People’s Republic of China’s little known “Central Investigation Department” 鲜为人知的“中央调查部”

People’s Republic of China’s little known “Central Investigation Department”  鲜为人知的“中央调查部”

Within the People’s Republic of China is the little known “Central Investigation Unit”, this cadre generates strategic intelligence for economic, military and Communist Party leadership strategic decision-making.

The following article comes from the Communist Party of China News website and the Chinese Military portion of


Original Modern English (loose translation):

Recently we saw a material, referred to the Party after the founding of new China an institution called the “Central Investigation Department,” but not too clear on the presentation. Asked colleagues around, it was said “in tune unit” is the former “central social unit”, it was considered by the restructuring from. So, it really is what kind of organization? What are its main functions? When it is established? Could the experts answer?

Daxing District, Zhang Xinyu Readers

Speaking of the central social unit, people still know the big end, and for the Central Investigation Department, is known to only a handful, and some even thought that the central social unit which consists of the establishment of Sino-Japanese War came directly reorganization. History, however, is not true.

First, the “Central Investigation Department” is not the “central social unit

Central Social Department in 1939 to set up the “Central special working committee”, management and leadership intelligence and security work, stating that “the CPC Central Intelligence Department,” outside “the CPC Central Committee Working Committee enemy territory”, but in the preparation of new China namely revocation of the occasion. However, the Central Social Work Department revoked, defending section included in the Ministry of Public Security (normalized before the government established the Central Military Commission formed), is set to change the intelligence part of the Liaison Department of the Central Military Commission, former Secretary-General of the Central Social Department 邹大鹏 minister, and former Central Minister of Social Affairs, when he was minister in charge of the Central Military Commission General Intelligence Department of LI.

October 1949, the third meeting of the Central People’s Government Committee adopted 邹大鹏 Director of Intelligence, to August 1952, due to intelligence agencies Administration revoked the Seventeenth Meeting of the Central People’s Government Committee approved the Department dismissed 邹大鹏length and level of the Deputy Director of 王少春. These show that the intelligence agencies after the founding of New China in the Ministry of Personnel and the Central Social closely linked, and in the affiliation by the CPC Central Committee and State Council on site were transferred to the Central Military Commission. However, the State Council’s Information Department only existed for three years, after intelligence work has focused on the Central Military Commission.

Central Investigation Department at the Central Social Department is not being withdrawn directly established on its basis, but in the Central Military Liaison Department of the Army transferred from within the party sometimes formed together. According to the 2001 book “Yang Shangkun diary” recorded February 23, 1955, when he was Deputy Minister Liaison Department of Lo long, green and Secretary-General Ma times wait until Mao Cheng Yang Shangkun place on “liaison department of ‘fate’ problem ‘ . February 28, Yang Shangkun about when he was Deputy Chief of Staff of the PLA LI “On the section on the political situation where the problem.” LI advice is: “entirely on the good organization within the party, you can set up one.” About the name and personnel issues of this section, Yang Shangkun contained in the diary: “name for ‘investigation unit’, Comrade Enlai Interested by the gram farming and Minister for unified management. “Subsequently, Yang Shangkun reported the matter to the Zhou Enlai. March 4, Yang Shangkun to Zhou Enlai at the “political situation the organization’s decision to participate in the” discussion, “decided to separate the military from the Central Military Commission, the party set up a ‘research department’, by the gram farming and Minister Zhou reported by the Secretariat decision. “That night, Secretariat meeting held in the office of Liu Shaoqi, Zhou Enlai decided to agree on the establishment of the Ministry of the opinion survey, reported Chairman Mao Zedong decided. April 8, Yang Shangkun recorded in his diary: “The central and the President has approved the establishment of the Central Investigation Department of the LI was appointed by the minister, please contact the Department of the Central Military Commission of existing transfer system into the CPC Central Committee..” And contains: “to be in After the formal transfer of 1 July. ”

Second, the “Central Investigation Department” is to adapt to the actual needs of the construction and the establishment of new China, is an exploration and development on the organizational structure of the military.

Central Investigation Department to “investigation” is named, is the nature of intelligence work by the party under the leadership of the decision, but also with the CPC Central Committee issued the “Decision on investigation and study” on the occasion of the 20th anniversary of the founding, in order to strengthen research, realize intelligence work from the collection of alert and defend the military strategic intelligence gathering intelligence to turn the inseparable. At that time, the central authorities set up the Central Investigation Bureau of Investigation, under a Ministry of Information, etc., whose function is to collect political, military, economic, cultural and social class relations and other aspects of domestic and foreign materials, to research, that the central work Direct assistant. Central Investigation Department inherited this work is the “investigation” of history and tradition and the basic spirit and adapt to the actual needs of the construction of the new China and in the organizational structure of an exploration and development.

On the working mechanism of the Central Investigation Department, Yang Shangkun in his diary records, daily work by his contact with the LI, big things consult Deng Xiaoping resolved. LI is the first Secretary of the Central Investigation Department was established. Incumbent Minister of tone in the hole after LI. During the “Cultural Revolution”, the ministry also failed from the impact. June 13, 1969, the Central People’s Liberation Army General Staff Department of the decision by the Second Investigation Department took over, gradually returning to normal until after 1971. To 1983, in view of the Central Investigation Department of historical issues in the “Cultural Revolution”, as well as adapt to the new situation of reform and opening up of intelligence work, the central government decided to revoke the unit formed, and its main body, with the Ministry of Public Security’s counterintelligence department and other parts of the relevant units merged to form the Ministry of National Security.

Third, the “Central Investigation Department” on the front to provide decision-making information secret for the party and the country has become an important work of the CPC Central Committee and his assistant staff

Central Investigation Department of the existence of nearly 30 years, as the organizers and perpetrators of the specific period since the new Chinese intelligence work, through painstaking research, on major issues related to the party and national security interests, and often at a critical moment provide decision-making information for the party and the country has become an important work of the CPC Central Committee staff and assistants.

First, the anti-peaceful evolution, the Central Investigation Department has played an important think-tank role. After the founding of New China, the anti-peaceful evolution related to the new Chinese regime and consolidate the party’s ruling position, on this issue, Mao Zedong attached great importance to study the political situation in the United States, the Central Investigation Department has played an important think-tank role. In autumn 1958, the US Congress elections, the ruling Republican Party defeated Democrats. On the US domestic political situation after the elections, the Central Investigation Department to write a report, noting that in the case of a severe economic crisis, the United States within the ruling class and national conflicts intensified, people from all walks widespread fear of war, internal political atmosphere bright side development. November 27, Mao Zedong when reviewing this report, will be subject to “political climate in the United States for the better development”, and instructed to say: The Central Investigation Department of the analysis is very interesting, at the same time he was appointed charge d’affaires in the British Embassy official township British diplomatic situation and analyze the situation in Western Europe is similar is a good article. He added: “In short, the Western world for the better day by day in terms of change, direct and indirect allies allies in the development of the proletariat.” Sixth Plenary Session of the Eighth CPC Mao’s comments on the issuance and the Central Investigation Department The analysis report.

Second, in the development and expansion of patriotic united front staff played a role. The mid-1960s, the Central Investigation Department involved in the fight on behalf of the former Kuomintang government of President Li Tsung-jen Nanjing returning to work, and staff play an important role. July 9, 1965, the Central Investigation Department in writing to return to the central reporting jen comments on issues raised could be considered two options: First, do not need to enter the country on a statement to be issued a statement after returning to discuss; two I agree to enter the country on a written statement at the airport and met with reporters, but the statement is issued in advance with domestic suppliers properly. July 12, Mao Zedong and Premier Zhou Enlai instructed: “like a second program for the better, the manuscript beforehand good providers, there is no harm.” July 20, Mrs. Li Tsung-jen kai Guode Jie arrived in Beijing, Zhou Enlai, Peng Zhen at the airport welcome, which bore the original, Zou Dapeng, like Feng hyun, head of tune also meet personnel of the column.

In short, the Central Investigation Department in secret front for the new construction and development of China made a historic contribution to the party and the country’s intelligence has accumulated rich historical experience.

Original Mandarin Chinese:



大兴区读者 张新宇
















Source: 战略决策情报支撑

Major PLA Structural Announcements on a weekend?

Is anyone else out there wondering why China would make significant military announcements when the USGOV isn’t paying attention?


China upgrades missile force, adds space and cyber war forces

China on Friday unveiled further details of one of its largest military reforms, launching three new bodies of the People’s Liberation Army (PLA), including an army command, an upgraded missile force and a special force for space and cyber wars.

Chinese President Xi Jinping, who also heads the Central Military Committee (CMC), on Thursday conferred military flags to the commanders of the three bodies, namely the PLA Army General Command, the PLA Rocket Force and the PLA Strategic Support Force, at their inauguration ceremony in Beijing.

This is part of China’s key reforms aimed at enhancing the Communist Party of China’s (CPC) leadership over the military, and boosting the PLA’s combat capabilities by establishing a modern military system.

Rocket force

Analysts said the establishment of the PLA Rocket Force is an upgrade of the previous Second Artillery Force, which operates strategic as well as conventional missile weapons.

The upgrade places the rocket force on an equal footing with the army, navy and air force, said Song Zhongping, a military expert.

The name change to the Rocket Force from “Second Artillery Force” also shows China’s determination to enhance military transparency. It will also impose strong strategic deterrence, he said.

The Defense Ministry on Friday stressed that the establishment of the Rocket Force does not mean a major change of its nuclear policy.

Reiterating its no-first-use nuclear weapons policy and defensive nuclear strategy, spokesperson Yang Yujun said at a press conference that China’s nuclear policy remains consistent, and China always keeps its nuclear capability at the minimum level required for safeguarding its national security.

“We will strive to build a strong and modern Rocket Force,” he said.

Cyber and space forces

Yang did not get into much detail about what the Strategic Support Force is, but said it is a force which combines the strategic, basic and support resources of the country’s new type of combat forces.

But Song said this new force is mainly aimed at providing resources capable of protecting China’s cyber and space security.

Song said the establishment of the Strategic Support Force shows the Chinese leadership’s vision of building a military that can meet the challenges of not only traditional warfare but also of new warfare centered on new technology.

Army command

The army used to be supervised by four headquarters – the General Staff Headquarters, the General Political Department, the General Logistics Department and the General Armament Department.

The establishment of the Army General Command puts the control directly under the Central Military Commission. It is a major measure to improve the leadership and command system, the Ministry of National Defense said earlier.

Through a joint command and combat system, the Central Military Commission will be able to directly lead the army, the navy, the air force and rocket force, which will largely enhance the efficiency during wartime, said Song.

At Thursday’s conferral ceremony, President Xi said the move to form the Army General Command, the Rocket Force and the Strategic Support Force is a major decision by the CPC Central Committee and the Central Military Commission to realize the Chinese dream of a strong military, and a strategic step to establish a modern military system with Chinese characteristics.

It will be a milestone in the modernization of the Chinese military and will be recorded in the history of the people’s armed forces, according to Xi.

The Central Military Commission has also released a guideline on deepening national defense and military reform, about a month after Xi ordered a military administration and command system overhaul at a key meeting.

According to the guideline, a new structure will be established in which the CMC takes charge of the overall administration of the PLA, the Chinese People’s Armed Police and the militia and reserve forces, while battle zone commands focus on combat and various military services pursue development.

The military reforms, which will involve massive restructuring and regrouping, are expected to “make major breakthroughs” and achieve concrete results by 2020, according to the CMC.

Xinhua contributed to this story

The General Command of Army Badge. Photo source: weibo account of “yangshixinwen”.

The PLA Rocket Force Badge. Photo source: weibo account of “yangshixinwen”.

The PLA Strategic Support ForceBadge. Photo source: weibo account of “yangshixinwen”.

China’s Military Industry – 12 stocks worth reviewing

China’s Military Industry – 12 stocks worth reviewing

Category: Research institutions: Thailand Securities Co. Researcher: Benedict Hui, Guo Hao Date: 2015-10-08

China Nuclear Power Vision: The reason why the future of nuclear power is good, because it is not subject to the constraints of traditional domestic economic cycle, while executive power is coming to strongly promote things. To achieve the 2030 non-fossil energy sources accounted for 20% of target, nuclear power installed capacity will require 150 million to 200 million kilowatts, the next 15 years to build each year 10-15 million-kilowatt nuclear power generating units. This building is a great strength, because the Qinshan nuclear power plant since 1991 and has total domestic power generation nuclear power generating units put into operation, but 26 units. Conservative estimates now and the end of 2020 intends to start building nuclear power plants to 30 units, averaging approximately six, in addition if inland nuclear icebreaker (possibility of a large), the more the number of starts;

Technological catch-up, the efficiency of repression, the share of overseas expansion: Whether it is 1995 textile exports, the export of electromechanical products in 2005, or the export of nuclear power in 2015, are in fact Chinese technical standards in the cost efficiencies brought about essentially Global market share expansion. Although there is not much difference in the economic essence, but technically is leaps and bounds. China Manufacturing 2005 is the end of the world to catch up with the trend of the manufacturing sector, 2025 is made in China to catch up with high-end manufacturing. World Nuclear Association estimates that 2015–2030 years overseas in around 160 new nuclear power plants, investment $ 1.5 trillion, a huge market space. One of Hualong situation from signing, the Chinese technology to countries in Asia obviously attractive future with the promotion and CAP1400 Hualong One independent technology matures, China’s nuclear power in the global market share is expected to be further improved;

Nuclear main pump housing – casting industry the highest technical: should flow in 2014 namely, the production of China’s first nuclear CAP1400 blasting a stainless steel valve body, and then again to complete the CAP1400 nuclear localization of the main pump housing. Pump housing is one of the core components of the main pump and the nuclear island, manufacturing is extremely difficult, represents the highest technology in the world casting production. Prior to the domestic nuclear power plant main pump casing has been monopolized by overseas foundry, should flow to achieve import substitution has entered the post-production stage, becoming the third generation nuclear power main pump unit housing the only domestic suppliers;

Spent fuel and neutron absorbing material huge market: China’s nuclear power development has led to a top-heavy nuclear spent fuel reprocessing nuclear power plant construction than the broader market, we estimated 2015 domestic capacity of spent fuel unloaded 625 tons by 2020 could increase to 1450 tons. Much larger global market, in 2015 the world spent fuel discharged amount estimating at 9,442 tons, 15 times the Chinese market. Neutron absorbing material mainly used in the field of spent fuel storage, fuel storage pool grids and storage containers are required to set a neutron absorbing material, it is expected from 2016 onwards neutron absorbing material domestic demand will be explosive growth. Physics Institute should flow together engineering industrial projects expected to be completed in the next year, when the spent fuel storage container with the localization of products will be quickly occupied the domestic market. With the cost advantage of domestic equipment at the same time, the product is expected to enter the domestic market, 15 times the global market blue ocean;

Traditional product cycle end, new business space large: Yingliu traditional business earnings affected by fluctuations in oil prices, the number of US shale gas drilling rig at the bottom of the sharp drop in oil prices imply coming period, already greater than the risk of future opportunities. The new nuclear main pump housing business, neutron absorbing material, aviation engine / gas turbine blades and other projects to benefit from the expansion of the market at the same time, import substitution will occupy the domestic market share, and have the potential to open overseas markets, the growth of broad space. Companies on the performance of new products, good elasticity, fundamentals about to enter the fast climbing period;

Predict trends and investment advice: the future in favor of the company’s stock price positive factors include 1) the nuclear power industry in the fourth quarter a number of catalysts, including nuclear thirteen Five-Year Plan, dense nuclear power projects approved and started ice-breaking progress inland nuclear power, nuclear power and other exports continue to break ; 2) after the market attention on the subject of spent fuel is low, and the enormous market potential of spent fuel will eventually lead to financial concerns, then the valuation premium is expected to expand; 3) If the future of A shares switched from the outflow of funds to the stock of game, then about to break out of the nuclear power industry funds will become the focus of concern, nuclear power is expected to become the subject of high-quality construction market in the stock of game highlights. We believe that in the short term is still a good time to layout positions, taking into account the short-term A-share funds overall environmental stability to be confirmed, temporarily still maintain the company “overweight” rating, to be confirmed after the release of large environmental risks for further increase.

Integrated into electronic : strong growth in the main business transformation and distribution, energy internet layout Weiweitaiguan

Category: Research institutions: Ping An Securities Co., Ltd. Researcher: Yu Bing Date: 2015-09-21

Performance solid growth, expense control flat: During the reporting period, the company achieved revenues of 407 million yuan, an increase of 33.14%; attributable to shareholders of listed companies net profit 020 million yuan, an increase of 15.31%; fee rate of 32.8 percent during the company, unchanged compared with last year, of which financial expense ratio increased 0.98 percentage points, mainly due to higher interest expenses of bank loans.

Transformation and distribution have been strong primary industry, utilities continue to develop: During the reporting period, the State Grid Corporation of bidding and batch number has declined, tender situation continued centralization, the company seize the national network set to recruit foreign market opportunities and industry the new contract amount of 518 million yuan. 1H15 company substations / distribution of electricity business to achieve revenue 1.38 / 163 million yuan, respectively, an increase of 47.0% / 69.5%, gross profit margin of 40.42% / 36.91%, an increase of 5.89 / -1.98 percentage points. Under the overall investment in the grid field in the first half stage presentation sluggish situation, the company is still the main industry transformation and distribution to achieve rapid growth, market share continued to increase. Public utilities, the company successfully develop Wuhan, Chongqing and other urban water market, market holdings intelligent remote meter break 3 million, the market share ranking first; smart gas solution has been to provide one-stop service for gas customers.

Energy Internet more arrows shot, Zhanyi military field: the report period, the Company together with China Mobile, Lenovo Group to build together the wisdom of energy on public service cloud platform line, becoming the first regional (Shandong Province) Smart Energy Public Service Cloud platform, the platform now has access to cover gas, water, energy and other industrial sectors over 26,000 points of data; collaboration with Intel, Shandong Union City, expanding energy Internet, smart city integrated service operational areas; invest 4,116 million acquisition of Fujian Austria 70% of the shares through a step wins, wins Austrian Mai commitment of 15 to 17 years is not less than the net profit after deduction of non-respectively 0.1 / 0.13 / 017 million yuan, to further improve the urban distribution network operations; have set up the plot into energy, integrated into software company, involved in the establishment of one billion yuan of new energy industry guide funds, short-term and Guangxi Guidong Electric Power DSM micro-grid applications in cooperation, but also because of the change in the situation should be changed under the new situation electricity. Military field, the company set up military cooperation with Beijing long buyout funds; invest 30 million yuan to acquire a 30% stake in Rio Ningbo resources, in order to enter the ultrafine metal powder-based material 3D printing market.

