Core Viewpoint - The world's first 630℃ ultra-supercritical secondary reheating power generation equipment, developed by Dongfang Electric Group's subsidiary, has been successfully manufactured and is set to be delivered to the Datang Yuncheng National Power Demonstration Project in Shandong, showcasing significant advancements in thermal power technology [1][2]. Group 1: Project Overview - The project features two 1 million kilowatt units with a primary and secondary reheating steam temperature of 631℃, a main steam pressure of 35.5 MPa, a power generation thermal efficiency exceeding 50%, and a coal consumption rate as low as 256.28 grams per kilowatt-hour, making it the highest in pressure, temperature, efficiency, and lowest in coal consumption globally for a single-shaft million-kilowatt secondary reheating thermal power unit [1]. - The project is expected to achieve dual investment in the first half of 2026, with an annual power generation capacity of 10 billion kilowatt-hours, saving 350,000 tons of standard coal and reducing carbon dioxide emissions by 945,000 tons compared to conventional units [1]. Group 2: Technological Innovations - The development team utilized titanium alloy materials instead of traditional steel to withstand the immense centrifugal forces generated by long blades, achieving a significant leap in steam flow and energy conversion efficiency through innovative aerodynamic designs [2]. - The C630R rotor, developed through collaboration among several institutions, surpassed traditional foreign high-pressure rotor technologies, achieving a long-term strength of 122 MPa at 630℃ for 100,000 hours [2]. - The project employs a dual-machine regenerative system with power balance generators, representing the forefront of thermal power technology, which enhances overall efficiency and reliability while addressing heat exchange losses [3].

Core Points - A new private equity fund named Sichuan Deyang Dongfang Zhongying Fuyao High-end Energy Equipment Equity Investment Fund Partnership (Limited Partnership) has been established with a total investment of 1.5 billion RMB [1][2] - The fund is managed by Zhongyin Capital Private Fund Management (Beijing) Co., Ltd. and Dongfang Jiangxia Industrial Investment Private Fund Management (Chengdu) Co., Ltd. [1][2] - The fund's investment activities will include equity investment, investment management, and asset management, subject to registration with the Asset Management Association of China [1][2] Fund Structure - The fund has several partners, including: - Zhongyin Financial Asset Investment Co., Ltd. with a 29.5% stake, contributing 442.5 million RMB - Dongfang Electric Investment Management Co., Ltd. with a 29.3% stake, contributing 439.5 million RMB - Sichuan Advanced Manufacturing Investment Guidance Fund Partnership (Limited Partnership) with a 20% stake, contributing 300 million RMB - Deyang Investment Control Industrial Investment Guidance Fund Partnership (Limited Partnership) with a 20% stake, contributing 300 million RMB - Zhongyin Capital Private Fund Management (Beijing) Co., Ltd. and Dongfang Jiangxia Industrial Investment Private Fund Management (Chengdu) Co., Ltd., each holding 0.5% [2]

Core Insights - A new private equity fund named Sichuan Deyang Dongfang Zhongying Fuyao High-end Energy Equipment Equity Investment Fund Partnership (Limited Partnership) has been established with a total investment of 1.5 billion RMB [1][2] - The fund is managed by Zhongyin Capital Private Fund Management (Beijing) Co., Ltd. and Dongfang Jiangxia Industrial Investment Private Fund Management (Chengdu) Co., Ltd. [1][2] - The fund's investment activities will include equity investment, investment management, and asset management, subject to registration with the Asset Management Association of China [1][2] Fund Details - The fund was established on November 20, 2025, and has no fixed term [2] - The partners contributing to the fund include Zhongyin Financial Asset Investment Co., Ltd., Dongfang Electric Investment Management Co., Ltd., and Sichuan Advanced Manufacturing Investment Guidance Fund Partnership (Limited Partnership) [1][2] - The fund operates under the capital market services industry [2]

