CITIC Securities: The gas turbine industry is in a new round of boom cycle.

CITIC Securities research report states that the gas turbine industry is in a new round of prosperity cycle, with small and medium-sized gas turbines seeing faster demand growth due to advantages such as flexible deployment and short construction cycles. On the supply side, overseas OEMs face long expansion cycles, keeping gas turbine supply persistently tight, and capacity constraints in key hot-end components and large rotating parts are transmitting upstream. The overseas supply-demand gap and supply constraints on aero-derivative gas turbine core engines are expected to drive demand spillover to domestic complete machine and component industry chains, and upstream materials such as high-temperature alloys are also welcoming development opportunities.