智通财经APP获悉，东方电气(01072)涨超5%，截至发稿，涨3.71%，报31.36港元，成交额1.66亿港元。 花旗发布研报称，东方电气股价过去六个月累计上涨约65%，该行认为，这主要是由于投资者预期其可 能向海外数据中心销售燃气轮机。与美国客户相比，东方电气从东南亚数据中心或公用事业客户获得新 订单的可能性更高。对于国内和海外市场，该行预测其50MW燃气轮机的售价为每台低于1亿元人民 币，毛利率料介乎10%至15%。 该行认为，公司售价和毛利率相较海外竞争对手为低，主要是由于技术差距以及缺乏规模经济效益所 致。公司于2022年10月研发中国首台F级50MW燃气轮机，其涡轮温度达到1400℃，而联合循环效率为 38%，相比之下，GE Vernova的机型涡轮温度达到1600℃，且联合循环效率为64%。从接到新订单到交 付产品，公司需要1至1.5年的时间。今年，公司表示计划新增一条生产线，年产能可达10台50MW燃气 轮机。 ...

Summary of Conference Call on Gas Turbine Industry Industry Overview - The conference focused on the gas turbine industry, particularly in the context of North America's electricity shortage and the increasing demand for power generation technologies [2][4]. Key Points and Arguments 1. **Global Demand and Supply Dynamics**: - In 2022, the global demand for gas turbines was 40 GW, increasing to 44 GW in 2023 and projected to reach 58 GW in 2024. By 2025, new orders are expected to be around 85 GW, with a long-term demand forecast exceeding 200 GW by 2030 [3][4]. - Current supply is constrained, with only 57 GW available against a demand of 87 GW for new orders in 2025, leading to a significant supply-demand gap [3][4]. 2. **Technological Adjustments**: - The industry is experiencing a dynamic adjustment in technology paths due to supply chain constraints and regional demand imbalances. Gas turbines remain the primary technology, but there is a shift towards other technologies as well [4][5]. 3. **Investment Opportunities**: - The investment focus should be on segments with the tightest supply constraints, such as gas turbine hot-end components and large-bore engines. There is also potential in domestic and export replacements, as well as companies that are well-positioned within global supply chains [7][12]. 4. **Service Market Growth**: - The global gas turbine service market is projected to grow from $38 billion in 2023 to approximately $87 billion by 2033, indicating a significant compound annual growth rate [8]. 5. **Gas Internal Combustion Engines**: - Gas internal combustion engines, particularly medium-speed engines, are gaining traction due to their cost-effectiveness and shorter delivery times compared to gas turbines. The cost per kilowatt-hour for medium-speed engines is competitive, making them attractive for specific applications [9][10]. 6. **Diesel Generators**: - Diesel generators are recognized as essential backup power sources, especially in data centers. The demand for diesel generators is expected to grow significantly, with a projected market size increase from over $11 billion in 2025 to approximately $16.5 billion by 2029 [10][11]. Additional Important Insights - **Market Concentration**: - The gas turbine market is highly concentrated, with a few key players dominating the supply chain. This concentration leads to rigid supply constraints, particularly in the production of critical components like hot-end blades [6][7]. - **Company Recommendations**: - Key companies highlighted include: - **Jereh**: Strong performance in gas turbine manufacturing and global supply chain advantages [12]. - **Inflow**: Focused on hot-end components with strong order visibility and partnerships with major global players [13]. - **Haomai**: A leading supplier of cold-end components with stable growth prospects [14]. - **Dongfang Electric**: A major domestic player with a significant market share and potential for valuation appreciation [15]. - **LianDe**: Positioned well across multiple segments with a focus on efficiency and cost reduction [16]. This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the gas turbine industry and its investment landscape.

