Changjiang Securities·2026-02-25 00:45Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - In the short term, the electricity gap in North America continues to widen, leading to a supply-demand imbalance for gas turbines, which presents an opportunity for gas generator sets to become the primary power source [3][9]. - In the medium to long term, gas generator sets are expected to become a preferred choice for small to medium-sized data centers due to their advantages in speed of delivery and operational efficiency [3][9]. - Domestic companies, such as Weichai Power and Yinlun Co., are well-positioned to benefit from this opportunity due to their production capacity and quick delivery capabilities [3][9]. Summary by Sections Background - The demand for AI computing power has surged, resulting in a projected electricity gap of approximately 73.2 GW in the U.S. from 2025 to 2030, which could increase to 201 GW if data center growth exceeds expectations [6][27]. Demand - Gas generator sets are expected to experience explosive growth in the short term due to the electricity shortage, with a projected demand of about 9 GW for gas generator sets in North America by 2026 [7][56]. - The medium to long-term outlook indicates that gas generator sets will be favored for their modularity and lower redundancy costs, particularly for data centers with capacities around 100 MW [8][58]. Supply - There is a significant supply shortage of gas generator sets from overseas manufacturers, while domestic companies like Weichai Power can deliver quickly due to their ample production capacity [8][73]. Investment Recommendations - The report suggests a strong growth cycle for gas generator sets in North America, driven by the ongoing electricity shortage and the limited supply of gas turbines [9][3].