Orient: Global gas turbine demand remains robust; watch for breakthrough progress from domestic equipment manufacturers.

Orient released a research report stating that recently, the bank has observed positive progress from multiple global gas turbine manufacturers, which it believes further confirms the industry's high prosperity. Domestic manufacturers that actively embrace industry changes and proactively position themselves in gas turbine equipment are expected to gain advantages in international market competition. The global shortage of gas turbines is expected to lower entry barriers for gas turbine industry manufacturers, bringing more overseas opportunities to domestic gas turbine chain manufacturers. Competition among international manufacturers will be reflected in comprehensive dimensions such as technology, channels, and production capacity. Domestic manufacturers with strong resource integration capabilities are expected to stand out and achieve rapid performance growth. Orient's main points are as follows: Global gas turbine demand is highly prosperous, expected to continuously catalyze domestic gas turbine equipment manufacturers' overseas expansion The bank observes that the current prosperity of AIDC data center construction remains high, and the world still faces significant power shortage risks. Market investors have reached a consensus on the advantages of gas turbines in AIDC power generation equipment, but global gas turbine production capacity expansion is difficult to materialize in the short term. Under such high prosperity, the bank believes this is more likely to continuously catalyze the overseas expansion process of domestic gas turbine equipment manufacturers. Therefore, domestic manufacturers that actively embrace industry changes and proactively position themselves in gas turbine equipment are expected to gain advantages in international market competition. Multiple global gas turbine manufacturers have made positive progress, confirming the industry's high prosperity The bank observes that the gas turbine industry continues to see positive marginal changes, which it believes further confirms the high prosperity of the global gas turbine industry. In July 2026, Ansaldo Energia signed a contract with The Pacific Energy Company to provide 8 AE64.3A gas turbines in 60Hz configuration and supporting generators for a strategic power generation project of a large data center infrastructure in Texas, marking the company's return to the U.S. new-build power generation market after 30 years. At the end of August, Musk confirmed that SpaceX is planning to build a foundry in Bastrop, Texas, specifically to produce blades and guide vanes for large gas turbines, and stated that this could advance the online time of gas turbines by up to 18 months. The bank believes the underlying reason for these changes is still that global power supply elasticity is difficult to match the rapid expansion of computing power demand, which brings broad overseas opportunities to domestic gas turbine chain manufacturers. Domestic gas turbine chain manufacturers' overseas expansion process is expected to continue accelerating The bank observes that domestic gas turbine chain manufacturers have also recently made positive progress. Previously, J&FPower Systems LLC, a controlled subsidiary of Yantai Jereh Oilfield Services Group, signed a $1.465 billion gas turbine generator set supply contract with a well-known international cloud service provider and has received the first advance payment for the order. Zhejiang Taotao Vehicles announced that the company is actively carrying out gas turbine power generation business. The company has conducted multiple contacts and discussions with some large North American cloud providers or data center developers, has purchased and locked in some turbine heads, and expects more turbine heads to be locked in and purchased in the short term, with production capacity expected to reach over 300MW by 2027. The bank believes that the global shortage of gas turbines is expected to lower entry barriers for gas turbine industry manufacturers, bringing more overseas opportunities to domestic gas turbine chain manufacturers. Competition among international manufacturers will be reflected in comprehensive dimensions such as technology, channels, and production capacity. Domestic manufacturers with strong resource integration capabilities are expected to stand out and achieve rapid performance growth. Risk warnings Macroeconomic fluctuations leading to investment falling short of expectations, AI application expansion falling short of expectations, data center construction progress falling short of expectations, intensified market competition risks, and rising raw material prices dragging down corporate profitability.