Core Viewpoint - The central government is initiating a new round of integration among state-owned enterprises (SOEs) to enhance specialization in key sectors such as artificial intelligence and new materials, aiming to improve resource allocation efficiency and promote high-quality development [1][8]. Group 1: Key Projects and Agreements - A total of 17 units signed key project agreements, including major players like China Tourism Group, China National Chemical Corporation, and China Southern Airlines, focusing on sectors such as new materials, artificial intelligence, and cruise operations [1][8]. - The integration of cruise operations led to the establishment of a new platform company, positioning it as the largest cruise fleet in Asia, with significant resources consolidated from various SOEs [3][4]. Group 2: Economic Impact and Growth Potential - The cruise industry is recognized for its substantial economic value, with a multiplier effect of 1:10 to 1:14, meaning every 1 yuan generated in the cruise sector can stimulate 10 to 14 yuan in related industries [4][6]. - The cruise economy is showing signs of recovery, with a significant increase in passenger numbers and a positive outlook for future growth, as indicated by the recovery of the cruise economic index above pre-pandemic levels [6][7]. Group 3: Strategic Focus and Future Directions - The integration efforts are aligned with national strategic goals, emphasizing the importance of technological innovation and the development of strategic emerging industries [2][8]. - Future integration will focus on optimizing industry resource allocation, enhancing core competitiveness, and ensuring that non-core assets are redirected towards main business areas [9][10].

证券研究报告 电力设备与新能源 3Q25 全球气电回顾与展望：景气度持 续外溢，零部件与整机出海双击 华泰研究 3Q25 全球燃机订单同增 95%，单季度需求再创历史新高 根据 McCoy 统计，3Q25 全球燃气轮机新增订单同增 95%至 24GW。海外 大选后能源政策右转、中东油转气、AI 电源需求多因素推动全球燃气轮机 景气度继续上行。我们看好海外燃气轮机主机的量价齐升，继续推荐西门子 能源 ENR、哈尔滨电气、东方电气。相关公司包括上海电气。此外，全球 燃机高景气有望带动国内热端叶片、冷端缸体等部件企业出口机遇。相关公 司包括应流股份、豪迈科技、鹰普精密。 3Q25 回顾：美国需求维持半壁江山，轻燃接单阶段性放缓 分区域来看：北美市场持续贡献 50%+的新接订单。根据 McCoy，3Q25 在>10MW 燃机市场中，北美市场新接订单 12.7GW，环比+14%，占到全 部新接订单的~53%。 分企业来看：亚洲市场回暖带动 MHI 市占率修复。我们估算 3Q25 在>10MW 燃机市场中，GEV、MHI、ENR 按功率的市占率分别为 31%、30%、21%， 得益于亚洲市场回暖（根据 MHI 季报数据披 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **gas power equipment industry** and its role in supporting the anticipated **USD 5 trillion AI investment boom** by 2030, particularly in the context of **gas turbine demand** driven by hyperscaler capital expenditure (capex) plans for AI datacentres [2][12][19]. Core Insights and Arguments - **Gas Turbine Demand Surge**: Gas turbine orders are projected to reach **decade-high levels in 2025**, with US orders expected to be **2.5 times the average from 2019-2024** [2][36]. - **Pricing Power and Margin Upcycle**: Strong demand from AI and other applications is leading to a margin upcycle for suppliers, supported by high pricing power on new gas power equipment [3][21]. - **Broadened Market Demand**: The demand for gas power generation equipment is expanding beyond heavy-duty turbines to include medium-duty turbines, industrial turbines, and fuel cells due to long lead times for new heavy-duty gas turbine orders [4][39]. - **Capacity Expansion**: Major suppliers are ramping up capacity by approximately **30%** each, with an estimated **90GW of supply capacity** expected by 2029 [4][46]. - **Investment Ratings**: Out of nine gas power supply chain players covered, **eight are rated as Buy**, with **GE Vernova rated Hold**. Siemens Energy is highlighted as a well-valued diversified supplier [5][90]. Important but Overlooked Content - **Bottlenecks and Supply Chain Risks**: Potential bottlenecks in the supply chain, particularly for components shared with aerospace suppliers, have not yet materialized significantly, indicating a more stable supply environment compared to previous cycles [51]. - **Emerging Business Models**: The **Bring-Your-Own-Power (BYOP)** model is gaining traction among datacentre developers to accelerate power delivery timelines, reflecting a shift in how power needs are met [56][57]. - **Global Datacentre Power Demand**: Global datacentre workload is expected to rise from **95GW in 2025 to 205GW by 2030**, with the US accounting for **55% of this growth** [67][69]. - **Natural Gas as a Key Resource**: Despite the rise of renewables, natural gas is expected to play a crucial role in meeting the growing demand for baseload power, particularly in the US where it is abundant and cost-effective [19][20][82]. Conclusion - The gas power equipment industry is poised for significant growth driven by the AI investment boom, with strong demand for gas turbines and a favorable pricing environment for suppliers. The emergence of new business models and the ongoing capacity expansion among major players further support a positive outlook for the sector.

