CITIC Securities: North America's power shortage is difficult to resolve, energy storage and grid construction will soon replicate the prosperity of natural gas turbines.

According to the research report of CITIC Securities, the current North American power system is facing issues such as long grid connection cycles, aging and retiring of power/grid equipment, and insufficient reserve capacity. The explosive demand for AIDC will lead to a power shortage in the North American grid reaching 39.9, 51.8, and 67.8 GW in the years 2026-2028. We believe that gas turbines, energy storage, and grid equipment will gradually become the core beneficiaries, with the market currently only recognizing the prosperity of gas turbines. We anticipate that in six months to one year, investments in the grid and energy storage construction will continue to increase, with North America's profit volume far exceeding other regions globally. We are optimistic about the resilience of the related industrial chain.