And for anyone who tries to argue that Luft 46 would be awesome I would like to direct them to "The Big One" written by Stuart Slade to show them the error of their ways. It's an AH novel admittedly but it does a great job at showing how the Wunderwaffe wasn't so damn wonderful after all.
Unfortunately that work is itself in many ways a mirror-verse of Luft '46 in that it gives 1940's B-36 Bombers capabilities that didn't exist until their 1950's upgrades (the technical innovations and improvements required simply hadn't been developed yet and spending more money wouldn't help as they came about due to experience).
Basically this story is the opposite of Luft '46 and screams "SAC SAC Uber Alles!" at the top of its lungs with all disregards for plausibility. (Nuclear carpet bombing of all of Germany in 1947 aside in terms of plausibility it's not).
Any one wanting an excellent timeline devoted to examining hypothetical German weapons designs and Allied counters in a (semi)probable TL really just ought to check out the excellent Anglo-American-Nazi War by our own Calbear for an interesting examination of the subject as it examines everything from doctrine to air craft. He doesn't make any unreasonable leaps for either side and looks at it even with the lens of the Nazi's being unpredictable madmen much of the time.
Much better reading...and more importantly, it's free!
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As to the OP, if the Reich is in any position to survive past 1945 firstly (in a scenario which is anything close to OTL) they have little ability to produce anything and we see nothing different from OTL's 1945 save maybe a few more jet planes and Panther's.
Now in a position to survive past 1945 (say the AANW POD) then you have the Luftwaffe going for short range high jet interceptors like the Me-262, and possible successors. Some more practical designs are probably built as well, but we would also have more work on the Ho-229 and the German's might actually get the damn thing flying reasonably well. They probably continue to develop weapons like these.
On the armored side I'd say they would continue down the path the Panther and Tiger tanks led them until you reach some monstrous tank similar to OTL's T-55. They'd also put more work into anti-tank weapons.
They'd rather obviously continue to develop the Wasserfall SAM system and given time could probably improve it to a reasonable system, especially if we assume they can reverse any Allied transistor chips they manage to capture.
For small arms, well the Stg 44 would be developed more (maybe into a more compact weapon) with probably an upgrade to the bolt-action rifle (something similar to the M-14 maybe?).