创新区研究，就在TOP研究院。TOP研究院专注于全球创新区的一体化研究，从Talent(个人), Organization(组织), Place(区域)三大维度出发，通过"研究/连接/ 分享"，探索中国创新区的实践路径。 文 ｜ 彭博社+TOP 来源｜ TOP创新区研究院（ID：TOP_Lab） 封面来源 ｜ 视觉中国 真正的壁垒， 是一个国家、一个产业集群的系统性效率。 以下文章来源于TOP创新区研究院 ，作者彭博社+TOP TOP创新区研究院 . 2025年7月的中国，盛夏炎炎。一辆普通商务车，载着8位在欧美资本圈呼风唤雨的顶级风险投资人，穿行在中国东部沿海的超级工业带上。车内异常安静， 与车窗外那个热火朝天的世界形成了鲜明对比。这些手握数亿美金、习惯于用资本逻辑丈量世界的VC们， 此刻正经历着一场前所未有的"认知海啸"。 他们来自Kompas VC、Planet A Ventures、Extantia Capital等 知名机构 ，此行的目的并非寻找投资标的，而是一场 "敌后侦察"——亲眼丈量一下，西方引 以为傲的清洁技术初创公司，与中国的产业巨兽之间，那道传说中的鸿沟，究竟有多深。 一周后，他们带着晒 ...

随着俄乌冲突的加剧，西方国家，特别是美国，对俄罗斯实施了严厉的经济制裁。这直接影响了俄罗斯在燃气轮机领域的自主生产能力。过去，俄罗斯依赖 德国西门子和美国通用的技术产品，但如今，制裁让这些供应渠道被切断，俄罗斯不得不面对一系列挑战。在如"北极LNG-2"这样的重大项目中，燃气轮机 的短缺造成了数十亿美元的损失，甚至连军舰和潜艇的动力系统也因缺乏零部件而停滞不前，形成了尴尬的"动弹不得"局面。 在2025年9月，伊朗能源部长宣布，伊朗将向俄罗斯出口MGT-75型燃气轮机。这一消息迅速引起了全球的关注。表面上看，这似乎有些荒谬，但实际上，这 背后隐藏着俄罗斯面临的工业危机与日益复杂的地缘政治局势。曾经是全球工业舞台上的重要一员，俄罗斯如今竟然需要向一个相对年轻的制造商寻求技术 支持，令人不禁深思。 要理解这一切，首先要从历史讲起。苏联时期，俄罗斯在燃气轮机领域曾是世界领先者。然而，苏联解体后，许多关键技术和研发 基地被分裂，尤其是乌克兰。自那时起，俄罗斯的工业体系在许多领域出现了断层，尤其在高端制造领域，燃气轮机的研发成为了巨大的痛点。 此时，伊朗的"帮助"显得尤为讽刺。伊朗的MGT-75型燃气轮机虽然宣称已经实 ...

来源：环球零碳 力全球首台氢氨双燃料燃气轮机下线。 慕帆动力成立于2015年11月，由总经理林钢领衔的德国海归团队创立，总部位于上海。这支团队深耕绿色能源领域，专注于新一代 零碳泛氢燃气轮机的研发。 在全球能源转型的关键节点，由上海慕帆动力科技有限公司（以下简称"慕帆动力"）自主研发的全球首台氢氨双燃料燃气轮机机 组，于9月在内蒙古赤峰基地顺利完成总装下线。 这一里程碑式事件标志着中国在零碳氢氨双燃料发电技术领域的重大突破。该机组将在基地内的"泛氢燃机试验中心"进行整机性能 试验，即将进入市场化应用阶段。 目前，已有来自德国、美国、澳大利亚等多个国家和地区的意向订单涌入，目前，这些订单主要来自能源转型需求旺盛的发达国 家。这预示着这一创新技术将迅速走向国际舞台。 图为慕帆动 慕帆动力响应国家"双碳"目标号召，致力于打破国外巨头在燃气轮机领域的技术垄断，确保中国在未来能源体系核心装备上的自主 可控。该产品具备100%自主知识产权和100%国产化零部件，工艺技术达到国际领先水平。单台机组年发电量最高可达7000万度， 利用氢氨作为燃料产生的零碳电力，成为传统能源转型和新能源消纳的理想解决方案。 这一成就不仅提升了 ...

