CSC Financial: Defense Sector Earnings Rebound Enters Full Recovery Cycle

The call's significance lies less in the rebound itself than in the claim that it has shifted from structural to comprehensive, implying the recovery is no longer confined to a handful of segments. That framing matters for how the sector is read into the PLA centenary window, which the note treats as a multi-year anchor rather than a single event. Whether profit growth keeps stepping up across the broader set of companies, rather than concentrating in the same names, is the open question.