燃机行业点评：北美发电景气度持续高涨，看好燃机+天然气发动机

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Insights - The North American power generation sector is experiencing a sustained uptrend, particularly in gas turbines and natural gas engines, driven by the increasing electricity demand from AI development [5] - Major tech companies are committing to self-build power plants to meet their energy needs, which opens new growth opportunities for gas turbines [5] - Siemens has a record high unfulfilled orders of €138 billion for FY2025, with plans to expand capacity to over 30GW by 2030 [5] - GEV is expected to add approximately 20GW of new gas turbine orders in 2024, doubling the orders from 2023 [5] - The service market for gas turbines is entering a long-term growth phase, with a significant increase expected around 2035-2040 [5] - Natural gas engines are becoming the primary power source due to shorter construction periods and lower fuel costs compared to diesel, indicating a high growth window of 5-10 years for this sector [5] - The report suggests focusing on two main lines: domestic core suppliers of natural gas engines and Chinese manufacturers that can export to North America [5] - The report recommends companies such as LianDe Co., Ltd. and suggests paying attention to others like YingLiu Co., Ltd., WanZe Co., Ltd., and others [5]