Summary of Key Points from Conference Call Industry Overview - The focus is on the gas turbine and turbine blade sectors, which are currently underappreciated despite their critical role in power generation [1] - The industry is characterized by high technical barriers, significant capital expenditures, and long development cycles, leading to a stable and concentrated market structure [2] Core Companies Mentioned - **Howmet and PCC**: Global leaders in turbine blade manufacturing [2] - **Domestic Key Players**: - **应流股份 (Yingliu)**: Leading in turbine blades, has established relationships with major clients like Baker Hughes, Siemens, GE Aviation, and Ansaldo [2] - **万泽股份 (Wanze)**: Emerging as a secondary supplier for turbine blades, has made breakthroughs with overseas clients and is a core supplier for domestic turbine blades [2] - **航亚科技 (Hangya)**: Leading in compressor blades, holds significant shares with GE Aviation and Safran [2] Market Dynamics - The gas turbine industry is entering a decade-long super cycle, presenting opportunities for various stakeholders: - **杰瑞股份 (Jereh)**: Targeted by manufacturers [2] - **东方电气 (Dongfang Electric)** and **海联讯 (Hailianxun)**: Focused on main engine manufacturing [2] - **鹰普精密 (Eagle Precision)** and **联德股份 (Liande)**: Concentrated on component manufacturing [2] Key Insights from Musk's Interview - Elon Musk highlighted the overlooked bottleneck in power generation related to turbine blades, emphasizing that the demand for power generation exceeds simple calculations based on GPU power and PUE [1] - Musk suggested that SpaceX and Tesla may need to manufacture their own turbine blades due to a 12-18 month delivery delay caused by limited production capacity from only three global foundries [1] Additional Considerations - The turbine blade sector is noted for its high value and technological complexity, which may lead to investment opportunities as the industry stabilizes and matures [2] - There is a systemic research focus on North American AIDC power generation, with additional opportunities identified in internal combustion engines, modified aviation turbines, and solid oxide fuel cells (SOFC) [2]

综合考虑成本、建设周期、环保等因素，燃气轮机是当前AIDC自建电最优解，燃气内燃机、SOFC、柴发为有 效补充 （1）燃气轮机：联合循环燃气轮机发电效率可以达到60%以上，度电成本最低，当前燃气轮机装机量呈现加速上 行趋势，2025年全球新增装机规模有望快速接近上轮周期最高点，GEV、西门子、三菱重工等燃机龙头订单交付 已经排至2029年；（2）燃气内燃机：在发电效率上略低于联合循环燃机，但胜在快速交付与部署，龙头瓦锡兰 2025Q1-Q3新签设备订单同比增长111%，订单交付排至2028年；（3）SOFC：热电联供发电效率虽高，但当前商 业化和成本控制处于初期阶段，度电成本和产能释放导致该技术短期无法成为主流线索；（4）柴油发电机组：具 备快速启停优势，备用电源最优解，龙头公司康明斯2025年Q1-Q3相关收入同比增速约20%。 [太阳]【AIDC发电专题报告】北美缺电逻辑持续演绎，相关投资线索再梳理【东吴机械】 北美缺电现状是AI电力需求的非线性增长和电网基建老化之间的矛盾 需求端，美国AIDC项目激增导致美国电力需求非线性增长。供给端，2025年总量供应短期基本满足需求，但长期 来看，美国供给端面临稳定 ...

东吴证券近日发布AIDC发电专题报告：2024年超过50%的数据中心选择建在德州、加州、弗吉尼亚 州，区域供电压力较大。且美国电网运营分散，区域互联较差，如2025年PJM电网多次因跨区功率失衡 触发紧急控制。基于北美供需矛盾以及持续增长的AI资本开支情况，NERC预计美国2027-2030年年均 高峰缺口20GW以上，德州、中大西洋、中西部、加州将面临显著高风险；DOE预测美国2030年年均高 峰缺口达20-40GW。 风险提示：AI数据中心投资不及预期、国际贸易摩擦、产能爬坡不及预期。(东吴证券周尔双,黄瑞) 综合考虑成本、建设周期、环保等因素，燃气轮机是当前AIDC自建电最优解，燃气内燃机、SOFC、柴 发为有效补充。(1)燃气轮机：联合循环燃气轮机发电效率可以达到60%以上，度电成本最低，当前燃气 轮机装机量呈现加速上行趋势，2025年全球新增装机规模有望快速接近上轮周期最高点，GEV、西门 子、三菱重工等燃机龙头订单交付已经排至2029年；(2)燃气内燃机：在发电效率上略低于联合循环燃 机，但胜在快速交付与部署，龙头瓦锡兰2025Q1-Q3新签设备订单同比增长111%，订单交付排至2028 年；(3 ...

