近日，一则消息格外引人注目—— 今年9月3日，将在首都天安门广场举行盛大阅兵式。这次阅兵，受阅的武器装备全部为国产现役主战装 备，是我军体系作战能力、新域新质战力、战略威慑实力的集中展示，是我国武器装备自主创新能力的 集中体现。 阅兵盛典，备受期待。有网友说，"过去我军以'钢少气多'力克'钢多气少'，如今钢更多、气更盈、骨更 硬了！" 强国必须强军，强军必须利器。 武器装备是军队现代化的重要标志，是军事斗争准备的重要基础，是国家安全和民族复兴的重要支撑。 这些年，我们相继攻克了一大批高精尖技术，研制出一大批先进武器装备，开创了武器装备建设新局 面，新型航母、驱逐舰、隐身战机、无人机、战略导弹等国之重器相继加速列装部队，我军武器装备建 设实现跨越式发展、取得历史性成就，有力支撑战斗力大幅跃升，也让我军能打仗、打胜仗有了更充足 的底气。 我们发展和改进武器装备，完全是为了维护国家主权、安全、发展利益。抗日战争中，我军的武器装备 非常简陋，大多是土枪土炮、大刀长矛，凭着"没有枪、没有炮，敌人给我们造"的战斗精神，英勇抗击 了日本侵略者，创造了许多以劣胜优、以弱胜强的辉煌战绩，但武器装备的落后也让我们付出了巨大代 价 ...

Core Viewpoint - The upcoming military parade on September 3rd, commemorating the 80th anniversary of China's victory in the War of Resistance Against Japanese Aggression, is expected to boost the military industry sector, which has historically shown independent excess returns prior to such events [1][2]. Military Industry Performance - The military industry sector has been active recently, with the military ETF (512660) experiencing an 8% increase in the past five days. This performance is attributed to the upcoming parade as well as ongoing military trade demand and international geopolitical fluctuations [4]. - The military ETF (512660) has seen a significant increase in shares, growing over 40% year-on-year, with its current scale exceeding 15.6 billion yuan [4]. Military Trade Demand - Chinese military equipment has gained recognition in various real combat scenarios, leading to increased international demand. Pakistan has announced plans to acquire several advanced Chinese military products, including the J-35 stealth fighter and the Hongqi-19 air defense system [5]. Global Military Expenditure Trends - Global military expenditures are on the rise due to ongoing geopolitical risks. NATO members have agreed to increase military spending to 5% of GDP, while China's military spending remains below the average of major military powers, indicating potential for growth [8]. Emerging Themes in Military Industry - New themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence are becoming increasingly active. These themes are expected to deepen and evolve, contributing to a potential recovery in the military industry [10]. Financial Performance and Outlook - The military industry sector is projected to see a recovery in margins and profitability starting in Q1 2025, following a dip in Q4 2024. The increase in total prepayments by 9.35% year-on-year suggests a rebound in downstream orders [12]. - The military ETF (512660) is noted for its liquidity and defensive characteristics, having shown the smallest decline during market downturns in 2018, 2022, and 2023, while ranking first in returns among peers in 2024 [14][17].

Group 1 - The core issue revolves around the strategic competition between China and the United States regarding rare earth supplies, with the U.S. making concessions on tariff trade to gain some relaxation of China's export controls on rare earths [1][9]. - China is accelerating its efforts to consolidate its leading position in the rare earth industry, achieving significant breakthroughs in hypersonic technology [3][11]. - A notable technological advancement is the development of a low-inertia, high-dynamic-response permanent magnet motor system for hypersonic vehicles, which utilizes rare earth materials to enhance performance [5][7]. Group 2 - The new permanent magnet motor, made from neodymium-iron-boron, is 40% lighter than traditional motors and can switch from stationary to full speed in 0.1 seconds, tripling dynamic response speed [7][9]. - This technology improves energy efficiency by 60% compared to traditional motors, allowing vehicles to travel further and faster, exemplified by the increase in range of the Dongfeng-17 hypersonic missile from 1,800 km to 2,500 km [7][9]. - China's control over the rare earth supply chain is significant, with 90% of global rare earth permanent magnet production capacity concentrated in China, particularly in Inner Mongolia [8][11]. Group 3 - The U.S. military's heavy reliance on Chinese rare earths has been highlighted, with 80% of the magnetic components in its intercontinental missiles sourced from China, exposing vulnerabilities in its supply chain [9][13]. - China's strategic response includes reinforcing export controls and accelerating the conversion of rare earth technologies, with 53 related technological achievements expected in 2024 [11][12]. - The U.S. faces a strategic dilemma as it attempts to rebuild its domestic rare earth supply chain, which could take at least 10 years and may only meet 30% of its needs by 2030, despite significant investment [13][15]. Group 4 - The technological gap in hypersonic capabilities is widening, with China reportedly leading the U.S. by at least five years in hypersonic glide vehicle technology, and this gap is increasing at a rate of 20% per year [15][17]. - The U.S. attempts to support its domestic rare earth industry through legislation have been hampered by environmental regulations and high costs, delaying production timelines [17][18]. - The outcome of this strategic competition is beginning to take shape, with China's advancements in rare earth technology and strategic control potentially reshaping the global military industrial landscape [17][20].

