燃气轮机专题报告：行业高景气&供需错配看好国产集成&零部件供应商优先受益

东吴证券股份有...01-09

在AIDC建设加速背景下，电力供需缺口持续放大，燃气轮机行业有望开启新一轮上行周期。①供需格局：需求端快速释放，而供给受制于供应链约束及3–5年的交付周期显著滞后，2025年全球燃机意向订单已超80GW，实际可交付产能不足50GW，供需缺口明确；②分功率产品优势：重型燃机具备大功率、长期稳定运行优势，中小型燃机在灵活性与可靠性方面更具优势，均可适配AIDC用电需求，其中中小型燃机在数据中心场景下...

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燃气轮机专题报告：行业高景气&供需错配 看好国产集成&零部件供应商优先受益

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燃气轮机专题报告：行业高景气&供需错配看好国产集成&零部件供应商优先受益