$LMT

積壓訂單創 2304 億美元歷史新高並全面上調全年指引，單週大漲 14.51%。歐洲與印太防務需求爆發加上 F-35 恢復交付，地緣緊張驅動強勁實體訂單與當期現金流

Classic Innovator's Dilemma: ocean defense primes (Lockheed, RTX, L3Harris, Leidos, GD) sell cost-plus, crewed, campaign-based systems; their best customers (navies) demand mil-spec redundancy which prevents pivoting to autonomy-first models; a new cohort will take share as autonomous systems become good enough #比較