[Table_Title] 研究报告 Research Report 8 Jul 2025 决定性催化剂：解析"大而美法案"对欧美 A&D 板块的冲击与机遇 A Decisive Catalyst: Analyzing the "One Big, Beautiful Bill" and its Shockwaves Across US and European A&D 杨斌 Bin Yang bin.yang@htisec.com 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件 2025 年 7 月 4 日，特朗普总统正式签署了标志性的"大而美法案"（One Big, Beautiful Bill）。此举通过 预算和解（budget reconciliation）这一特殊的立法程序，绕开了国会漫长的常规辩论与潜在阻碍，以简 单多数票的方式为美国国防部批准了高达 1500 亿美元的额外专项资金。该法案的通过，标志着白宫和国 会旨在解决美国国防工业基础（DIB）长期投资不足和军事现代化进程迟缓问题 ...

Citi Research Money and Might 2.0 Balancing Choices Economic Constraints Collide with Security Concerns Nathan Sheets Robert Sockin Michel Nies Cole Langlois July 2025 Updating the Economics Equity Research Geopolitical Stage / View from the U.S. Jason Gursky Jeremy Jason Bradley Eyster An Update on European Defense Charles Armitage Indo-Pacific Spending Priorities Jason Gursky Jeremy Jason Bradley Eyster See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Ci ...

Key Takeaways Leidos Holdings is up 3.1% YTD, outperforming the SLeidos Holdings Inc. (LDOS) shares have rallied an impressive 3.1% in the year-to-date period, outperforming the S&P 500’s return of 0.1%. The company, however, underperformed the Zacks Aerospace-Defense industry’s growth of 17.5% and the broader Zacks Aerospace sector’s appreciation of 18.6%. Image Source: Zacks Investment ResearchOther industry players, such as RTX Corp. (RTX) and Northrop Grumman Corp. (NOC) , also performed impressively, w ...

Core Insights - A new arms race is emerging in artificial intelligence, autonomous systems, and space-based defense, with the U.S. developing a next-generation missile shield called the "Golden Dome" [1][4] - The Golden Dome initiative is backed by a coalition of public and private companies, including SpaceX, Anduril Industries, and Palantir Technologies, highlighting a shift in defense innovation outside traditional public markets [1][14] - The initiative is expected to command over $175 billion in long-term defense spending, emphasizing rapid procurement and modernization [4] Group 1: Golden Dome Initiative - The Golden Dome is designed for mobility, scale, and rapid response, utilizing hundreds of low-Earth orbit satellites and AI systems for real-time threat neutralization [3] - The initiative represents a significant shift from legacy missile defense systems, which relied on ground-based radars and static platforms [3] Group 2: Key Companies Involved - Anduril Industries, founded by Palmer Luckey, is a major player in defense tech, utilizing its Lattice OS platform for real-time sensor data integration [5] - Palantir Technologies has become critical in providing AI models for defense initiatives, with its platforms embedded across various military and intelligence agencies [9] - SpaceX is positioned to deliver the orbital backbone of the Golden Dome, transforming from a private aerospace firm to a core U.S. defense asset [11][12] Group 3: Market Dynamics - Retail investors have historically been excluded from private companies driving defense innovation, but new investment vehicles like the XOVR ETF are emerging to bridge this gap [2][15] - The convergence of public and private firms in defense reflects a broader shift in U.S. industrial policy, with innovation now running through a hybrid pipeline of startups and growth-stage firms [14]

美国总统特朗普：加拿大希望成为"金穹"（Golden Dome）反导系统的一部分。 ...

If you want full access to all our reports, data and investing ideas, join The Aerospace Forum , the #1 aerospace, defense and airline investment research service on Seeking Alpha, with access to evoX Data Analytics, our in-house developed data analytics platform.In a previous report, I outlined the Golden Dome missile defense opportunity for Lockheed Martin ( LMT ) marking it a must-win for the company. However, some readers highlighted Palantir Technologies (NASDAQ: PLTR ) – along with some otherDhierin r ...

