Core Viewpoint - RTX Corporation is well-positioned to navigate the dual currents of rising geopolitical instability and resilient demand for commercial air travel, supported by its dual mandate in aerospace and defense [1][11]. Group 1: Defense Segment - The Raytheon segment of RTX is a key driver of stability, with a record defense backlog of $93 billion at the end of 2024, providing predictable revenue less affected by economic cycles [2][4]. - Key programs contributing to this backlog include the Patriot air and missile defense system, which recently secured a $2.4 billion contract with Germany, and advanced munitions like the AMRAAM missiles, which received a $299.7 million contract modification [3][4]. - The transition to advanced systems is highlighted by a recent $1.9 billion award for the U.S. and Poland, showcasing the demand for modern defense capabilities [4]. Group 2: Commercial Aerospace Segment - The commercial aerospace businesses, including Pratt & Whitney and Collins Aerospace, are experiencing growth driven by the recovery in air travel, with a 21% year-over-year increase in commercial aftermarket sales in Q1 2025 [5]. - The Pratt & Whitney GTF engine issue has been addressed with a clear management plan, leading to a 30% increase in MRO output in 2024, ensuring a predictable and high-margin services business [6]. - The commercial backlog for RTX stands at $125 billion, indicating strong future growth potential, supported by over 950 new orders for the GTF engine in 2024 [7]. Group 3: Financial Performance and Valuation - RTX's current P/E ratio is approximately 24, reflecting a premium valuation that many investors associate with quality and stability in the market [8]. - The company has a dividend yield of 1.86% and recently increased its dividend by 7.9%, demonstrating management's confidence in future cash flows and a commitment to returning value to shareholders [10][12]. - RTX has a strong track record of dividend payments, with an 88-year history, reinforcing its status as a reliable blue-chip investment [12]. Group 4: Strategic Balance - The strategic balance of RTX, with its defense segment providing stability and its commercial aerospace segment offering growth, allows the company to operate effectively across various economic scenarios [11]. - This operational strength translates into financial fortitude, enabling RTX to deliver tangible value to its shareholders [12].

会谈开始前，日本防卫相中谷元与美国防长赫格塞思握手（3月30日，日本防卫省） 特朗普政府内部存在要求日本尽快将防卫费提高至占国内生产总值（GDP）3％的声音。日本政 府设定了到2027财年将防卫费提高至占GDP比重2％的目标。 3月30日，日本防卫相中谷元在防卫省与美国国防部长赫格塞思举行了首次会谈。特朗普政府内部存在 要求日本尽快将防卫费提高至GDP占比3％的声音。赫格塞思透露："（会谈中）双方没有谈及具体的防 卫费水平"…… 3月30日，日本防卫相中谷元在防卫省与美国国防部长赫格塞思举行了首次会谈。在会谈后的记 者会上，赫格塞思就日本增加防卫费一事表示："日本应该会在必要的能力方面做出正确的决 定"。他同时表示，驻日美军与日本自卫队已着手展开指挥控制方面的协作。 赫格塞思透露："（会谈中）双方没有谈及具体的防卫费水平"，采取了促使日本主动增加防卫费 的姿态。 中谷强调，日美"确认了怀着紧迫感强化防卫力量的决心"，并认为"获得了美方的理解"。 赫格塞思表示，已开始为改编驻日美军司令部并成立"统合军司令部"做准备。考虑到日本方面3月 24日组建了对陆海空自卫队进行统一指挥的统合作战司令部，于是成立了与驻日美军 ...