Summary of Key Points from Conference Call Records Industry Overview - The U.S. is projected to face a power shortage of approximately 37.2 GW between 2025 and 2030, primarily due to the surge in electricity consumption from AI data centers, which is expected to increase its share from 4.4% in 2023 to between 6.7% and 12% by 2028 [1][3][7] - The gas turbine equipment market is estimated to be around 120-150 billion RMB, with the service market being even larger, reaching 30.8 billion USD in 2023 [1][5] Core Insights and Arguments - Gas-fired power generation is considered the most realistic transitional solution to address the U.S. power gap due to its high stability, short construction cycle, and relatively low cost [1][4] - Major companies like Siemens, GE, and Mitsubishi have orders booked until 2030, confirming the market certainty for gas-fired power generation [1][4] - The demand from AI data centers is expected to add between 74 to 132 GW of electricity demand by 2028, translating to a market increment of 25 to 50 billion USD for gas turbine orders [1][8] Market Dynamics - GEV's new orders have been consistently increasing, with a 39% year-on-year growth in the first three quarters of 2025, adding 19.6 GW [1][5] - The gas turbine's core components include compressors, combustion chambers, and turbines, with the highest value component being the hot-end blades, accounting for 35% of the total value [1][11] Company-Specific Developments - Wan Ze Co. has seen rapid growth in its high-temperature alloy business, with revenues expected to reach 400 million RMB in 2024, a 60% increase year-on-year [3][15] - Triangular Defense has a promising partnership with Siemens Energy, with expected gross margins of 30%-40% and net margins over 20% [3][16] - Aerospace Technology has made significant strides in the gas turbine sector, with revenues increasing from less than 40 million RMB in 2021 to 177 million RMB in 2023 [18][19] Additional Important Insights - The low interconnection level of regional power grids in the U.S. (only 2%) exacerbates the supply-demand imbalance, making gas-fired power generation the most feasible solution in the next 5 to 10 years [4] - The high-temperature alloy market is projected to be around 10 billion RMB annually, with significant growth potential for companies involved [20] - The overall trend in the gas sector is positive, with substantial investment opportunities and growth potential expected to continue [21]