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 - The report anticipates a long-term positive trend in military equipment construction, with a focus on eliminating outdated equipment and enhancing high-tech capabilities [4].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].

Core Viewpoint - The article highlights the grand military parade held on September 3rd in Beijing, commemorating the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, showcasing various military units and their capabilities [5][8]. Airborne Flag Guard Team - The Airborne Flag Guard Team consisted of 45 helicopters, including the Chinese Communist Party flag, the national flag, and the military flag, with formations symbolizing the 80th anniversary of the victory [2][5]. Honor Guard Team - The Honor Guard Team was the first to pass through Tiananmen Square, formed in a "9+12×17" formation, representing the only unit responsible for national-level ceremonial duties [6][8]. Army Team - The Army Team, with 99% of its members from grassroots units, showcased a mix of traditional and new combat forces, emphasizing the legacy of the Eight Route Army and New Fourth Army [8][10]. Navy Team - The Navy Team was noted for having the youngest average age among the parade units, demonstrating the spirit and commitment of the new generation of naval officers [10][12]. Air Force Team - The Air Force Team consisted entirely of members who had participated in high-altitude parachuting, with over 70% having engaged in major training exercises [12][14]. Rocket Force Team - The Rocket Force Team displayed personnel with high-tech expertise, with over 80% having participated in significant operational tasks, representing China's strategic deterrent capabilities [14][16]. Military Space Force Team - The Military Space Force Team made its debut as a strategic unit, focusing on enhancing capabilities for space utilization and crisis management [16][18]. Cyber Space Force Team - The Cyber Space Force Team showcased its capabilities in network security and defense, emphasizing the importance of safeguarding national cyber sovereignty [18][20]. Information Support Force Team - The Information Support Force Team made its first appearance, focusing on integrating information systems to support joint operations [20][22]. Joint Logistics Support Force Team - The Joint Logistics Support Force Team included personnel from various military backgrounds, highlighting the importance of logistics in modern warfare [22][24]. Armed Police Force Team - The Armed Police Force Team performed a gun-swinging march, representing their role in national security and public safety [24][26]. Reserve Force Team - The Reserve Force Team included members from various sectors, showcasing the integration of civilian and military resources [26][28]. Militia Team - The Militia Team, composed entirely of female members, marked its first appearance in a parade commemorating the victory, reflecting the contributions of militia forces during the war [28][30]. Peacekeeping Force Team - The Peacekeeping Force Team represented China's commitment to international peacekeeping efforts, having participated in numerous UN missions [30][32]. Battle Flag Team - The Battle Flag Team featured 80 honor flags from various military units, symbolizing the historical achievements of the armed forces [32][34]. Ground Assault Team - The Ground Assault Team showcased advanced armored vehicles, emphasizing the modernization of the army's combat capabilities [34][36]. Amphibious Assault Team - The Amphibious Assault Team demonstrated new equipment designed for versatile military operations, highlighting the capabilities of the Marine Corps [36][38]. Airborne Assault Team - The Airborne Assault Team featured new airborne vehicles capable of rapid deployment and support, showcasing the army's quick response capabilities [38][40]. Long-Range Artillery Team - The Long-Range Artillery Team displayed advanced rocket artillery systems, emphasizing precision strike capabilities [40][42]. Naval Air Defense Weapons Team - The Naval Air Defense Weapons Team showcased a multi-layered defense system, highlighting advancements in naval warfare technology [42][44]. Anti-Ship Missile Team - The Anti-Ship Missile Team featured various missile systems, enhancing the navy's capabilities in maritime combat [44][46]. Underwater Weapons Team - The Underwater Weapons Team demonstrated advanced torpedoes and mines, showcasing capabilities for underwater warfare [46][47]. Early Warning Detection Team - The Early Warning Detection Team presented new radar systems, emphasizing the importance of air and space security [49][51]. Air Defense Team - The Air Defense Team showcased a