Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [45]. Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average level of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 is anticipated to mark a turning point for the industry, moving away from a period of stagnation towards a comprehensive recovery. As orders normalize and are gradually released, the military industry sector may enter a phase of performance improvement and valuation enhancement, referred to as the "Davis Double-Trigger" phase. It is recommended to focus on high-quality leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology sectors, which have favorable competitive landscapes and high technological barriers [4][9]. Summary by Sections Industry Insights - The defense budget growth rate in China is around 7%, with spending as a percentage of GDP below 1.5%, indicating potential for significant growth. The military sector is expected to recover in 2025, with a return to normal order levels leading to improved performance and valuations [4][9]. Market Performance - In the past week, the CSI 300 index increased by 4.90%, while the aerospace and defense index rose by 4.19%. For the month, the CSI 300 index saw a 7.16% increase, and the aerospace and defense index increased by 8.25% [10]. Industry News - The preparations for the 80th anniversary of the victory in the War of Resistance against Japan are progressing smoothly, showcasing new military equipment, including advanced fourth-generation equipment and various unmanned systems, highlighting the military's capabilities in modern warfare [14][15]. Company Tracking - Several companies reported their semi-annual results, with varying performance metrics. For instance, *ST Lihang reported a revenue of 54.34 million yuan, down 49.72% year-on-year, while Hongyuan Electronics achieved a revenue of 1.018 billion yuan, up 22.27% year-on-year [21][22][43].

Group 1: Capital Market News - The Loan Prime Rate (LPR) for August remains unchanged at 3.00% for 1-year and 3.50% for over 5 years, maintaining stability since a 0.1 percentage point reduction in May [6][7] - Major A-share indices experienced collective gains, with the Shanghai Composite Index rising 1.04% to close at 3766.21 points, marking a ten-year high [7] Group 2: Industry News - The new generation of military equipment, including hypersonic, air defense, and strategic missiles, will be showcased, featuring domestically produced main battle equipment [8] - The "Digital Comprehensive Bonded Zone" was officially launched on the sixth anniversary of the Lingang New Area, aimed at enhancing the operational environment and promoting institutional supply [9] Group 3: Market Performance - As of August 20, 2025, the North Exchange has 271 constituent stocks with an average market capitalization of 3.42 billion yuan and a trading volume of 40.687 billion yuan, a decrease of 12.207 billion yuan from the previous trading day [11] - The North Exchange's individual stock performance showed 168 stocks rising, with WanTong Hydraulic, JiaHe Technology, and ZhuoZhao Point Glue leading with increases of 30.00%, 20.08%, and 19.67% respectively [12] Group 4: Company Announcements - KangLe Seed Industry reported a revenue of 46 million yuan for the first half of 2025, a year-on-year decrease of 2.68%, with a profit of 9 million yuan, down 8.55% [21] - HeChang Polymer achieved a revenue of 879 million yuan, up 26.83%, and a profit of 88 million yuan, an increase of 32.67% [22] - New Weiling reported a revenue of 399 million yuan, an 8.13% increase, but a profit decrease of 43.46% to 8 million yuan [23] - JiKang Technology's revenue was 168 million yuan, up 13.49%, with a profit of 37 million yuan, a 15.67% increase [24] - AnHui Phoenix reported a revenue of 201 million yuan, down 7.42%, but a profit increase of 16.32% to 39 million yuan [25] - YouJi Co. achieved a revenue of 443 million yuan, up 18.66%, with a profit increase of 55.16% to 44 million yuan [26] - KaiTian Gas reported a revenue of 242 million yuan, down 8.71%, with a profit decrease of 20.63% to 22 million yuan [27] - YiNeng Power reported a revenue of 102 million yuan, up 4.66%, with a profit increase of 14.35% to 12 million yuan [28] - TianGang Co. achieved a revenue of 130 million yuan, up 22.04%, with a profit increase of 44.19% to 37 million yuan [29]

Group 1 - The core theme of the upcoming military parade is to commemorate the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War [2][4][26] - The parade will feature a total of 45 formations, including air, ground, and naval units, showcasing a mix of traditional and modern military capabilities [5][6][21] - The event will highlight new military technologies, including unmanned systems, electronic warfare capabilities, and advanced missile systems, reflecting the modernization of the Chinese military [16][21][29] Group 2 - The military parade is designed to demonstrate the Chinese military's commitment to national defense and its readiness to protect sovereignty and security [7][12][26] - The event will also serve as a platform to showcase the achievements of the military in terms of modernization and structural reforms, including the establishment of new military branches [20][21][22] - The parade will include a joint military band that will perform classic anti-war songs, enhancing the commemorative atmosphere of the event [24][25] Group 3 - The preparations for the parade have involved extensive training and coordination among various military units, emphasizing the importance of joint operations and combat readiness [11][18][22] - The military has implemented advanced training techniques, including the use of simulation and smart assessment systems, to enhance the efficiency and effectiveness of the training process [11][12][18] - The logistics and support for the parade have been meticulously planned to ensure smooth execution, with a focus on resource efficiency and minimizing disruptions to the public [28][34]

