装备方队接受检阅。 新华社记者 刘 续摄 空中护旗梯队通过天安门广场。 新华社记者 李 钢摄 海上无人作战方队接受检阅。 新华社记者 鞠焕宗摄 核导弹第二方队接受检阅。 新华社记者 胥冰洁摄 高超声速导弹方队接受检阅。 本报记者 雷 声摄 舰载防空武器方队接受检阅。 新华社记者 鞠焕宗摄 核导弹第一方队接受检阅。 新华社记者 马 宁摄 对空抗击方队接受检阅。 新华社记者 杨冠宇摄 核导弹第一方队接受检阅。 新华社记者 陈 斌摄 巡航导弹方队接受检阅。 新华社记者 邢广利摄 陆上无人作战方队接受检阅。 新华社记者 黄宗治摄 地面突击方队接受检阅。 本报记者 雷 声摄 加受油机梯队接受检阅。 新华社记者 孙凡越摄 《 人民日报 》（ 2025年09月04日 14 版） (责编：卫嘉、白宇) ...

(抗战胜利80周年)九三阅兵观察：彰显强军成效 展现和平力量 中新社北京9月3日电 题：九三阅兵观察：彰显强军成效 展现和平力量 中新社记者 李纯 一支强大的人民军队应是什么样？通过9月3日北京天安门广场举行的阅兵仪式，中国军队向全世界展示 形象与实力，为上述问题给出了一个具象答案。 这场举世瞩目的大阅兵以"纪念抗战伟大胜利、弘扬抗战伟大精神"为主题，动用上万人、上百架飞机、 数百台地面装备，展示人民军队在中国特色强军之路上迈出的坚定步伐。九三阅兵是人民军队奋进建军 百年的一次崭新亮相。 9月3日，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在北京隆重举行。图为仪仗方队通 过天安门广场。 中新社记者 张炜 摄 重塑后的强军风采 分列式上，13个徒步方队先后通过天安门广场。紧随在陆军、海军、空军、火箭军4面军种军旗之后， 军事航天部队、网络空间部队、信息支援部队、联勤保障部队等4面兵种军旗依次亮相，成为当天的一 大看点。 去年，中国军队调整组建信息支援部队，相应调整军事航天部队、网络空间部队领导管理关系。今年八 一前夕，4支兵种军旗旗面式样发布，标志着中国军队构建起以八一军旗为主体、军兵种军旗为补充的 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - A military parade will be held on September 3, showcasing both traditional main battle forces and new domain capabilities, reflecting the modernization of the military [12][13] - The military industry is expected to see a turning point in orders in 2025, driven by new technologies and products aimed at enhancing equipment performance and reducing costs [20] - Investment recommendations focus on two main lines: aerospace and "gap-filling" new focuses, and new technologies, products, and markets with greater elasticity [20] Summary by Sections Industry Overview - The closing index for the military industry is 1596.82, with a 52-week high of 1712.48 and a low of 1113.62 [2] Market Performance - The military sector index increased by 6.23%, outperforming the Shanghai Composite Index, which rose by 1.91% [22] - The top ten performing stocks in the military sector this week include Changcheng Military Industry (+43.85%) and Zhongke Haixun (+34.89%) [24] Valuation Levels - As of June 27, 2025, the military sector's PE-TTM valuation is 110.98, with 81.19% of the time since January 1, 2014, the PE-TTM valuation has been lower than the current level [26][29] Investment Suggestions - Suggested stocks for the aerospace main line include Feilihua, Fenghuo Electronics, and AVIC Shenyang Aircraft [20] - New technology and market opportunities include companies like Aerospace Zhizao and Guangdong Hongda [20]

Summary of Military Industry Conference Call Industry Overview - The military industry is experiencing significant investment opportunities due to global geopolitical tensions and an arms race, particularly highlighted by China's military equipment performance in the India-Pakistan air conflict, which has increased international recognition of Chinese military products [1][2]. Key Points and Arguments - **Investment Opportunities**: The military sector is expected to benefit from increased order delivery tolerance from institutions, driven by geopolitical tensions and high-end equipment exports [1][2]. - **Market Events**: The upcoming 93rd anniversary military parade is anticipated to boost market activity, alongside the conclusion of the 14th Five-Year Plan and the initiation of the 15th plan, which may lead to expedited orders [3][5]. - **Performance Metrics**: In the first half of 2025, the defense industry index outperformed the broader market, driven by a reversal in industry sentiment and concentrated order issuance [1][10]. - **Valuation Trends**: The military industry's valuation has risen to the 75th percentile, indicating potential for further growth, shifting from EPS-driven to PE-driven factors due to increased global asset allocation demand [8][21]. - **Contract Liabilities**: A 12.7% increase in contract liabilities in Q1 2025 suggests a pre-order phenomenon, indicating future performance improvements [11][9]. Important but Overlooked Content - **Geopolitical Context**: The ongoing geopolitical tensions, including conflicts in Ukraine and the Middle East, are expected to sustain demand for military equipment, with countries like South Korea and Japan increasing their defense budgets [19][16]. - **Technological Advancements**: The military sector is focusing on new combat capabilities, including unmanned systems and high-speed weapons, which are crucial for future military strategies [7][29]. - **Investment Recommendations**: Key investment areas include military trade exports, military electronics, and ammunition, with specific companies highlighted for their potential [5][30][31]. Future Outlook - The military industry is poised for continued growth, driven by strategic security asset allocation and the global expansion of Chinese military assets, particularly in the arms trade [21][22]. - The upcoming 15th Five-Year Plan is expected to clarify future directions for the military sector, enhancing market confidence and potentially leading to increased order flows [15][13]. This summary encapsulates the critical insights from the military industry conference call, highlighting the current landscape, investment opportunities, and future trends.