员长金正恩近日视察了多家重要军工企业，了解了导弹及炮弹第四季度生产情况。 金正恩高度评价相关企业圆满完成2025年度生产计划，肯定企业在落实国防力量发展计划中发挥的中枢核心作用。 ...

新华社北京12月2日电 乌克兰近来与荷兰、挪威签署了联合生产无人机的协议，但欧盟外交与安全政 策高级代表卡娅·卡拉斯承认欧盟目前还未能实现2025年向乌提供200万发炮弹的计划。 荷兰政府1日发表声明说，荷兰当天与乌克兰签署联合生产无人机的协议。路透社援引荷兰国防大臣吕 本·布雷克尔曼斯的话报道，这项合作不仅将增强两国的生产能力，还将加强双方"共同安全、韧性与创 新能力"。 眼下，乌克兰在政治和军事层面均面临不利局面。11月20日，美媒披露白宫起草的28点俄乌"和平计 划"，乌克兰和欧洲指认该计划偏袒俄罗斯。美乌代表随后在瑞士日内瓦会谈，大幅修改该方案。双方 11月30日又在美国佛罗里达州举行会谈。白宫12月1日宣布，美国中东问题特使威特科夫将前往俄罗斯 商谈。 军事方面，俄罗斯12月1日晚宣布，俄军已经控制顿涅茨克地区重镇红军城（乌克兰称波克罗夫斯 克）。乌克兰武装部队当天早些时候说，尽管当地及周围地区"情况艰难"，乌军仍"继续抵御"俄军攻 势。（王逸君） 11月20日，乌克兰首都基辅主要街道的照明设施出现大面积停电，车辆在夜色中行驶。新华社记者李东 旭摄 另据RBC-乌克兰通讯社援引乌国防部长杰尼斯·什梅 ...

Core Viewpoint - The naval escort fleet, specifically the Baotou ship, conducted a multi-task realistic combat training exercise in the Gulf of Aden, enhancing the crew's operational capabilities in complex and challenging scenarios [1][7]. Group 1: Training and Operational Readiness - The training involved assessing air target situations and executing electronic interference to simulate real combat conditions [1]. - Following the resolution of aerial threats, the Baotou ship quickly shifted to combat mode upon detecting a maritime target, preparing its main artillery for engagement [3]. - The crew demonstrated precision in targeting, successfully hitting the designated objectives during live-fire exercises [5]. Group 2: Integration of Missions - The training exercises included various combat scenarios such as naval gunfire support and machine gun operations, allowing the crew to refine their combat skills [7]. - The integration of escort missions with training activities has effectively tested and improved the fleet's combat readiness [7].

Core Viewpoint - The recent election results in the Czech Republic pose a significant challenge for Ukraine, as the newly elected leader, Babis, has indicated intentions to halt military support, particularly the artillery supply plan crucial for Ukraine's frontline needs [3][5][15]. Group 1: Election Results and Implications - The Czech parliamentary elections resulted in the "Action of Dissatisfied Citizens" party, led by former Prime Minister Babis, winning 34.7% of the votes, making it the largest party [3]. - The current government, which supports unconditional aid to Ukraine, received only 23% of the votes, indicating a shift in public sentiment towards prioritizing domestic issues over foreign aid [3][14]. - Babis's victory reflects a growing public desire to address domestic economic challenges rather than continue extensive support for Ukraine [3][12]. Group 2: Military Support and Supply Chain - The Czech Republic has been a key supplier of artillery to Ukraine, providing over 1.5 million shells since February 2024, which has been critical given the ongoing ammunition shortages faced by Ukraine [5][8][6]. - The cessation of the artillery supply plan, which Babis aims to implement, would exacerbate the ammunition crisis on the Ukrainian frontline, where daily consumption exceeds 10,000 shells [5][6]. - The Czech artillery supply plan was supported by nearly 20 countries, including significant contributions from Germany (540 million euros), the Netherlands (250 million euros), and Belgium (200 million euros) [8]. Group 3: Domestic Economic Concerns - Babis's campaign focused on addressing domestic economic issues, promising tax cuts and increased support for low-income households, which resonated with voters facing rising inflation and living costs [11][12]. - The Czech Republic has experienced inflation rates between 6% and 8%, leading many households to cut back on expenses, further influencing the electorate's preference for prioritizing national issues over foreign aid [12][13]. Group 4: Future of Czech Foreign Policy - The potential shift in Czech foreign policy towards reduced military support for Ukraine could lead to a broader trend among EU countries, raising concerns about the overall commitment to Ukraine amidst domestic pressures [15][16]. - If Babis successfully forms a coalition government, the Czech Republic may pivot from military assistance to humanitarian aid, impacting Ukraine's ability to sustain its defense efforts [16][18].