Group 1 - The U.S. House of Representatives passed the One, Big, Beautiful Bill Act, which includes significant changes advocated by President Trump, creating potential investment opportunities, particularly for Lockheed Martin [1][3] - The bill aims to make individual tax cuts permanent and includes controversial Medicaid changes, but the most relevant aspect for Lockheed Martin is the funding for the Golden Dome missile defense system [3][4] - The Golden Dome is designed to be a missile defense system similar to Israel's Iron Dome, with President Trump stating it could be completed within three years and capable of intercepting missiles globally [4][5] Group 2 - Lockheed Martin is positioning itself as a key contractor for the Golden Dome project, highlighting its expertise in missile defense systems, particularly through its work on the Command Control Battle Management Communications (C2BMC) [5][6] - The company emphasizes the need for proven technology and capabilities in missile defense, stating that it is prepared to collaborate with other industry leaders to ensure the project's success [6] - While Lockheed Martin presents a strong case for involvement, the passage of the bill in the Senate remains uncertain, and even if passed, there is no guarantee of a federal contract for the Golden Dome system [7][8] Group 3 - The initial funding allocated for the Golden Dome system is $25 billion, with the total estimated cost projected to be around $175 billion, although some experts suggest it could be higher [8][9] - If Lockheed Martin secures a major contract for the Golden Dome, it could serve as a significant catalyst for the company's stock performance [9]

Core Viewpoint - L3Harris Technologies is positioned to benefit from President Trump's announcement of a $175 billion investment in the Golden Dome missile defense system, with shares experiencing a notable increase following the news [1][5]. Group 1: Golden Dome Overview - The Golden Dome missile defense system is designed to intercept missiles globally and is expected to be operational within three years [3]. - A budget allocation of $25 billion has been made for the initial construction phase of the Golden Dome as part of the fiscal year 2026 budget proposal [4]. Group 2: L3Harris Opportunities - L3Harris received specific mention during the announcement, indicating its potential involvement alongside other defense contractors such as Northrop Grumman, Lockheed Martin, and SpaceX [5]. - The company has recently expanded its satellite manufacturing facility in Fort Wayne, Indiana, with a $125 million investment, positioning it well for contracts related to missile detection and tracking systems [6]. - L3Harris may also profit from supplying rocket motors for interceptors as part of the Golden Dome initiative [7].

根据美国国会预算办公室（CBO）的估算，"金穹"计划若涵盖太空拦截技术，可能在20年内必须投入 5420亿美元。 主持"金色穹顶核心小组"的共和党参议员希伊近期表示："如果金色穹顶最终建成，造价可能高达数万 亿美元。" 美国总统特朗普于当地时间周二（5月20日）宣布，将推动总额达1750亿美元的"金穹"（Golden Dome）导弹防御计划，部署在陆地、海上与太空，整合"次世代技术"，包括太空感测器与激光拦截装 置，用以侦测、追踪并摧毁弹道与高超音速导弹。 特朗普表示，已确定了该项目的架构，并声称该系统有望在三年内，也就是他第二任期结束之前投入使 用。特朗普称，美国太空军作战副司令盖特莱恩（Michael Guetlein）将监督"金穹"的建设进度。 "金穹"恐成无底洞？ 特朗普"金穹"计划的一个关键部分是将导弹探测卫星和导弹摧毁卫星同时送入地球轨道。该卫星群可能 包含数千颗小型卫星，能够在导弹从潜艇或发射井发射后瞬间对其进行攻击。 美国战略与国际研究中心（CSIS）导弹防御项目主任卡拉科（Tom Karako）表示，从太空拦截来袭导 弹是一个"极其棘手的问题"，但他表示，现实情况是，下一场大规模战争很可能部 ...

金十数据5月21日讯，据一位白宫官员透露，特朗普将于当地时间周二下午在椭圆形办公室与国防部长 赫格塞思共同宣布，为"黄金穹顶"（Golden Dome）导弹防御项目拨款250亿美元。这笔资金只是该项 目最终所需巨额开支的一小部分。这位官员表示，这旨在为仍处于早期阶段的"黄金穹顶"构想设定初步 框架。该设想通过遍布全美的传感器、卫星和导弹防御电池，打造一个覆盖全国的空中防御网络。目前 这笔资金已被纳入特朗普的"美丽大法案"的一揽子法案中。今天早些时候，特朗普在与众议院共和党人 会面时讨论了这一计划。据悉，这250亿美元的初始资金与白宫在此前一揽子法案中提出的请求一致， 但该法案尚未获得国会通过。美国国会预算办公室估计，在未来20年内，建设一套完整的国家弹道导弹 和巡航导弹防御系统的成本将超过5000亿美元。 据悉特朗普将宣布为"黄金穹顶"项目提供250亿美元资金 ...