range of indigenous systems designed for comprehensive air defense [51][53]. Anti-Drone Team - The Anti-Drone Team displayed systems capable of neutralizing drone threats, highlighting advancements in counter-drone technology [53][55]. Cyber Warfare Team - The Cyber Warfare Team demonstrated integrated systems for command and control, emphasizing the importance of cyber capabilities in modern warfare [55][57]. Electronic Warfare Team - The Electronic Warfare Team showcased advanced systems for electronic countermeasures, highlighting the significance of electronic warfare [57][59]. Information Support Team - The Information Support Team presented new technologies for rapid information integration, supporting joint operations [59][61]. Ground Unmanned Combat Team - The Ground Unmanned Combat Team featured various unmanned vehicles, showcasing advancements in unmanned warfare capabilities [61][63]. Naval Unmanned Combat Team - The Naval Unmanned Combat Team demonstrated new unmanned systems for maritime operations, highlighting innovations in naval warfare [63][65]. Airborne Unmanned Combat Team - The Airborne Unmanned Combat Team showcased advanced drone systems, emphasizing the future of aerial combat [65][67]. Logistics Support Team - The Logistics Support Team presented modern support equipment, enhancing the military's logistical capabilities [67][69]. Equipment Support Team - The Equipment Support Team showcased advanced repair and maintenance vehicles, emphasizing the importance of equipment readiness [69][71]. Cruise Missile Team - The Cruise Missile Team displayed various missile systems, highlighting capabilities for precision strikes across multiple domains [71][73]. Hypersonic Missile Team - The Hypersonic Missile Team showcased advanced missile systems capable of rapid response and high precision [73][75]. Nuclear Missile First Team - The Nuclear Missile First Team presented a range of strategic nuclear capabilities, emphasizing national defense [75][77]. Nuclear Missile Second Team - The Nuclear Missile Second Team featured the Dongfeng-5C missile, showcasing China's strategic deterrent capabilities [77][79]. Early Warning Command Aircraft Team - The Early Warning Command Aircraft Team demonstrated advancements in air and sea command capabilities [79][81]. Special Aircraft Team - The Special Aircraft Team showcased new support aircraft, emphasizing the importance of specialized air support [81][83]. Transport Aircraft Team - The Transport Aircraft Team demonstrated enhanced strategic airlift capabilities, showcasing the military's logistical reach [83][85]. Bomber Aircraft Team - The Bomber Aircraft Team showcased various bombers, emphasizing the military's long-range strike capabilities [85][87]. Refueling Aircraft Team - The Refueling Aircraft Team demonstrated aerial refueling capabilities, highlighting the importance of sustained air operations [87].

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].

Core Viewpoint - The article highlights the grand military parade held on September 3rd in Beijing, commemorating the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, showcasing various military units and their capabilities [4][9][19]. Airborne Flag Guard Team - The Airborne Flag Guard Team consisted of 45 helicopters, including the Chinese Communist Party flag, the national flag, and the military flag, with formations symbolizing the 80th anniversary of the victory in the war [1][2]. Honor Guard Team - The Honor Guard Team was the first to march past Tiananmen Square, formed by the PLA Honor Guard Command, showcasing the national flags [4][5]. Army Team - The Army Team, with 99% of its members from grassroots units, included personnel from various military specialties, emphasizing the legacy of the Eight Route Army and New Fourth Army [7][9]. Navy Team - The Navy Team was noted for having the youngest average age among the participating teams, demonstrating the spirit and determination of the new generation of naval officers [9][11]. Air Force Team - The Air Force Team consisted entirely of members who had participated in high-altitude parachuting, with over 70% having engaged in major training exercises [12][14]. Rocket Force Team - The Rocket Force Team showcased a diverse group of personnel, with over 80% having participated in significant operational tasks, highlighting its role as a core strategic deterrent [14][16]. Military Space Force Team - The Military Space Force Team made its debut as a strategic unit, emphasizing the importance of space capabilities in modern warfare [16][17]. Cyber Space Force Team - The Cyber Space Force Team, marking its first appearance post-restructuring, focused on enhancing national cybersecurity