AIDC 燃气轮机：燃气轮机海外需求强劲，中国供应链加速 切入 20250915 摘要 全球燃气轮机市场规模庞大，2024 年约为 200 亿美元，但市场集中度 高，三菱重工、西门子能源和 GEV 占据 75%以上份额，尤其在 50 兆瓦 以上重型市场，三者合计占比约 90%。 全球燃气轮机装置容量呈现周期性波动，与油气价格密切相关。2024 年约为 70GW，预计 2025-2027 年将达 80GW，数据中心需求将显著 增加，到 2028-2030 年或将每年增长 20GW。 燃气轮机制造成本中，叶片占比最高（35%），其中涡轮叶片价值量较 高；控制系统占 18%；涡盘占 17%；外壳体占 6%。核心供应链集中 在海外，中国供应商规模相对较小。 美国数据中心用电量快速增长，预计 2028 年将超过总用电量的 10%， 但风光发电无法满足稳定需求，核电建设周期长，短期内燃气轮机组可 能成为数据中心主供电源。 预计 2025 至 2028 年间，美国数据中心对燃气轮机的累计需求可能超 过 20 吉瓦，全球需求量和装机量预计将达到 50 吉瓦左右。 Q&A 燃气轮机的基本结构和工作原理是什么？ 燃气轮机是一种将 ...

2025年9月8日 记者从中国航空发动机集团有限公司获悉，9月8日，国内功率最大的国产商业投运重型燃气轮 机"太行110"首台套商业机组在中国航发燃机制造装试基地出厂，即将交付。这标志着我国自主研制的 110兆瓦级重型燃气轮机正式迈入商业化应用新阶段。 标志着我国自主研制的 110兆瓦级重型燃气轮机 正式迈入商业化应用新阶段 海报制作：栾若卉 新华社权威快报 新华社国内部出品 据介绍，重型燃气轮机是能源高效转换、洁净利用、多领域应用的核心装备，是工业强国的重要标 志之一，世界上仅有少数国家具备独立自主研制能力。 国内功率最大 国产商业投运 主要燃气轮机 "太行110" 首台套商业机组出厂 记者：宋晨 ...

2025年9月8日 记者从中国航空发动机集团有限公司获悉，9月8日，国内功率最大的国产商业投运重型燃气轮机"太行110"首台套商业机组在中国航发燃机制造装试基地出 厂，即将交付。这标志着我国自主研制的110兆瓦级重型燃气轮机正式迈入商业化应用新阶段。 据介绍，重型燃气轮机是能源高效转换、洁净利用、多领域应用的核心装备，是工业强国的重要标志之一，世界上仅有少数国家具备独立自主研制能力。 （文章来源：新华社） 标志着我国自主研制的 110兆瓦级重型燃气轮机 正式迈入商业化应用新阶段 国内功率最大 国产商业投运重型燃气轮机 "太行110" 首台套商业机组出厂 ...

新华社权威快报 记者从中国航空发动机集团有限公司获悉，9月8日，国内功率最大的国产商业投运重型燃气轮机"太行 110"首台套商业机组在中国航发燃机制造装试基地出厂，即将交付。这标志着我国自主研制的110兆瓦 级重型燃气轮机正式迈入商业化应用新阶段。 据介绍，重型燃气轮机是能源高效转换、洁净利用、多领域应用的核心装备，是工业强国的重要标志之 一，世界上仅有少数国家具备独立自主研制能力。 2025年9月8日 国内功率最大 国产商业投运 主要燃气轮机 "太行110" 首台套商业机组出厂 标志着我国自主研制的 110兆瓦级重型燃气轮机 正式迈入商业化应用新阶段 记者：宋晨 新华社国内部出品 海报制作：栾若卉 ...

Core Insights - The first commercial unit of the domestically developed heavy-duty gas turbine "Taihang 110" has been produced and is set for delivery, marking a new phase in the commercialization of China's 110 MW heavy-duty gas turbine technology [5] Group 1: Company Developments - The "Taihang 110" gas turbine is the largest domestically produced commercial heavy-duty gas turbine in China, indicating significant advancements in the country's energy technology capabilities [5] - The successful production of the "Taihang 110" highlights China's independent research and development capabilities in heavy-duty gas turbine technology, a field where only a few countries globally possess such capabilities [5] Group 2: Industry Significance - Heavy-duty gas turbines are essential for efficient energy conversion and clean utilization, serving multiple applications across various industries, thus representing a critical component for industrial power [5] - The development of the "Taihang 110" gas turbine is a significant milestone for China's energy sector, reflecting the country's ambitions to enhance its industrial strength and technological independence [5]