Core Insights - The Sichuan Deyang Dongfang Zhongying Fuyiao High-end Energy Equipment Fund has been established with a total scale of 1.5 billion yuan, aimed at promoting high-quality development in key industries such as aerospace and healthcare in Sichuan Province [1][2] - The fund is a collaborative effort involving Dongfang Electric Group, Bank of China Financial Asset Investment Company, and other local investment funds, focusing on a cooperative model that integrates leading enterprises, AIC empowerment, and provincial and municipal guidance [1] - The fund will leverage Dongfang Electric's advantages in high-end equipment manufacturing to invest in high-end energy equipment, industrial equipment, and new economic sectors [1] Fund Structure and Purpose - The fund is the second direct investment fund established by Bank of China Group in Sichuan and is the first central enterprise chain leader AIC direct investment fund in the province [2] - The fund aims to inject financial resources into local key industries and support the construction of a new development pattern in the province through comprehensive financial services [1][2]

Core Points - The State-owned Assets Supervision and Administration Commission (SASAC) organized a meeting to promote the specialized integration of central enterprises and held a signing ceremony for key projects [1][2] - A total of 17 units participated in the signing of key projects, focusing on areas such as carbon fiber industry cooperation, intelligent driving, industrial internet, and aviation logistics [1] - The specialized integration projects aim to accelerate breakthroughs in key technologies, enhance emerging industries, and promote the high-quality development of key industrial chains [1][2] Summary by Sections - **Project Signings**: The meeting resulted in the signing of key projects between major companies, including Sinopec and Dongfang Electric Group, and China FAW and Zhuoyue Technology [1] - **Focus Areas**: The integration projects are designed to integrate quality resources, promote technological and industrial innovation, and enhance traditional industries [1] - **Strategic Direction**: SASAC emphasized the need for central enterprises to enhance their integration capabilities in strategic emerging industries and to utilize mergers and acquisitions as a means of integration [2] - **Capital Market Utilization**: There is a call for central enterprises to leverage the capital market for integrating non-core but high-potential businesses into main business platforms for mutual benefits [2]

Core Viewpoint - The company is actively responding to the national "dual carbon" goals by establishing a joint venture with strategic partner Dongfang Electric Wind Power Co., Ltd to promote high-quality development in the renewable energy sector [1] Group 1: Company Actions - Anhui Waneng Energy Trading Co., Ltd, a wholly-owned subsidiary of Waneng Power, is investing cash to form a joint venture with Dongfang Electric Wind Power [1] - The joint venture will have Waneng Energy Trading holding a 51% stake, while Dongfang Electric Wind Power will hold 49% [1] Group 2: Strategic Goals - The establishment of the joint venture aims to achieve resource complementarity and shared risk between the two companies [1]