**PAN holds a clear lead in trader consensus for the Aguascalientes state Congress election, priced at 68% implied probability, well ahead of Morena at 17% and smaller parties in the low single digits.** This positioning stems from consistent polling advantages for the PAN in party identification and vote intention across state and municipal surveys conducted through October 2026, where the party registers 42–52% support compared to Morena’s 19–31%. The current LXVI Legislature already gives PAN a working majority of 13 seats out of 27, and August seat projections show this distribution holding steady. Recent legislative activity, including electoral reforms under discussion for the 2027 cycle and routine oversight of the state executive, has not altered the underlying partisan balance. Opposition parties such as Morena, MC, PRI, and PVEM remain fragmented, with no evidence of alliances or surges that would close the gap in the near term. Traders appear to price in PAN’s structural incumbency edge and the state’s recent electoral history, where the party has maintained congressional control. Resolution hinges on the June 2027 results for the 27-seat body.