{"id":2460,"date":"2026-01-15T12:33:12","date_gmt":"2026-01-15T12:33:12","guid":{"rendered":"https:\/\/www.iforbes.cz\/?p=2460"},"modified":"2026-01-15T12:33:12","modified_gmt":"2026-01-15T12:33:12","slug":"evropska-obranna-strategie-jako-staro-novy-investicni-pilir","status":"publish","type":"post","link":"https:\/\/www.iforbes.cz\/index.php\/2026\/01\/15\/evropska-obranna-strategie-jako-staro-novy-investicni-pilir\/","title":{"rendered":"Evropsk\u00e1 obrann\u00e1 strategie jako staro-nov\u00fd investi\u010dn\u00ed pil\u00ed\u0159"},"content":{"rendered":"\n<p><strong>V\u00fddaje Evropsk\u00e9 unie na obranu se v posledn\u00edm obdob\u00ed definitivn\u011b p\u0159esunuly z okraje politick\u00e9ho i investi\u010dn\u00edho z\u00e1jmu do centra pozornosti. Kombinace p\u0159etrv\u00e1vaj\u00edc\u00edch geopolitick\u00fdch hrozeb, ozbrojen\u00e9ho konfliktu na Ukrajin\u011b, rostouc\u00edch pochybnost\u00ed o dlouhodob\u00fdch bezpe\u010dnostn\u00edch z\u00e1vazc\u00edch USA v\u016f\u010di NATO a historick\u00e9ho investi\u010dn\u00edho deficitu vytv\u00e1\u0159\u00ed prost\u0159ed\u00ed, v n\u011bm\u017e Evropa nem\u00e1 jinou mo\u017enost ne\u017e v\u00fdrazn\u011b pos\u00edlit vlastn\u00ed obrann\u00e9 kapacity. Kter\u00e9 spole\u010dnosti z toho budou t\u011b\u017eit nejv\u00edce?<\/strong><\/p>\n\n\n\n<p><strong>Geopolitika<\/strong><\/p>\n\n\n\n<p>Skute\u010dnost, \u017ee sv\u011bt vstupuje do obdob\u00ed zv\u00fd\u0161en\u00e9 geopolitick\u00e9 nejistoty, podtrhuj\u00ed i t\u0159i nejnov\u011bj\u0161\u00ed sign\u00e1ly. Jedn\u00e1 se o medi\u00e1ln\u011b zn\u00e1m\u00fd z\u00e1sah USA ve Venezuele, rostouc\u00ed nap\u011bt\u00ed kolem Gr\u00f3nska a z\u00e1rove\u0148 otev\u0159en\u00e9 diskuse o budoucnosti transatlantick\u00e9 aliance. K t\u00e9to kombinaci se v neposledn\u00ed \u0159ad\u011b p\u0159id\u00e1vaj\u00ed i kroky evropsk\u00fdch velmoc\u00ed \u2013 Francie a Spojen\u00e9 kr\u00e1lovstv\u00ed spole\u010dn\u011b deklarovaly mo\u017en\u00e9 nasazen\u00ed jednotek na Ukrajin\u011b v p\u0159\u00edpad\u011b m\u00edrov\u00e9 dohody.<\/p>\n\n\n\n<p><strong>Rozpo\u010dtov\u00e9 pl\u00e1nov\u00e1n\u00ed<\/strong><\/p>\n\n\n\n<p>Evropsk\u00e1 unie z finan\u010dn\u00edho hlediska reaguje iniciativou pod z\u00e1\u0161titou ReArm Europe, jej\u00ed\u017e objem m\u016f\u017ee ve v\u00fdsledku dos\u00e1hnout a\u017e 800 miliard EUR. Prim\u00e1rn\u00edm c\u00edlem je posunout \u010dist\u00e9 vojensk\u00e9 v\u00fddaje sm\u011brem k \u00farovni 2,5 % HDP, p\u0159i\u010dem\u017e v \u0161ir\u0161\u00edm kontextu bezpe\u010dnosti, v\u010detn\u011b kybernetick\u00e9 ochrany, se hovo\u0159\u00ed a\u017e o 5 % HDP. D\u016fle\u017eit\u00e9 je, \u017ee nejde pouze o kr\u00e1tkodob\u00fd stimul, ale o dlouhodob\u00fd r\u00e1mec rozlo\u017een\u00fd na roky a\u017e desetilet\u00ed dop\u0159edu. Zdroje financov\u00e1n\u00ed stoj\u00ed na kombinaci n\u00e1rodn\u00edch rozpo\u010dt\u016f, evropsk\u00fdch fond\u016f a st\u00e1le aktivn\u011bj\u0161\u00ed \u00fa\u010dasti soukrom\u00e9ho kapit\u00e1lu, co\u017e v\u00fdrazn\u011b zvy\u0161uje stabilitu cel\u00e9ho investi\u010dn\u00edho p\u0159\u00edb\u011bhu.