Quan Jing Wang·2026-02-09 14:08Core Viewpoint - The merger of Hailianxun and Hangzhou Turbine Power Group aims to enhance asset quality and operational efficiency, responding to national policies on state-owned enterprise reform and promoting the integration of high-end equipment manufacturing in the energy sector [1][5]. Group 1: Merger Details - Hailianxun has completed the acquisition of Hangzhou Turbine through a share swap, issuing 1,174,904,765 new shares at a price of 9.35 yuan per share, resulting in a market value of approximately 10.985 billion yuan [1]. - The merger will resolve Hangzhou Turbine's historical B-share issues and enhance its financing capabilities, particularly for its gas turbine and high-end equipment business [1]. Group 2: Industry Context - The global gas turbine industry is entering a decade-long boom, with significant demand driven by AI and energy efficiency needs, projecting a global gas installation capacity of over 100 GW in the next ten years [2]. - The U.S. is expected to add 250 GW of new gas capacity in the next five years, indicating a substantial growth opportunity for companies in this sector [2]. Group 3: Technological Advancements - Hangzhou Turbine has made significant progress in developing its 50MW HGT51F heavy gas turbine, achieving successful ignition and full-load performance tests, marking its entry into the market [3]. Group 4: International Expansion - Hangzhou Turbine's high-end equipment has successfully entered international markets, exemplified by a biomass power project in Côte d'Ivoire and a waste-to-energy project in Hong Kong, showcasing China's capabilities in high-end equipment manufacturing [4]. Group 5: Strategic Importance - The merger supports national strategic initiatives, particularly the "Two Machines Special Project," aimed at achieving technological independence in high-end energy equipment [5]. Group 6: Market Demand Outlook - The demand for gas turbines is expected to rise due to ongoing global computing power expansion and energy structure optimization, indicating a long-term favorable market environment for the industry [6].