CITIC Securities: Continues to recommend the global power shortage industry chain

According to the CITIC Securities research report, starting in 2026, the demand for AI power in North America will for the first time exceed the incremental conventional load and become the most core factor affecting North American power demand. It is predicted that the total delivery of gas turbines in North America from 2026 to 2028 will be 60-66GW, which is far from the concurrent AI power demand of 152GW in North America. In 2026, global gas turbine orders still have upside potential and are expected to increase to over 100GW.