国防军工行业：新·视角：燃气轮机，清洁调峰驱动，AIDC潜在看点，空间广阔

Investment Rating - The report recommends a "Buy" rating for leading companies in the gas turbine industry, emphasizing the potential for growth and investment opportunities in this sector [4]. Core Insights - The gas turbine market is expected to see significant growth driven by global energy transition and environmental requirements, with a projected global order value exceeding $137 billion over the next decade [3]. - The domestic gas turbine industry is accelerating its localization process, reducing reliance on imports and enhancing competitiveness in the global market [3]. - The demand for clean energy and peak shaving capabilities is expected to drive the growth of gas turbines, particularly in the context of increasing renewable energy capacity [3]. - The report highlights the potential for hydrogen-fueled gas turbines to reshape the energy landscape in the long term, with China positioned as a leader in hydrogen production and consumption [3]. Summary by Sections 1. Gas Turbines - Gas turbines are lightweight, efficient, and environmentally friendly, widely used in power generation and oil and gas sectors [16]. - The structure of gas turbines allows for efficient conversion of chemical energy to mechanical energy, with a focus on high-temperature operation [18][19]. - F-class gas turbines are currently the mainstream model, with operational temperatures around 1400°C and efficiencies exceeding 40% [22]. 2. Industry Chain - The gas turbine industry chain includes high-value-added segments from material research and precision manufacturing to lifecycle maintenance [27]. - The market for gas turbines is projected to exceed $100 billion over the next decade, driven by the transition to green power [27]. 3. Localization - The report notes that the domestic gas turbine industry has historically relied on imports but is now making significant strides in technology and production capabilities [28]. - The "Two Machines Special Project" has facilitated breakthroughs in domestic gas turbine technology, enhancing self-sufficiency [28]. 4. Drivers - The demand for gas turbines is expected to increase due to the need for clean energy and peak shaving, particularly as coal-fired power plants are phased out [3]. - The rise of AI data centers and other new economies presents additional growth opportunities for gas turbines [3]. 5. Long-term Outlook - Hydrogen-fueled gas turbines are identified as a key technology for future energy systems, with China poised to take advantage of its hydrogen production capabilities [3]. 6. Investment Recommendations - The report suggests focusing on leading companies in the gas turbine supply chain, including those involved in materials, manufacturing, and maintenance services [3].