Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The report highlights the arrival of a self-sufficient power supply era driven by AI data centers, which are expected to significantly increase electricity demand. The U.S. data centers are projected to account for 45% of global electricity consumption by 2024, with their share of total U.S. electricity generation rising from 4-5% in 2025 to 9-17% by 2030 [3] - There is a supply bottleneck in gas turbine capacity, which is expected to lead to the use of gas turbines in conjunction with energy storage systems for self-built power stations. Major gas turbine manufacturers are experiencing a surge in orders, with GE Vernova's gas turbine orders increasing by 74% year-on-year and Siemens Energy's natural gas service orders up by 81% [4] - The aging U.S. power grid is entering a long-term replacement peak, as it has been in continuous construction since around 1954. The report indicates that 2024 marks the beginning of a 20-year peak replacement period [4] - The delivery cycles for transformers are lengthening, with prices expected to rise by 20-30%. The report cites that the delivery period for large power transformers reached 128 weeks in Q2 2025, with some high-voltage transformers taking up to 143 weeks [5] - Major equipment manufacturers are seeing a surge in orders, with Eaton's electrical business in the Americas reporting a 31% year-on-year increase in orders, and GE Vernova's electrification business reaching $34.7 billion in orders, up 48% year-on-year [5] Summary by Sections Self-Built Power Supply - Gas turbines and energy storage systems are expected to have high demand, with gas turbines being prioritized initially. The report suggests focusing on leading domestic gas turbine companies like Dongfang Electric and overseas large storage companies such as Sungrow and Haibo [6] Transformer and Core Components - The supply-demand gap is favorable for Chinese transformer and core component industries to expand overseas, particularly benefiting companies with established market shares in North America. Recommended companies include Jinpan Technology, Igor, Sifang Co., Xinte Energy, TBEA, Mingyang Electric, and Jingquanhua [6]