Profit forecasts and ratings: the company expects EPS of 15 to 16 years 0.52,0.78 yuan, corresponding to August 28 closing price of PE were 33.9,22.6 times, we are optimistic about the company’s first-mover advantage and military fields in the energy field of the Internet to expand outreach , to maintain “recommended” rating.

Risk Warning: electricity reform program is lower than expected risk; military business development slow.

Weihai Guangtai : fourth-quarter results would speed; military / civilian UAV leading professional benefit civil-military integration, general aviation

Category: Research institutions: China Galaxy Securities Co., Ltd. Researcher: Wang Huajun Date: 2015-10-19

1. Event.

The company issued three quarterly, the first three quarters of 2015 to achieve revenue 908 million yuan, an increase of 29.52%, net profit of 98.8057 million yuan, an increase of 33.92%, EPS of 0.30 yuan.

2. Our analysis and judgment.

(A) Increasing profitability, performance will be further accelerated.

Soon the company mid-year report the first three quarters, an increase of 20% -50%, and the actual results in line with our expectations. Enhance the company’s gross margin and net margin were up 1.1pct, 0.9pct, profitability continued to rise.

Since Yingkou new Eagle and sheet effects, the company’s third quarter alone, revenue and performance year respectively 73% and 60% longer. Soon the company full-year results up 40% -80%, reaching 156 million -2 billion, calculated accordingly, the fourth quarter alone, results need to reach 56.76 million yuan -1.01 billion yuan, an increase of 52% -171%, performance will be further accelerated.

(B) The proposed acquisition of the whole of China era, is expected to create “UAV first unit.”

The company previously announced intends to raise not more than 540 million yuan for the acquisition, the increase of the whole era and put UAVs China (1.5 billion) and to supplement working capital, capital increase is completed the company will have a 69.34% stake in the whole of China era.

China Times is the first full-UAV R & D, production and sales and service integration of private enterprises, the main products include fixed wing, helicopter, multi-rotor and other military and civilian UAV and UAV applications, in # 1 of UAV technology invention patent applicant in the main office, after two universities nationwide.

Full Hua era in the field of application services mainly include police, fire, police, marine maritime, electricity, Tianjin TV and other sectors, has been invited as the only private enterprise involved in the PLA at the “Four Seas armed forces’ military exercises, and in August 2015 to participate in “8.12” Shaanxi Sanyo landslides survey relief efforts.

The acquisition agreement, if the whole of China era in actual net profit is higher than the commitment period, total net profit of 92.21 million yuan commitment, then over 50% of the net profit will be used to reward the whole China era, management and staff . Expected 2016 net profit is expected to reach full Hua era 1500-2000 yuan, 2015–2018 consecutive year performance is expected to double the growth.

The company November 28, 2014 with a unit signed a “series UAS development and cooperation agreement,” now have a strong business strength in military UAV. We believe that this acquisition will bring the whole China Times significant industrial chain, market and customer synergies, particularly in the era of all-China military UAV military part of the company’s existing business will bring promoted. After this offering, the company will enter the UAV industry, military business will rapidly development, the company is expected to become a military / civilian professional UAVs leading enterprises, leading to standard consumer UAVs “Dajiang Innovation” (according to media reported Dajiang Innovation’s market capitalization exceeded $ 8 billion).

(C) Military UAV / military integration scarce subject, the rapid development.

Companies series of unmanned aerial vehicles, UAVs primarily for high-speed military supplier, the company is the subject of civil-military integration. UAV aircraft is the future trend, according to planning future fighter United States, Israel, the future will be more than manned aircraft drones. We estimate that over the next 15 years China military UAV market demand for nearly 200 billion yuan, the needs of the civilian professional UAVs over 100 billion yuan, civilian consumer UAVs (domestic demand) over 30 billion yuan.

Domestic listed companies involved in military UAV development business has Hongdu Aviation , Zongshen , Loncin General , Shandong Mining Machinery , Industries and other listed companies have begun to involve unmanned aircraft business, but clearly involves military UAV rarely. In addition, there is only the beginning of many listed companies involved in UAV, some companies just developed only 1-2 prototypes started testing. The company is very scarce military UAV subject, age and the proposed acquisition of the whole of China is the industrialization of the UAV giant, is the quality subject has a production capacity of UAVs.

The company has hired former Xi’an Aircraft International, the aircraft fly through, the aircraft heavy machine Mengxiang Kai, chairman of the independent directors, and Mengxiang Kai has a wealth of experience in the aerospace, military business. We judge the company UAVs, especially the rapid development of the future military UAV business.

(Iv) The inclusion in the defense industry sector MIC Association, is expected to continue over the military expected.

July 7, 2015, the China Association of listed companies to publish a list of the military committee of the Association of National Defence on the military sector, Weihai Guangtai selected. 2014 military company sales income reached 164 million yuan, representing a substantial increase of 88%. Meng Yan, general manager of the State Council special allowance granted in recent years undertaken 12 national projects, military projects 10, presided over the development of a number of products to fill the domestic and international blank. Military aspects of the company actively participate in the development of forward-looking volume, high-value new project, there are several projects have been recognized; some of the key research projects achieved initial results, at the same time to focus on opening up new markets and achieved good development . We determine the company’s future military development will exceed market expectations, bringing double the performance of the valuation increase.

3. Investment advice.

The company has military and civilian UAV + Fusion + GA + smart home, such as multiple themes, military business development will exceed market expectations, benefiting shipping industry development. We determine the company’s future in the military (not just military UAV), fire-fighting equipment in the field continue to overweight, through independent research and development, mergers and acquisitions and other measures to strengthen the company’s position and influence in the fire-fighting equipment, military field; Yingkou new Eagle results will exceed expectations.

Does not consider the non-public issuance matters, is expected to 15 – 17-year pro forma EPS of 0.63 / 0.82 / 1.06 yuan, PE is 49/38/29 times; consider this non-public offering of matter (according to 30 yuan issuance price estimates), is expected to 15 – 17-year pro forma EPS of 0.61 / 0.84 / 1.10 yuan, PE is 50/37/28 times, has raised the potential for future performance, the recommended duration.

Risk Warning: shipping policy than expected, military business development than expected, lower than expected industry consolidation.

Hite high : a certain type of engine project won the “National Defense Science and Technology Progress Award” award, the depth of integration of military and civilian benefit

Category: Research institutions: China Galaxy Securities Co., Ltd. Researcher: Wang Huajun Date: 2015-10-14

Investment Highlights

1. Event

Company announcement “a certain type of engine engineering” won Ministry of Industry and Information Technology of the People’s Republic of China, “National Defense Science and Technology Progress Award” rating for the first prize winner.

2. Our analysis and judgment

(A) Eligible for the “National Defense Science and Technology Progress Award” award

National Defense Science and Technology Progress Award is to reward outstanding contributions in the promotion of scientific and technological progress in the defense units and individuals, to encourage independent innovation, promote the development of national defense modernization and the national economy.

The company’s award-winning project “a certain type of engine project,” the company is in the depth of integration of military and civilian weapons and their supporting product research, production, testing and related work in the scientific and technological achievements. The winning project is the company’s constant pursuit of technological innovation achievements, the company has reflected a high level of technological innovation capability.

(B) Aviation Development: Aircraft engine and control system, the business continued to force helicopter winch

The company has been a traditional aviation maintenance business aviation technical services to an integrated enterprise strategic shift since 2012 air power control system, and the development of the core business to take off, the performance of high growth into the fast lane. The company aeronautical military (mainly for helicopter-related) results accounted for about 60%. The company’s largest customer sales in 2014 amounted to 187 million yuan, mainly for us to judge the development of core military business, revenue accounting for close to 40%.

Aviation new technology development, and manufacturing business segment has formed mass production, a variety of new models in the research, as well as a plurality of pre-research project to comprehensively promote good situation. Certain air power control system is mass production; development work in other multi-model air power control system project is an orderly way; and can meet the needs of multi-use helicopter electric rescue hoist and oxygen systems development project is about to enter flight test phase.

Aviation power core control system as the core of military, technical content and high barriers. According to the company 2014 annual report, the current aviation new technology development, and manufacturing business has become an important business segment for the formation of both mass production, there are a variety of new models in the study, and there are more than a good pre-research project research and production situation.

Currently, the company has successfully developed the technical foundation for a model project on the engine power transfer, carried out on “a new air power control system development and manufacturing projects,” three new models (401,402,403) air power control system derived from research and development.

According to the company announcement, the power control system are the main components of aircraft engines, an essential part of belonging to the whole industry chain, accounting for about 10% -20% of the overall value of the engine. Benefit from the growth of the domestic aviation engine market, power control system market will exhibit steady growth. In addition, the development of civil aviation engine market, military and civilian areas of the market and gradually expand overseas markets for air power control industry will also have some role in promoting.

(Iii) Chip project involves national defense information security, strategic significance

Ltd. The company invested 555 million yuan to acquire a stake in Chengdu-chia stone technology and capital increase, after the transaction is completed, holders of its 52.91% stake. Ka Technology has independently developed an international leading level of the third generation of semiconductor integrated circuit technology from abroad and the second generation of semiconductor integrated circuit technology, which will be put into operation to become the first 6-inch second-generation / third generation The semiconductor integrated circuit production lines, can effectively grasp the market demand, to fill gaps in the market, the market prospect is broad. As a former state-controlled national strategy of information industry companies, this holding company Ka stone technology into high-end chip design industry, is holding a model of mixed ownership private cases.

Hite has been with CLP Section 29 signed a “strategic cooperation letter of intent,” the company and CLP Section 29 will Airborne and testing equipment joint project, development, joint production, among others. The two sides will carry out in-depth cooperation with the other priority.

CLP Section 29 is the earliest establishment, specializing in electronic warfare technology research, a class of the National Institute of Systems Engineering equipment model development and production, over the years been responsible for the national key projects, major basic national, national security and other major engineering tasks, to design and development and production land, sea, air, space, playing a variety of platforms and other electronic information systems equipment. CLP Section 29 and Section 14 (Glarun Technology largest shareholder), CLP Section 38 (Create Electronics major shareholder) par. Hite Holdings Ka by entering the high-end scientific and technological research in the field of semiconductor integrated circuit chip, we determine the Ka stone technology products will be mainly used in the early 29 high-end electronic equipment, the “Made in China 2025” in the field of next-generation IT focus on the development of integrated circuits and special equipment, national defense information related to security, with a high strategic position and importance; market prospects for the future.

Jia Shi registered capital of 1.049 billion yuan of Science and Technology, located in Chengdu Shuangliu County, West Southern Airport Economic Zone within the networking industry park; Hite and four Electronic (29 wholly-owned subsidiaries, the parent company of 29 civilian industry, the Ministry of satellite navigation application standards working group members) shares accounted for 52.91%, 36.61% respectively. Hite high in the holding position, the project is the central enterprises and private enterprises (military enterprises) mixed ownership model in private holdings.

According to “Chengdu Jia Shi Technology Co., Ltd. 6-inch second-generation / third generation of semiconductor integrated circuit chip production line project environmental impact report” The total investment of 2.092 billion yuan. Sichuan Provincial Economic and Information Technology Commission of Sichuan Province has put this project as a strategic emerging industries to support the project.

High power electronic applications Ka-Technology 6-inch second-generation / third generation of semiconductor integrated circuit chips used in microwave and millimeter wave frequencies sophisticated electronic equipment, military applications and motor drive, a wireless communication base stations, high frequency satellite communications, smart phones and wireless communications. Ka Technology For details, see Annex.

(Iv) Common shares of established ocean, explore navigable mixed ownership

Through subsidiaries Hai Teya beauty and Kunmingfeian to its own funds invested 124 million yuan shares of Ocean General Aviation Co., Ltd. (hereinafter referred to as “Universal Ocean”), acquired 31% stake in GM Ocean. Ocean General business scope covers all types of general aviation services according to flight merchant training, aircraft rental hosting, operations and other shareholders except the United States and Kunmingfeian 海特亚, but also including Chang Fei AVIC Jiangxi Kevin technology, Jiangxi Intertek Navigation, Central Asia Property Group and Jiangxi military Sibo general aviation services. Under the agreement, General Board of the ocean by the seven directors, 海特亚 beauty and Kunmingfeian will each nominate a director; in addition, ocean common financial officer will recommend 海特亚 United States.

Further progress in the establishment of the ocean common shares of the company in the general aviation sector of a powerful exploration of mixed ownership, the company is also the depth of integration of military and civilian. Each ocean common shareholders have good industry resources and financial strength, will effectively play their respective advantages in resources, and promote the sound development of ocean common. Meanwhile, the company further deepen the shipping industry layout, the company will optimize aviation industry chain, improve profitability, and expand the company’s shipping industry development.

(V) Aviation Maintenance: large aircraft machine overhaul, Jet / helicopter / engine maintenance Breakthrough

The company’s traditional aviation maintenance business is mainly airborne equipment, two turboshaft engine maintenance business, a leading domestic position. In 2014, the company aviation maintenance business development in both depth and breadth directions were achieved significant results, business scope covers transport aircraft, general aviation aircraft, and helicopters machine maintenance, engine maintenance and Attachment maintenance and technical services.

Tianjin Hite As the first private trunk aircraft overhaul the whole platform (previously domestic-led joint venture with foreign capital), has completed the first phase of the project. The company Tianjin base two hangars have been put into operation, can repair 2-3 frame A320 / B737 series aircraft and three executive jets. January 2015, Tianjin Hite successfully completed Juneyao Airlines B-9978 & B-9957 two A320 family aircraft scheduled inspection and maintenance work for the first time. The company has made CAAC issued by Airbus A320 aircraft 4C inspection maintenance license, is actively apply for A320 aircraft to CAAC 8C inspection maintenance license.

Tianjin base future Phase II, Phase III project after completion, is expected to form 5 hangar, can be nine A320 / B737 aircraft, four executive jets, two wide-body aircraft (B747 / B777, etc.) while the depth of the regular inspection business, will become the domestic large-scale, improve the supporting facilities of third party aircraft maintenance base.

In addition, the company shares of the company, Sichuan Aircraft Maintenance Engineering Company Limited 2015 will achieve the scale of production and profit. Company and Sichuan Airlines Group, Hong Kong Aircraft Engineering Co., Taikoo (Xiamen) Aircraft Engineering Co., Ltd. joint venture in Sichuan Aircraft Maintenance Engineering Co., Ltd., is specialized in domestic and modification of Airbus aircraft overhaul base. The company is its second largest shareholder, with the completion of the second phase of investment in 2015 will achieve the scale of production and profit.

We determine the future of the company will obtain a large machine repair business development (some models of large aircraft overhaul the whole of about 80 million yuan, aviation maintenance business is usually more than 50% gross margin).

On the aviation maintenance breadth, companies involved in many types of aircraft business aircraft, helicopters, aircraft engines, APU, and many more equipment maintenance.

(1) business jet maintenance: Tianjin should 捷海特 General Aviation Services Limited is a company with the world’s third largest business jet service providers Rui Shiyi, Czech Republic, a joint venture specializing in general aviation services company, after the formal operation in 2014, it has completed 64 sorties regional aircraft, business jets scheduled inspection maintenance and line maintenance tasks.

(2) Helicopter maintenance: base is located in Tianjin, Tianjin Xiangyu Aviation Maintenance Engineering Co., Ltd. is a company approved by the China Civil Aviation specializes in the overhaul of Mi-17 series helicopters. Tianjin Xiangyu will resume operations in 2015, will work with new partners era wing day the company increased the intensity of cooperation, give full play to its advantages in resources in the field of Russian Helicopters, will resume expanding rice series helicopters and helicopter maintenance card production capacity and actively expand nine straight, straight eight, EC-135 helicopter maintenance capability and so on.

(3) aircraft engines, auxiliary power units (APU) repair: steady growth, in 2014 nearly complete overhaul and testing work station engines and auxiliary power unit, and continue to promote the aviation engine maintenance capacity-building efforts, the company has carried out three The new model aero engine maintenance capacity development work. As national ministries approved aero engine maintenance base, the company has built, including the United States GE, SAFRAN, Pratt & Whitney Canada, the United States HONEYWELL, PBS and other Czech factory production seven series of more than 20 types of engines and auxiliary power units (APU) repair capacity, is authorized Czech PBS overhaul base; Pratt & Whitney Canada has been calibrated integrated engine test stand, according to the United States has HONEYWELL, US Hansheng standard construction of an auxiliary engine test stand, for direct -8, straight -9 straight -19, -171 meters, transport -12 to provide engine repair and modernization, for B737, -171 meters to provide auxiliary engine maintenance.

(F) To enter the aircraft dismantling, huge market potential in the aircraft market

The first half of 2015, Tianjin Hite foreign aircraft undertook the first aircraft dismantling work in Tianjin. The proposed dismantling of the aircraft for the Beijing Ji’an aviation asset management company to buy from abroad, 27-year-old machine B767 aircraft, aircraft parts will be renovated after the removal and re-use, completion time of three months. July 6, the aircraft parking bays at the handover ceremony.

Tianjin Hite Aircraft Engineering Company is mainly engaged in large aircraft, business jets depth overhaul of the whole business, the company is a large aircraft carrier machine repair business; the whole overhaul of large aircraft has been eligible for qualification in November 2014 opened. After the dismantling of the task to carry out marking the company’s formal entry into the aircraft market, is another milestone in Tianjin Hite made following the overhaul of civil aircraft machine, and to prepare for helicopter maintenance business jet overhaul after qualification. We believe the future of Tianjin Hite repair business will further diversify the company to large aircraft maintenance strategy to upgrade the machine will steadily fall.

The rapid development of the air transport industry today, the disposal of retired aircraft have become increasingly prominent. It is understood that, because there is no professional dismantling base, China’s retired aircraft dismantling basically have to dispose of the United States. According to some media reports, in the course of our aircraft fly more than 200 aircraft, each year the number of imported 300 increments; 80-100 aircraft each year about retired aircraft, the number of aircraft will be retired after increasing every year. If you take into account overseas aircraft dismantling market, the market bigger.

According to media reports, in the international aviation market, the recycling of used parts is a common pattern, in general, the total price of $ 50 million an aircraft, to use the term, the recovery rate is one tenth, i.e. about $ 5 million after dismantling into parts market, may sell $ 10 million. More importantly, driving around value, such as logistics, maintenance, etc., will create 10 times to 20 times the value of the enterprise.

Dismantling aircraft aviation materials can increase, decrease pressure Spare Parts, resulting in greater economic benefits. China does not rule out the future of the world’s aircraft dismantling, material trading base, aircraft dismantling, after the aircraft market has great potential.