and information sovereignty [19][21]. Logistics Support Team - The Logistics Support Team included personnel from various military backgrounds, equipped with modern support gear to enhance operational efficiency [24][26]. Peacekeeping Forces Team - The Peacekeeping Forces Team represented China's commitment to international peacekeeping efforts, having participated in numerous UN missions over the past 35 years [33][35]. Flag Team - The Flag Team, consisting of 80 honor flags from various military units, symbolized the historical achievements of the armed forces [35][36]. Ground Assault Team - The Ground Assault Team displayed advanced armored vehicles, showcasing the capabilities of the PLA's mechanized forces [38][40]. Amphibious Assault Team - The Amphibious Assault Team featured new domestic equipment designed for versatile military operations, highlighting the PLA's amphibious capabilities [40][42]. Aerial Assault Team - The Aerial Assault Team presented new airborne vehicles capable of rapid deployment and deep strike operations [42][44]. Long-Range Artillery Team - The Long-Range Artillery Team demonstrated advanced rocket artillery systems, emphasizing precision strike capabilities [44][45]. Naval Defense Weapons Team - The Naval Defense Weapons Team showcased a multi-layered air defense system, highlighting the PLA's maritime defense capabilities [47][48]. Anti-Ship Missile Team - The Anti-Ship Missile Team featured various missile systems, enhancing the PLA's maritime strike capabilities [50][51]. Underwater Weapons Team - The Underwater Weapons Team displayed advanced torpedoes and mines, showcasing capabilities for underwater warfare [53][54]. Early Warning Detection Team - The Early Warning Detection Team presented new radar systems, enhancing the PLA's situational awareness and airspace security [56][58]. Air Defense Team - The Air Defense Team showcased a range of indigenous systems designed for multi-layered air defense operations [60][62]. Anti-Drone Team - The Anti-Drone Team demonstrated advanced systems capable of neutralizing drone threats, highlighting the importance of counter-drone capabilities [64][65]. Cyber Warfare Team - The Cyber Warfare Team showcased integrated systems for command, reconnaissance, and electronic warfare, emphasizing the significance of cyber capabilities in modern combat [62][64]. Electronic Warfare Team - The Electronic Warfare Team displayed advanced systems for electronic countermeasures, underscoring the importance of electronic warfare in contemporary military operations [67][68]. Information Support Team - The Information Support Team demonstrated capabilities for rapid information integration and support for joint operations [67][69]. Ground Unmanned Combat Team - The Ground Unmanned Combat Team showcased various unmanned vehicles designed for diverse military tasks, reflecting advancements in unmanned warfare [69][70]. Sea Unmanned Combat Team - The Sea Unmanned Combat Team featured new unmanned systems for naval operations, highlighting innovations in maritime warfare [72][73]. Air Unmanned Combat Team - The Air Unmanned Combat Team presented advanced unmanned aerial vehicles, showcasing the future of aerial combat [75][76]. Logistics Support Team - The Logistics Support Team displayed modern support equipment, enhancing the PLA's logistical capabilities [77][78]. Equipment Support Team - The Equipment Support Team showcased advanced repair and maintenance vehicles, emphasizing the importance of equipment readiness [80][81]. Cruise Missile Team - The Cruise Missile Team demonstrated a range of advanced missiles, highlighting the PLA's precision strike capabilities across multiple domains [83][84]. Hypersonic Missile Team - The Hypersonic Missile Team showcased advanced hypersonic systems, emphasizing their strategic significance in modern warfare [86][87]. Nuclear Missile Teams - The Nuclear Missile Teams presented a comprehensive display of China's strategic nuclear capabilities, underscoring their role in national defense [89][90][92]. Early Warning Command Aircraft Team - The Early Warning Command Aircraft Team showcased advancements in aerial command and control capabilities [94][96]. Special Aircraft Team - The Special Aircraft Team featured new support aircraft, highlighting the PLA's capabilities in electronic warfare and reconnaissance [96][98]. Transport Aircraft Team - The Transport Aircraft Team demonstrated enhanced strategic airlift capabilities, showcasing the PLA's logistical reach [98][99]. Bomber Aircraft Team - The Bomber Aircraft Team showcased advanced bombers, emphasizing the PLA's long-range strike capabilities [101][103].

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]