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"945\" height=\"388\" src=\"https:\/\/www.iforbes.cz\/wp-content\/uploads\/2026\/01\/image.png\" alt=\"\" class=\"wp-image-2461\" srcset=\"https:\/\/www.iforbes.cz\/wp-content\/uploads\/2026\/01\/image.png 945w, https:\/\/www.iforbes.cz\/wp-content\/uploads\/2026\/01\/image-300x123.png 300w, https:\/\/www.iforbes.cz\/wp-content\/uploads\/2026\/01\/image-768x315.png 768w\" sizes=\"(max-width: 945px) 100vw, 945px\" \/><figcaption>V\u00fdkonnost cen indexu Europe Total Market Aerospace &amp; Defense za posledn\u00edch p\u011bt let * Zdroj: Zoom<\/figcaption><\/figure><\/div>\n\n\n\n<p><strong>Trhy reaguj\u00ed<\/strong><\/p>\n\n\n\n<p>Posun v t\u00e9to dynamice reflektuje i samotn\u00fd akciov\u00fd trh. Evropsk\u00e9 spole\u010dnosti ze zbrojn\u00edho sektoru zaznamenaly siln\u00fd r\u016fst ji\u017e v roce 2025, konkr\u00e9tn\u011b o 56,5 %, p\u0159i\u010dem\u017e v prvn\u00edch t\u00fddnech roku 2026 p\u0159idaly t\u00e9m\u011b\u0159 20 %.* Z investi\u010dn\u00edho hlediska je pozoruhodn\u00e9, \u017ee akcie firem jako Rheinmetall, Leonardo, Hensoldt, Renk \u010di Saab se v sou\u010dasnosti obchoduj\u00ed oproti americk\u00fdm konkurent\u016fm za ni\u017e\u0161\u00ed ceny, a\u010dkoli jejich r\u016fstov\u00e9 a ziskov\u00e9 vyhl\u00eddky jsou minim\u00e1ln\u011b srovnateln\u00e9.<\/p>\n\n\n\n<p><strong>Struktur\u00e1ln\u00ed nevyhnutelnost<\/strong><\/p>\n\n\n\n<p>Podstatou cel\u00e9ho investi\u010dn\u00edho \u00fasil\u00ed Evropsk\u00e9 unie je skute\u010dnost, \u017ee je nutn\u00e9 dohnat roky zanedb\u00e1v\u00e1n\u00ed obrann\u00fdch inovac\u00ed. Kr\u00e1tkodob\u00e9 priority dnes zahrnuj\u00ed tanky, obrn\u011bn\u00e1 vozidla a munici. Z dlouhodob\u011bj\u0161\u00edho \u010dasov\u00e9ho horizontu v\u0161ak v dal\u0161\u00ed f\u00e1zi p\u0159ijdou na \u0159adu komplexn\u011bj\u0161\u00ed a kapit\u00e1lov\u011b n\u00e1ro\u010dn\u011bj\u0161\u00ed syst\u00e9my \u2013 protivzdu\u0161n\u00e1 obrana, raketov\u00e9 technologie, st\u00edhac\u00ed letouny \u010di n\u00e1mo\u0159n\u00ed kapacity.<\/p>\n\n\n\n<p><strong>Investi\u010dn\u00ed pohled<\/strong><\/p>\n\n\n\n<p>Evropsk\u00fd obrann\u00fd sektor se m\u011bn\u00ed z okrajov\u00e9ho, \u010dasto politicky citliv\u00e9ho t\u00e9matu, na plnohodnotn\u00fd investi\u010dn\u00ed pil\u00ed\u0159. Kombinace geopolitick\u00fdch rizik, masivn\u00edch ve\u0159ejn\u00fdch rozpo\u010dt\u016f, zapojen\u00ed soukrom\u00e9ho kapit\u00e1lu a st\u00e1le relativn\u011b p\u0159\u00edzniv\u00fdch valuac\u00ed zainteresovan\u00fdch spole\u010dnost\u00ed vytv\u00e1\u0159\u00ed pro investory, kte\u0159\u00ed cht\u011bj\u00ed diverzifikovat sv\u00e9 portfolio, potenci\u00e1ln\u011b siln\u00fd a dlouhodob\u00fd investi\u010dn\u00ed trend.<\/p>\n\n\n\n<p><strong>David Matulay, analytik <\/strong><a rel=\"noreferrer noopener\" href=\"https:\/\/investingfox.com\/cs\" target=\"_blank\"><strong>InvestingFox<\/strong><\/a><\/p>\n\n\n\n<p><em>Foto: AdobeStock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>V\u00fddaje Evropsk\u00e9 unie na obranu se v posledn\u00edm obdob\u00ed definitivn\u011b p\u0159esunuly z okraje politick\u00e9ho i investi\u010dn\u00edho z\u00e1jmu do centra pozornosti.<\/p>\n","protected":false},"author":1,"featured_media":2462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout"},"categories":[58],"tags":[350,552,190,268,132],"_links":{"self":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2460"}],"collection":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/comments?post=2460"}],"version-history":[{"count":1,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2460\/revisions"}],"predecessor-version":[{"id":2463,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2460\/revisions\/2463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media\/2462"}],"wp:attachment":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media?parent=2460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/categories?post=2460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/tags?post=2460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}