(Vii) Aviation Training: Formation of Kunming, Singapore, Tianjin, three major aviation training base layout

Aviation Training business layout in Kunming, Singapore, Tianjin and three aviation training base. In many fields (air transport, general aviation), many types of aircraft (trunk aircraft, general aviation aircraft, helicopters) covering domestic and foreign aviation training market.

Singapore base by the end of 2014 the company has been completed, the first two simulators have been installed tuning is completed, will be officially put into operation in 2015, will expand in Southeast Asia and West Asia aviation training market. Singapore Airlines is the company’s practice training base of high-quality results “along the way” of the national strategy, the domestic aviation industry is also an important foreign investment projects, the company has completed initial training in the aviation market at home and overseas distribution, the company in the aviation training market competitiveness and possession rate will further enhance the overall strength will be enhanced.

In 2014 the company invested in the construction of Tianjin Free Trade Zone in Tianjin Airport flight safety, layout NORTH aviation training market, upon completion, will have 7-10 analog machines running capacity (including A320, B737 and EC-135 helicopter simulator class D), wherein EC- 135 Level D helicopter simulator is the model of China’s first high-level simulator.

Aviation Training business currently operates a total of five Kunmingfeian simulator, including two A320 Level D flight simulator, three B737 aircraft FFS. The company Singapore base 2 analog machines already in place, there is a base station in Kunming, Tianjin base EC-135 helicopter simulation machine 1 on the way in which the acquisition is expected four new contribution to the performance simulator will begin in 2015. Singapore Airlines training base company plans to invest 580 million yuan, to June 2014 has invested 120 million yuan. January 2015, Hite Singapore flight training center B737-800W and two A320-200 full flight simulator passed the China Civil Aviation Administration and the Civil Aviation Authority of Singapore initial identification.

The future of the company will also expand aviation training business from the civil aviation field to the helicopter. In June 2013, the company announced the purchase EC-135 helicopter flight simulators and ancillary equipment, a total price of not more than 10 million euros, has signed a contract to purchase intent. The company helicopter training business will be placed Tianjin base.

We determine the number of companies planning simulator future can reach the size of 20 units (about six Kunming, Singapore 6 or so, Tianjin 7-10 units). If each simulator operating 20 hours per day, according to 3000 yuan (or US $ 400-500 / hour) calculated per hour, according to the utilization rate of around 80%, the income of each simulator nearly 18 million yuan, the company Aviation Training gross margin of around 50%.

Aviation training future business if it reaches 20 analog machines, only simulator aviation training services revenue (excluding crew training and other services) to reach 360 million yuan.

(Viii) The aviation finance lease: aircraft machine, engine, flight equipment financing and leasing business is about to break

The company will cover the future of the aviation leasing business machine large aircraft, engines, aircraft timber leasing business.

In 2013 the company funded the establishment of Sichuan Hite Leasing Co., Ltd., began to get involved in aircraft leasing services. July 2014, the company was approved by the Ministry of Commerce, State Administration of Taxation of the National Twelfth domestic financial leasing pilot enterprises, will help the company to optimize the business aviation service business model to achieve diversified development of the aviation industry, and the integration of resources, to Integrated development of aviation technology services direction, to achieve the purpose to promote the company’s main business aviation development. Financial leasing company Aviation Services business is advancing according to plan, the whole aircraft, engines, and aircraft leasing business structure material formed.

(Ix) To raise 1.66 billion ECU to develop new air power and other main industry

The company has completed the set by the matter, the additional price of 20 yuan, issued a total of 8282 shares, the total funds raised 1.66 billion yuan, and the new shares were listed on September 2. The company will expand the air power control system development capabilities.

Fund-raising project of this issue is “Tianjin Hite aircraft maintenance base on the 2nd maintenance hangar construction project,” “new air power control system development and manufacturing projects,” “new aviation engine repair technology development and industrialization projects” “Tianjin Aviation Flight Safety training base construction project” and “add liquidity.”

3. Investment Advice

Expected 15–17 years EPS of 0.16 / 0.36 / 0.56 yuan, PE is 114/51/33 times the expected performance of the company next year after the high-speed growth. The company has more than 50 percent of military accounting, valuation of the company will be the next country Rui Technology, Create Electronics, Aviation moving control , Naoto shares close; maintain “recommended” rating.

Risk Warning: military delivery times of uncertainty, and the new model helicopter winch ECU production time of uncertainty, the issuance of equity dilution thickening performance, integration risk.

Tianqi shares : M Floor, automotive after-market official force

Category: Research institutions: GF Securities Co., Ltd. Researcher: Luo Libo, Liu Zhijun date: 2015-10-26

The company issued a notice by the China Securities Regulatory Commission mergers and acquisitions of listed companies audit committee review, the company issued shares to buy assets and raise matching funds by connected transaction matters unconditional.

M implement dismantling the whole industry chain layout, automotive after-market official force. The acquisition of 100% stake in Yichang Dili and recovered 66.5% stake in Ningbo officially landed the company in the car dismantling market segment, “the three recycling centers + two + two operators dismantling center platform,” the whole industry chain layout began to take shape, The acquisition landing next year, the three companies will collectively dismantling plate and table, consider the performance commitment and their stake next year (Yichang Lidi net profit of 47 million yuan next year commitment, holding 100%; Suzhou regeneration promised 20 million yuan ; holding 70% recovery of about 20 million yuan in Ningbo, holding 66.5%), with the ability to automate dismantling strengthened after the market next year will form a significant support on performance.

Yellow car out of standard policies, accelerate the dismantling of the window period to come. As of September, the national yellow car out of the amount of 820,000, less than expected. Currently the ministry has increased the policy efforts of the yellow car out, environmental protection and other five departments jointly issued a document to promote the yellow car out of the policy, the implementation of monthly briefings phase-out system. Emission vehicles will be phased out in the next 1–2 years to accelerate the dismantling of scrap car recycling volume will usher in short-term peak.

Main business sufficient orders, next year the main industry is expected to strongly upward. The company’s main business of automotive logistics automation equipment business is currently sufficient orders in hand, up more than 30%, consider the confirmation period and base year, the main industry is expected next year the real positive growth. Coupled with the company automated warehousing business breakthroughs in the electricity business, medicine, cold chain and other areas next year, the main industry is expected to strongly upward.

Investment suggestion: We forecast the company 2015–2017 annual revenues and 2,882 one million yuan for the 1, 999, 2,573, EPS, respectively 0.21, 0.37 and 0.46 yuan. The company has in the field of automotive logistics automation equipment outstanding advantages, has a good industrial layout in intelligent storage systems and vehicle dismantling market, combined with performance and valuation, we maintain the company a “buy” rating.

Risk Warning: automotive automation equipment requirements that affect car sales and investment uncertainty; yellow car out of policy implementation is uncertain; scrap price fluctuations affect profits for dismantling operations.

Xiamen Engineering shares : seize all the way along the core area, the Air shares into the military

Category: Research institutions: State Securities Corp. researcher: After Li Yao Date: 2015-04-08


Vision and action along the way files released, infrastructure interconnection boot priority. Files will determine Fujian and Xinjiang as the core area of ​​the Maritime Silk Road between Asia and Europe, Guangxi and Yunnan respectively and radiation portal area. The same period, the Asian investment bank continued to expand around and under the Boao Forum for Asia held dual catalysis, “along the way” continue to strengthen the concept of regional development.

The evening of March 30, the central bank, the Ministry of Housing, Banking Regulatory Commission jointly issued “on the individual housing loan policy issues related to notice”, to improve the demand for individual housing loans lowered the down payment ratio to not less than 40%. At the same time, the Ministry of Finance and State Administration of Taxation jointly issued “on the adjustment of individual housing transfer business tax policy notice”, significant debt relief for part qualified housing foreign sales business tax levy. With the real estate policy followed deregulation, housing needs to improve usher in a major positive.

Company performance forecast 2014 annual operating results compared with last year, there will be profitable, is expected to achieve attributable to shareholders of listed companies net profit of zero to $ 10 million; total annual government subsidy received by the Company 2014 Total 47,648.56 ten thousand yuan , resulting in a larger increase in operating income.


The core area of the Maritime Silk Road construction machinery enterprises, overseas assembly plant was built to cater to the area all the way: focus on planning the direction of the Maritime Silk Road in the 21st century is over from the South China Sea to the Indian Ocean coastal ports in China, extending to Europe, and over the South China Sea to China’s coastal ports South Pacific . The Fujian and Xinjiang have been identified for the 21st century to build the core area of the Maritime Silk Road. Xiamen regional obvious advantages, Xiamen Engineering shares all the way along the core area is located in Xiamen, Fujian Province, currently accounting for 15 percent of export business. The company has established assembly plants in Pakistan, in order to meet all the way along and Fujian FTA construction has laid a good foundation engineering machinery and equipment exports preferred targets.

Guangdong, Fujian and Tianjin free trade zone by the overall scheme, the Xiamen Municipal SASAC key support: March 24, the CPC Central Committee General Secretary Xi Jinping hosted a Politburo meeting by Guangdong, Tianjin, Fujian pilot zones free trade overall program, further Shanghai Free Trade Experimental Area deepen reform and opening up program. FTA second quarter starting gun fired, Fujian FTA much attention at home and abroad, the two programs are expected to be available in the near future official text, FTA listing has officially entered the countdown stage. Xiamen, Xiamen Engineering shares is focused on supporting the manufacturing enterprises SASAC, terms of scale, the company is currently in the second-tier position in the industry, the company’s main products accounted for 60% of revenue loader in the domestic market share of about 16%, ranking the first three levels of the industry. 2010 nine Chinese construction machinery manufacturers, including companies into the top 50 global construction machinery.

AVIC shares, civilian integration model: the aircraft industry with engineering machinery products the core components of hydraulic technology research and development capabilities, AVIC shares Xiamen Engineering shares, in its capacity as the industrial development platform, with its R & D strength, enhance the technological level of construction machinery products extending “Four Wheels” and other key parts of construction machinery industry, but to build aviation maintenance and mechanical base, into military areas greatly enhance the company in the domestic construction machinery core competitiveness. The company is currently doing property transfer, the actual control may become more of AVIC, AVIC systems become the model of civil-military integration. AVIC’s move will strengthen the company’s military background, the general secretary in learning to adapt to the requirements of its mission to accelerate the construction requirements of the equipment system backdrop, company valuation is expected to improve.

Deregulation to promote real estate investment pick up, looking forward to 2015 results appear reversed: investments in infrastructure, equipment investment, mainly in construction machinery. Because of China’s fixed asset investment, especially real estate investment growth slowed, leading to lower purchasing power cranes, excavators, loaders and other construction machinery major products continued to decline, the company’s performance was in a slump. The company’s annual results notice said the company in 2014 net profit compared with a year earlier appeared a turnaround, but mainly from the government subsidy of 476.48 million yuan operating income, results did not show a fundamental improvement.

With the real estate policy followed deregulation, housing needs to improve usher in a major positive. Liberalization of real estate control policies will help real estate new projects starts to rise, thereby stimulating market demand gradually pick up equipment. Judging from construction machinery is expected to benefit from the area all the way to help digest excess capacity and double positive recovery in the domestic real estate investment is expected to decline in equipment sales will tend to narrow this year, industry continues to inventory deleveraging situation also will be in the second quarter improved significantly. We look forward to the construction machinery industry in the second and third quarter results can show substantial reversal.

Looking ahead a few years, the construction machinery industry or market holdings are still a large amount of excess capacity, competition and other issues, the pattern of market reshuffle and survival of the fittest is difficult to avoid. Some enterprises will fully benefit “along the way”, in a favorable position in the competitive landscape changes. The company’s main business market share among the industry forefront loaders, large-scale effects appear. With infrastructure investment is expected to pick up at home and abroad, the company’s main business sales will follow the construction machinery market demand overall stabilized.

Investment advice.

We were the first company earnings forecasts net profit forecast 2015/2016 attributable to the parent company 0.89,2.11 one hundred million yuan, EPS were 0.09,0.22 yuan (after taking into account dilution), to give a “buy” rating, target price of the year 17.7 yuan.

Wisesoft Daily News Review: The image of new business sales, promote the growth of diversified development

Category: Research institutions: Sealand Securities Co., Ltd. Researcher: Generation Pengju Date: 2015-08-28

Event: newspaper publishing company, achieved total revenue of 82.572 million yuan, representing an increase of 22.30 percent over the same period last year; to achieve operating profit of 15.018 million yuan, representing an increase of 65.79 percent over the same period last year. 2015 January-September attributable to shareholders of listed company’s net profit change interval 1840.3 to 22,084,000 yuan.

Earnings growth in line with expectations and look forward to the military aviation tube large single floor. Company after deduction of non-net profit rose 79.8%. In the context of actively promoting new products, management fees and cost of sales did not grow significantly. Company revenue and profit growth in line with a quarterly forecast. ATC automation project gross margin over 48%. Full-year net profit growth is expected to up to 500%, mainly determined bid 238 million in 2013 ATC automation project landing. Based on past experience of military tenders, we believe that successful project for two years, this year the possibility of large floor.

Diversified development, the image performance of the new product is expected to become the gearbox. 1, the new product controllers experience Level D flight simulator and flight simulator visual systems have sales or bid. With the domestic general aviation open and the rise of a huge domestic market space pilot training in the future. 2, large panoramic interactive experience systems has signed its first contract, using the company’s three-dimensional high-definition LED display, interactive panorama experience programs and a number of graphics technology, the future will be in the country to promote education and science sectors. 3, based on the integration of a new generation of panoramic video aerodrome activity intelligent monitoring and management systems are actively construction and sales. New company image classes with more than 65% of the high gross margins and broad market space, the future is expected to become a new source of power .

3D face recognition test is installed, future industrialization of infinite space. The adoption of Intel’s low-cost sensors, successfully developed the first set of three-dimensional face recognition system and shows in the 2015 Intel Developer Forum. The three-dimensional face recognition system to achieve significant cost reductions and greatly reduced volume. 3D face recognition technology company is different from the traditional two-dimensional recognition, unique technology advantages. The future will be like a three-dimensional face recognition fingerprint recognition, bar code and RFID identification technology, widely used in national defense, public safety, information security, financial payment security and other fields. Future based on national security considerations, the three-dimensional human face requires a full set of equipment and basic software localization. The company first entered the field and occupy technological advantage. The future, as market volume, three-dimensional recognition technology industry is expected to bring huge benefits.

Optimistic about the company’s future, to maintain “overweight” rating. The company has high barriers to high-margin core business of ATC automation, performance and stable high growth. We are optimistic about the future of the company’s current diversified development. Key layout graphic image business, part of the new business gradually force. 3D face recognition enormous future industrial space. 2015 ~ 2017 EPS of 0.33, 0.54, 0.79 yuan, the corresponding PE of 82, 50, 35 times, to maintain “overweight” rating.

Risk Warning: the company’s new products do not reach the expected air traffic control projects delayed or discontinued.

Mastery Power : Boots final landing, to the transition of military information technology and automation, the future will become the core of the military company

Category: Research institutions: Shun Securities Co., Ltd. Researcher: Zourun Fang, Wangshu Wei Date: 2015-04-22

In line with expectations, first quarter net profit increased significantly.

The company in 2014 operating income of 1.052 billion yuan, an increase of 14.62%, net profit attributable to the parent company of -1659.5 million yuan, down 263%; EPS -0.1 yuan, results in line with expectations. Net profit substantially reduced, mainly due to the decline in gross margin and impairment losses on assets due.

The company in 2015 to achieve 175 million yuan in the first quarter, down 27.86%, net profit attributable to parent company 117 million yuan, an increase of 83.61 percent, in line with expectations.

Traditional main business profitability declined, 15 years is expected to bounce back.

The company in 2014 gross profit margin was 12.84%, compared with last year fell 2.4 percent, gross margin declined mainly due to the overall industry still faces overcapacity, lower prices.

Companies actively promote the traditional main industry upgrading efficiency through downsizing, adjust the product structure to enhance performance, while the new company Jiangsu 苏富松 mold factory, Jiangsu and pass Electric Co., have been successfully put into operation, a new industry to create new long-term growth, 15 Traditional main industry is expected to bounce back.

Full transition of military information technology and automation, will become the core of military companies.

The company continued to promote military information and intelligence equipment transformation. Has signed Weir made Shenzhen billion Information Technology Co. 60% stake in the letter of intent, to enter the radar and the information security market, such as the successful acquisition of the company will become the main platform for the development of military information technology; establishment of Tianjin-Dadar in Tianjin Science and Technology Co., In “artillery multifunction Maintenance Unit” and “light armored vehicle at the sudden rapid” two technology as a breakthrough into the army and armed police vehicle market, and as a major platform for the company’s development of military intelligence. The future of the company will continue to perform military information and intelligence core development strategies and technology integration through mergers and acquisitions and other means.

Recommendation: Buy -A investment rating, 6-month target price of 40 yuan. We expect the company in 2015 –2017 year EPS were 0.35,1,1.25 yuan, the company firmly transformation of military information technology and automation, will continue to promote transformation through mergers and acquisitions and other means.

Risk Warning: Transition not up to expectations, results have fallen sharply

Yaxing anchor : Leading global chain performance inflection point appeared, holding 1.2 billion in cash will actively open a second primary industry

Category: Research institutions: China Galaxy Securities Co., Ltd. Researcher: Wang Huajun, Chen Xianfan date: 2015-04-29

1. Event.

The company released 2014 annual and 2015 quarterly. In 2014 the company achieved revenues 1.528 billion yuan, an increase of 8.46%, net profit attributable to shareholders of listed companies 29.88 million yuan, an increase of 47.34 million yuan, EPS of 0.06 yuan.Company bonus plan for every 10 shares 0.5 yuan increase by transferring 10 shares, cash dividends 0.50 yuan (including tax).

2015 first quarter the company achieved operating income of 415 million yuan, an increase of 8.46%, attributable to shareholders of listed company’s net profit of 30.83 million yuan, down 3.65%, EPS of 0.07 yuan.

2. Our analysis and judgment.

(A) Performance inflection point is now in line with expectations, sustained growth is guaranteed.

The company previously released 2014 annual results notice, actual results in line with expectations. Companies marine business income accounted enhance 4.6pct, along with continued growth in the company’s profitability, in 2015 first quarter consolidated gross margin reached 23.31%, the highest level in nearly four years, an upgrade 1.6pct.

