What You Need to Know in A&D – AoGs, CSG Engines, RHM Powder, A350 & NB, GCAP

研报英文原文证据摘录

What You Need to Know in A&D – AoGs, CSG Engines, RHM Powder, A350 & NB, GCAP

Aerospace & Defense Electronics

Equity Research

July 22, 2026

GCAP: Canada joins GCAP as first observer nation

Canada has been confirmed as the first observer nation in GCAP, giving Canada direct insight into capability development, industrial collaboration, and

long-term delivery plans, but carrying no financial commitment. The agreement had previously been reported by Reuters, but was announced officially

by new UK Defence Secretary Wes Streeting while hosting his Japanese, Italian, and Canadian counterparts.

Leonardo (Buy): Indonesia to buy 12 M-346 F multirole light fighter aircraft

Leonardo announced on Tuesday that Indonesia has signed a contract to purchase 12 M-346F multirole light fighter aircraft. The letter of intent was

announced in February of this year. Deliveries are expected to begin in 2030.

While not significant in order size, this may limit the opportunity for follow-on Rafale orders from Indonesia, but that the pipeline for Dassault Av. (Buy) remains

strong in India (114 Air Force, c 20+ for the Navy), and potential follow-on orders for existing MENA customers.

Thales (Buy): Thales to supply optronic systems to German forces under Rheinmetall program

Thales announced it has signed a framework agreement to supply optronic vision systems to German forces as part of a Rheinmetall-led modernisation

program, including the XTRAIM thermal weapon sight and night-vision systems. First deliveries are scheduled for 2027, with a targeted delivery rate

of several hundred units per month in the mid-four-figure range per unit, implying a per-unit value of ~€4,000 to €6000, though no total contract value

was disclosed.