Open source securities: The military industry sector has continuing momentum for growth and catalysis.

Open Source Securities pointed out that the military parade is an important catalytic factor in this round of military industry market. The market has higher expectations for new equipment and new weapon platforms. Some new equipment is expected to become the main equipment in the next five years. And with the improvement of weapon equipment informatization and intelligence, the total amount of equipment procurement is expected to increase simultaneously. There are different opinions in the market about the market after the military parade. The market of this round of military industry sector originates from the bottom and rebound of the fundamentals, and the military orders from the third quarter of 2025 to the fourth quarter of 2025 are expected to continue to be fulfilled. The direction of equipment development in the "Fifteen-Five" is also expected to be determined, and the sector has continuous upward momentum and catalysis.