1.5万亿军费砸下去，武器造不出来还不准分红？美国军工要扛不住

Core Viewpoint - The U.S. defense sector experienced a significant market reaction following Trump's announcement to increase the military budget to $1.5 trillion for fiscal year 2027, which is over $200 billion more than the current year. However, this announcement led to a sharp decline in defense stocks, indicating a complex underlying issue rather than a straightforward positive outlook for military contractors [3][5][25]. Group 1: Market Reaction - The defense sector saw a dramatic drop, with Raytheon Technologies falling over 7% and Lockheed Martin nearly 5%, resulting in a loss of hundreds of billions in market value within a short time [1][25]. - The S&P 500 defense sector index plummeted by 4.3%, marking the largest single-day decline in two years, as investors reacted negatively to the implications of Trump's statements [25]. Group 2: Trump's Military Budget Announcement - Trump proposed a historic increase in military spending to $1.5 trillion, emphasizing that funds should be used for production rather than stock buybacks, which he criticized [5][12][17]. - The announcement was seen as a direct challenge to the military-industrial complex, which has been criticized for prioritizing shareholder returns over production capabilities [12][15][28]. Group 3: Production Capacity Issues - Despite increasing military budgets annually, the production capacity of U.S. defense contractors has not kept pace with demand, leading to significant delays in weapon deliveries, such as the F-35 fighter jet [10][19]. - The Pentagon's report highlighted that existing weapon inventories are insufficient to support prolonged high-intensity conflicts, raising concerns about the military's readiness [7][10]. Group 4: Corporate Financial Strategies - Raytheon Technologies has spent $23 billion on dividends and stock buybacks over the past three years, exceeding its research and development expenditures by $8 billion, indicating a focus on shareholder returns rather than reinvestment in production [12][19]. - Lockheed Martin reported that maintenance and repair services accounted for nearly 40% of its total revenue, suggesting a reliance on existing products rather than new sales [10]. Group 5: Political and Economic Implications - Trump's statements are perceived as a strategy to appeal to voters by promising job creation in key swing states through increased military spending, while also addressing long-standing issues within the military-industrial complex [23][28]. - The potential for government intervention in corporate operations, such as restricting dividends and buybacks, raises concerns about the future financial strategies of defense contractors and their ability to maintain cash flow [19][21][30].