Core Viewpoint - The military industry sector continues to show strong performance, with military ETFs experiencing significant growth amid rising global military expenditures and geopolitical tensions [1][4]. Group 1: Market Performance - Military ETFs (512660) have surged over 3%, with trading volume exceeding 350 million yuan, indicating strong investor interest [1]. - The military ETF has seen a year-to-date share increase of over 40%, reaching a total size of over 15 billion yuan, making it the largest in its category [1]. Group 2: Geopolitical Context - The NATO summit has led to a commitment from member countries to increase military spending to 5% of GDP, highlighting a global trend of rising defense budgets [1]. - China's military spending as a percentage of GDP remains below the average of major military powers, suggesting significant growth potential in defense expenditure [1]. Group 3: Domestic Developments - Recent announcements from Pakistan regarding the acquisition of advanced Chinese military equipment, such as the J-35 stealth fighter and HQ-19 air defense system, indicate growing international recognition of Chinese military products [1]. - The military sector is expected to benefit from the completion of defense construction tasks and long-term goals set for 2027 and 2035, which will likely drive demand for military equipment [3]. Group 4: Financial Outlook - The military sector is projected to experience a profit bottoming out in Q4 2024, marking the first negative net profit quarter in a decade, but signs of recovery are expected in Q1 2025 with improvements in gross and net profit margins [1][3]. - Total prepayments in the military sector have increased by 9.35% year-on-year, indicating a rebound in downstream orders and potential for upward performance in the future [1]. Group 5: Investment Recommendations - Investors are encouraged to consider military ETFs (512660) as they cover the entire military industry chain and offer good elasticity and defensive attributes, making them a valuable tool for capitalizing on industry opportunities [5].

2025.6.9 市场逻辑精选 特别提示:下文涉及的题材或公司,内容罗列和篇幅长短,与后续涨跌无关,亦 均非进行推荐,仅作研究辅助。投资者应自主决策,注意风险。 一、机会前瞻 人形机器人:Figure Al 发布演示视频,华为将举办开发者大会 �事件: 1）2025 年 6 月 7 日，Figure Al 展示了其 Helix 神经网络在物流作业 中实现了 60 分钟连续工作；Helix 如今能够处理更多样化、更复杂的包裹类型， 其操作速度和灵活性已开始接近人类水平。 2）2025年 6 月 20 日,华为将举办开发者大会,或将公布其具身智能领域最新 进展。 3) 据网络调研信息, 2025 年 6 月 16 日, 华为将公布其人形机器人 Demo（未 证实)。 ◇Figure Al: Helix 神经网络集成了触觉和短期记忆, System1 引入了隐式立体 视觉（相比非立体基线吞吐量提高 60%），提供了丰富的 3D 理解和精确的深度 感知运动。多尺度视觉表示使其能够处理细粒度细节和场景级理解。学习型视觉 本体感知允许机器人进行自我校准,从而实现无缝跨机器人转移。 ◇华为机器人：2024年11月，华为（深 ...

2、 《 军工信息化产业链全景解析 》摘要 1 、 《 中船系，谁是盈利最强企业？ 》摘要 ■ 2019年，中国船舶工业集团有限公司（CSIC）与中国船舶重工集团有限公司（CSIC）联合重组，形 成了中国船舶集团有限公司（CSIC），即"中船系"。 ■ 该集团包括众多科研院所、企业单位及上市公司，资产总额庞大，涵盖了船舶制造、海洋防务、船 舶修理等多个领域。 ■ 随着海洋经济的不断发展，船舶市场需求预计将持续增长，中船系作为全球最大造船集团之一，将 充分受益。 ■ 零部件包括发动机、齿轮箱、螺旋桨等，代表性企业如中国动力（国内海军舰船动力及传动装备的 主要研制和生产商）。 ■ 海洋工程服务涵盖海上油气开发、海上风电等。黄埔文冲在海上风电领域有显著布局，涉及浮式平 台及系泊系统的建造与设计。 经济则长期落后。尽管苏联的军工系统在战争中发挥了巨大作用，但过度依赖军工导致民用消费品 匮乏，并为体制崩溃埋下伏笔。 5、《 航天军工集体拉升，行情逻辑是什么？ 》摘要 ■ 冷战后，日本通过"产官学协同"机制推动军民融合，政府引导、企业主导、学术支持的合作模式有 效激发了民间技术的军事潜力。 ■ 以色列退役军官创办的高科技 ...