美国 AIDC 需求激增导致燃气轮机需求激增，GE、西门子能源和三菱重 工等公司交付延迟至 2030 年，订单量远超交付能力，但受 AI 发展不确 定性影响，产能扩张保守。美国政府与日本合作投资 5,500 亿解决相关 问题，卡特彼勒和三菱重工计划扩大产能。 海外燃气轮机企业面临终端集成能力和安装人员不足的问题，以及上游 零部件产能瓶颈，为中国企业如英流股份、隆达股份等提供了进入海外 主机厂供应链的机会，并建立了战略合作关系。 SOFC 作为快速落地的能源解决方案，转化效率高达 95%，远超燃气轮 机，Bloom Energy 公司的 SOFC 产品落地速度快且成本下降潜力大， 有望成为未来化石能源转化为电能的重要方式，市场空间巨大。 金属铬是高温合金的重要组成部分，燃气轮机和 SOFC 的需求增长将导 致金属铬需求激增。SOFC 对金属铬的需求量是燃气轮机的 15 倍以上， 预计到 2028 年金属铬供需缺口将达到 34 万吨，中国相关企业将在缓 解全球供应紧张局势中发挥重要作用。 北美电力设备市场需求显著增长，主要驱动因素包括新能源装机、工业 回流和老旧电网替换。变压器行业面临供需缺口，国内企业如金盘科技 ...

Macroeconomic News - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7%. Excluding automobiles, retail sales amounted to 34,931 billion yuan, growing by 4.3%. From January to July, total retail sales reached 284,238 billion yuan, up 4.8%, with non-automobile retail sales at 257,014 billion yuan, increasing by 5.3% [1] - Fixed asset investment (excluding farmers) from January to July was 288,229 billion yuan, a year-on-year increase of 1.6%. Private fixed asset investment saw a decline of 1.5% [1] - The industrial added value above designated size grew by 5.7% year-on-year in July, with a month-on-month increase of 0.38%. From January to July, the year-on-year growth was 6.3% [1] Industry News - The Hong Kong Monetary Authority and the Securities and Futures Commission issued a joint statement regarding recent market fluctuations related to stablecoins, emphasizing a cautious approach to licensing applications for stablecoin issuers and the need for high standards [3] - Financial regulatory authorities in Shanghai, Guangdong, Zhejiang, and Anhui have proposed measures to combat "involution" in the banking sector, targeting practices like mortgage rebates and urging banks to adopt differentiated competition strategies for sustainable development [3] - New regulations for 3C certification of mobile power lithium batteries are now in effect, prohibiting the production, import, or sale of non-certified products, leading to a significant market shift towards certified products [4] Sector Opportunities - CITIC Securities reports that Solid Oxide Fuel Cells (SOFC) have high efficiency and carbon reduction potential, with a projected market size of 7 billion USD in data centers over the next three years, suggesting investment in SOFC component manufacturers and companies involved in SOFC technology development [5] - CITIC Jiantou notes that tungsten product prices are reaching new highs due to decreased supply from domestic quotas and environmental inspections, while foreign production increases are below expectations, indicating a favorable price outlook [5] - Tianfeng Securities highlights the transformation of the yellow wine industry towards high-end, youthful, and national recognition, suggesting investment in leading companies that have successfully navigated this transition, such as Kuaijishan and Guyuelongshan [6]