Epic Fury行动改变了一切：谁赢了（英）2026

INDUSTRY RESEARCHOperation Epic Fury Institutional Research Group Changed Everything:Here’s Who Wins Jim CorridoreLead Research Analyst,Industrialsjim.corridore@pitchbook.com Ali JavaheriSenior Research Analyst,Emerging Spacesali.javaheri@pitchbook.com Advantaged and disadvantaged in aerospace & defense,defense tech, clean energy, construction & engineering,and transportation & logistics Benny WongSenior Research Analyst, Energybenny.wong@pitchbook.com PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Jonathan GeurkinkSenior Research Analyst, MobilityTech and Supply Chain Techjonathan.geurkink@pitchbook.com John MacDonaghSenior Research Analyst,Carbon & Emissions Tech andClean Energy Techjohn.macdonagh@pitchbook.com Key takeaways pbinstitutionalresearch@pitchbook.com •Aerospace & defense:Defense electronics and missile defense supply chainsare clear winners; ground platform suppliers are not. PAC-3, THAAD, & SM-3interceptors were fired in numbers that peacetime production lines cannotquickly replace. The replenishment cycle is funded, and PE access runs throughpropulsion, guidance, energetics, and composite suppliers—not the primes. Published on May 26, 2026 Contents •Defense tech:Operation Epic Fury moved the VC opportunity toward systems thatsolve cost-exchange and magazine-depth problems: counter-drone platforms, low-cost effectors, attritable autonomy, and a robust propulsion supply chain. Winnershave production capacity, program access, and integration into the operational killchain. Generic defense software companies do not. •Space tech:GPS denial and contested orbital operations turned resilience intothe core diligence screen. Resilient PNT, proliferated LEO architectures, andspecialized payloads benefit. Open-market imagery and unsupported small-launchplays face weaker pricing power without government contract anchors. •Robotics:Demand is concentrating around unmanned systems that can be fieldedin contested theaters: maritime autonomy, tactical small drones, and sovereign-component platforms. Standalone perimeter robots and 155mm-themed factory-automation pitches look weaker unless tied directly to C-UAS integration, missileproduction, or named defense programs. •Oil & gas:The Strait of Hormuz closure created a structural windfall for producerswith Gulf Coast export access and no strait bottleneck exposure. That insulationhas permanently re-rated the strategic value of domestic barrels and molecules,and will show up in acquisition premiums for Permian & Haynesville assets.LNG infrastructure outside the Middle East has been similarly re-rated; the PEopportunity lies in sub-tier midstream infrastructure, not the terminals themselves. •Clean energy:High oil & gas prices improve near-term economics for operationalclean energy assets. The conflict reinforces the long-term policy case for domesticclean energy—but simultaneously raises input costs and delays the rate cuts thatnew wind and large-scale solar projects depend on. •Construction & engineering:The Hormuz closure made domestic energy securitya legislative priority, landing on top of an already accelerating grid buildout. TheUS electrical contracting market is heading toward $295 billion by 2030, publiccomps are trading at historic valuation premiums, and the consolidation wave isstill building. Residential & commercial construction face the opposite dynamic:Oil-driven inflation makes near-term rate cuts less likely, hitting a housing marketalready running 7.3% below year-ago starts. •Transportation & logistics:Freight forwarders with deep carrier relationshipsare benefiting as shippers that defected to cheaper digital platforms during the2023 to 2024 soft market return. Air freight & marine are absorbing the mostdirect damage—Gulf hub disruptions, collapsed Hormuz traffic, and surgingwar-risk insurance premiums will affect those categories well beyond the end ofactive hostilities. Introduction Operation Epic Fury, the US-Israel military campaign against Iran that began February28, 2026, concluded with a ceasefire on April 7 after 38 days of major combat. Thejoint force fired hundreds of ballistic missile interceptors, expended thousands ofprecision-guided munitions, and executed the campaign entirely from the air, sea, andelectronic spectrum. No US ground forces engaged in sustained land combat. Thatsingle fact shapes the investment implications as much as anything that did happen. Iran’s closure of the Strait of Hormuz, through which roughly 20% of the world’sseaborne oil and LNG trade normally flows—produced the largest energy supplydisruption in decades. Brent crude broke above $120 per barrel at the peak. Jet fuelprices more than doubled YoY. Shipping traffic through the strait fell by more than90%, rerouting vessels around Africa and adding weeks and significant cost to supplychains. Construction materials co