Core Insights - Russia's recent mobilization of 135,000 young recruits is a significant move amidst escalating tensions, particularly following the U.S. decision to allow Ukraine to use long-range missiles against Russian territory [1][11] - The situation indicates a complex geopolitical landscape where Russia is seeking support from China and North Korea to bolster its military capabilities and sustain its war efforts [4][6][11] Military Mobilization - The Kremlin's mobilization is not merely routine but reflects a response to heightened threats, particularly from U.S. military support to Ukraine [1][11] - Russia's current defense capabilities are insufficient to fully counter the combined pressure from the U.S. and Ukraine, leading to a search for new strategic partnerships [3][11] Strategic Partnerships - Russia is increasingly relying on China for logistical and financial support, including the opening of a new trade route that reduces transportation time and risks of Western interception [4][11] - The collaboration extends to military technology, with Russia willing to share critical defense technologies with China, indicating a deepening strategic alliance [4][11] North Korea's Role - North Korea's military support, including the provision of artillery and rockets, is crucial for Russia to alleviate ammunition shortages on the battlefield [6][11] - The partnership with North Korea complements Russia's strategy of leveraging its nuclear capabilities while relying on external support for conventional military needs [6][11] Geopolitical Implications - The ongoing conflict transcends the Russia-Ukraine war, impacting global strategic dynamics and China's energy security [13] - China faces the challenge of maintaining energy imports from Russia while navigating potential U.S. sanctions and the risk of being drawn into the conflict [10][11][13] Future Outlook - The evolving situation suggests a looming larger confrontation, with Russia counting on support from China and North Korea to endure current challenges while the U.S. aims to weaken Russia through support for Ukraine [11][13] - The balance of power and international order may be significantly affected by these developments, with long-lasting implications for global relations [13]

Industry Investment Rating - The report maintains a "stronger than the market" investment rating for the defense and military industry [6]. Core Insights - The report emphasizes that artillery remains crucial in modern warfare, as demonstrated by the Russia-Ukraine conflict, where artillery has proven to be an effective long-range strike method [2][36]. - The global artillery market is projected to grow at a compound annual growth rate (CAGR) of 4.3%, increasing from a current market value of $11.4 billion to $17.3 billion by 2034 [2][39]. - The domestic artillery market in China is expected to thrive due to increased military training and export demands, with an estimated market size of approximately 12 billion yuan [3][49]. Summary by Sections 1. Artillery Classification and Composition - Artillery ammunition includes various types such as shells, grenades, and missiles, with artillery being referred to as the "god of war" due to its enduring significance [13]. - Shells are categorized based on caliber, assembly relationship, loading method, and stability method, with various types including small, medium, and large caliber shells [17][21]. 2. The Return of the "God of War" - The Russia-Ukraine war has highlighted the importance of artillery, with significant artillery usage reported, including the U.S. supplying over 1 million rounds to Ukraine [36][37]. - The report indicates that the global artillery market is driven by ongoing geopolitical tensions, particularly in Europe, leading to increased procurement of advanced artillery systems [39][40]. 3. Domestic Related Enterprises - Key players in China's artillery production include the China Ordnance Industry Group and the China Ordnance Equipment Group, with various listed companies involved in ammunition production [50][52]. - The report identifies several companies such as Tianqin Equipment and Beihua Co., which are significant contributors to the artillery and ammunition market in China [3][50].

Group 1 - Recent military cooperation between North Korea and Russia has garnered global attention, with reports suggesting North Korea may supply up to 12 million artillery shells and potentially send 30,000 soldiers to the Ukrainian battlefield [1][10] - The historical relationship between North Korea and Russia dates back to the Cold War, where both nations collaborated against external threats, and their current partnership is a strategic choice to counter Western sanctions [1][10] - Russian military actions in Ukraine have intensified, with large-scale airstrikes targeting critical infrastructure to weaken Ukraine's combat capabilities [1][2] Group 2 - Russian military operations appear to be transitioning from a defensive posture to a full-scale offensive, aided by artillery support from North Korea [2] - In the eastern Donetsk region, Russian forces have captured key strategic points, significantly impacting Ukraine's defensive lines [3] - The U.S. has responded by pledging to provide Ukraine with Patriot missile defense systems through NATO, enhancing Ukraine's defensive capabilities and signaling a warning to Russia [5] Group 3 - Some U.S. hawks are proposing high tariffs on countries like China and India for purchasing Russian oil, viewing it as indirect support for Russia's military [6] - China and India have adopted different strategies in response to U.S. pressure, with China emphasizing normal energy trade with Russia and India continuing to import cheap Russian oil while exploring new defense cooperation [6][8] - China and India are gradually aligning their positions, with discussions on supply chain stability to mitigate external economic risks, potentially reducing the impact of U.S. tariffs [8] Group 4 - The escalation of the Russia-Ukraine conflict is occurring against the backdrop of NATO's eastward expansion, which Russia perceives as a direct threat to its national security [8][10] - The potential accession of Ukraine to NATO is viewed as a critical point that could exacerbate tensions, with Russia attributing the conflict to NATO's expansionist policies [8][10] - The complex interplay of Russian military advances, North Korean support, U.S. military aid, and tariff threats creates a multifaceted international situation [10]