The company plans to complete 2015 annual revenue of 1.65 billion. The company in 2014 to take orders 1.922 billion yuan, an increase of 6.6%, as of December 31, 2014 orders in hand the company 1.516 billion yuan, up 19.8 percent, the company in 2015 sustained growth performance is guaranteed.

(B) 海工系 mooring chain world-class, conquer the world’s five largest customers.

Company Hai Gongji mooring chain product structure upgrade, in 2014 gross profit margin increase 8.64pct.

In 2014 the company achieved Hai Gongji mooring system connector output of 2,000 tons in 2015 plans to increase production to 4000 tons; ultra-high-level R & D R6 mooring chain has entered the pilot phase; the company involved in the development of “ultra-deepwater semi-submersible drilling platform development and application “project won the 2014 annual national science and technology progress awards. The company is actively connected to the mooring system accessories extend outside member.

Company in the world’s top five oil companies have obtained the ocean four (France’s Total, Statoil, Royal Dutch Shell, Petrobras) supplier qualification, Mobil Oil also plans in May to inspect the company certification, the company in the field of mooring chains and attachments Marine Department has reached world-class level; marine equipment industry, the long-term to short-term pressure is good, the company will continue mooring chain business development, and further enhance the market share in the marine field.

(C) Cash on hand of nearly 12 billion, will be actively open a second main industry.

Currently nearly 1.2 billion yuan cash on hand. The company had purchased about 140,000 square meters of land, in addition to the company before the IPO equity investment projects 30,000 tons of ultra-high-strength remainder of the project R5 offshore mooring chain transformation projects, we judge still more abundant, with sufficient epitaxial conditions for development. The company clearly stated, “Will actively develop second primary industry, planned for the next two to three years to determine, in order to further enhance the company’s size and competitiveness.” We judge the company does not rule out a second extension of the main ways to develop the industry.

3. Investment advice.

The company expects 2015 will be 33.57 million yuan for bad debts reversal, 2015-2017 results will achieve rapid growth, performance flexibility, the future does not rule out the extensional development. 2015-2017 is expected EPS of 0.32 / 0.39 / 0.47 yuan, PE is 50/42/35 times. Excluding cash in hand after the company’s market capitalization is only 1.2 billion yuan 6.4 billion yuan, PB only 2.3 times, with good margin of safety, to maintain “recommended” rating. Risk factors: lower than expected recovery ship anchor chain; oil prices continued to fall; extensional development than expected.

Lijum shares : the proposed acquisition of Chengdu three military aircraft business continued to overweight, resumption of not less than 5 trading days, 286 million yuan holdings

Category: Research institutions: China Galaxy Securities Co., Ltd. Researcher: Wang Huajun Date: 2015-09-09

1. Event.

The company announced the proposed acquisition of Chengdu Sanhang Electrical Co., Ltd. (hereinafter: “Chengdu Sanhang”) of equity, the company stock since September 8 date for restoration.

According to the company prior to the announcement, the controlling shareholder, actual controller and its shareholders and other persons acting resumption of not less than 5 trading days, 286 million yuan holdings.

2. Our analysis and judgment.

(A) The proposed acquisition of Chengdu three aircraft, military operations continued overweight.

The proposed acquisition of Chengdu Sanhang main business includes the production of aerospace equipment, research and development, aviation aircraft external devices; have “military product quality system certification”, “three secret unit qualification certificate”, “weaponry research and production licenses card “,” equipment manufacturing units registration certificate “and other relevant qualifications required for the production and operation. The company’s aircraft hangar common project was included in 2014 in Chengdu strategic new product development projects subsidized project, the company also was recognized as 2015 Chengdu enterprise technology center.

According to the company announcement, Chengdu Sanhang year 2014 achieved total revenue of 072 million yuan, net profit of 027 million yuan, net profit margin reached 37.5%, strong profitability. The company has basically completed the preparatory work for Chengdu three aircraft acquisitions, ongoing negotiations on transaction programs to communicate with the Chengdu Sanhang shareholders. If the acquisition is successful, on the one hand it is expected to enhance the company’s overall profitability, on the other hand is expected to generate synergies with the previously announced acquisition of Dekun aviation for the company to bring new profit growth point.

(B) The resumption of not less than 5 trading days, 286 million yuan holdings.

According to the company prior to the announcement, the controlling shareholder, actual controller, chairman of Mr. He Yamin and concerted action, Vice Miss He Jia company intends to apply through the Shenzhen Stock Exchange, securities stock to resume trading within five days from the date of trading system by way of auction total holdings of the market value of not less than 250 million yuan of funds to buy company stock.

Shareholders, vice chairman and general manager of Mr. Wei Yong intends to resume trading from the date of the Company’s shares within five trading days the market value of holdings by way of auction by the Shenzhen Stock Exchange securities trading system of not less than 036 million yuan of funds to buy the company’s stock .

The three people currently holds 80.45% of total equity. According to maintaining the company’s share price stabilization program announcement, the above-mentioned three commitments: from July 7, 2015, within 12 months, no holdings of shares of shares held by beneficial monarch, not to transfer or entrust others to manage their holdings of shares Lijun shares.

(Iii) Sufficient cash on hand, will accelerate the transformation of the military, it is expected to become a model of civil-military integration.

The company previously announced will be 370 million yuan in cash to acquire 100% stake Dekun aviation. Dekun Airlines is one of the aircraft industry to fly the most important structural parts Waixiejiagong manufacturing enterprises; products used in many models of military aircraft, large transport aircraft, unmanned aerial vehicles, missiles, etc., and for the large passenger and cargo aircraft and domestic regional aircraft (ARJ project), China Commercial Aircraft C919 to provide ancillary products.

1.34 billion yuan in cash in hand, major shareholders and persons acting has 65% of the shares of listed companies, the company is expected to create an important platform for the integration of the military service. September 2014 the company announced the proposed shares tomorrow Aerospace (new research shares acquisition targets, supporting the well-known domestic aerospace parts manufacturer). We believe that the company locked the transformation of military areas, and the acquisition of the subject are very good.

We judge the rich companies to track project, the future is likely to continue to accelerate the transformation of the military field, with the acquisition of a larger scale, better performance potential military operations, civil-military integration will become a model.

(Iv) Energy saving equipment little giant, strong profitability.

The company for the cement, mining and grinding system leading enterprises, outstanding profitability, cash generation ability, consolidated gross profit margin for many years maintained at about 50%, net profit margin over 35% for many years. Company old business cement roller press market share ranking first in the world. New Business mines roller mill can reduce power consumption and metal consumption, significantly reducing water pollution, a key state to encourage the development of energy-saving and environmentally friendly products. Expected future mine roller mill will get better development.

3. Investment advice.

Does not consider the extension is expected to 15–17-year EPS of 0.36 / 0.39 / 0.40 yuan, PE is 71/66/64 times; consider Dekun aviation, expected 15 – 17-year pro forma EPS of 0.45 / 0.51 / 0.58 yuan, PE 57 / 50/45-fold. Valuation of the company is expected to move closer to the military unit (military unit 2015 nearly 80 times the average PE). We determine the company’s future will continue to overweight the military business, performance is expected to achieve a larger increase, valuations are expected to move closer to the military unit, to maintain recommended. Risk Warning: shrinking demand for cement equipment, mining and marketing progress than expected, the transition of military progress than expected.

Zongshen Power: the small loan business steadily, UAV production soon

Category: Research institutions: Joaquin Securities Co., Ltd. Researcher: Zhang Zhongjie Date: 2015-06-19

Investment Highlights

Motorcycle engine industry cyclical adjustment: in 2014 the company issued a motorcycle Mai machine business sales revenue 2.74 billion yuan, an increase of 1.68%, currently SMEs Mai machine business basic motorcycle made in low-profit status, large displacement three-wheeled motorcycle slight increase four-wheel vehicle market is starting Mai. Rural market is still able to maintain a large sales YingYing mold, it is estimated the company in 2015 revenue decline at around 5%. Electric powered car is the future direction of the transformation, in 2015 the trend better estimate sales will grow substantially.

General machinery business to maintain growth momentum: 2014 annual sales of 1.23 billion yuan of general machinery, up 30%, mainly due to increase the company’s export sales, small aircraft in the United States through the larger market, with the growth of the US natural gas production, electrically Mai forces unit as general machinery market is being nurturing. Clear development trend of this business, we expect growth in this business in 2015 more than 20%.

Small loan company business steadily: To take advantage of Zongshen Group and the Company on the downstream industry chain resources, while controlling risk, the company microfinance industry chain around 80% of business conduct, such as household pet Group receivables, in the back section before providing credit risk control. Follow the company also plans to gradually expand in small loans companies on the basis of factoring, P2P, equity investments, the future is expected to achieve 30 billion yuan YingYing mold around. At present, the business development of better, faster earnings growth, future business is expected to become one of the pillars of the four companies.

Sales service market model innovation: Left master company has 575 Direct, the joint venture does not store in the chain, the initial formation of a “service + spare parts sales” business model, take it as a basis, Jian use Lynx and Taobao Internet platform, active sales of all types of end products, in 2014 net profit rose 152%. The company is also trying to intervene car after-market services, not the Internet companies to open two stores in Chongqing, in order to point the online business is expected to quickly carry out.

UAV business will become a new growth point: The company does not Qingdao Wang rivers recently co-invested $ 50 million to establish Chongqing Zongshen Tianyi Aviation Technology Co., Ltd., which the company invested 3,350 ten thousand yuan accounted for 67% stake. The company is actively pushing Zhong Zong project the company’s production area location, production line layout, model selection, sales and service network construction and other related work. Is expected to be in September 2015 to achieve small batch production, the original shareholders of the company Qingdao Wang rivers commitment from 2015 to 2017 the company achieved net profit accumulated less than 132.5 million yuan Ji. Given the broad market prospects UAV business, the business is expected to become a new growth point.

Investment suggestion: We forecast 2015 –2017 company earnings per share were 0.41, 0.51 and 0.71 yuan. We obituary small loan business for the company in good shape, volume sales of UAV operations soon, the company thereby forming a new growth point performance, prospects. “Buy -A” investment rating, 6-month target price of 33.15 yuan, corresponding to 65 times 2016 PE.

Risk Warning: industry does not lead to changes in the company’s fundamentals Ji reach the expected results.

New research shares: Acquisition tomorrow Aerospace approved the text, into the rapid development of the new era

Category: Research institutions: Southwest Securities Co., Ltd. Researcher: Pang Linlin Date: 2015-10-28

Performance Summary: 2015 third quarter, the company achieved operating income of 515.2 million, an increase of 12.44%, operating profit of 90.3 million, an increase of 3.58%, net profit of 85.5 million, an increase of 5.60%; earnings per share 0.095 yuan.

Used main business running smoothly. 2015 changed the agricultural subsidies continued growth, down 100 million yuan, the demand for agricultural products was significantly weaker, agricultural business critical. With excellent product quality, the company first three quarters of revenue growth of 12.44%. Gross margin for the first three quarters of the company 34.12%, down 4.33 percentage points, the expense ratio 14.95%, down 2.32 percentage points (mainly cost of sales rate fell 3.26 percentage points); sales margin of 16.46%, a slight decrease year on year 1.21 percentage points.

Merger reorganization approved by the Commission approval. 2015 companies active epitaxial mergers and acquisitions, the company issued shares and pay cash to buy Shifang City tomorrow Industry Co., Ltd. 100% stake in aerospace, currently the major asset restructuring has received China Securities Regulatory Commission Audit Committee mergers and acquisitions by 2015 October 26 approved by China Securities Regulatory Commission approval. After the completion of the reorganization, the company will become a farm, military dual main listed companies, and the rapid development in agricultural machinery, military two areas.

Tomorrow Aerospace is “people to join the army,” the best subject, there is a performance-than-expected capacity and power. 1. From the production point of view, all current production tomorrow aerospace investment value may reach 4 billion +; 2, from order point of view, with the acceleration of the main models fitted (military aircraft orders into the release), military orders from 2013–2014 years Trial gradually small batches, with high growth potential; 3, from the equipment capacity, the company has formed advanced, large-scale lead, and continues to expand; 4, net profit margin, the company’s gross profit margin remained stable There liters of situation, the financial costs the company after the acquisition of aerospace parts business will be lower than the current 11%, taking into account technical upgrade, orders, and production release of scale brought net profit margin is expected from the current less than 20% increased to more than 25%.

Earnings forecast and rating the following table: earnings forecast considering only farm the main industry. Tomorrow’s Aerospace 2015-2017 annual results for the deduction of non-commitment should reach 170 million yuan net profit (+55.96%), 2.4 million (+ 41.18%) and 400 million yuan (66.67%), the next three years compound annual growth rate of 55%, However, we believe the company than-expected performance in 2017 is very large probability estimate in 2017 is expected to reach 735 million yuan, three-year compound growth rate of over 86%.

Tomorrow, after the acquisition of the aerospace company, people join the army as a clear target, in large-scale development of the people expected to join the army background deserve high valuations, coupled with the re-acquisition of more specific expectations, maintaining a “buy” rating.

Risk Warning: agricultural machinery industry or continue to decline, tomorrow aerospace integration progress and performance or lower than expected and other risks.

Original Mandarin Chinese:



类别:公司研究 机构:中泰证券股份有限公司 研究员:笃慧,郭皓 日期:2015-10-08

中国核电远景:未来核电之所以好,是因为它不受国内传统经济周期制约,同时是行政力量未来要极力推动的事情。要达到2030年非化石能源占比20%的目标 ,届时核电装机规模需要1.5亿至2亿千瓦,即未来15年每年要建10到15个百万千瓦级的核电机组。这个建设强度是极大的,因为从1991年秦山核电站并网发电以来至今国内累计投运核电机组不过26台。保守预估目前至2020年底拟开建核电机组为30台,年均约6台,此外若内陆核电破冰(可能性大),则开工数量更多;







类别:公司研究 机构:平安证券有限责任公司 研究员:余兵 日期:2015-09-21



能源互联网多箭齐发,展翼军工领域:报告期内,公司联合中国移动、联想集团一起打造的智慧能源公共服务云平台上线,成为国内首家区域性的(山东省)智慧能源公共服务云平台,目前该平台已接入涵盖燃气、水务、工业节能等行业超26000个点的数据;与英特尔、山东城联合作,拓展能源互联网、智慧城市综合服务运营领域;投资4,116万元收购福建奥通迈胜70%的股权,奥通迈胜承诺15~17年扣非后净利润分别不低于0.1/0.13/0.17亿元,进一步完善城镇配电网业务;相继成立积成能源、积成软件公司,参与设立10亿元新能源产业引导基金,近期与广西桂东电力在电力需求侧的微网应用合作,更因应了电改新形势下的变局。军工领域,公司与北京久远合作成立军工并购基金;投资3000 万元收购宁波中物力拓30%的股权,进军以超微金属粉末为基础材质的3D 打印市场。

盈利预测与评级:预计公司15~16 年EPS 为0.52、0.78 元,对应8 月28 日收盘价PE 分别为33.9、22.6 倍,我们看好公司在能源互联网领域的先发优势及军工领域的外延拓展,维持“推荐”评级。



类别:公司研究 机构:中国银河证券股份有限公司 研究员:王华君 日期:2015-10-19
























类别:公司研究 机构:中国银河证券股份有限公司 研究员:王华君 日期:2015-10-14









公司已由一家传统航空维修企业向综合航空技术服务企业战略转变,2012年以来航空动力核心控制系统等研制业务起飞,业绩驶入高增长快车道。 目前公司航空军品(主要为直升机相关)业绩占比约60%。公司2014年第一大客户销售金额为1.87亿元,我们判断主要为核心军品研制业务,收入占比已接近40%。










根据《成都嘉石科技有限公司6 吋第二代/第三代半导体集成电路芯片生产线项目环境影响报告书》,该项目总投资达20.92亿元。四川省经济和信息化委员会已经把本项目列为四川省战略性新兴产业支持项目。







天津海特作为国内第一批民营干线飞机整机大修平台(之前国内以外资合资为主导),目前已完成第一期项目建设。目前公司天津基地2个机库已经投产,可同时维修2-3架A320/B737系列飞机及3架公务机。2015年1月,天津海特顺利完成吉祥航空B-9978 & B-9957两架A320系列飞机首次定检维修工作。公司已经取得CAAC颁发的空客A320机型4C检维修许可证,正积极向CAAC申请A320机型8C检维修许可。
































类别:公司研究 机构:广发证券股份有限公司 研究员:罗立波,刘芷君 日期:2015-10-26








类别:公司研究 机构:国金证券股份有限公司 研究员:后立尧 日期:2015-04-08















类别:公司研究 机构:国海证券股份有限公司 研究员:代鹏举 日期:2015-08-28








类别:公司研究 机构:安信证券股份有限公司 研究员:邹润芳,王书伟 日期:2015-04-22












类别:公司研究 机构:中国银河证券股份有限公司 研究员:王华君,陈显帆 日期:2015-04-29


公司发布2014 年年报和2015 年一季报。2014 年公司实现收入15.28亿元,同比增长8.46%,实现归属于上市公司股东的净利润2988 万元,同比上升4734 万元,EPS 为0.06 元。公司分红预案为每10 股送0.5 元转增10 股,派发现金股利0.50 元(含税)。

2015 年第一季度公司实现营业收入4.15 亿元,同比增长8.46%,实现归属于上市公司股东的净利润3083 万元,下滑3.65%,EPS 为0.07 元。



公司此前已发布2014 年度业绩预告,实际业绩符合预期。公司海工业务收入占比提升4.6pct,公司盈利能力随之持续增长,2015 年第一季度综合毛利率达到23.31%,为近四年最高水平,同比提升1.6pct。

公司2015 年度计划完成营业收入16.5 亿。公司2014 年承接订单19.22 亿元,同比上升6.6%,截至2014 年12 月31 日公司在手订单15.16亿元,同比增长19.8%,公司2015 年业绩持续增长有保障。

(二)海工系泊链全球一流,征服全球前5 大客户.


2014 年公司实现海工系泊系统连接件产量2000 吨,2015 年计划将产量提高到4000 吨;超高级别R6 系泊链研发已进入中试阶段;公司参与研制的“超深水半潜式钻井平台研发与应用”项目获得了2014 年度国家科学技术进步特等奖。公司正积极向系泊系统连接件以外的附件产品延伸。

公司在全球前五大海洋石油公司中已获得四家(法国道达尔公司、挪威国家石油公司、荷兰皇家壳牌集团、巴西国家石油公司)供应商资格认证,美孚石油也计划在5 月对公司进行考察认证,公司在海洋系泊链及附件领域已经达到全球一流水平;海工装备行业短期承压中长期向好,公司系泊链业务将持续发展,并进一步提升在海工领域市场占有率。

(三)手持现金近12 亿元,将积极开辟第二主业.

