【开栏的话】 站在2025年的岁末回望，年终特别报道《我的2025关键词》系列今日起正式与大家见面。 这一次，我们以记者的第一视角为切入点，抛开宏大叙事的框架，聚焦采访本上的点滴细节、观察途中 的触动瞬间、行业发展里的微光片段。我们将用一个个具体的年度故事、一个个鲜活的人物切面，从小 切口里打捞不平凡的2025，最终拼贴出属于这一年的时代印记与行业温度。 □ 本报记者陈月飞 【年度故事】2025年9月3日11：10，当压轴出场的东风-5C战略核导弹方队驶离天安门广场，"以武止 戈、砥定乾坤"的解说词仍在回响，我突然意识到，自己刚刚见证了一场划时代的阅兵式。 2025年是中国人民抗日战争暨世界反法西斯战争胜利80周年。受报社委派，我有幸参加纪念大会报道。 现场带来的冲击，绝非电视镜头所能比拟。那是视觉、听觉与嗅觉交织的全身心沉浸：空气中氤氲着战 车柴油燃烧的浓烈气息，99B主战坦克以动地之势轰鸣而来；恢弘的《钢铁洪流进行曲》中，抗战英模 部队荣誉旗帜方阵以严整队列行进；当解说员激昂介绍东风-5C"打击范围覆盖全球"时，全场爆发的欢 呼与掌声如海啸一般。 从极度的感官震撼中冷静下来，一个念头清晰地击中脑海：这不仅 ...

转自：北京日报客户端 这是一个充满变革的时代，有关瓶颈与突破、挑战与机遇的故事每时每刻都在发生，兵器的世界也不例 外。世界风云变幻中，可以窥见诸多兵器的身影，它们或深度参与战争行动，或以先进性能引人注目， 或放低身段悄然转型。透过这些武器的变化，可以看到，这个世界在动荡纷争之中，隐藏着某种必然的 发展逻辑。2025年即将过去，在这个时刻，沿着这一思路，我们回顾年度兵器的发展，也就有了不一样 的意义。 无人智能装备发展势头迅猛 当前，无人智能装备正深度融入并改变着传统武器装备的形态和作战运用方式，各国新推出的主战装备 都将集成无人智能装备和应对无人系统威胁作为重要需求。 一方面，有人无人协同作战概念"落地"步伐加快。今年，美空军F-22战斗机成功操控一架MQ-20无人机 执行了模拟打击任务，其下一代"协同战斗机"候选机型之一的YFQ-44A也完成首飞；澳空军成功完成E- 7A预警机对2架MQ-28无人机及1架模拟机的多机控制演示。 另一方面，各国先后围绕无人智能装备创新装备使用形态。今年，伊朗入列第3艘无人机航母；韩国展 示新型无人机航母设计；德国建造可释放无人机的新型无人机。 无人系统快速发展，反无人系统也在 ...

Core Insights - Hypersonic weapons, defined as those traveling at speeds exceeding five times the speed of sound, represent a new pinnacle in aerospace technology development in the 21st century [1] Group 1: Hypersonic Weapon Design - The hypersonic weapon design features two key aerodynamic configurations: the wave-rider and the double-cone [3][5] - The wave-rider configuration allows the vehicle to create an "air wall" in front of it, enabling it to glide on the shockwave, akin to "skipping stones" on water [3] - The double-cone structure, consisting of two conical shapes, generates lift through pressure differences created by shockwaves when traveling at hypersonic speeds [5] Group 2: China's Hypersonic Capabilities - China's hypersonic weapons, such as the YJ-17 and DF-17, exhibit typical wave-rider shapes, while others like the YJ-20 and DF-26D showcase the double-cone design [6] - These weapons provide rapid strike capabilities and comprehensive coverage, effective against both maritime and land targets, whether fixed or mobile [6] - The diverse range of hypersonic missiles enhances China's military effectiveness across various operational scenarios, from anti-ship to ground attacks [6]

Summary of Key Points from Conference Call Records Industry Overview - The military industry in China is mature and has significant international market potential, with foreign trade becoming a focal point [1][2] - The end of the 14th Five-Year Plan has catalyzed policies, leading to a recovery in upstream military electronics orders, although challenges remain [1][2] - The 15th Five-Year Plan will commence in 2026, with a goal of military modernization by 2027, emphasizing the need for new combat capabilities [1][2] Core Insights and Arguments - Increased global military equipment demand due to rising geopolitical tensions and conflicts, validating the performance of domestic equipment in international markets [1][2] - The integration of AI in military applications is driving modernization, with China aiming for AI development goals by 2030 [1][2][5] - The 2025 military parade showcased advanced military technologies, including hypersonic weapons and unmanned systems, indicating a shift towards joint operations and modern combat systems [1][6] AI Applications in Military - AI applications in the military encompass various areas, including command operations, equipment maintenance, autonomous drones, and logistics management [5][7] - The U.S. leads in military AI, with significant investments in AI companies and rapid decision-making enhancements within NATO [5][9] - China's military AI development involves numerous companies, including aerospace and navigation firms, contributing to a comprehensive upgrade of military capabilities [9] Emerging Technologies and Equipment - The 2025 military parade highlighted new technologies such as AI-enabled drones and ground robots, enhancing overall military effectiveness [8][9] - Specific advancements include lightweight automatic rifles and smart wearable devices for soldiers, improving operational efficiency [8][9] Long-term and Short-term Outlook - Long-term prospects for military informationization and intelligence construction in foreign trade are promising, potentially expanding the domestic military market [10] - Short-term recovery in foreign trade requires time, with the military sector showing thematic investment trends [11] New Production Forces and Trends - Key development areas include commercial aerospace, low-altitude economy, and deep-sea technology, which are prioritized in national development plans [12][14] - The deep-sea technology sector is crucial for national security and economic interests, with ongoing advancements in underwater research and resource development [13][14] Investment Recommendations - Focus on military AI industrialization, with attention to emerging themes in commercial aerospace and unmanned intelligence [16][17] - Key companies to watch include those involved in national defense and aerospace, as well as firms specializing in AI and information technology [16][17]