Core Viewpoint - The core reason for the electricity shortage in the U.S. is the continuous increase in capital expenditure expectations for data centers, leading to a significant upward revision of peak load growth forecasts for summer from 64GW in 2024 to 166GW in 2025 by GridStrategies [2] Group 1: Electricity Shortage Causes - The mismatch between capital expenditure expectations for data centers and actual demand, as well as the mismatch between actual demand and infrastructure capacity, creates uncertainty in the actual deployment pace of data centers [2] - The projected capacity of data center reserve projects in the U.S. has reached 245GW as of mid-October 2025, which will lead to increased peak load as data centers continue to operate [3] Group 2: Future Power Supply and Load Gap - The future new power installations in the U.S. will primarily be gas-fired, with the EIA estimating an addition of 7GW of gas power installations in 2026-2030 under current project plans, while other stable power sources will see no new additions [3] - Different scenarios for the pace of data center construction indicate varying load gaps by 2030, ranging from 2GW to 157GW, depending on whether regulatory power sources are considered [4] Group 3: Regional Load Growth Characteristics - The growth in peak load will be concentrated in areas with dense data center construction, particularly in ERCOT and PJM regions, driven by data center demand [5] - In PJM, the summer peak load is expected to rise from 156GW in 2026 to 222GW in 2036, with a significant drop in power reserve margins leading to a surge in capacity prices [6] - ERCOT's summer peak load is projected to grow from 87GW in 2025 to 138GW in 2030, with a focus on enhancing power system reliability through the construction of storage and gas-fired power sources [7] Group 4: Investment Opportunities - In the context of high market demand for gas turbines, there are bottlenecks in production capacity among leading overseas gas turbine companies, suggesting a favorable outlook for Chinese companies like Dongfang Electric and Shanghai Electric [8] - The increasing demand for U.S. power grid infrastructure presents opportunities in the transformer segment, with companies like Jinpan Technology and Siyi Electric being highlighted [8] - The short-term effectiveness of storage solutions in enhancing power system reliability points to investment potential in companies like Sungrow Power and Canadian Solar [8]

每经AI快讯，东方电气(01072.HK)涨超6%，截至发稿，涨6.06%，报30.44港元，成交额3.45亿港元。 ...

东方电气(01072)再涨超6%，截至发稿，涨6.06%，报30.44港元，成交额3.45亿港元。 消息面上，美国数据中心建设热潮引发用电荒。全球能源监测机构的全球油气工厂追踪数据显示，截至 2026年1月，美国在建天然气发电装机容量超过29吉瓦，一年内翻了一番还多。中泰证券认为，当前燃 气轮机行业需求处于快速增长期，高端供给存在瓶颈、且国产替代政策全面发力，建议重点关注在关键 环节占据卡位优势，且具备持续技术护城河的头部厂商。 华鑫证券此前指出，中国燃气轮机制造企业依托技术积累、成本优势及产业链协同能力，有望迎来海外 市场战略窗口期。公司凭借自主研制的F级重型燃气轮机G50成功实现海外突破，已获取哈萨克斯坦江 布尔州50兆瓦联合循环发电项目核心设备订单，标志着国产重型燃机首次实现整机出口。 智通财经APP获悉，东方电气(01072)再涨超6%，截至发稿，涨6.06%，报30.44港元，成交额3.45亿港 元。 ...

南方财经2月10日电，港股电力设备股午后拉升，东方电气涨超8%，哈尔滨电气、上海电气、亿华通跟 涨。 ...

东方电气(01072)再涨超6%，截至发稿，涨6.06%，报30.44港元，成交额3.45亿港元。 消息面上，美国数据中心建设热潮引发用电荒。全球能源监测机构的全球油气工厂追踪数据显示，截至 2026年1月，美国在建天然气发电装机容量超过29吉瓦，一年内翻了一番还多。中泰证券认为，当前燃 气轮机行业需求处于快速增长期，高端供给存在瓶颈、且国产替代政策全面发力，建议重点关注在关键 环节占据卡位优势，且具备持续技术护城河的头部厂商。 华鑫证券此前指出，中国燃气轮机制造企业依托技术积累、成本优势及产业链协同能力，有望迎来海外 市场战略窗口期。公司凭借自主研制的F级重型燃气轮机G50成功实现海外突破，已获取哈萨克斯坦江 布尔州50兆瓦联合循环发电项目核心设备订单，标志着国产重型燃机首次实现整机出口。 ...

东方电气（600875）(01072)再涨超6%，截至发稿，涨6.06%，报30.44港元，成交额3.45亿港元。 消息面上，美国数据中心建设热潮引发用电荒。全球能源监测机构的全球油气工厂追踪数据显示，截至 2026年1月，美国在建天然气发电装机容量超过29吉瓦，一年内翻了一番还多。中泰证券（600918）认 为，当前燃气轮机行业需求处于快速增长期，高端供给存在瓶颈、且国产替代政策全面发力，建议重点 关注在关键环节占据卡位优势，且具备持续技术护城河的头部厂商。 华鑫证券此前指出，中国燃气轮机制造企业依托技术积累、成本优势及产业链协同能力，有望迎来海外 市场战略窗口期。公司凭借自主研制的F级重型燃气轮机G50成功实现海外突破，已获取哈萨克斯坦江 布尔州50兆瓦联合循环发电项目核心设备订单，标志着国产重型燃机首次实现整机出口。 ...