公司目前手持现金近12 亿元。公司此前购置的约14 万平方米土地,除了公司之前IPO 募投项目年产3 万吨超高强度R5 海洋系泊链技术改造项目的剩余部分项目外,我们判断仍有较多富余,具备充足的外延式发展条件。公司明确提出“将积极开辟第二主业,计划在未来两到三年内确定,以进一步提升公司规模及竞争力”。我们判断公司不排除以外延方式实现第二主业的开拓。


预计公司2015 年将有3357 万元坏账准备冲回,2015-2017 年业绩将实现较快增长,业绩弹性大,未来不排除外延式发展。预计2015-2017 年EPS 为0.32/0.39/0.47 元,PE 为50/42/35 倍。剔除在手12 亿元现金后公司市值仅64 亿元,PB 仅2.3 倍,具有较好的安全边际,维持“推荐”评级。风险因素:船舶锚链复苏低于预期;油价持续下跌;外延式发展低于预期。


类别:公司研究 机构:中国银河证券股份有限公司 研究员:王华君 日期:2015-09-09





















类别:公司研究 机构:华金证券有限责任公司 研究员:张仲杰 日期:2015-06-19


摩托车发动机行业周期性调整: 2014年公司摩托车发劢机业务销售收入27.4亿元,增长1.68%,目前中小型摩托车发劢机业务基本在微利状态,大排量三轮摩托车小幅增长,四轮车市场正在启劢。农村市场还是能够保持较大的销售觃模,估计公司2015年收入降幅在5%左右。电劢车是未来转型方向,2015年态势较好,销量估计会有大幅增长。








类别:公司研究 机构:西南证券股份有限公司 研究员:庞琳琳 日期:2015-10-28







Original Source HERE

China upgrades missile force, adds space and cyber war forces – #China Military Online

People’s Republic of China upgrades missile force, adds space and cyber war forces

Source: Global TimesEditor: Dong Zhaohui

Chinese President Xi Jinping (L F), confers the military flag to Li Zuocheng (C F), commander of the Army of the Chinese People’s Liberation Army (PLA), and Liu Lei, political commissar of the Army, in Beijing, capital of China, Dec. 31, 2015. The general commands of the PLA Army, Rocket Force and Strategic Support Force were founded on Thursday.

The People’s Republic of China, Friday unveiled further details of one of its largest military reforms, launching three new bodies of the People’s Liberation Army (PLA), including an army command, an upgraded missile force and a special force for space and cyber wars.

Chinese President Xi Jinping, who also heads the Central Military Committee (CMC), on Thursday conferred military flags to the commanders of the three bodies, namely the PLA Army General Command, the PLA Rocket Force and the PLA Strategic Support Force, at their inauguration ceremony in Beijing.

This is part of China’s key reforms aimed at enhancing the Communist Party of China’s (CPC) leadership over the military, and boosting the PLA’s combat capabilities by establishing a modern military system.

Rocket force

Analysts said the establishment of the PLA Rocket Force is an upgrade of the previous Second Artillery Force, which operates strategic as well as conventional missile weapons.

The upgrade places the rocket force on an equal footing with the army, navy and air force, said Song Zhongping, a military expert.

The name change to the Rocket Force from “Second Artillery Force” also shows China’s determination to enhance military transparency. It will also impose strong strategic deterrence, he said.

The Defense Ministry on Friday stressed that the establishment of the Rocket Force does not mean a major change of its nuclear policy.

Reiterating its no-first-use nuclear weapons policy and defensive nuclear strategy, spokesperson Yang Yujun said at a press conference that China’s nuclear policy remains consistent, and China always keeps its nuclear capability at the minimum level required for safeguarding its national security.

“We will strive to build a strong and modern Rocket Force,” he said.

Cyber and space forces

Yang did not get into much detail about what the Strategic Support Force is, but said it is a force which combines the strategic, basic and support resources of the country’s new type of combat forces.

But Song said this new force is mainly aimed at providing resources capable of protecting China’s cyber and space security.

Song said the establishment of the Strategic Support Force shows the Chinese leadership’s vision of building a military that can meet the challenges of not only traditional warfare but also of new warfare centered on new technology.

Army command

The army used to be supervised by four headquarters – the General Staff Headquarters, the General Political Department, the General Logistics Department and the General Armament Department.

The establishment of the Army General Command puts the control directly under the Central Military Commission. It is a major measure to improve the leadership and command system, the Ministry of National Defense said earlier.

Through a joint command and combat system, the Central Military Commission will be able to directly lead the army, the navy, the air force and rocket force, which will largely enhance the efficiency during wartime, said Song.

At Thursday’s conferral ceremony, President Xi said the move to form the Army General Command, the Rocket Force and the Strategic Support Force is a major decision by the CPC Central Committee and the Central Military Commission to realize the Chinese dream of a strong military, and a strategic step to establish a modern military system with Chinese characteristics.

It will be a milestone in the modernization of the Chinese military and will be recorded in the history of the people’s armed forces, according to Xi.

The Central Military Commission has also released a guideline on deepening national defense and military reform, about a month after Xi ordered a military administration and command system overhaul at a key meeting.

According to the guideline, a new structure will be established in which the CMC takes charge of the overall administration of the PLA, the Chinese People’s Armed Police and the militia and reserve forces, while battle zone commands focus on combat and various military services pursue development.

The military reforms, which will involve massive restructuring and regrouping, are expected to “make major breakthroughs” and achieve concrete results by 2020, according to the CMC.

Xinhua contributed to this story

The General Command of Army Badge. Photo source: weibo account of “yangshixinwen”.

The PLA Rocket Force Badge. Photo source: weibo account of “yangshixinwen”.

The PLA Strategic Support ForceBadge. Photo source: weibo account of “yangshixinwen”.

China’s World Internet Conference and the Future of Chinese Cyberspace

William Hagestad II


December 2015, the Cyberspace Administration of China (CAC) invited me to attend the World Internet Conference (WIC) in Wuzhen, People’s Republic of China (PRC).

It is important to understand that the Chinese Government had created a 20 kilometer security exclusion zone around the epicenter of the WIC. The Chinese residents of Wuzhen were replaced with a regiment of soldiers from the People’s Liberation Army (PLA) and plainclothes policemen and women of China’s Ministry of State Security.

Opening day of the WIC China’s President, Xi Jinping gave his opening comments, a heavenly mandate for the largely handpicked Communist Party of China (CPC) member and international audience “Cyberspace is not a place [that is] beyond the rule of law”. President Xi’s opening address was focused on delegates including Russian Prime Minister Dmitry Medvedev and Pakistani president Mamnoon Hussain; conspicuously absent were officials from the United States, England, Australia, Canada and New Zealand.

Chinese President Xi provided direction which included a proposed the “four principles and five propositions”, systematically expounding China’s concept of a “China Network View” in the New Period. His focus included a statement that China is willing countries to strengthen dialogue and exchanges, effective management and control differences, and promote the development of the parties to the generally accepted international rules of cyberspace, cyberspace develop international conventions on terrorism, the fight against cybercrime and improve mutual legal assistance mechanisms, and jointly safeguard peace and security in cyberspace .

China’s 21st Century Boxer Rebellion

Short history lesson lest we forget how the Western failed to read between the Chinese tea leaves of China’s 21st Century network sovereignty initiative. During the early 1900’s an eight nation coalition of Eight Powers had invaded and occupied North Eastern China. The Qing Dynasty Chinese rebels known as the Boxer’s called this foreign invasion the “八國聯軍”, or Eight-Nation Alliance. This eight nation alliance included the Empire of Japan, United Kingdom, French Third Republic, German Empire, Austria-Hungary, Kingdom of Italy, the United States of America and the Russian Empire.[1] the capital of the Qing Empire, was captured eight countries & invading armies this day…”the darkest day in modern Chinese history.”[2] Save the attendance of Russia’s Prime Minister Dmitry Medvedev at the 2015 WIC, none of the other members of the 1900 “八國聯軍” were invited to officially attend China future discussion on the Internet at the WIC. It is prophetic then that the Chinese have not forgotten the foreign invasion and occupation of China’s homeland so long ago as backdrop for the WIC and the new future of China’s version of the Internet in the form of a Chinese Binary Rebellion…where delaying, denying and disrupting foreign incursions into China’s Internet are an echo and reminder of the 1900’s Boxer Rebellion.


You Are Either Part of the Party or You are Not

One of the important comments made by President Xi which underscores China’s current proposal for a secured and stable International Internet is that “Everyone should abide by the law, with the rights and obligations of parties concerned clearly defined. Cyberspace must be governed, operated and used in accordance with the law so that the internet can enjoy sound development under the rule of law.”[3]

Perhaps in the light of America’s National Security Agency failure to properly vet and control traitorous contractors, Chinese President Xi called for Chinese (sic) government action was needed to strengthen “civilised behaviour” on the internet, adding and calling for measures to “rehabilitate the cyber ecology”.[4]

China’s new cyber ecology will include, according to President Xi’s keynote speech will include building China into a global cyber power, speeding up Internet infrastructure development and imperative that China be regarded as a staunch defender of international cybersecurity.[5] Certainly the recent agreement with the United States on a high-level and mutual dialogue on cybercrime is evidence of China’s willingness to work with even the harshest critics of its organic Internet governance policies.[6]

International governments should make no mistake however, China’s leader emphasized that “cyber security is as important as national security.” And thus both Internet security and informatization are China’s major strategic issues concerning any country’s security and development.[7]

Curiously, however, President Xi’s keynote comments were live-tweeted by the state-run news portal, Xinhua, China’s official news agency, and broadcast on YouTube.[8] Both of these Western social media platforms are services which are blocked by Beijing.

Indeed as the WIC came to a conclusion, international cooperation was a main focus for China’s leadership as “President Xi Jinping urged all countries to respect Internet sovereignty, jointly safeguard cybersecurity, cooperate with an open mind, and improve Internet governance together.”[9]


Thus, given the international audience represented at the WIC, guidelines were given for adhering to the new Rule of Law on China’s version of an international Internet or be left behind and thus unable to participate in the world’s largest economy. Indeed Mr. Eugene Kaspersky signed a very lucrative contract at the WIC forging a unique cyber-security partnership with the China Cyber Security Company, thus demonstrating China’s willingness to embrace and recognize Internet technology such as those offered by Kaspersky.[10]


The Future of China’s Internet


Indicative of what the future holds for the Internet within the People’s Republic of China is the Xiaomi mobile phone I was provided on the first day of the WIC. While the number was Chinese, the SIM card was registered in Hong Kong allowing me to access typically blocked Western Internet websites such as Facebook, Twitter, and Google. China’s future Internet may include allowing limited access to the forbidden fruits of the Western Internet.


Similarly, the hotel the Cyberspace Administration of China (CAC) put me up in also came with a ‘special Internet account’ where access to usually blocked services was allowed, such as those enabled by my shiny new Xiaomi. However, as I switched off the ‘special account’, the familiar Chinese Internet presented itself and Gmail, Facebook, and Twitter were all blocked.


I expect that the future Internet we will all globally experience in the future will encompass an ability to access Chinese versions of Western Internet services, while denying or restricting our ability to use Western Internet technologies which may or may not be surveilled by Western intelligence services.


Quite frankly, my experience at China’s World Internet Conference was a positive one. Given the 20 kilometer security exclusion zone I felt very safe, no jihadist terrorists wielding legal semi-automatic weapons in Wuzhen. From a global cyber security researcher perspective, even though I could access both the Chinese and Western versions of the Internet, my experience was actually no different than any of the many other global locations I have visited in the past.


While the People’s Republic of China forges forward with a global secure definition of cyberspace which embodies both national security and sovereignty it will be up to other global governments to decide whether to be part of China’s secure Internet party or be left behind.

[1] “八国联军”.  八国联军侵华战争_八国联军为什么侵华_八国联军是哪八国 – 趣历史. Chinese History Topics. (December 2015). (Chinese Internet). Accessed:

[2] Ibid.

[3] “2nd World Internet Conference”. (December16-18, 2015). (Internet). Accessed:

[4] Ibid.

[5] Ibid.

[6] “Xi: China a staunch defender of cybersecurity”. September 25, 2015). (Internet). Accessed:

[7] “Xi: Efforts should be made to build China into cyber power”. (February 28th, 2015). (Internet). Accessed:

[8]  “China is home to 670 million Internet users & over 4.13 million websites: President #XiJinping says at #WIC2015. Twitter. (December 15th, 2015). (Internet). Accessed:

[9] “2nd World Internet Conference concludes”. Xinhua. December18th, 2015). (Internet). Accessed:

[10] “Russia’s Kaspersky Labs signs deal with China Cyber Security Company as Beijing and Moscow call for end to US domination of internet”. (December17th, 2015). (Internet). Accessed:

Chinese Military View: Strategy of American Cyberspace

Chinese Military View: Strategy of American Cyberspace


Author Info:  中校崔建树



Summary: As “artificial space” Cyberspace is the second land, sea, air, space human’s fifth-dimensional space. Reports from the relevant strategy adopted by the United States in recent years, the United States developed a set of cyberspace strategy, including the right to compete for the system network strategy, enabling the network to improve the combat effectiveness of weapons “network-centric warfare” strategy, cyberspace security strategy and the strategic use of cyberspace for his country’s political and ideological penetration. Cyberspace has developed strategic US achieved remarkable results, for which seek a major political, security, economic and military interests. However, the openness of cyberspace also increased the vulnerability of the United States, such as the United States to maintain hegemony in cyberspace developed thousands of computer viruses, so-called “logic bomb”, once mastered by terrorists, the consequences would be disastrous.

Keywords: USA; cyberspace; strategy

Cyberspace (Cyberspace) or, more accurately known as the network of electromagnetic space, is a noun Canadian science fiction writer William Gibson (William Gibson) made in its 1984 publication of the novel “Neuromancer” (Neuromancer), the mean computer information systems and the human nervous system is connected to produce a virtual space. ① with the rapid development of computer technology, sensor technology and networks and grid technology breakthrough, cyberspace has become a new objective in the field of real. “The field of electromagnetic energy to use electronic equipment, grid, and networking hardware and software systems for the physical carrier, information and control information as the main content, by storing the data, modify, and exchange, to achieve the physical system manipulation. ” ② Thus, cyberspace is a new “control domain.” ③ Its various sectors and areas of operation control is as effective as the control of human behavior the human nervous system. As the world’s sole superpower, the United States to maintain its hegemony, naturally will not miss this new “control domain.” ④ to this end, the United States developed a comprehensive strategy for cyberspace. This strategy includes the right to compete for the system network strategy, enabling the network to improve the combat effectiveness of weapons “network-centric warfare” strategy, cyberspace security strategy and the use of cyberspace for his country’s political and ideological penetration strategy.

First, the United States made the right strategic network

The predecessor of the modern Internet is the United States Department of Defense to build the “ARPANET” (ARPA Net). In 1969, the US Department of Defense to ensure that the US critical computer systems in the event of nuclear war still normal operation, ordered their subordinates Advanced Research Projects Agency (Advanced Research Project Agency, ARPA) study computer networking problems. By the late 1970s, the Defense Advanced Research Projects Agency has established a number of computers on the LAN and put into use. In order to solve communication problems between the LAN, Advanced Research Projects Agency to examine the different LAN WAN link up the formation of a new method, and built a wide area of the computer on the Internet. Since the advent of the Internet, it can be described as a breakthrough in technology by leaps and bounds, the network connection touches every corner of the world, “showing unprecedented strength.” ⑤ especially with the micro-electromechanical systems (micro-electro-mechanism system, MEMS) rapid development, there have been a number of communications and computing power of having micro-sensors. These sensors can always be accurately detected on the detection region by an ad hoc manner, and the detection result transmitted through a wired or wireless network to the implementers. Since the prospect of this technology is unlimited, the US National Science Foundation in 2003 to allocate huge amounts of money, research sensor network technology, the US Department of Defense has set up a series of military sensor network research projects.

Currently, connect the computer and mass sensor network is the nerve of the world has been integrated, and grasp the system network electromagnetic space right is tantamount to control of the world of the nervous system, it’s meaning even more dramatically than the seas of the 19th century, 20th century airpower. Therefore, all the major countries in the world attaches great importance to the network the right to compete for electromagnetic space. Such as Germany in recent years to develop a “German network security strategy,” Britain also issued a “National Cyber Security Strategy.” Although these reports entitled strengthen “cybersecurity”, in fact, prepared to compete for the right network electromagnetic space. In order to firmly grasp the system network electromagnetic space right, the American government can be described as a multi-pronged.


