Terance, thank you for your response.
I then checked this with a Chinese work colleague, who after going away came back with this:
"The red words are the simplified version, [actually, only the last word of the name is different, the other two words are the same for both versions].
功臣號 is written in traditional Chinese.
功臣号 is written in simplified Chinese.
功臣号[ gong1chen2hao4] with the insignia in the attachment is the Chinese designation of the first tank ever used by the People’s Liberation Army.
功臣 means a person [a minister] to whom all the credit must go to
号is a vehicle or ship suffix"
So I think "Hero" is a kind of translation of how the tank might be referred to, but it seems that this is the specific title applied to an individual tank, which was a Japanese Type 97 captured and put into use by the PLA. I suppose it might be translated as something like "Tank number 1: Hero".
If you put 功臣号 into a web image search it returns plenty of photos of this tank, and in fact some others with the same thing applied, presumably in memory of it.

