智通财经APP讯，联德股份(605060.SH)发布股价异动公告称，公司关注到目前市场对公司燃气轮机业 务关注度较高，经自查，公司2025年前三季度营业收入为93,028.87万元，其中燃气轮机零部件收入约为 400-500万元，占营业收入比例不足1%，目前公司燃气轮机业务仅实现小批量供货，对公司业绩影响有 限，敬请广大投资者注意投资风险。 ...

证券代码：605060 证券简称：联德股份 公告编号：2026-002 杭州联德精密机械股份有限公司 关于公司股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 杭州联德精密机械股份有限公司（以下简称"公司"或"本公司"）股 票于 2026 年 2 月 6 日、2 月 9 日、2 月 10 日连续三个交易日内日收盘价格涨幅 偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定，属于股票 交易异常波动情形。 经公司自查并向控股股东及实际控制人核实，截至本公告披露日，不存 在应披露而未披露的重大信息。 公司 2025 年前三季度营业收入 93,028.87 万元，同比增加 9.27%，具体请详 见公司《2025 年第三季度报告》。截至本公告披露日，公司经营情况及内外部 经营环境并未发生重大变化，敬请广大投资者注意投资风险。 （二）重大事项情况 经公司自查，并向公司控股股东、实际控制人函证核实，截至本公告披露日， 除了在指定媒体上已公开披露的信息外，不存在其他涉及本公司应披露而未披露 1 ...

格隆汇2月10日丨联德股份(605060.SH)公布，公司关注到目前市场对公司燃气轮机业务关注度较高，经 自查，公司2025年前三季度营业收入为93,028.87万元，其中燃气轮机零部件收入约为400-500万元，占 营业收入比例不足1%，目前公司燃气轮机业务仅实现小批量供货，对公司业绩影响有限，敬请广大投 资者注意投资风险。 ...

燃气轮机概念反复活跃，联德股份触及涨停，应流股份、杰瑞股份、航发动力、万泽股份跟涨。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。 ...

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]

Core Viewpoint - The report from Dongwu Securities highlights significant regional power supply pressures in the U.S. due to the increasing establishment of data centers, particularly in Texas, California, and Virginia, with projections indicating a substantial power gap by 2030 [1][2]. Group 1: Supply and Demand Dynamics - Over 50% of data centers are projected to be built in Texas, California, and Virginia by 2024, leading to considerable regional power supply stress [1][2]. - The North American Electric Reliability Corporation (NERC) anticipates an average peak power gap of over 20 GW from 2027 to 2030, with Texas, the Mid-Atlantic, the Midwest, and California facing significant risks [1][2]. - The U.S. Department of Energy (DOE) forecasts an average peak power gap of 20-40 GW by 2030 [1][2]. Group 2: Supply Challenges - The U.S. power supply is facing long-term challenges, including a decline in stable supply due to aging infrastructure and frequent outages, which cannot meet the 100% reliability demands of AI data centers [2]. - The upcoming retirement of coal power plants and the instability of wind and solar energy further exacerbate the supply issues, necessitating reliance on natural gas for current gaps [2]. Group 3: Technology Solutions - Gas turbines are identified as the optimal solution for self-built power generation in AIDC, with combined cycle gas turbines achieving over 60% efficiency and the lowest cost per kilowatt-hour [3]. - Gas internal combustion engines, while slightly less efficient, offer rapid deployment capabilities, with a significant increase in orders reported by leading companies [3]. - Solid Oxide Fuel Cells (SOFC) have high efficiency but are still in early commercialization stages, making them less viable in the short term [3]. - Diesel generators are noted for their quick start-up advantages, serving as optimal backup power solutions [3]. Group 4: Investment Recommendations - Investment opportunities are shifting from gas turbines to gas internal combustion engines and SOFCs, as the current power deficit in North America exceeds the total production capacity of various technologies [4]. - Recommended companies for gas turbines include Jerry Holdings, Yingliu Co., Dongfang Electric, Linde Co., and Haomai Technology [4]. - For gas internal combustion engines, Linde Co. is recommended, with additional attention to Weichai Power and Weichai Heavy Machinery [4]. - SOFC investments should focus on Weichai Power, while diesel generator investments recommend Linde Co. and other related companies [4].

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].

Core Viewpoint - The gas turbine sector is experiencing rapid growth, driven by an increased demand for energy solutions in North America, particularly due to a projected power shortfall in data centers from 44 GW to 47 GW between 2025 and 2028, equivalent to the total electricity consumption of 9 Miami or 15 Philadelphia [1][2] Group 1: Market Performance - Gas turbine concept stocks surged, with Linde Co. hitting the daily limit, and other companies like Yingliu Co. rising over 9% [1] - Several companies, including Jereh and Boying Special Welding, have been the focus of intensive research by multiple brokerages and fund companies [1] Group 2: Industry Insights - The gas turbine industry chain includes key components such as blades, casings, and combustion chambers, with domestic manufacturers like Yingliu Co., Haomai Technology, Feiwo Technology, and Wanze Co. making significant breakthroughs [2] - Jereh has entered the North American data center energy system integration market, providing complete power generation solutions and securing orders worth hundreds of millions from AI clients [2] - The current supply-demand tension is opening up overseas opportunities for Chinese gas turbine manufacturers like Dongfang Electric, Shanghai Electric, and Harbin Electric [2] - The demand for heat recovery steam generators (HRSG) is also increasing alongside gas turbines, with companies like Boying Special Welding, Xizi Clean Energy, Binglun Environment, and Changbao Co. being noteworthy players [2]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The rapid construction of data centers in the U.S. is increasing the demand for electricity, leading to a rise in the construction of power generation equipment. This trend is expected to strengthen the industry's prosperity [3][8] - U.S. policies are directing technology companies to invest more heavily in power generation equipment, creating investment opportunities within the sector [3][8] - Orders for gas turbine companies have entered a high prosperity state, with significant growth in orders reported by several companies [3][8] Summary by Relevant Sections Industry Overview - The construction of data centers is exacerbating electricity demand in the U.S., with projected growth in commercial electricity sales of 2.4% in 2025 and 4.3% in 2026/2027 according to EIA [8] - Recent U.S. policies are pushing for higher electricity rates for data centers and requiring long-term commitments from them, which is expected to drive further investment in power generation [8] Market Opportunities - Gas turbine companies are experiencing a surge in orders, with GE Vernova reporting a 67% year-on-year increase in gas turbine orders to 10.2 GW for Q4 2025, and Caterpillar seeing a 44% increase in generator sales [8] - The expansion of production capacity by major manufacturers like Caterpillar and GE Vernova is anticipated to enhance industry growth and create investment opportunities in the component sector [8] Investment Recommendations - Recommended stocks include: - Jereh Group (002353, Buy) - Linde (605060, Not Rated) - Yingliu (603308, Not Rated) - Ice Wheel Environment (000811, Not Rated) - Deweir (688377, Not Rated) [3]

格隆汇2月5日丨联德股份(605060.SH)涨4.02%，报47.600元，股价创历史新高，总市值114.52亿元。 ...