关 键 词:美国;网络空间;战略

网络空间(Cyberspace)或更准确地称为网络电磁空间,是加拿大科幻小说家威廉·吉布森(William Gibson)在其1984年出版的小说《神经漫游者》(Neuromancer)中提出的名词,意指计算机信息系统与人的神经系统相连接产生出的一种虚拟空间。①随着计算机技术、传感器技术的飞速发展及网络和网格技术的突破,网络空间已成为一个新兴的真实存在的客观领域。“该领域以使用电磁能量的电子设备、网格,以及网络化软硬件系统为物理载体,以信息和对信息的控制力为主要内容,通过对数据的存储、修改和交换,实现对物理系统的操控”。②由此可见,网络空间是一个新兴的“控制域”。③它对各个行业和领域运转的控制就如人的神经系统对人的行为的控制一样有效。作为世界上的唯一超级大国,美国要维护自己的霸权地位,自然不会放过这一新兴的“控制域”。④为此,美国制定了一套完备的网络空间战略。这一战略包括争夺制网权战略、通过网络赋能提高武器打击效果的“网络中心战”战略、网络空间安全战略以及利用网络空间对他国进行政治和思想渗透的战略。


现代互联网的前身是美国国防部构建的“阿帕网”(ARPA Net)。1969年,美国国防部为确保美国重要的计算机系统在发生核大战时仍能正常运作,下令其下属的高级研究计划局(Advanced Research Project Agency,ARPA)研究计算机联网问题。到20世纪70年代末期,国防部高级研究计划局又建立了若干个计算机局域网并投入使用。为解决局域网之间的通信问题,高级研究计划局着手研究将不同局域网联结起来形成广域网的新方法,并建成了一个广域的计算机互联网。自互联网问世以来,它在技术方面的突破可谓一日千里,网络连接触及全球的每一个角落,“展现出史无前例的力量”。⑤特别是随着微机电系统(micro-electro-mechanism system,MEMS)的迅速发展,出现了众多具有通信和计算能力的微型传感器。这些传感器可以通过自组方式时时对探测区进行精确探测,并将探测结果通过有线或无线网络传输给实施者。由于这一技术的应用前景无限广阔,美国自然科学基金会于2003年拨出巨资,研究传感器网络技术,美国国防部也设立了一系列军事传感器网络研究项目。


First, the United States firmly gripping the global Internet DNS rights. Internet domain names corresponding numeric Internet address of the network hierarchy character flags, house number is the online world, has a unique and exclusive features. Since the domain name and corporate name, logo or trademark goods closely linked, the United States could reap significant economic and strategic interests. As in 2000, Shenzhen Kim Ji tower software company, Shanghai AIU Online, Shenzhen China Motion and other companies related to domain names registered by the United States against the company, the result lost both “referee” in the domain name dispute arbitration is “athlete” US companies and economic losses. To control DNS rights, the United States as early as September 1998 on the establishment of the “Internet domain name and address of the Management Company” (ICANN). ICANN board member from the United States, Brazil, Bulgaria, Germany, Japan and other countries, but the US Department of Commerce has the final veto. Conference USA to maintain its control over the domain name, in November 2005, held in Tunis on issues related to the Internet, when he was Secretary of State Condoleezza Rice specifically wrote to the then European Presidency, asking him to support ICANN management of the Internet. The US Congress also to the 423 votes to none passed a resolution demanding the US government to control the Internet. In December 2012, at the World Conference on International Telecommunications in Dubai, UAE, held on the United Arab Emirates submitted a host of Internet governance requires separation of the right to file, was firmly opposed to the United States on behalf of Kramer, claiming that the meeting “to discuss the telecommunications issues, with the Internet is not relevant. ” ⑥

Second, the Internet’s root server control in their own hands. Since the domain name system management mode was root-like distribution, so the root server management plays a decisive role in the domain name, which is state-controlled root server, this country will have enormous power in the Internet field. Presently there are a main root server and 12 deputy root servers. Placed in Dulles, Virginia, USA taproot server by the American company responsible for managing VeriSign. 12 deputy root servers, 9 placed in the United States, the US military to use two, NASA use a. In addition three deputy root server is placed in the hands of Britain, Sweden, Japan and other US allies. In other words, the United States has the root servers direct and indirect control. As long as the United States is willing, just the root servers and secondary domain name server is disconnected, the United States can paralyze a country with hostile Internet system. 2009, should the United States government requirements, Microsoft has cut off Cuba, Syria, Iran, Sudan and North Korea and other five countries of MSN services, resulting in five countries MSN users can not log in to the instant messaging system.

Third, the United States to use its absolute dominance in the network software, hardware manufacturing capacity and technology to reap political benefits. According to the statistics of relevant institutions, worldwide 18 Internet software companies, 10 are US companies, including Microsoft (Microsoft) is the world’s largest software company, the company’s operating system is widely used in personal computers and servers . Cisco (Cisco Systems) is a network hardware leader in the field of production, the company’s routers, switches, repeaters, etc. occupies an important position in the international market. Juniper (Juniper Networks) and Brocade Communications Systems (Brocade Communications Systems) is the world’s leading network equipment manufacturers, its router technology and storage switch technology leader worldwide. Advanced network software, hardware manufacturing technology and strong production capacity is one of the United States compete for hegemony trump network electromagnetic space can be necessary to stop the threat or actual termination of the provision of goods to the opponent, the other stuck in the woods. In addition, major US software companies are closely related with the US government. Under the government’s behest, the US software vendors often on their manufacturing software is embedded with the back door, so that, if necessary, to serve the US political, economic and national security purposes. In 1999, Microsoft’s blockbuster “NSA key” event the United States attempts to steal other countries’ secrets revealed to the world.



第三,美国利用其在网络软件、硬件制造能力和技术方面的绝对优势地位谋取政治利益。据相关机构的统计数据,全世界18个互联网软件公司中,有10个是美国公司,其中微软公司(Microsoft)是世界最大的软件公司,该公司生产的操作系统广泛应用于个人电脑和服务器上。思科公司(Cisco Systems)是网络硬件生产领域的龙头老大,该公司生产的路由器、交换机、中继器等在国际市场上占有重要地位。瞻博网络(Juniper Networks)和博科通信系统(Brocade Communications Systems)是世界著名的网络设备制造商,其路由器技术和存储交换机技术领先全球。先进的网络软、硬件制造技术和强大的生产能力是美国争夺网络电磁空间霸权的王牌之一,必要时可以威胁停止或实际终止向对手提供商品,陷对方于困境。此外,美国的主要软件商与美国政府均有密切关系。在政府的授意下,美国软件商往往在它们制造的软件上嵌有后门,以便在必要时服务于美国的政治、经济和国家安全目的。1999年,轰动一时的微软“NSA密钥”事件让美国窃取别国机密的企图大白于天下。

Fourth, the United States holds the distribution rights worldwide IP addresses. In the online world, the amount of IP addresses in the real world is like the size of a country’s geographic territory. Because the United States controls the assignment of IP addresses, the vast majority of it will be left to its own IP address and its allies of the company and the public use, other countries can only share a little cold leftovers. For example, although China is a big country network, but IPV4 / IPV6 addresses and domain names are on loan from the United States, seriously controlled by others.

Through control of the domain name and address management of the network, along with its superior network software, hardware manufacturing capacity and advanced technology, the United States has firmly hold control over the Internet. Nevertheless, the US still has a strong sense of urgency. US Department of Defense in 2006 issued a report, “Although the United States is currently in the electromagnetic field of space to enjoy the advantages of the network, but these advantages are being eroded …… and other combat areas, the American network have equal shares of the electromagnetic field of space and opponents fear” . ⑦

In order to further strengthen the US hegemony in cyberspace, the US government multi-pronged approach. In the military field, the US Defense Department network and electromagnetic space regarded as land, sea, air, space similar fifth area, and that the control system network right to maintain its hegemony in the other four areas are of decisive significance. In the 2004 release of “National Military Strategy” report, the US Department of Defense that “the United States armed forces must have the whole sky, land, sea, space and electromagnetic space to expand the network capacity to act.” ⑧ 2006, the US military released the “National Network of electromagnetic space military strategy.” The purpose of the strategy is to ensure that the US “freedom of action in this highly competitive field, while depriving the freedom of movement of our competitors”, ⑨ namely “to ensure US military dominance in the network of electromagnetic space.” ⑨ The document proposes to strengthen in four areas: (1) obtain and maintain the initiative in the competition advantage in the decision-making cycle. US troops should use the Internet to shorten the decision cycle of electromagnetic space, while weakening the decision-making cycle competitors. It needs to maintain a strong network defense, while taking advantage of the weakness of competitors electromagnetic space network, find out competitors weaknesses and defense decision-making cycle. (2) use the Internet so that the whole field of electromagnetic space to further integrate the military capabilities of military operations. DoD various departments must be integrated network electromagnetic space even more delicate. Operational commanders must be closely coordinated with the various support units and defense agencies, and maximize combat, carry out military operations. Although the combat troops to be deployed in various war zones, but they must cooperate with existing military operations, and various government departments, the joint command departments, allied and industrial partners to achieve seamless. (3) construction of the network capacity for action. Including the continuous training of personnel, infrastructure and organization. By wealthy aggressive testing, exercises and continuous improvement, and create new network capacity to act. Risk (4) Management Network electromagnetic space operations. ⑩




In fact, long before the promulgation of these documents, the United States had begun to train cyber warfare electromagnetic space warfare capability. According to reports, in June 1995, the US 16 “the first generation of cyberspace warfare warrior” graduated from the National Defense University. In the same year on October 1, the US military in South Carolina State Air Force Base set up the first network of electromagnetic space warfare units, namely the 9th Air Force 609 Squadron. October 1998, the US Defense Department official will be included in the information war fighting doctrine, also approved the establishment of “computer network defense joint special forces.” In early 2006, the US Air Force to establish research networks electromagnetic space problem “network special group”, the special assistant to the Air Force Chief of Staff Dr. Lani Kass headed. With the end, the Air Force officially announced the establishment of a temporary network electromagnetic Space Command 8,000 people, Robert · J. Elder will serve as commander of the post. (11) in 2007, the US Air Force to rely on the 8th Air Force, the Air Force set up a network of electromagnetic space Warfare Command, the Navy has set up a “Navy computer emergency response unit,” West Point established a network of electromagnetic Space Science Center. In 2009, US Defense Secretary Robert Gates announced the formal establishment of the “network of electromagnetic Space Warfare Command,” the US National Security director Keith Alexander will be nominated as commander. According to the US Deputy Secretary of Defense Ashton Carter said in the Aspen Security Forum, held July 18, 2013, the US network forces to be deployed in place. (12) This indicates that the United States has sounded the clarion call to compete for hegemony in cyberspace.

Leading cyberspace requires more advanced than in other countries “in cyberspace arms.” “Cyberspace weapon” belongs to the new concept weapons category, the current world’s major countries are all invested heavily in research and development of such weapons. According to data disclosed by the United States Institute of Technology analysis, the current world investment in electromagnetic weapons in space network has more than 1.7 trillion US dollars. (13) The United States is a pioneer in the development of cyberspace arms and leader. As the Air Force is promoting “Cyber aircraft” (Cybercraft) project aims to develop a kind of reconnaissance for the first time able to rival the network of electromagnetic space combat weapons intent. (14) According to the report disclosed, the concept of cyberspace combat aircraft is very advanced, it can be installed in any electronic medium, you can take the initiative to all software and hardware devices Ping scanning, port scanning, OS identification, vulnerability scanning and enumeration ensure operational commanders to the entire network capable of electromagnetic space, small to any computer instantaneously perception and control. (15) in May 2008, the US government launched a more ambitious program – “Cyber Range” (NCR) program. This program is known as America’s “electronic Manhattan Project” in an attempt by developing “revolutionary” new technology, to win the network electromagnetic space this “space race.”



Second, the use of cyberspace technology based on the “network-centric warfare,” the Defense Transformation Strategy

Construction on the Internet beginning of the formation, the relevant departments and think tanks on the United States is keenly aware of the great military significance of the Internet, recognizing that future US military strategy must adapt to the development of information technology. August 1, 1995, US Army Training and Doctrine Command issued a report entitled “information warfare” concept “525-69 Handbook”, proposed to all dimensions (land, sea, air, space) space combat and battlefield systems (command and control systems, mobile systems, fire support system) with a data link connection together to establish shared situational awareness coupled with continuous operational capability “of the 21st century force” so that they can more quickly than the enemy, the more accurate reconnaissance, develop decisions into action. (16) in October 1998, the US military issued a “Joint Information Operations doctrine,” said information warfare is the impact of the enemy’s information and information systems, and to protect one’s own information and information systems …… information advantage is the use of information and prevent enemy use capability information. (17)

May 25, 2001, former US President George W. Bush delivered a speech at the US Naval Academy graduation ceremony, stressed that “we must take advantage of the revolutionary advances in warfare technology to build our army, so that we can define our way of war to the maintenance of peace. We are committed to build a mainly mobility and quickness rather than size and number to measure the strength of the future army, build an easier to deploy and security forces, and build a greater reliance on precision-guided weapons and stealth and IT forces. ” (18) about George W. Bush proposed the construction of digital force requirements, the US Congress and the Defense Department put forward a defense to rely on IT transformation program.

US Defense Transformation’s goal is to use the network forming, so that the physical limits of technology has now reached the weaponry to combat multiplier effect. Exercise USAF F-15C aircraft organizations perform aerial combat missions showed that the kill rate using data link F-15C aircraft, increased by more than 1 times. The reason is that “the use of tactical data link enables pilots greatly improved the perception of the battle space, resulting in enhanced combat effectiveness.” (19) forming the premise can use the Internet is to strengthen national defense information infrastructure. As well-developed highway transportation extending in all directions, like inseparable, to obtain information superiority, is also inseparable from nothing is to the broadband network. In January 1993, the Clinton administration issued the “National Information Infrastructure: Action Plan” document, proposed the establishment of high-speed fiber-optic communications network in the United States, namely the “information superhighway”, to every office and home network connections are used to form easily accessible information superhighway. After starting the “information superhighway” Soon, the US military has begun to design national defense information infrastructure (DII) construction. 1995, the US military C4I concept proposed to start the Defense Information Infrastructure Common Operating Environment (DII-COE) construction, is intended to provide timely and accurate safety information for military action. In 1996, the US military further proposed various types of reconnaissance, surveillance, sensor integration, breaking the military services between the “chimney” lined situation, construction command, control, communications, computers, intelligence, surveillance and reconnaissance systems (C4ISR), real “From sensor to shooter” combat capability.

US Department of Defense in promoting the construction of a military network bandwidth while also developing Information Grid (Grid) (20) technology. In 1999, the US Department of Defense proposed the building of “Global Information Grid” (Global Information Grid, GIG). In 2003, the Ministry has announced a “Global Information Grid Architecture” (version 2.0), with the Defense Information Systems Network Planning (DISN) as the backbone to integrate the services of the US military information system, built in line with “Global Information Grid” requirement The “system of systems” formula common operating environment (GIG SOS-COE). At present, “Global Information Grid” bandwidth expansion plan (GIG-BE) has been completed, nearly 100 backbone nodes to achieve a seamless broadband high-speed Internet. 2008, the US Defense Information Infrastructure will extend from the narrow to the broad field of cognitive domain information, information from a network domain to electromagnetic fields (Cyber) across.





美国国防部在推进军用网络带宽建设的同时,还在大力发展信息网格(Grid)(20)技术。1999年,美国防部提出建设“全球信息网格”(Global Information Grid,GIG)。2003年,该部又公布了《全球信息网格体系结构》(2.0版),规划以国防信息系统网(DISN)为骨干整合美军各军种的军事信息系统,建成符合“全球信息网格”要求的“系统之系统”式公共操作环境(GIG SOS-COE)。目前“全球信息网格”带宽扩展计划(GIG-BE)已完成,近100个骨干节点实现了无缝宽带高速互联。2008年,美军将国防信息基础设施从狭义信息域扩展到广义认知域,实现从信息域到网络电磁域(Cyber)的跨越。

IT as the US military will support the transformation of the armed forces, which means the network as the core of military transformation, from a “platform-centric” to “network-centric” transformation. Network-centric warfare concept first proposed by the American Arthur Cheb Petrovsky and John Garstka. (21) They “Network Centric Warfare: The Origins and Future” in an article that, in the 20th century, humanity has entered a new era of war, “society has changed, potential economic and technology has changed, American business has changed if the US military does not change, we should be surprised and shocked. ” (twenty two)

“Network Centric Warfare” concept put forward by the two authors was quickly adopted by the US official. In 2002, the US Department of Defense submitted to the “Network Centric Warfare” (Network-Centric Warfare) report to Congress, proposed Defense Transformation Network Centric Warfare as a guide. The report said, “network-centric forces are able to create and use an information advantage to dramatically improve the combat effectiveness of troops, it can improve the ability of the Department of Defense to maintain global peace and the need to restore stability to assume its tasks dominant position “in all types of military operations. (twenty three)

Core network-centric warfare is to war physical domain, information domain and cognitive domain “network.” (24) Compared with the platform-centric warfare, network centric warfare has incomparable advantages.

First, the network-centric warfare make the battlefield transparent. Outcome of the war does not depend on who put the most money, manpower and technology put on the battlefield, but rather who has the best information about the battlefield. Since (25) For centuries, there has been war uncertainty and resistance, making it difficult to predict war, Clausewitz called the “fog of war”, and now finally able to gradually uncover the layers of fog. (26)

Second, network-centric warfare can greatly improve the firepower effect. Platform-centric blow process, the ability to detect and combat together under one platform, and a platform for the ability to obtain information from the other platforms and then carry out combat missions based on very limited. And network-centric warfare, the fighting is fueled by increased capacity, improve the quality and timeliness of information flow between networks. Increase the flow of information is critical battle space perception can be shared and improving information accuracy. Network after partial image of each unit consisting of a complete summary of operational space diagram, and then transferred immediately to the decision scheme weapon against the system, greatly improving the efficiency of the weapon system.

Third, network-centric warfare has greatly enhanced the efficiency of command. Under normal circumstances, the operations process consists of the following elements: probe target, identify the target, hit the target to make decisions, the decision to transfer arms, weapons, aim and fire. This process, play a decisive role from target detection to fire the reaction time and firepower range. The reaction time depends on the role of distance sensors and weapons, time kill radius of weapons, communications and information processing needs, and make the decision to spend time. Platform-centric weapons systems, linkages between the various weapons systems by voice to achieve, not the direct command of weapons engagement; and in network-centric warfare, perception, command, control, and the ability of warring and so on through the “robustness” The digital data link connection to a network, the capacity of the flow of information between network nodes, the quality and timeliness greatly improve the combat effectiveness of the weapon system.


两位作者提出的“网络中心战”概念被美国官方迅速采纳。2002年,美国国防部向国会提交《网络中心战》(Network-Centric Warfare)报告,提出将网络中心战作为国防转型的指南。该报告称,“以网络为中心的部队是一支能够创造并利用信息优势,从而大幅度提高战斗力的部队,它能够提高国防部维护全球和平的能力,并在需要其担负恢复稳定的任务时在所有各种类型的军事行动中占据优势地位”。(23)





Fourth, to save resources. In the era of mechanized warfare, because the relatively low level of information sharing, the various branches of weapons and equipment are loosely organized together, the main operations center in each platform and expand, the lack of effective communication and coordination mechanism between them. Therefore, in the development of equipment development, mechanized warfare is more concerned about the construction of weapons platforms, emphasizing weaponry itself to each generation longer range detection broader, better mobility, protection stronger, rather than emphasizing weapons and equipment in various branches of information detection, firepower, protection and other aspects of the battlefield lateral complementary collaboration. In order to meet the various needs of battlefield environment, mechanized warfare requires a single platform should also have multiple complex combat system with air and sea, the potential early warning, surveillance, detection and far, short-range strike capability and protection capacity, and all of these functions due to lack of information and the main coordination mechanism for their own services, causing great waste. Meanwhile, the upgrading of platform-centric weapons systems, weapons platforms make increasingly large and more complex. Network Centric Warfare in the Information Age is completely different, it emphasizes the grid in the framework of the various branches of military hardware strike weapons, sensors, communications equipment and support equipment and other integration as a whole, combined into a super-scale precision weapons, implementation of the system and the system, against the system and the system as a whole.

