Core Viewpoint - The commissioning of the aircraft carrier Fujian marks China's official entry into the third aircraft carrier era, featuring advanced electromagnetic catapult technology, which enhances operational efficiency and capabilities [1] Industry Summary - The Fujian aircraft carrier utilizes an electromagnetic launch system (EMALS), a cutting-edge technology currently mastered only by China and the United States, allowing for more stable and efficient aircraft launches compared to traditional steam systems [1] - The recent military industry quarterly reports indicate a clear performance inflection point, with a robust improvement in fundamentals and numerous catalysts expected in the near future [1] - The "14th Five-Year Plan" emphasizes strengthening national security and improving social governance, which aligns with the military industry's growth trajectory [1] Investment Opportunity - Investors are encouraged to consider the military ETF (512660), which tracks the China Securities Military Index (399967), reflecting the overall performance of publicly listed companies in the military sector, particularly in aviation and military electronics [1] - The index comprises small to mid-cap stocks, focusing on aviation equipment and military electronics, indicating a targeted investment approach within the military industry [1]

Group 1 - Recent subtle shift in India's relationship with the US, with indications of reduced US participation in the Quad dialogue and a hardening stance on tariffs, including a 50% tariff on Indian goods [1][3] - The US has publicly criticized India for profiting from the Russia-Ukraine conflict through significant imports of Russian oil, indicating a major shift in US attitudes towards India in energy and trade [1][3] - The previous US administration had shown enthusiasm for India, exporting significant military equipment and emphasizing India's strategic importance in the Indo-Pacific strategy [3] Group 2 - In response to the US's changing stance, India is actively seeking to strengthen ties with Japan, with Prime Minister Modi visiting Japan and engaging in discussions on high-speed rail technology [5][7] - Modi expressed confidence in India's potential to become the world's third-largest economy and aims to enhance bilateral relations with Japan to achieve a "perfect partnership" [7] - Despite rapid economic expansion, India faces persistent trade deficit issues, prompting Modi to adjust diplomatic strategies to strengthen relations with Japan as a counterbalance to US pressure [9]