Summary of Conference Call Records Industry Overview - The military industry is characterized as a high-beta sector, sensitive to market liquidity and risk appetite, leading to significant adjustments following prior gains [1][2] - The recent military parade showcased advanced domestic combat equipment, emphasizing intelligent, systematic, and unmanned technologies [1][4] Key Insights and Arguments - **Market Performance**: The military sector experienced volatility, with a nearly 6% drop in the Shenwan Military Index on the day of the parade, the largest decline among all primary sectors [2] - **Future Outlook**: Optimism for the military sector's growth is supported by the release of pent-up demand and the introduction of new main battle equipment [3][5] - **Technological Advancements**: The parade highlighted the rapid development of hypersonic weapons and unmanned systems, indicating a shift towards more sophisticated military capabilities [4][8][11] Investment Recommendations - Focus on companies with core technological advantages and innovation capabilities, particularly in hypersonic weapons, intelligent systems, and unmanned technology [5][30] - Large defense enterprises with stable orders and strong growth expectations are also recommended for investment [5][30] - Smaller innovative companies benefiting from national policy support and international dynamics should be considered for potential growth [5][30] Emerging Trends - **Unmanned Technology**: The application of unmanned technology in military operations is diversifying and becoming more intelligent, with significant developments across land, sea, and air [7][21] - **Hypersonic Weapons**: The rapid development of hypersonic weapons was evident, with multiple models showcased, enhancing strategic deterrence capabilities [8][9] - **Non-Traditional Military Equipment**: Growth in non-traditional military equipment, including cyber and electronic warfare, is expected to contribute significantly to supply chain growth [10][12] Challenges and Risks - The military sector faces challenges from external factors such as the pandemic and personnel adjustments, which have hindered business processes and new order visibility [17][18] - Market risk appetite and liquidity conditions may continue to exert pressure on the military sector in the short term, although most trading risks have been adequately addressed [31] Conclusion - The military industry is poised for growth driven by technological advancements and increased defense spending globally. Investment strategies should focus on companies with competitive advantages in emerging technologies and stable growth prospects.

Event Summary - The event on September 3 marks the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, featuring a military parade in Tiananmen Square attended by 26 foreign leaders, including Russian President Putin and North Korean leader Kim Jong-un [2][8]. Key Insights - The military parade significantly enhances China's status as a major power and conveys messages of peace and responsibility, showcasing modern military capabilities and new technologies such as hypersonic weapons and unmanned systems, which reflect the progress in national defense modernization [9][10]. - The event is expected to boost investor confidence and elevate the valuation levels in the stock market, reinforcing the narrative that the stock market reflects national fortunes, particularly during a period of moderate recovery in corporate earnings [9][10]. - The parade serves as a catalyst for investment opportunities in sectors such as military and technology, aligning with the "14th Five-Year Plan" that emphasizes technological advancement and innovation [10][12]. - The event reinforces economic stability and resilience by instilling confidence in both enterprises and consumers, potentially increasing consumption and investment, while also supporting foreign trade and high-end manufacturing through enhanced international cooperation [10][12]. Investment Recommendations - The report suggests a short-term boost in market sentiment and capital inflow due to the parade, with a long-term upward shift in A-share valuations driven by the "new quality productivity" strategy [13][15]. - Recommended investment directions include military, technology, and dividend stocks, focusing on high-end equipment manufacturing, artificial intelligence, and long-term investment in state-owned enterprises and public utilities [15].

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].

Core Viewpoint - The military parade on September 3 is a significant event marking the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, showcasing China's commitment to peace and justice on the global stage [1][6]. Group 1: Parade Structure and Organization - The parade will consist of 45 formations and will last approximately 70 minutes, featuring both a ceremonial inspection and a display of various military units [2]. - The formations include an aerial flag-guard team, foot formations, battle flag teams, equipment teams, and aerial teams, each symbolizing different aspects of China's military history and current capabilities [2][3]. Group 2: Military Equipment and Capabilities - All showcased military equipment is domestically produced and represents the latest generation of active combat gear, emphasizing the modernization and technological advancement of the Chinese military [4]. - The parade will highlight new-generation equipment, including advanced tanks, naval vessels, and aircraft, demonstrating the military's capability to adapt to modern warfare [4]. Group 3: Historical Significance and Peace Advocacy - The event serves to commemorate the sacrifices made during the anti-Japanese war and to promote a message of peace, urging nations to learn from history and work together to maintain global stability [6]. - The military's role in the anti-fascist struggle is emphasized, with a call to uphold international justice and oppose hegemonic practices [6].

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 defense and military industry sector is expected to experience a new market trend driven by the upcoming military parade on September 3rd and the Army Day on August 1st, showcasing advanced military technologies such as unmanned intelligent combat systems and hypersonic weapons [4] - The display of new equipment during the parade may reinforce the upgrade logic for major manufacturers, indicating a comprehensive upgrade of the military industrial chain [4] - The military electronics industry, as a foundational element in the development and deployment of new equipment, is deeply involved in the iteration of military technologies across generations [4] Group 2 - Military electronics are anticipated to recover first in 2025, as previously analyzed, with three military electronics stocks expected to show performance growth based on semi-annual earnings forecasts [5] - This article aims to further explore relevant military electronics stocks that have not yet released their semi-annual earnings forecasts but have shown strong performance in their first-quarter reports, with some entering the earnings realization phase and others experiencing significant growth [5]