Core Insights - The development of AI data centers in the U.S. is driving an increase in electricity demand, leading to a surge in gas turbine demand due to power shortages [1][2] - The delivery time for newly ordered H-class gas turbines has significantly lengthened, with expected delivery now between 2028 and 2030 [1][2] - The commercial operation cycle for modified aircraft engines is much shorter than that of large gas turbines, making them an ideal transitional solution for data center construction [4] Group 1: AI Data Centers and Electricity Demand - The global electricity consumption of data centers is projected to grow from 49 GW in 2023 to 96 GW by 2026, with 90% of this growth driven by AI [2] - Aging power grid infrastructure in developed economies, with over 50% of equipment exceeding 20 years of use, is prompting a need for upgrades [2] Group 2: Gas Turbine Demand and Supply - The demand for gas turbines is increasing due to electricity shortages, resulting in a higher order-to-delivery ratio for turbine manufacturers [1][2] - The supply-demand mismatch is evident, with a significant backlog in orders for modified aircraft engines, as seen in recent contracts and deliveries [4] Group 3: Investment Opportunities - The current supply-demand mismatch in modified aircraft engines presents opportunities for companies with supporting technologies and capacities to secure long-term contracts [5] - Companies such as航亚科技, 振华股份, and others are highlighted as potential beneficiaries in the modified aircraft engine market [6]

Group 1 - The "2025-2026 FIS Snowboard Cross World Cup" commenced in Shenyang, marking an important international winter sports event and a trial for the power supply infrastructure for the upcoming 15th National Winter Games [1] - To ensure the smooth operation of the event, State Grid Shenyang Power Supply Company activated an emergency power supply plan, deploying 4 emergency power vehicles and 15 generators, with 263 repair personnel and 72 repair vehicles on standby [1][2] Group 2 - Over the past two years, State Grid Shenyang Power Supply Company has focused on preparatory work, including a comprehensive assessment of substations and transmission lines for the "15th Winter Games" venues, resulting in detailed power supply diagrams [2] - The company has undertaken multiple power grid projects around key venues, with the most significant being a series of projects in the Wangjiabao area, aimed at enhancing the power supply structure [2][3] - The planned upgrades include transitioning from a "single circuit" to a "dual power chain interconnection" structure, which will not only support the venues during the games but also improve long-term power reliability and contribute to regional economic development [3]