According to TF Securities' analysis, during the first quarter of 2025, among the top ten military stocks held by active funds, the absolute value of inflows into the military electronics sector accounted for an impressive 80% of the total market value held by these targets. Despite the sector's relatively sluggish performance over the past three years, TF Securities anticipates a potential strengthening of its cyclical rebound in the future, driven by the long-tail effect. This makes military electronics a favored option for recovery and prosperity, with expectations that the proportion of holdings in this sector will continue to rise. Additionally, targets within the aerospace engine industry accounted for 30% of the total market value outflows from the top ten military stocks held by active funds, as a percentage of each company's total market value. While TF Securities acknowledges that the aerospace engine industry may experience cyclical lows in 2025, it believes that with the accelerated development of domestic commercial engines and the continuous maturation of new equipment models, the aerospace engine sub-sector is poised to stabilize and rebound.