最强阅兵后板块大幅回调，后市怎么看

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.