Company Overview - Hangzhou Hailianxun Technology Co., Ltd. (referred to as Hailianxun or the company) is undergoing a share swap merger with Hangzhou Turbine Power Group Co., Ltd. [1] - The main business of the merged entity includes the design, manufacturing, installation, and operation of industrial steam turbines, gas turbines, generators, and hydraulic turbines [1][2]. Financial Performance of the Merged Entity - The financial performance of the merged entity shows a continuous decline in gross profit and profit margins over the reporting periods, with gross profits of 1.294 billion yuan, 1.178 billion yuan, and 939 million yuan, and gross margins of 29.30%, 26.78%, and 21.21% respectively [1][2]. - The net profit for the reporting periods was 708 million yuan, 736 million yuan, and 638 million yuan, indicating a downward trend [2][3]. Market Conditions and Competitive Landscape - The industrial steam turbine market is facing increased competition due to the "dual carbon policy" and the impact of new energy units on traditional turbine markets, leading to a decline in production and sales [1][9]. - The global steam turbine manufacturing market is projected to grow from 28.375 billion USD in 2024 to 33.752 billion USD by 2032, with a compound annual growth rate of 2.19% [9][24]. Product Segmentation and Sales Dynamics - The merged entity's product offerings include industrial drive steam turbines and industrial power generation steam turbines, with the former accounting for 33.61% of the revenue from steam turbine business [7][12]. - The sales price of industrial drive steam turbines was 1,003.82 thousand yuan in 2024, while the sales price for industrial power generation turbines was 870.79 thousand yuan [14]. Strategic Initiatives and Future Outlook - The company is focusing on enhancing its market position by improving order structures and cost control, with a reported increase in the proportion of industrial drive steam turbine revenue from approximately 40% in 2024 to around 50% in the first quarter of 2025 [18]. - The company has a robust order backlog exceeding 6 billion yuan for industrial steam turbines, indicating a solid foundation for future operations [22]. Technological Advancements - The company has established a comprehensive technology and product research and development system, with multiple national-level innovation platforms to support its technological capabilities [26][27]. - The company has developed unique technologies in the turbine field, enhancing production efficiency and product performance, which are critical for maintaining competitive advantages in the market [27][29].

Core Viewpoint - The merger between Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Turbine Power Group Co., Ltd. is under scrutiny, focusing on the operational performance and sustainability of the latter, which has shown declining profitability in recent years [1][2]. Group 1: Company Performance - Hangzhou Turbine Power Group's main business includes the design, manufacturing, installation, and operation of industrial steam turbines, gas turbines, generators, and hydraulic turbines [2]. - The company's gross profit and profit margins have been declining, with gross profits of 1.294 billion, 1.178 billion, and 939 million yuan, and gross margins of 29.30%, 26.78%, and 21.21% over the reporting periods [2][12]. - The net profits for the reporting periods were 708 million, 736 million, and 638 million yuan, indicating a downward trend [2]. Group 2: Market Conditions - The global steam turbine market is projected to grow from $28.375 billion in 2024 to $33.752 billion by 2032, with a compound annual growth rate of 2.19% [6][23]. - The Chinese steam turbine market is expected to maintain a scale of 35-40 billion yuan in the coming years, despite pressures from the "dual carbon policy" and adjustments in the traditional energy structure [6][23]. - The industrial steam turbine market in China is facing challenges due to increased competition and a shift towards renewable energy sources, impacting traditional steam turbine sales [7][10]. Group 3: Competitive Landscape - The steam turbine market is characterized by a "multi-polar and tiered" competition structure, with international leaders like Siemens Energy and General Electric dominating the global market [9][10]. - Domestic players such as Dongfang Electric and Shanghai Electric lead the market, with Hangzhou Turbine Power maintaining a significant share in the industrial drive turbine sector [10][21]. - Hangzhou Turbine Power has a competitive edge in customized turbine manufacturing, allowing it to meet specific client needs effectively [15][25]. Group 4: Future Prospects - The company has a robust order backlog exceeding 6 billion yuan, indicating a solid foundation for future operations [20]. - The focus on energy efficiency and carbon reduction is expected to create new growth opportunities in equipment upgrades and energy-saving retrofits [23][24]. - The company is actively expanding its market presence in Southeast Asia and the Middle East, targeting new projects that align with its capabilities [23][24].