Investment Rating - The report suggests a positive investment outlook for the North American electricity sector, particularly focusing on gas turbines and related technologies due to the ongoing electricity shortage driven by AI data center demands [2][6][30]. Core Insights - The North American electricity shortage is characterized by a contradiction between the non-linear growth of AI electricity demand and the aging infrastructure of the power grid. The demand side sees a surge in AIDC projects, while the supply side faces challenges with declining stable supply and regional electricity shortages [2][6][24]. - The report highlights that gas turbines are currently the optimal solution for AIDC self-built power generation, with gas internal combustion engines, SOFC, and diesel generation serving as effective supplements [2][37]. - The North American Electric Reliability Corporation (NERC) predicts an average peak electricity gap of over 20GW from 2027 to 2030, with significant risks in Texas, the Mid-Atlantic, the Midwest, and California [2][32]. Summary by Sections Section 1: Current Electricity Shortage in North America - The electricity shortage is driven by the non-linear growth of AI demand and the aging power grid infrastructure. The electricity consumption in the U.S. is expected to reach historical highs in 2025-2026, with data centers' planned installed capacity increasing from 5GW in early 2023 to over 245GW by October 2025 [6][19]. - The average lifespan of power infrastructure in the U.S. is around 35-40 years, leading to frequent outages and an inability to meet the reliability demands of AIDC [15][19]. Section 2: Power Source Selection - Gas turbines are identified as the primary power source, with gas internal combustion engines, SOFC, and diesel generation as supplementary options. The report emphasizes the efficiency and cost-effectiveness of gas turbines, which can achieve over 60% efficiency and have the lowest cost per kilowatt-hour [2][37]. - The report also discusses the expected increase in gas turbine installations, with global new installations projected to approach previous cycle peaks by 2025, driven by the surge in AIDC electricity demand [48][52]. Section 3: Investment Recommendations - The report recommends focusing on various technologies due to the ongoing electricity shortage, suggesting investments in gas turbines, gas internal combustion engines, SOFC, and diesel generation. Specific companies are highlighted for potential investment opportunities, including Jerry Holdings, Yingliu Co., Dongfang Electric, and others [2][37][39].

南方财经2月9日电，燃气轮机概念快速拉升，联德股份涨停，应流股份涨超9%，杰瑞股份、万泽股 份、东方电气、博盈特焊、航发动力跟涨。 消息面上，摩根士丹利最新报告将2025—2028年美国数据中心累计电力缺口从44吉瓦上调至47吉瓦，相 当于9个迈阿密或15个费城的总用电量，电力供给不足以成为制约AI算力扩张的核心瓶颈。 与此同时，多家券商、基金公司近期密集调研杰瑞股份、博盈特焊等燃气轮机龙头股，其中，博盈特焊 1月14日-16日连续三天接受调研，机构主要聚焦公司匹配燃气轮机的HRSG余热锅炉产线、价值等问 题。 浙商证券：燃气轮机产业链标的：1）零部件：国内厂商已在叶片、缸体、燃烧室等核心零部件环节实 现突破，如应流股份、豪迈科技、飞沃科技、万泽股份；2）系统集成：杰瑞股份已切入北美数据中心 能源系统集成，为客户提供成套发电解决方案，并获得北美AI客户亿元级订单；3）国产主机厂出海： 本轮供需紧张为具备制造能力的中国燃机主机厂打开海外空间，如东方电气、上海电气、哈尔滨电气； 4）余热锅炉：燃气轮机配套余热锅炉需求同步增长，关注博盈特焊、西子洁能、冰轮环境、常宝股份 等。查看原文：北美缺电逻辑下，燃气轮机有望迎 ...

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年2月9日，应流股份（sh603308）触及涨停，涨停价57.18元，涨幅9.08%，总市值385.01亿元，流 通市值385.01亿元，截止发稿，总成交额8.15亿元。 根据喜娜AI异动分析，应流股份涨停原因可能如下，质押比例下降+公司治理合规+高端零部件业务： 1、公司控股股东质押率从 48.43%降至 37.67%，质押比例下降 10.76%，风险敞口收窄，这一积极变化 增强了市场对公司的信心。同时，华泰联合确认公司治理、内控、信披全面合规，为公司的稳定发展提 供了有力保障。 2、公司一次性修订 11 项制度，取消监事会可能提升决策效率，且高管团队稳定，职 工董事内部 ...