2月10日，东方电气涨5.14%，截至发稿，报30.25元/股，成交30.18亿元，换手率4.49%，总市值1046.15 亿元。 责任编辑：小浪快报 德邦新兴产业混合发起式A（023674）成立日期2025年3月25日，最新规模1392.41万。今年以来收益 21.35%，同类排名99/8880；成立以来收益24.49%。 德邦新兴产业混合发起式A（023674）基金经理为袁之渿。 截至发稿，袁之渿累计任职时间323天，现任基金资产总规模6485.47万元，任职期间最佳基金回报 14.69%， 任职期间最差基金回报-11.47%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，东方电气股份有限公司位于四川省成都市高新西区西芯大道18号，成立日期1993年12月28 日，上市日期1995年10月10日，公司主营业务涉及火力发电设备、水力发电设备、风力发电设备、核能 发电设备、燃气发电设备等的研发、制造、销售、服务,以及电 ...

Summary of Conference Call Notes Industry Overview - The report focuses on the North American electricity shortage, driven by the non-linear growth of AI power demand and aging power grid infrastructure [1] - The demand side sees a surge in AIDC projects in the U.S., leading to a significant increase in electricity demand [1] - On the supply side, while total supply is expected to meet short-term demand by 2025, long-term challenges include a decline in stable supply and regional electricity shortages [1] Key Points Supply Challenges - **Decline in Stable Supply**: The aging power grid leads to frequent outages, failing to meet AIDC's requirement for 100% reliable power. The upcoming retirement peak of coal power plants and the instability of wind and solar energy further exacerbate the situation. Only natural gas can currently fill the gap [1][2] - **Regional Electricity Shortages**: By 2024, over 50% of data centers are expected to be located in Texas, California, and Virginia, putting significant pressure on regional power supplies. The fragmented nature of the U.S. power grid and poor interconnections have led to emergency controls due to power imbalances [1] Future Projections - NERC forecasts an average peak gap of over 20 GW in the U.S. from 2027 to 2030, with Texas, the Mid-Atlantic, the Midwest, and California facing significant risks. The DOE predicts an average peak gap of 20-40 GW by 2030 [1] Technology Solutions - **Gas Turbines**: Considered the optimal solution for AIDC self-built power, with efficiency exceeding 60% and the lowest cost per kWh. The global installation of gas turbines is accelerating, with major manufacturers like GE, Siemens, and Mitsubishi Heavy Industries having orders scheduled until 2029 [2] - **Gas Internal Combustion Engines**: Slightly lower efficiency than gas turbines but offer rapid deployment. Leading company Wärtsilä saw a 111% year-on-year increase in new orders for Q1-Q3 2025, with deliveries extending to 2028 [2] - **Solid Oxide Fuel Cells (SOFC)**: High efficiency but currently in early commercialization stages, making it less viable in the short term due to cost and capacity constraints [2] - **Diesel Generators**: Optimal for backup power due to quick start-up capabilities, with Cummins reporting a revenue growth of approximately 20% year-on-year for related products in Q1-Q3 2025 [2] Investment Recommendations - Investment opportunities are expanding from gas turbines to gas internal combustion engines and SOFCs, as the current electricity shortage in North America exceeds the total production capacity of various technologies [3] - **Gas Turbines**: Recommended companies include Jerry Holdings, Yingliu Co., Dongfang Electric, Linde Co., and Haomai Technology [3] - **Gas Internal Combustion Engines**: Focus on Linde Co., with additional attention to Weichai Power and Eagle Precision [3] - **SOFC**: Suggested to monitor Weichai Power [3] - **Diesel Generators**: Recommended companies include Linde Co., with additional focus on KOTAI Power, Weichai Power, and Eagle Precision [3] Risk Factors - Potential risks include lower-than-expected investment in AI data centers, international trade tensions, and slower-than-anticipated capacity ramp-up [4]