中信证券表示2025年北约峰会召开期间近30个欧洲国家承诺将国防支出提高至GDP的5%其中3.5%用于核心国防支出1.5

智通财经
Aug 15, 2025
中信证券表示2025年北约峰会召开期间近30个欧洲国家承诺将国防支出提高至GDP的5%其中3.5%用于核心国防支出1.5%用于广义安全支出。从实现路径来看欧洲国防支出整体达标难度或较大我们测算5.8万亿美元支出总增量中或有约46%集中在德英法三国。从投资方向来看一方面2.9万亿美元核心国防支出增量中约23%或将用于装备购置欧洲本土及美韩军工企业或将直接受益;另一方面2.9万亿美元广义安全支出增量中约54%或将投向能源及基建领域有望对欧洲自全球关键材料(如钛材、硬质合金)、能源设备(如电网设备、储能及新能源装备零部件)、工程机械等领域进口带来需求拉动。

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