Comprehensive US troops from the Cold War so far the introduction of the strategic planning report and the army, the US military is increasing access to network electromagnetic spatial information efforts. As in the late 1990s when the proposed C4ISR, the US network of electromagnetic space requirement is to provide four “arbitrary” for combat, that is, any time, any information, any place, any person. And when in 2003 started the construction of the Global Information Grid is designed to allow network electromagnetic space provides five “proper”, that the right time, the right place, the right information, the right form, the right people. By 2008, the US also proposed the establishment of a network through electromagnetic space environment, to achieve the “three global capacity”, that global warning capabilities, global reach capabilities and global operational capabilities, to achieve full spectrum advantage. Thus, the United States will make every effort to expand the use of the network enabling the US military’s combat strength, to maintain American military hegemony.



Third, the US cyberspace security strategy

Geographically, the United States is two foreign countries, the security environment is very favorable. However, the development of network technology is superior to the American tradition of the security environment and constitute a real challenge. Since computer networks after commercial operation, industrial manufacturing, utilities, banking and other areas of the US communications network to connect all computers and controlled by the United States and other areas of diplomacy and defense are highly confidential full realization of the network, resulting in American society computer network to form a highly dependencies. It can be said, “No country in the world like the United States is so dependent on the network.” (27)

The United States is highly dependent on the network provides an unprecedented opportunity for America’s opponents. Through network attacks caused unimaginable destruction. If the “cut off power and water through the network,” the entire United States would “paralyze”:.. “Then everything stopped, railway connections and traffic lights do not work without electricity, but also get information which will cause people’s life . This is not a great impact bomb, but the bomb is similar to the effect produced – everything is closed. ” (28)

First, cyber crime against the United States continues to rise. Since the commercialization of the Internet, cyber crime showed rapid growth trend, especially for network hacker attacks even more so. The original purpose of hackers to launch cyber attacks is the purpose of self-presentation, namely by identifying network vulnerabilities and the attacks to achieve self-sufficiency. However, as the economy becomes network, hacker attacks more in order to obtain illegal interests for the purpose. Hackers from the “play” to become a ‘big business’, it takes only $ 400, you can buy one on the Internet, “crime package”, to steal other people’s bank accounts and credit card numbers. According to the study, worldwide each year due to loss of network attack suffered about 5,000 billion US dollars, the cost of crime generated by the network up to 3,880 billion US dollars, more than the world’s heroin, cocaine and cannabis market all combined. (29) in 2005, the largest US credit card The company, one of MasterCard’s 40 million users of banking information is acquired by hackers, causing the largest US credit card user information leak case. 2005 to 2007, Albert Gonzalez and a man named “shadow team” Teamwork hacker penetrated include TJ Maxx, Barnes, Noble and BJ including retail giant database, obtaining 180 million payment account access, these companies resulted in more than 400 million US dollars in economic losses. (30) According to US industry estimates, the 2008 data theft and infringement of intellectual property rights to the United States caused by the loss of up to $ 1 trillion. (31)

Second, the network of terrorist activities against the United States poses a great threat in cyberspace. As the network has become the most important human information dissemination and communication tools, terrorist organizations will also spread its tentacles into the network, make full use of the network of privacy, anonymity and across time and space characteristics, to implement terrorist recruitment and training programs . For example, the world’s largest terrorist organization “base” organization in recent years to take advantage of the network to carry out terrorist activities. According to the US Institute of Peace in Washington researcher Gabriel Weinmann observed, “In the traditional site of discussions and forums area can be found al-Qaida elements. 7 years ago, they are about 12 Internet sites. Since the ‘base’ Organization members have been expelled from Afghanistan later, to some extent, they have found refuge on the Internet. They added one, two or even 50 sites “Every day. Statistics US Treasury Bureau of Information said, “base” organization has about 4,000 online sites. “(32) terrorist organizations use network behavior aroused the attention of the American government department. In early 2005, the FBI asked to be alert terrorist organizations to recruit engineers from the Internet. In July, the US government should request, Pakistani authorities arrested the “base” organization computer expert Naeem Noor Mohammad Khan.




首先,针对美国的网络犯罪持续攀升。自从互联网商业化以来,网络犯罪便呈快速增长之势,特别是黑客对网络发动的攻击更是如此。最初的黑客发动网络袭击的目的多是为了自我展示,即通过发现网络漏洞并对之发动攻击来实现自我满足。但是,随着经济生活越来越网络化,黑客攻击更多以获取非法利益为目的。黑客已从“玩玩”发展成为一个‘‘大行业”,只要花上400美元,就可以在网上买一个“犯罪包”,以窃取别人的银行账户和信用卡密码。据研究,全世界每年因网络攻击遭受的损失约有5,000亿美元,由网络犯罪产生的成本高达3,880亿美元,比全球海洛因、可卡因和大麻市场全部加起来还要多。(29)2005年,美国最大信用卡公司之一的万事达公司4,000万用户的银行资料被黑客获取,酿成美国最大规模信用卡用户信息泄密案。2005至2007年,阿尔伯特·冈萨雷斯和一个名叫“影子团队”的黑客团队合作,侵入包括TJ Maxx、Barnes、Noble和BJ在内的零售业巨头的数据库,获取1.8亿支付账户的访问权,给这些公司造成了4亿多美元的经济损失。(30)据美国业界估计,2008年的数据失窃和知识产权受到侵犯给美国造成的损失高达1万亿美元。(31)


Third, the United States Government to collect foreign intelligence through the network, to pose a challenge to US national security. In 2007, the US Defense Department, State Department, Homeland Security, Ministry of Commerce, the National Aeronautics and Space Administration and the National Defense and other departments have been large-scale invasion. In the invasion, the US defense secretary e-mail or even cracks, the Ministry of Defence were stolen “millions of bytes” of information, launcher design NASA also been maliciously modified, the Commerce Department also was forced off its network belongs Bureau of Industry and Security connections for several months, causing serious compromised. (33)

Fourth, the US network competitors may launch cyber warfare. And several network security threats described earlier, this kind of threat is more serious. In launching cyber attacks, the United States is the instigator. Back in the 1980s, the United States against the Soviet Union had launched a similar “attack.” Then the lack of control of its long-range Soviet oil and natural gas pipeline network of automatic pump and valve control technology. Since the Soviet Union embargo by Western countries, the official was unable to purchase through normal channels to the relevant products. Thus, the Soviet government would purchase this task to the Soviet KGB intelligence service to complete. After US intelligence agencies informed the KGB procurement plan, secretly let a Canadian company to undertake business. KGB successful completion of the procurement task, but it absolutely did not think that the CIA has implanted malicious code in its procurement of goods and software. The pipeline system runs a few months after the installation is completed, the United States launched the malicious code, so that the pipeline at the same time, a pump running at full speed all the valves closed pipeline, resulting in pipeline explosion, the entire piping system is permanently damage. Although the United States temporarily networks dominate, but now it’s network vulnerability has not be overlooked. US software programming engineer John Martelli found that US “industrial control computer system, water and electricity networks of the class are automatically linked like …… This proves, in some cases, we are exposed to the sun , hackers can easily attack us. ” (34)

Given the extreme importance of the network to US national security, in order to prevent the “Network Pearl Harbor” occurred (Cyber Pearl Harbor) events, from the Clinton administration, the United States adopted a series of measures to ensure that the United States of network security.

First, the US government cybersecurity strategies into national security strategy areas, to enhance network security awareness of network security status and population strategy. 1998, Clinton issued “critical infrastructure protection” Presidential Decree (PDD-63), the first clear concept of network security strategy. The report notes that although the United States is the world’s most powerful countries, but more and more dependent on “the importance of those countries as well as the physical properties of computer-based systems and assets once they are damaged or destroyed, will the country security, national economic security and national public health and health care have a devastating impact. ” (35) in December 2000, Clinton signed the “National Security Strategy in the Age of Globalization” file, the network security as an important part of the national security strategy. (36) in January 2009, shortly after Obama became US president, will according to the US Strategic and International Studies Center, “to ensure that any new president within the network of electromagnetic space security” to submit a special report, proposed in October 1957 as the Soviet Union launched the first Sputnik as holding a similar referendum discussion, raise the American public network electromagnetic space security awareness. (37) After due deliberation, the US government in 2011 focused on the introduction of a number of reports on network electromagnetic space security, the more important the “network authentication electromagnetic space credible national strategy” (National Strategy for Trusted Identities in Cyberspace, March 2011), “Network electromagnetic space International Strategy” (International Strategy for Cyberspace, 2011, May 2007), “DoD networks electromagnetic space action strategy” (Department of Defense Strategy for Operating in Cyberspace, 2011 July 2009) and “DoD networks electromagnetic space policy report” (Department of Defense Cyberspace Policy Report, 2011 November 2003). These reports are all involved in the network of electromagnetic space security strategy.



鉴于网络对美国国家安全的极端重要性,为防止“网络珍珠港”(Cyber Pearl Harbor)事件的发生,从克林顿政府起,美国就采取一系列措施,确保美国的网络安全。

首先,美国政府把网络安全战略纳入国家安全战略范畴,提升网络安全战略的地位和民众的网络安全意识。1998年,克林顿签发《关键基础设施保护》总统令(PDD-63),首次明确网络安全战略的概念。报告指出,美国虽然是世界上最强大的国家,但越来越依赖“那些对国家十分重要的物理性的以及基于计算机的系统和资产,它们一旦受损或遭到破坏,将会对国家安全、国家经济安全和国家公众健康及保健产生破坏性的冲击”。(35)2000年12月,克林顿签署《全球化时代的国家安全战略》文件,将网络安全作为国家安全战略的重要组成部分。(36)2009年1月,奥巴马出任美国总统后不久,便根据美国战略与国际问题研究中心提交的《确保新总统任内网络电磁空间安全》专题报告,提出要像1957年10月苏联发射第一颗人造地球卫星那样,举行类似的全民大讨论,提高美国民众网络电磁空间安全意识。(37)经过充分酝酿后,美国政府于2011年集中出台了多项有关网络电磁空间安全的报告,其中比较重要的《网络电磁空间可信身份认证国家战略》(National Strategy for Trusted Identities in Cyberspace,2011年3月)、《网络电磁空间国际战略》(International Strategy for Cyberspace,2011年5月)、《国防部网络电磁空间行动战略》(Department of Defense Strategy for Operating in Cyberspace,2011年7月)和《国防部网络电磁空间政策报告》(Department of Defense Cyberspace Policy Report,2011年11月)。这些报告无不涉及网络电磁空间安全战略问题。

Second, we continue to strengthen the legislative work network electromagnetic field of space. Soon after the United States in order to prevent electronic “September 11 incident” occurred, “9.11” incident (e-9/11 event), President George W. Bush issued Executive Order No. 13231 – “Critical Infrastructure Protection Information Age” , (38) in February 2003 and issued a “critical infrastructure and key assets of physical protection of the national strategy.” (39) documents the communications, information technology, defense industrial base, etc. 18 infrastructure sector as a critical infrastructure, the five major items of nuclear power plants, government facilities and other assets defined as important. In the same month, the United States enacted its first national strategy on network electromagnetic space security – “ensure that the network electromagnetic space security national strategy.” The document up to 76, for the United States to protect the network electromagnetic space security established the guiding framework and priorities. May 2009, the Obama administration issued a “network of electromagnetic space policy review.” The report says, to “the capacity of national security for the next generation network communication and emergency preparation, to develop a coordinated plan.” (40)

Third, focus on top-level design, streamline management network electromagnetic space security organizations. Early in the Clinton administration, the United States will set up an inter-departmental coordination mechanism – the president Critical Infrastructure Protection Board. From the implementation point of view, the role of this institution is limited. After the “9.11” incident, the Bush administration set up by the chairman of the committee for the first time as the “president of network security consultant”, but its mandate is relatively small. After the 2003 establishment of the Department of Homeland Security, the US government handed over responsibility for the US network electromagnetic space security to the ministry. Report of March 2009, US security committee electromagnetic space network to President Obama just appointed submitted a “ensure that any new president within the network of electromagnetic space security”, said the “network of electromagnetic space security issue is a serious national security challenge facing the United States of a network of electromagnetic space security is not just Chief Information Officer IT office tasks, it is not just homeland security and counter-terrorism strategy and …… it is to prevent the proliferation of weapons of mass destruction and the fight against global ‘jihad’ equally important event. The federal government should bear the main responsibility. ” (41) Under the repeated calls of experts and scholars, the White House also recognized “Without a central coordinating mechanism, no update national strategy, no plan of action for the development and coordination of the executive departments, and no congressional support, by partaking work is insufficient to meet this challenge. ” (40) 163 For this reason, the White House organized the “White House cybersecurity office”, and established close ties with the president can “White House cybersecurity coordinator.” After the integration of the Obama administration, the US federal government currently has six full-time network security agency: Department of Homeland Security under the “US Computer Emergency Response Team”, under the Ministry of Defence, “Joint Operations Force Global Network Operations Center” and “Defense Cybercrime Center “, under the FBI’s” national online survey Joint Task Force “, under the Office of the Director of National Intelligence” Intelligence Community Network Incident Response Center “, and is part of the National Security Agency’s” Cyberspace Security Threat Operations Center. ” Obama administration to adjust to network security management system is primarily intended to improve the efficiency of network security organization and leadership, the formation of a comprehensive national network of electromagnetic space security leadership and coordination system integration.

Fourth, to the outside world announced the implementation of a high-profile network deterrence. May 2009, the Obama administration announced the “Cyberspace Policy Assessment” is made, “From now on, our digital infrastructure will be considered national strategic assets to protect this infrastructure will be a priority of national security.” (42) for the protection of the United States of this strategic asset, in May 2011 the US government announced the “Cyberspace International Strategy” stressed: If potentially hostile country for the US-sponsored cyber attack threat to national security and interests, the United States will not hesitate to use military power. In June, US Defense Secretary Robert Gates in Singapore to attend the 10th Shangri-La Security Dialogue noted in confirming network attacks from his country, the United States regarded as “an act of war” and to give “force to fight back.” (43) This shows that the United States 已把 network security as a top priority, of means by those who seek to attack the national or organizational network infrastructure to benefit the United States resorts to war.

第二,不断强化网络电磁空间领域的立法工作。“9·11事件”发生后不久,美国为防止发生电子“9·11”事件(e-9/11 event),小布什总统发布了13231号行政命令——《保护信息时代的关键基础设施》,(38)2003年2月又颁发了《关键基础设施和重要资产物理保护的国家战略》。(39)这份文件把通讯、信息技术、国防工业基础等18个基础设施部门列为关键基础设施,把核电厂、政府设施等5大项界定为重要资产。同月,美国颁布了首份有关网络电磁空间安全的国家战略——《确保网络电磁空间安全国家战略》。该份文件长达76页,为美国保护网络电磁空间安全确立了指导性框架和优先目标。2009年5月,奥巴马政府出台了《网络电磁空间政策评估报告》。该报告称,要“针对下一代网络的国家安全与应急准备通信的能力,制定一个协调计划”。(40)



Fifth, actively build network security defense system to protect the electromagnetic space. In response to the invasion of US network infrastructure behavior, the US government early in 2002 started the “Einstein Program.” Currently, the program has entered the third phase. The first phase of the plan is to achieve Einstein information collection and sharing of safety information. Einstein program is the second phase of intrusion detection systems to scan all Internet traffic and government computers (including private communication section) a copy of the data. When the scanning system will mark the communication data having the characteristics of malicious code, and automatically obtain and store the entire message. Then, the computer network defense department officials for information is identified and stored for review. The third stage is planned Einstein intrusion prevention systems. This system detects a malicious attack agents, and agents of the United States to prevent malicious network attacks. Former US Secretary of Homeland Security Michael Chertoff functional Einstein plan is it this way: If the second phase of Einstein’s plan is “a holding in a roadside police radar, they can advance by telephone warning was drunk or speeding, “then Einstein program is the third phase of a possible” to arrest suspects “and” stop attacks, “the police, it’s like an air defense weapon system, before it can attack the target to shoot down the missile. (44) in October 2009, the implementation of “Einstein Program” and “new national cyberspace security and Communications Integration Center” (New National Cybersecurity and Communications Integration Center, NCCIC) enabled in Arlington, Virginia. The center 24-hour surveillance involving basic network architecture and network threats to national security, the protection of the United States to become the central network security. In addition to the Einstein program, the US National Security Agency is still great efforts to build the so-called “network shield” (Cyber Shield) Project, for use against American competitors in the United States critical infrastructure attacks. This system can transmit packets on the network in real-time analysis, it can quickly filter out all kinds of illegal data packages and other attacks loads; if the system can not exclude a threat, it will start to apply physical isolation mechanism. (45) to create a secure network environment electromagnetic space, enormous amounts of money the United States. In 2008, the Bush administration launched the “National Cybersecurity Initiative comprehensive” budget of up to $ 30 billion. According to media reports, the draft defense budget for fiscal year 2014 to be a substantial increase in US Department of Defense budget network security, network security funds reached a total budget of $ 13 billion each department. (46)

The United States is highly dependent on the electromagnetic space of national network, the national network intrusion greatly. US Department of Defense’s unlawful invasion by a day tens of thousands of times. However, so far the US network infrastructure has not been large-scale cyber attacks, which US cybersecurity strategy proved to be effective from one side. However, the US alleged network electromagnetic space security is actually a network of electromagnetic space to seek hegemony, showing that “security” is based on other national networks electromagnetic space “unsafe” basis, and it will force the other The country also in the network invested heavily in research and development of electromagnetic field of space technology to deal with, resulting in “Network arms race.”

