China A-share PCB stocks rebounded after probing intraday lows; Jin'an Guoji hit the daily limit, with Xunjie Xing, Qiangrui Technology, Tiantong and Hangdian among the top gainers.

US Treasuries extended gains; 10-year yield fell 4bps to 4.70%.

Citrini Research says markets have been pricing higher defense budgets; the new tradable theme is which firms can rebuild missiles after combat has depleted inventories. Real-world fighting has exposed U.S. missile and interceptor shortages, notably for Patriot and THAAD systems. Citrini frames this as a second-stage shift: stage one—geopolitical deterioration → budget increases → defense stocks rally; stage two—weapon attrition → inventory drawdown → capacity shortfalls → governments must expand production. That expansion will drive a multi-year defense capex cycle across missile manufacturing, propulsion/engines, guidance, radar, electronic warfare, satellites, ISR and counter-UAS supply chains. Citrini cautions missile replenishment is likely a sustained capex cycle rather than a one-off war rally.