FY26国防预算趋势：几个值得关注的项目

IndustryDefense 9 Scott DeuschleResearch Analyst+1-212-250-2014 SBBN, LPD, and DDG-51 class vessels The DDG-51 delays appear focusedonIngalls,ratherthanBath.FIA-XX & F-47: Reconciliation includes $750m for F/A-XX. It also includesan additional $400m to accelerate F-47 aircraft production.B-21 & Sentinel: $4.5b for expansion of B-21 production capacity andpurchase of aircraft. $2.5b for Sentinel risk reduction.F-15: $3.15b is included to increaseF-15EX productionLong-range strike: $60Om was included in the BBB for the"development,Additionally, $500m was added for the same capability for the Navy.Separate funding was provided for B-21 and F-47, so these other fundingelements are clearly for different programs-as discussed in some recentreporting from Aviation Week.AsAviation Weekreported, itis possible thatone or both of them may be Lockheed Martin programs, potentially theclassified program the company has previously booked charges on.USAF spares: $2.1b for spares and repairs to keep USAF aircraft missioncapable. Positive for RTX, GE, HWM.eC微信 Reconciliation BillPage 2 Appendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the ,previous trading session unless otherwise indicated and are sourced from localand other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primaryour website at https://research.db.com/Research/Disclosures/EguityResearchDisclosures. Aside from, within this report,Investors are strongly encouraged to review this information before investing.Analyst CertificationThe views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive anyDeutsche Bank Securities Inc. Page 3 11July2025Aerospace & Defense ElectronicsDefenseEquity rating dispersion and banking relationshipscompanies covered Cos. w/ Banking Relationship MIFID Investment & Ancllary ServicesEquity Rating and Dispersion KeyThe Equity Rating Dispersion Chart depicts the following:The proportion of recommendations that are rated"buy","sell"and"hold" over the previous 12 months. This is shown forsecurities issued in the stated region e.g. "Europe Universe". See rating definitions below. This is represented by the"Companies Covered" bars in the chart. The percentage value displayed above the bar is the proportion as a percentage.E.g. 50% above the "buy" / "Companies Covered" bar means that 50% of DB's equity research covered companies overthe past 12 months have a "buy" rating.Next to each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we providetwo additional bars to show:- The proportion of "buy","sell" or"hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestmentorAncillaryServices inthepast12months.Thisisrepresented inthe"MiFiDInvestmentandAncillaryServices" bar. The percentage value displayed above the bar shows the proportion of Companies Covered with the givenalso received MIFID Investment and Ancillary Services from DB.- The proportion of "buy" (or"sell" or "hold) recommendations where Deutsche Bank and or/Affiliates has providedInvestment Banking services in the past 12 months for which it has received compensation. The percentage valuedisplayed above the bar shows the proportion of Companies Covered with the stated rating where DB has also providedmeans 50% of the Companies Covered with the rating stated also have an Investment Banking Relationship with DB.Buy: Based on a current 12- month view of TSR, we recommend that investors buy the stock.Sell: Based on a current 12-month view of TSR, we recommend that investors sell the stock.Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either aBuy or Sell.projected dividend yieldNewly issued research recommendations and target prices supersede previously published research.Page 4 Deutsche Bank Securities Inc. 11July2025Aerospace & Defense ElectronicsDefenseAdditional InformationThe information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereport are provided for reader convenience only. Deutsche Bank neither endorses the content nor is responsible for theaccuracy or security controls of those websites.If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report, oris included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank may act asprincipal for its own account or as agent for another person.Deutsche Bank may considerthis reportin decidingto tradeas principal. Itmay also engage