Northeast: Under the industrial revolution, the demand for energy is changing, downstream thermal power and gas sectors are expected to benefit.

Northeast released a research report stating that, taking into account the characteristics of the previous three global industrial revolutions, it is expected that the employment and effective demand pressure in Europe and America will increase, which will affect the demand for fossil energy. However, China, due to its multiple advantages, is expected to continue to develop economically healthily. Considering that the global demand for fossil energy may weaken, related energy prices may stabilize or decrease, and with the expected benefits to domestic electricity and gas demand from the continuous rapid growth of a new round of industrial revolution, downstream industries such as thermal power and gas sectors are expected to benefit. It is recommended to pay attention to listed companies related to thermal power and gas. Key points from Northeast are as follows: A new round of industrial revolution is accelerating with artificial intelligence + humanoid Siasun Robot&Automation as the core On the technological front, large language models have made significant breakthroughs in reasoning abilities, multimodal fusion, and scenario applications; humanoid Siasun Robot&Automation is accelerating commercialization with lightweight design, continuous decline in sensor accuracy and cost. It is expected that under the leadership of advances and widespread application of artificial intelligence and humanoid Siasun Robot&Automation technologies, a new round of industrial revolution will flourish. Drawing lessons from history, periods of rapid development of productivity sometimes come with employment issues Historical experience shows that a surge in productivity may be accompanied by structural employment pressure: during the first industrial revolution, workers' wages decreased, unemployment rates surged, and a surplus of production led to price declines. The second industrial revolution, with electricity, internal combustion engines, and petrochemicals as its core, saw a rapid increase in production efficiency, while workers' wages grew slowly, becoming one of the main reasons for the Great Depression in the United States and globally. The third industrial revolution, characterized by electronic computers and internet technology, saw a rapid increase in labor productivity in the US manufacturing sector, with management and professional positions increasing significantly, while blue-collar positions and sales and office positions declining steadily, and the proportion of low-skilled workers decreasing continuously. Under the impact of a new round of industrial revolution, energy demand may show regional differentiation 1) Europe: Since the 1980s, the European labor market has successively exhibited the features of "job upgrading," "job polarization," and "career upgrading." Unionization and aging will accelerate the adoption of new technologies and affect employment. Structural unemployment risks compounded by energy transition policy show that if industrial energy consumption drops by 10%, coal, natural gas, and oil demand will decrease by 7.4%, 4.1%, and 0.7%, respectively. 2) United States: As one of the main birthplaces of the new round of industrial revolution, the US is expected to be deeply influenced by the new industrial revolution due to its technological advantages and computational infrastructure. With the rapid development of productivity, income inequality in the US is gradually worsening, showing some job polarization and career upgrading phenomena, with middle-wage and routine job positions being most affected. Effective demand in the US may be dragged down by the decreasing consumption power of white Americans, thereby affecting the healthy growth of the US economy. It is estimated that if industrial energy demand drops by 10%, natural gas, oil, and coal demand will decrease by 5.5%, 3.3%, and 1%, respectively. 3) China: Unlike Europe, which has a higher risk of rising unemployment rates and the US, which has a higher risk of declining effective demand, China is expected to benefit deeply from the new industrial revolution due to its strong manufacturing capacity, advanced industrial clusters, leading product technology, abundant talent reserves, large domestic market, strong export competitiveness, and unique institutional advantages. Risk warning: Unexpected application of new technologies such as artificial intelligence and humanoid Siasun Robot&Automation, geopolitical conflicts and administrative interventions causing fossil energy demand in Europe and America to exceed expectations, domestic macroeconomic fluctuations, and other factors may lead to electricity and gas demand falling short of expectations.