Core Viewpoint - China Galaxy Securities suggests focusing on the military industry chain's upstream, military trade, the two aircraft sectors, and equipment intelligence opportunities by 2026 [1] Short-term Outlook - In 2026, as the first year of the "14th Five-Year Plan," the main engine sector is expected to initiate a new round of inventory replenishment cycle, with the upstream of the military industry chain likely to benefit first [1] - The order-driven momentum is anticipated to start as early as the end of 2025 [1] Mid-term Outlook - Military trade demand is expected to reach a significant turning point, driving an increase in both quantity and price of equipment demand, benefiting main engine and key subsystem manufacturers [1] - Strong demand from AI in the power generation sector is likely to sustain the robust performance of the gas turbine industry chain [1] Long-term Outlook - By 2027, coinciding with the centenary of the military establishment, national defense spending is expected to maintain a high growth rate of around 7% [1] - The acceleration of new-generation main battle equipment iteration and the rising demand for new combat capabilities are likely to sustain high industry prosperity [1]