第五,积极构建保障网络电磁空间的安全防御体系。为应对入侵美国网络设施的行为,美国政府早在2002年就启动了“爱因斯坦计划”。目前,该计划已进入第三阶段。爱因斯坦计划的第一阶段主要是实现信息采集和安全信息共享。爱因斯坦计划的第二阶段是检测入侵系统,用以扫描所有互联网流量以及政府电脑(包括私人通信部分)的副本数据。系统扫描时会标记出具有恶意代码特征的通信数据,同时自动获取并存储整个信息。然后,计算机网络防御部门政府官员对被识别出来和存储的信息进行审查。爱因斯坦计划第三阶段是入侵防御系统。该系统对恶意攻击代理进行检测,并阻止恶意代理对美国网络的攻击。美国前国土安全部长切尔托夫对爱因斯坦计划的功能是这样表述的:如果第二阶段爱因斯坦计划是“一个在路边拿着测速雷达的警察,他们可以提前用电话警告有人醉酒或超速驾驶”,那么第三阶段爱因斯坦计划则是一位可以“逮捕疑犯”和“阻止攻击”的警察,这就像一个防空武器系统,它可以在导弹攻击到目标之前将其击落。(44)2009年10月,执行“爱因斯坦计划”的“新国家网络空间安全和通信集成中心”(New National Cybersecurity and Communications Integration Center,NCCIC)在弗吉尼亚州的阿林顿启用。该中心24小时全天候监控涉及基础网络架构和国家安全的网络威胁,成为保护美国网络安全的中枢。除爱因斯坦计划外,美国国家安全局还在大力建设所谓的“网络盾牌”(Cyber Shield)项目,用于抵御美国的竞争对手对美国关键基础设施发动的攻击。这一系统可以对网络传输的信息包进行实时分析,能迅速过滤掉各种非法数据包和其他攻击载荷;如果系统无法排除威胁,会申请启动物理隔离机制。(45)为打造安全的网络电磁空间环境,美国不惜巨资。2008年,小布什政府推出的《国家网络安全全面倡议计划》预算高达300亿美元。据媒体报道,美国2014财年国防预算草案拟大幅增加国防部网络安全经费预算,各部门网络安全经费预算总额达到130亿美元。(46)


Fourth, through the advocacy of “network freedom” implementation of network penetration strategy

Due to the popularity of the network, the global number of Internet users increased dramatically. According to statistics, and as of December 31, 2012, the global number of Internet users reached 2.405 billion, accounting for 34.3 percent of global population. (47) where the number of Chinese Internet users more development trend showing a blowout. According to the China Internet Network Information Center released data, as of the end of December 2012, China’s netizens reached 564 million, the year of new users 5,090 million and Internet penetration rate of 42.1%, an increase of 3.8 percentage points over the end of the year; slightly Bo 309 million registered users, more than the end of 2011 increased 5,873 million.

Seen from the above statistics, human society has entered a “fiber age.” Spread nature of the network is not just the flow of information, but also the sharing of information network participants, negotiation, compromise and confrontation, including deep-level activities behind the concept of action, will, emotions. (48) In particular, especially Web2.0 era. Development and application of this technology to make a breakthrough in the field of Internet is essentially a computer communication era, ushered in a revolution in ideas and thoughts. (49) in the Web 2.0 environment, participation in interactive is a more obvious characteristics of user demand. Most online content is to create a user, different users can easily share wisdom, namely the use of collective wisdom to make the Internet into a sense of global brain. Web2.0 individual-centered, users not only information the reader, but also the publisher of information, communicators, modified by. In other words, by a few leading resource control by centralized control of the Internet system began to change for the bottom-up by the majority of users of the collective wisdom and strength to dominate the Internet system, opening the era of the Internet’s roots.

Popularity of the network of traditional print media and television revolution. Government and the consortium can easily control a newspaper or a television station. A country may also be issued in other countries refuse to newspapers in the country, do not let other countries landed a television program in the country, thereby more effectively prevent other countries to the ideological penetration. However, the Internet real-time dissemination of information and without Borders greatly weakened the ability of countries to withstand external ideological penetration. After the Cold War, the United States launched the Iraq war and by the war in Afghanistan to extend “American-style democracy”, that is by way of regime change “top-down” to promote democracy, but frustrated, in trouble. (50), however, began in the “Arab Spring” in Tunisia saw the US has “point” and “interactive” features of the Internet, to help the United States “bottom-up” to pursue its expansion strategy democracy. So the United States began to increasingly rely on international hegemony it has in the technical aspects of the Internet, began to fully exploit the great advantages of foreign ideological penetration of their enjoyment of the Internet as an important tool for ideological penetration of his country.

First, the US government set up a network penetration leadership. In 2002, the US government established the “Internet diplomatic team,” the team after being incorporated into the “Internet diplomatic office,” the US State Department. In February 2006, Secretary of State Condoleezza Rice established the “Working Group on Global Internet Freedom”, the main research on the Internet and free foreign policy. In 2008, the Rand Corporation report to the US Department of Defense, suggested that the US should help reformers obtain and use information program, which provides a number of measures to encourage US companies to invest in communications infrastructure and information technology in the region. Obama called the US the “Internet president.” When he ran for the presidency in 2008, through superior rabbit network (Youtube), Facebook (Facebook), Twitter network (Twitter) and MySpace (Myspace), etc. send a message, users win support. After the White House, Obama actively using Web 2.0 technology to promote US public diplomacy to promote the American spirit to the world and to promote American-style democracy. Under the White House’s push, the United States set up the relevant institutions, leadership network penetration work. Under the leadership of these organizations, the US State Department after the launch of Twitter in French, Spanish, Arabic and Persian launched version, also plans to launch Chinese, Russian and Hindi version.



从上述统计数据可见,人类社会已经进入了“光纤时代”。网络传播本质上不仅仅是信息的流动,而且是网络参与者对信息的共享、协商、妥协和对抗,其中包括行动背后的观念、意志、情绪等深层次的活动。(48)特别是Web2.0时代的到来更是如此。这项技术的开发与应用使互联网领域突破了实质上是计算机交流的时代,迎来了一次理念和思想的革命。(49)在Web 2.0环境下,参与互动性是用户需求的一个比较明显的特点。网上的内容大多是由用户来创造,不同用户可以非常方便地共享智慧,即利用集体智慧使互联网变成某种意义上的全球大脑。Web2.0以个人为中心,网民既是信息的阅读者,同时也是信息的发布者、传播者、修改者。换句话说,由少数资源控制者集中控制主导的互联网体系开始转变为自下而上的由广大用户集体智慧和力量主导的互联网体系,开启了互联网的草根化时代。


首先,美国政府组建了进行网络渗透的领导机构。2002年,美国政府组建了“互联网外交研究小组”,该小组后被并入美国国务院的“互联网外交办公室”。2006年2月,国务卿赖斯成立了“全球互联网自由工作组”,主要研究有关互联网自由的对外政策。2008年,兰德公司向美国国防部提交报告,建议美国应该帮助变革者获取和使用信息计划,即提供一些措施鼓励美国公司投资这一地区的通信基础设施和信息技术。奥巴马号称美国“互联网总统”。他在2008年竞选总统职位时,通过优兔网(Youtube)、脸谱网(Facebook)、推特网(Twitter)和聚友网(Myspace)等发送信息,赢得网民支持。入主白宫后,奥巴马积极利用Web 2.0技术推动美国的公共外交,向全世界宣扬美国精神和推广美国式民主政治。在白宫的推动之下,美国设立了相关机构,领导网络渗透工作。在这些机构的领导下,美国国务院在推出推特的法语、西班牙语版之后,又推出了阿拉伯语和波斯语版,还计划推出中文、俄语和印地语版。


第三,拉拢网络公司高管,延揽网络渗透人才。2009年,美国国务院组织推特网的创始人杰克·多尔西及其他多名美国网络公司高管到伊拉克考察,意在让他们在伊拉克建设社交信息网,以引导伊拉克的民意和影响伊拉克国内政治发展。2010年,美国国务卿希拉里·克林顿还特意宴请杰克·多尔西和谷歌公司首席执行官埃里克·施密特,要他们利用新媒体输出美国的价值观。这些新媒体的领军人物在2011年爆发的阿拉伯世界“茉莉花革命”中扮演了重要角色。为了更有效地影响阿拉伯世界的网民,美国国务院积极延揽阿拉伯语、波斯语和乌尔都语人才,将他们组成“数字外联小组”,参与伊斯兰世界的网络聊天室的讨论。对于网络在推动北非变局中发挥的作用,美国国务院政策设计顾问杰拉德·科恩(Jerad Cohen)予以高度评价,他将“脸谱”网称为有史以最有效的促进民主工具之一,称赞互联网是一个在全球范围内促进自由、平等和人权价值观的有效工具。(54)


①William Gibson,Neuromancer,New York:Ace Books,1984,p.69.




⑤Jose Vericat,”Is the Google World a Better Place,” Journal of International Affairs,Vol.24,No.1,2010.


⑦The Department of Defense,The National Military Strategy for Cyberspace Operations(2006),p.10.

⑧The Department of Defense,National Military Strategy(2004),p.18.

⑨The Department of Defense,The National Military Strategy for Cyberspace Operations(2006),p.v.

⑩The Department of Defense,The National Military Strategy for Cyberspace Operations(2006),pp.19-20.

(11)Thomas Rid and Marc Hecker,War 2.0:Irregular War in the Information Age,Westport:Praeger Security International,2009,p.58.


(13)TECHNOLYTICS,Cyber Commander’s Handbook.转引自王源.赛博武器的现状与发展[J].中国电子科学研究院学报,2011年第6期.

(14)Shane P.Courville,Air Force and the Cyberspace Mission Defending:the Air Force’s Computer Network in the Future,2007.


(16)Thomas Rid and Marc Hecker,War 2.0:Irregular War in the Information Age,p.37.

(17)Thomas Rid and Marc Hecker,War 2.0:Irregular War in the Information Age,p.57.


(19)David S.Alberts,John J.Garstka,Frederich P.Stein,Network Centric Warfare:Developing and Leveraging Information Superiority,CCRP Publication Series,2000,p.100.
(21)Arthur K.Cebrowski and John J.Garstka,”Network-Centric Warfare:Its Origin and Future,” Proceedings,January 1998.

(20) 在网络带宽迅速增加的同时,网上的IP地址和资源更呈几何级数增加,再加上传感器网络提供的图像或数据,使网上资源或信息极其丰富。第三代互联网技术开发出来之前,人们使用网上资源要么是通过直接访问网站,要么是通过搜索引擎来查找资源。对于前者来说,就如用户打开电灯开关时需要指定一个发电厂一样;而对于后者来说,输入一下查询关键词可能有数万乃至数千万个结果,查找不便,效率低下。网格(Grid,也译成信息栅格)技术,彻底改变了这种效率低下的状况,真正实现了网络用户之间的互连、互通和互操作。这一技术将散布在网络上的资源虚拟为一个极其强大的信息系统,实现了计算、存储、数据、信息、软件、通信等各种资源的全面共享。参见刘鹏、王立华主编.走向军事网格时代[M].北京:解放军出版社2004年版,第7页.

(22)Arthur K.Cebrowski and John J.Garstka,”Network-Centric Warfare:Its Origin and Future,” Proceedings,January 1998.




(26)Thomas Rid and Marc Hecker,War 2.0:Irregular War in the Information Age,p.37.

(27)Charles E.Croom,Jr.,”Guarding Cyberspace Global Network Operations,” Joint Force Quarterly,No.46,July 2007,p.69.








(35)The White House,National Plan for Information Systems Protection Version 1.0:An Invitation to a Dialogue,2000.

(36)White House,A National Security Strategy For A Global Age,December 2000,


(38)Executive Order 13231 of October 16,2001,Critical Infrastructure Protection in the Information Age,

(39)National Strategy for the Physical Protection of Critical Infrastructures and Key Assets,February 2003.



(42)Remarks by the President on Securing our Nation’s Cyber Infrastructure,May 29,2009, infrastructure.

(43)Reuter,”Cates:US ready to use force against cyber attackers,” June 4,2011,

(44)Jack Goldsmith.The Cyberthreat,Government Network Operations,and the Fourth Amendment[EB/OL].









(53)White House,”International Strategy for Cyberspace:Prosperity,Security,and Openness in a Networked World,” May 2011,p.5.


Original Article HERE


China’s Military Hacking of US Business Subsides

US Officials: #chinese military has slashed corporate #Hacking | TheHill


By Cory Bennett

The Chinese military significantly reduced its cyber theft of American corporate secrets following the Justice Department’s May 2014 indictment of five Chinese officers, U.S. officials told The Washington Post.

And the People’s Liberation Army (PLA) has not returned to its previous level of commercial espionage since then, said several current and former U.S. officials.

“The big picture is that from 2014 on, the administration pursued a much more direct and coercive approach with China, and it has produced results over time,” Evan Medeiros, a former senior director for Asia affairs on the National Security Council, told The Post.

The report comes a day before top U.S. and Chinese officials begin several days of talks that aim to flesh out a September deal between the two countries to eradicate corporate hacking.

“For a period of time following the indictments, there was a very significant decrease” by the PLA, an unnamed U.S. official told The Post. “And today we are definitely not at the level that we were before the indictments.”

The narrative cuts against some recent reports that China’s civilian spy agency, the Ministry of State Security (MSS), has not reduced its commercial espionage efforts in the wake of the September agreement, which was struck during Chinese President Xi Jinping’s state visit to Washington, D.C. in September.

But it’s also possible that China has transitioned some of its digital theft from the PLA to the MSS, which can better hide its digital tracks.

The MSS is believed to be behind some of the more major U.S. breaches over the past year, including the intrusions at health insurer Anthem and the Office of Personnel Management (OPM), in which over 20 million federal workers had their sensitive data stolen.

But those hacks were likely part of China’s ongoing digital espionage campaign to gather detailed information on U.S. government workers, not an attempt to steal intellectual property.

Cyber espionage was not part of the September agreement between the two global powers.

A U.S. official told The Post that this week’s meetings will be a good opportunity to discuss China’s ongoing commitment to its September deal, but that it will take time to determine whether the Asian power is fully complying.

“As we move forward, we will continue to monitor China’s cyber activities closely and press China to abide by all of its commitments,” the senior administration official said. “We have been clear with the Chinese government that we are watching to ensure their words are matched by actions.”

Read Original article at: The Hill


Chinese Cyber Espionage – Infiltration of Target Networks Gets Sophisticated

Chinese hackers have expanded their attacks to parking malware on popular file-sharing services including Dropbox and Google Drive to lure unsuspecting  cyber-victims into downloading infected files and revealing compromising sensitive information. These Chinese hackers are also using more sophisticated cyber espionage tactics, focusing their cyber-spying on specific targets via targeted ‘white lists’ infect only specific visitors, named as high value targets, luring them unwittingly to compromised websites.

Chinese hackers are using the following sophisticated techniques, technology and protocols (TTPs) to successfully execute their cyber espionage campaigns:

  • Using noted Mandarin Chinese or Modern Russian hacking TTPs that are specifically charectreristic of both Chinese & Russian based hackers;
  • China’s Ministry of Public Security (MPS) is noting an increase in unauthorized access cases throughout Greater China;
  • Western media file sharing services such as Dropbox and Google Drive are being manipulated for launching successful hacker attack campaigns.

Surveillance and information extfiltration techniques are typically used only by sophisticated hackers from China and Russia who have been given specific cyber targeting packages for cyber-exploitation.

The level of hacking is a sign, they say, of how important China views Hong Kong, where 79 days of protests late last year brought parts of the territory, a major regional financial hub, to a standstill. The scale of the protests raised concerns in Beijing about political unrest on China’s periphery.

“We’re the most co-ordinated opposition group on Chinese soil, (and) have a reasonable assumption that Beijing is behind the hacking,” said Lam Cheuk-ting, chief executive of Hong Kong’s Democratic Party, which says it has been a victim of cyber attacks on its website and some members’ email accounts.

U.S.-based Internet security company FireEye said the attacks via Dropbox were aimed at “precisely those whose networks Beijing would seek to monitor”, and could provide China with advance warning of protests and information on pro-democracy leaders. The company said half its customers in Hong Kong and Taiwan were attacked by government and professional hackers in the first half of this year – two and a half times the global average.

China’s Ministry of Foreign Affairs, Public Security Bureau and the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region did not respond to requests for comment. The Defence Ministry said the issue was not part of its remit. China has previously denied accusations of hacking, calling them groundless, and saying it is a victim.

The Hong Kong police said its Cyber Security and Technology Crime Bureau works with other law enforcement agencies to combat cross-border crime, but did not respond to questions on how much information it shares with mainland Chinese authorities, the origin of the Hong Kong cyber attacks, or whether these might be a source of instability or concern.

Police data show a drop in reported “unauthorised access”, which includes Internet or email account abuse and hacking, over the past two years. Many of the victims Reuters spoke to said they hadn’t bothered to report being hacked.


Like other groups taking on the might of Beijing – from Uighurs and exiled Tibetans to some Taiwanese – Hong Kong activists, academics and journalists have become more savvy and adopted tactics that, in turn, force hackers to get savvier still.

When Tibetan exile groups stopped clicking on files attached to emails, to avoid falling victim to a common form of ‘spear phishing’ attack, hackers switched their malware to Google Drive, hoping victims would think these files were safer, said Citizen Lab, a Canada-based research organisation which works with Tibetans and other NGOs.

Hackers also recently used Dropbox to lure Chinese language journalists in Hong Kong into downloading infected files. FireEye, which discovered the attack, said it was the first time it had seen this approach.

“We don’t have any arrogance to think we can beat them,” said Mark Simon, senior executive at the parent company of Hong Kong’s Apple Daily, a media group on the front line of the attacks.


Trying to stay ahead of the hackers, activists and others use multiple mobile phones with different SIM chips, encrypted messaging apps, apps that automatically delete tweets, and code words to set up meetings. If someone thinks they may be arrested, they remove themselves from group chats.

Some things are kept offline.

“If we want to talk, we have some signal,” said Derek Lam, a member of student group Scholarism that helped organise the protests. “It’s a few words … if I say some words that are really strange it means we have to talk somewhere privately.”

Law professor and protest organizer Benny Tai stores personal data, such as names, email addresses and mobile numbers, on an external hard drive that he says he only accesses on a computer without an Internet connection.

The pro-democracy Apple Daily, which says it is hacked on an almost weekly basis, has tightened its email security software, and has its lawyers use couriers rather than email. FireEye last year connected denial of service (DDoS) attacks against Apple Daily with more professional cyber spying attacks, saying there may be a “common quartermaster”. It said China’s government would be the entity most interested in these “political objectives”.


Steven Adair, co-founder of U.S.-based security firm Volexity, said that code hidden on pro-democracy websites last year, including those of the Democratic Party and the Alliance for True Democracy, suggested a group he said “we strongly suspect to be Chinese… who is very well resourced.”

He said such tactics were more usually seen employed by Russian hackers, aimed at very specific targets and designed to be as unobtrusive as possible. “It’s a real evolution in targeting,” he said.

In the run-up to Hong Kong district council elections earlier this month, hackers used more basic techniques, breaking into at least 20 Gmail accounts at the Democratic Party, according to party officials and Google logs seen by Reuters.

Between April and June, many hacked accounts were forwarding emails to An examination of the hackers’ IP addresses by the party’s IT experts found some appeared to originate in China, party officials said.

(Reporting by Clare Baldwin and James Pomfret in HONG KONG and Jeremy Wagstaff in SINGAPORE, with additional reporting by Teenie Ho in HONG KONG and Michael Martina and Ben Blanchard in BEIJING; Editing by Ian Geoghegan)
Read more at Reuters

中國網絡衝突討論,信息與研究 // Chinese Cyber Conflict Discussions, Information & Research