10月30日，在哈尔滨市平房区，一架大载重纵列式无人直升机平稳升空，完成悬停、航线飞行、精准降 落等动作，这是联合飞机集团旗下哈尔滨联合飞机科技有限公司研发制造的铂影T1400无人直升机首航 成功的场景。 联合飞机集团董事长田刚印介绍，T1400无人直升机实现了载重、续航双突破，最大有效载荷650公 斤，可完成跨区域物资投送或大范围巡检任务。 据了解，这架"空中大力士"在哈尔滨市研发及生产，可赋能黑龙江大农田、大森林、大湖泊、大界河等 应用场景，在农业生产、物流运输、应急救援等领域潜力很大，未来有可能深度融入黑龙江乃至全国其 他地区的生产生活。 陈霖表示，"十五五"期间，黑龙江将持续强化创新驱动，深化开放合作，推动黑龙江产业基础与国产大 飞机产业链深度融合，实现直升机、无人机等低空经济产业链加速跃升，为黑龙江全面振兴注入强劲动 能。（记者刘赫垚） 近年来，黑龙江加快推动航空产业发展，依托雄厚的产业基础，构建起完善的航空制造产业链，培养了 大批飞机研发、制造人才，搭建起从基础研究到量产落地的完整创新生态。 黑龙江省发展和改革委员会副主任陈霖介绍，"十四五"以来，黑龙江航空产业集群提档升级，哈尔滨平 房区航空配套 ...

Core Insights - The 7th China Tianjin International Helicopter Expo showcased significant advancements in the general aviation sector, particularly highlighting the capabilities of companies from the Zhengzhou National General Aviation Industry Comprehensive Demonstration Zone [2][3] - The event featured impressive flight demonstrations, including three self-rotating rotorcraft from Henan Sanhe Aviation Industry Co., which attracted considerable attention and praise from attendees [2] - The expo facilitated deep cooperation agreements with multiple emergency management units and agricultural service companies, resulting in a signed intention for 50 aircraft orders [3] Company Highlights - Henan Sanhe Aviation Industry Co. showcased its S750 dual-rotor unmanned aerial vehicle and the "Sun Eagle" self-rotating rotorcraft, filling a domestic gap in the relevant field and obtaining necessary certifications from the Civil Aviation Administration [2] - China Feilong General Aviation Co., recently relocated to Henan, presented a mature operational system covering medical rescue, low-altitude operations, and flight training, demonstrating its leadership in the industry [3] - Zhengzhou National General Aviation Industry Comprehensive Demonstration Zone is developing a complementary economic model combining transport and general aviation, with 59 low-altitude economy enterprises and a fleet exceeding 176 aircraft [3]

Core Viewpoint - The AC332 helicopter has successfully completed its first-ever autorotation landing test in a high-altitude environment, marking a significant milestone for domestic dual-engine helicopters in China [2][6]. Group 1: Test Flight Preparation - The project team has meticulously prepared for the autorotation landing test, conducting thorough simulations and emergency response plans to ensure safety during the high-altitude test [3]. - The team has established clear responsibilities and protocols for each member involved in the test, emphasizing the importance of preparedness in mitigating risks [3]. Group 2: Phased Testing Approach - The testing process involved multiple phases, starting with the expansion of rotor speed parameters in a high-altitude environment, which helped build initial confidence in the helicopter's performance [4]. - Subsequent phases focused on identifying stable autorotation speeds and appropriate landing altitudes, leading to a more refined understanding of the helicopter's capabilities [4][5]. Group 3: Final Test Execution - On the day of the final test, all personnel were on high alert, with emergency teams ready to respond, ensuring that the helicopter was in optimal condition for the test [6]. - The helicopter successfully performed the autorotation landing after simulating an engine failure, demonstrating its reliability and the effectiveness of the project team's preparations [6]. Group 4: Future Implications - The successful completion of the autorotation landing test positions the AC332 as a leading product in the domestic civil helicopter market, with potential applications in emergency rescue and other critical operations [6].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [3] Core Insights - The new forms of warfare are driving demand for advanced weaponry, characterized by "intelligent, systematic, and informational" capabilities, which are becoming critical for major power strategic competition [2][25] - Global military spending is projected to reach $2.718 trillion in 2024, marking a 9.4% year-on-year increase, the highest growth since the Cold War, and has been rising for ten consecutive years, providing a solid material foundation for the military industry [2][26][27] - The report highlights the increasing importance of low-cost military equipment, as demonstrated in the Russia-Ukraine conflict, prompting nations to focus on cost-effectiveness in military procurement [28][29] Summary by Sections New Warfare Forms Create New Demands - Recent international conflicts have highlighted the need for new types of weaponry, with a focus on unmanned systems, information warfare, and electronic warfare [2][25] - The military industry is experiencing a transformation driven by the evolving nature of warfare, leading to new demands and trade systems [2][3] Global Military Spending Trends - Military spending is expected to grow significantly, with the top five spenders being the USA, China, Russia, Germany, and India [26][27] - The report notes that military spending is a primary source of funding for the military industry, particularly for equipment expenses [27] Cost-Effectiveness in Military Procurement - The report emphasizes the need for low-cost solutions in military equipment, as seen in the effectiveness of low-cost drones during high-intensity conflicts [28][29] - It discusses the importance of considering total lifecycle costs, including procurement, maintenance, and operational costs, in military equipment development [29][30] Index Component Adjustments - Recent adjustments to major indices have resulted in several military industry stocks being added, which may lead to increased market attention and potential capital inflows [12] Investment Recommendations - The report suggests focusing on sectors such as unmanned equipment, military intelligence, satellite internet, and electronic countermeasures for investment opportunities [15][16] - Specific companies and sectors within the military equipment supply chain, such as fighter jets, drones, and missile systems, are highlighted as potential investment targets [15][16]