Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The domestic gas turbine industry is experiencing a historic opportunity due to significant demand growth in North America driven by AIDC, which is exacerbating the electricity gap [7] - Domestic gas turbine manufacturers are accelerating their rise, achieving core technological breakthroughs and securing abundant orders, marking a key transition from domestic to international markets [7] - The overseas gas turbine expansion is constrained by supply chain bottlenecks, presenting a historic opportunity for domestic manufacturers to capture larger orders [7] - Investment recommendations include focusing on high-quality Chinese enterprises across the supply chain, with specific companies highlighted for their potential [7] Summary by Sections Industry Overview - AIDC is driving sustained growth in gas turbine demand in North America, while the public grid expansion faces challenges due to aging infrastructure and slow project approvals [7] Domestic Market Developments - In November 2025, Dongfang Electric provided three domestically developed gas turbines for a project in Kazakhstan, marking a significant international milestone for China's gas turbine technology [7] Supply Chain and Competitive Landscape - Major overseas manufacturers are facing production constraints, particularly in upstream components, which is slowing down order fulfillment despite increasing order volumes [7] Investment Recommendations - Recommended companies include: - Supply chain: Yingliu Co., Lande Co., Eagle Precision, and Haomai Technology - Main gas turbine manufacturers: China Power and Dongfang Electric - Gas turbine integrators: Jereh Group, with additional mentions of Taihao Technology and Changyuan Donggu [7]