Investment Rating - The report assigns an "Accumulate" rating for the military industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][11]. Core Insights - The 80th anniversary of the victory in the Anti-Japanese War was marked by a grand ceremony in Beijing, showcasing various new military equipment, reflecting China's military technology innovation and strategic deterrence capabilities, highlighting the high prosperity of the military industry [2][4]. - The military parade featured a comprehensive display of the military's restructured force composition, including both traditional and new combat capabilities, emphasizing the integration of advanced technologies such as unmanned systems and hypersonic weapons [4]. - The military industry is expected to maintain high prosperity due to increasing defense spending driven by regional tensions and the need for modernization, particularly in the context of the 100th anniversary of the military's establishment by 2027 [4]. Summary by Sections Event Overview - The military parade included foot formations, equipment displays, and aerial formations, showcasing the systematic achievements of domestic military equipment across land, sea, air, and space [4]. - New models such as the Type 191 long-range box rocket launcher and various advanced missiles were prominently featured, demonstrating the military's capabilities and innovation [4]. Industry Outlook - The demand for military equipment is highly certain, with accelerated reforms expected to sustain high prosperity in the industry [4]. - The report anticipates a long-term positive trend in military equipment construction, with a focus on eliminating outdated equipment and enhancing high-tech capabilities [4]. Recommended Stocks - The report recommends stocks such as AVIC Shenyang Aircraft Company, AVIC Xi'an Aircraft Industry Group, and others, all rated as "Accumulate" [5].

来源：新华社 空中护旗梯队：护卫党旗、国旗、军旗 拉开阅兵分列式帷幕 空中护旗梯队3日上午飞过天安门广场上空，拉开了阅兵分列式帷幕。 空中护旗梯队由45架直升机组成。中国共产党党旗、中华人民共和国国旗、中国人民解放军军旗，各悬 挂在1架直-20通用直升机正下方，分别由2架直-10武装直升机组成左右僚机对其进行护卫；26架直-19武 装直升机组成"80"字样，寓意纪念中国人民抗日战争暨世界反法西斯战争胜利80周年；3架直-8L运输直 升机分别悬挂"正义必胜""和平必胜""人民必胜"条幅，7架直-20T直升机围绕标语形成三角队形，依次 通场。 空中护旗梯队由陆军牵头组建。 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。这是空中护旗梯队接受检阅。 新华社记者 王婧嫱 摄 仪仗方队：第一个走过天安门广场 仪仗方队护卫党旗、国旗、军旗，3日上午第一个走过天安门广场，接受祖国和人民检阅。 仪仗方队按照"9＋12×17"队形编组，由中国人民解放军仪仗司礼大队抽组而成。 陆军方队队员涵盖军官、军士、义务兵群体，99%来自基层一线，军事专业包括装甲、步兵、炮兵、防 空、侦察、警卫、修理、驾驶等 ...

Core Points - The event commemorated the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, held in Beijing on September 3rd [3][5][19]. Group 1: Airborne and Ground Forces - The Airborne Flag Guard Team consisted of 45 helicopters, including the Chinese Communist Party flag, the national flag, and the military flag, symbolizing the event's significance [1]. - The Army contingent included 99% of its members from grassroots levels, showcasing a diverse range of military specialties [5][19]. - The Navy contingent was noted for having the youngest average age among the participating teams, reflecting the new generation of naval officers [7][9]. - The Air Force contingent comprised members who had all participated in high-altitude parachuting, with over 70% having engaged in major training exercises [9][11]. Group 2: Strategic and Support Forces - The Rocket Force displayed a mix of high-tech professionals and personnel from various operational backgrounds, with over 80% having participated in significant missions [11][13]. - The Military Space Force made its debut as a strategic unit, emphasizing its role in space security and crisis management [13][15]. - The Cyber Space Force also made its first appearance, highlighting its importance in national cybersecurity and information sovereignty [15][17]. - The Logistics Support Force included personnel from various military backgrounds, showcasing the integration of different military branches [19][21]. Group 3: Advanced Weaponry and Technology - The Ground Assault Team featured advanced armored vehicles, including the 99B and 100 tanks, demonstrating significant improvements in combat capabilities [31][33]. - The Amphibious Assault Team showcased new equipment designed for versatile military operations, emphasizing the modernization of naval infantry [33][35]. - The Long-Range Artillery Team presented the 191 long-range rocket launchers, capable of precise strikes and rapid deployment [37][39]. - The Naval Defense Weapons Team displayed a multi-layered air defense system, including various missile types for comprehensive protection [39][41]. Group 4: Strategic Deterrence and Command - The Nuclear Missile First Team showcased a range of strategic nuclear capabilities, emphasizing the importance of deterrence in national security [72][74]. - The Early Warning Command Aircraft Team demonstrated advancements in aerial command and control systems, enhancing operational readiness [76][78]. - The Special Aircraft Team highlighted new support capabilities for both the Navy and Air Force, marking a significant step in integrated military operations [78][80].

空中护旗梯队：护卫党旗、国旗、军旗 拉开阅兵分列式帷幕 空中护旗梯队3日上午飞过天安门广场上空，拉开了阅兵分列式帷幕。 空中护旗梯队由45架直升机组成。中国共产党党旗、中华人民共和国国旗、中国人民解放军军旗，各悬挂 在1架直-20通用直升机正下方，分别由2架直-10武装直升机组成左右僚机对其进行护卫；26架直-19武装 直升机组成"80"字样，寓意纪念中国人民抗日战争暨世界反法西斯战争胜利80周年；3架直-8L运输直升机 分别悬挂"正义必胜""和平必胜""人民必胜"条幅，7架直-20T直升机围绕标语形成三角队形，依次通场。 空中护旗梯队由陆军牵头组建。 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。这是空中护旗梯队接受检 阅。新华社记者 王婧嫱 摄 仪仗方队：第一个走过天安门广场 仪仗方队护卫党旗、国旗、军旗，3日上午第一个走过天安门广场，接受祖国和人民检阅。 仪仗方队按照"9＋12×17"队形编组，由中国人民解放军仪仗司礼大队抽组而成。 2022年10月，解放军仪仗大队与解放军军乐团合并整编为中国人民解放军仪仗司礼大队，成为唯一一支 担负国家级仪仗司礼任务的部队。 9月3日 ...

Core Viewpoint - The article highlights the capabilities and advancements of the 191 long-range box rocket artillery showcased during a military review, emphasizing their role in enhancing ground combat capabilities [1] Group 1: Artillery Features - The 191 long-range box rocket artillery has characteristics such as long range, high precision, rapid response, and a wide firepower system [1] - The box-type ammunition replenishment method significantly shortens the preparation time for combat [1] - These artillery systems integrate both strategic strikes and tactical support, allowing for remote suppression and precise enemy targeting [1] Group 2: Military Context - The artillery unit showcased is led by a new force from the 76th Group Army, which emerged during the recent military reforms [1]