格隆汇2月9日丨应流股份(603308.SH)涨8.56%，报56.430元，股价创历史新高，总市值383.18亿元。 ...

机械设备行业 行业研究 | 动态跟踪 美国数据中心建设加剧用电紧张，燃机板 块景气度上升，产业链迎来投资机会 核心观点 投资建议与投资标的 美国数据中心的快速建设带来电力建设需求，但我们看到了美国政策导向将推动科技公 司更大规模投建发电设备，我们认为行业的景气度有望继续走强。从目前产业链公司财 报看，海外燃机公司的订单已经进入高景气状态，且进入产能扩张期。在此背景下，我 们认为产业链公司有望获得更多市场份额，带来投资机会。相关标的：杰瑞股份 (002353，买入)、联德股份(605060，未评级)、应流股份(603308，未评级)、冰轮环境 (000811，未评级)、迪威尔(688377，未评级)。 风险提示 宏观经济波动导致投资不及预期、数据中心建设不及预期、海外竞争加剧，原材料价格 上涨拖累企业盈利 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 02 月 07 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 特斯拉 V3 即将落地，有望成为明星产品， | ...

Investment Rating - The report does not explicitly state an investment rating for the gas turbine industry Core Insights - Gas turbines have a wide range of downstream applications, with F-class being the current mainstream model [6] - AI is driving the gas turbine market into a prosperous cycle, with significant order increases from overseas leaders [6] - The overall capacity of the supply chain is tight, and domestic suppliers are expected to increase their global market share [9] Summary by Sections 1. Gas Turbines: Wide Downstream Applications, F-Class as the Mainstream Model - Gas turbines convert thermal energy into mechanical work and consist of three main components: compressor, combustion chamber, and turbine [7] - Heavy gas turbines are primarily used in fixed power generation units for urban grids, while light gas turbines are used in industrial power generation, marine propulsion, oil and gas transportation, distributed generation, and military applications [7][26] - The global gas turbine market is expected to see a significant increase in installed capacity, reaching over 100 GW in the next decade, with the U.S. adding 250 GW in the next five years [41][43] 2. Demand: AI Drives the Gas Turbine Market into a Prosperous Cycle - The global data center demand is expected to grow significantly, with AI data centers in the U.S. requiring an additional 31 GW of power over the next five years [31][36] - The electricity consumption of global data centers is projected to rise from 415 TWh in 2024 to 945 TWh by 2030, with the U.S. accounting for 45% of this demand [36] 3. Supply: Overall Capacity of the Supply Chain is Tight - The gas turbine OEM market is highly concentrated, with GEV, Siemens Energy, and Mitsubishi holding 34%, 27%, and 24% of the global market share, respectively [44] - The report highlights the increasing order intake for gas turbines, with GEV expecting to sign contracts for 24 GW in Q4 2025, and Siemens Energy forecasting 26 GW in the same period [55] 4. Investment Suggestions - The report suggests focusing on domestic suppliers' opportunities to increase their global market share and progress in the gas turbine supply chain [10] - The domestic suppliers are positioned to benefit from the ongoing expansion of the gas turbine market, particularly in high-temperature alloy components and blades [80]

（来源：淘金ETF） 1. 中航成飞（302132） 作为中国航空工业集团核心子公司，国内歼击机、教练机等主战装备的核心研制单位，军工背景深厚且 技术积累雄厚，在航空装备制造领域占据绝对龙头地位。主营业务聚焦军用战斗机、教练机研发制造， 同时延伸至民用航空零部件加工与航空技术服务，客户覆盖国内军方及航空工业全产业链企业。依托军 用航空领域的大尺寸模锻、精密加工等核心技术，深度切入商业航天赛道，为商业火箭提供高端结构 件、航空级特种材料及定制化加工服务，尤其在重型火箭箭体部件制造方面具备独特优势。已成功为国 内多家商业火箭企业提供关键结构件支持，深度参与多个商业航天发射任务，技术可靠性与产品稳定性 获行业高度认可。未来随着商业航天规模化发展，重型火箭、可回收火箭等新型装备研发加速，公司将 进一步推动航空航天技术跨界融合，充分受益于太空算力、低轨卫星星座建设带来的增量需求，在航天 结构件、特种材料等领域持续扩大市场份额，成长空间极具想象力。 2. 中航西飞（000768） 隶属于中国航空工业集团，是国内大型运输机、轰炸机、预警机等核心军用飞机的主要制造商，具备全 产业链研发、生产与集成能力，在航空装备制造领域技术 ...