Core Viewpoint - The upcoming military parade will showcase a new generation of domestically produced military equipment, highlighting China's advancements in military technology and modernization efforts [2][3][4]. Group 1: Overview of the Parade - The parade will feature all domestically produced active combat equipment, marking a significant display of new generation military capabilities since the 2019 National Day parade [2]. - The event will include a total of 45 formations, with a duration of approximately 70 minutes, consisting of a ceremony and a review [9][10]. Group 2: Featured Equipment - The parade will prominently display advanced equipment such as hypersonic weapons, air defense systems, and strategic missiles, emphasizing China's strong strategic deterrence capabilities [3]. - A significant portion of the showcased equipment will be new models, with a high degree of information technology and intelligence integration, reflecting the military's adaptation to technological advancements and evolving warfare [4][6]. Group 3: First-Time Highlights - This parade represents the first comprehensive display of the People's Liberation Army as it embarks on a new journey towards modernization [5]. - It will also be the first time that the military flags and the armed police force flags are prominently featured together, showcasing the new structural layout of the military [5]. - The air formations will be organized in a modular and systematic manner, including various types of aircraft, many of which will be making their public debut [7][14]. Group 4: Formation Details - The parade will include an aerial escort formation composed of multiple helicopters, symbolizing the nation's prosperity and military growth under the leadership of the Communist Party [11]. - The foot formations will represent both historical and modern military forces, highlighting the new structure of the armed forces [12]. - The equipment formations will be organized into various operational groups, including land, sea, air, and information warfare units [13].

国务院新闻办公室今天上午举行新闻发布会，介绍阅兵准备工作有关情况，并答记者问。 集中亮相一批高超声速、防空反导、战略导弹等先进装备，展示我军强大的战略威慑实力。 这一次受阅武器装备信息化、智能化程度较高，充分体现我军适应科技发展和战争形态演变，打赢未来战争 的强大能力。 以新型四代装备为主体，比如新型坦克、舰载机、歼击机等，按作战模块进行编组，展示我军体系作战能 力。 遴选陆上、海上、空中系列无人智能和反无人装备以及网电作战等新型力量参阅，比如：新型无人机定向等 武器、电子干扰系统等，展示我军新域新质战力。 相关负责人介绍，这次阅兵所有的受阅武器装备都是国产现役主战装备，是继2019年国庆大阅兵后我军新一 代武器装备的集中亮相，主要有以下特点： ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) 格隆汇8月20日｜国务院新闻办公室今天上午举行新闻发布会，介绍阅兵准备工作有关情况，并答记者 问。相关负责人介绍，这次阅兵所有的受阅武器装备主要有以下特点：以新型四代装备为主体，比如新 型坦克、舰载机、歼击机等，按作战模块进行编组，展示我军体系作战能力。遴选陆上、海上、空中系 列无人智能和反无人装备以及网电作战等新型力量参阅，比如：新型无人机定向等武器、电子干扰系统 等，展示我军新域新质战力。集中亮相一批高超声速、防空反导、战略导弹等先进装备，展示我军强大 的战略威慑实力。 ...

Core Viewpoint - The article highlights the upcoming military parade featuring domestically produced advanced weaponry, showcasing the capabilities of the new generation of military equipment following the 2019 National Day parade [1]. Group 1: Characteristics of the Parade - The parade will primarily feature new-generation fourth-generation equipment, including new tanks, carrier-based aircraft, and fighter jets, organized by combat modules to demonstrate the military's system combat capabilities [2]. - A selection of land, sea, and air-based unmanned intelligent systems and counter-unmanned equipment, as well as cyber-electronic warfare capabilities, will be showcased, highlighting the military's new domain and qualitative combat power [2]. - A number of advanced systems, including hypersonic weapons, air defense and missile defense systems, and strategic missiles, will be prominently displayed to demonstrate the military's strong strategic deterrence capabilities [2]. - The showcased weaponry will exhibit a high degree of informatization and intelligence, reflecting the military's adaptation to technological advancements and evolving warfare forms, emphasizing its capability to win future wars [2].

Group 1 - The core viewpoint of the news is the introduction of new generation domestic military equipment showcased during the military parade, highlighting the advancements in China's military capabilities [1][2] - The military parade features a high degree of information technology and intelligence in the showcased equipment, reflecting the military's adaptation to technological development and evolving warfare [1] - The parade includes new type fourth-generation equipment such as tanks, carrier-based aircraft, and fighter jets, organized by combat modules to demonstrate the military's system combat capabilities [2] Group 2 - A selection of land, sea, and air-based unmanned intelligent and anti-unmanned equipment, as well as new types of electronic warfare systems, are included to showcase the military's new domain capabilities [2] - Advanced equipment such as hypersonic weapons, air defense missile systems, and strategic missiles are prominently displayed, emphasizing the military's strong strategic deterrence capabilities [2]