According to the CITIC Construction Investment Research Report, as of 2026Q2, the total market value of public fund military holdings was 168.249 billion yuan, accounting for 3.77%. Compared with the 2025Q4 low, it rebounded by 0.52 percentage points, and fell slightly by 0.2 percentage points compared to 2026Q1. The share of military holdings in 26H1 public funds has been relatively reduced, and more comes from the reallocation of funds at the market style level. The industry is expected to build a new growth curve as orders are delivered at the end of the “14th Five-Year Plan” phase, and the construction of new combat capability in the early stages of the “14th Five-Year Plan” goes hand in hand with global military trade expansion.

According to the CITIC Construction Investment Research Report, as of 2026Q2, the total market value of public fund military holdings was 168.249 billion yuan, accounting for 3.77%. Compared with the 2025Q4 low, it rebounded by 0.52 percentage points, and fell slightly by 0.2 percentage points compared to 2026Q1. The share of military holdings in 26H1 public funds has been relatively reduced, and more comes from the reallocation of funds at the market style level. The industry is expected to build a new growth curve as orders are delivered at the end of the “14th Five-Year Plan” phase, and the construction of new combat capability in the early stages of the “14th Five-Year Plan” goes hand in hand with global military trade expansion.