CSI Securities remains resolutely bullish on the export potential of China’s gas turbines. From a demand perspective, Siemens Energy revised its average annual demand forecast for the gas turbine sector upward in its latest earnings call, raising the projection from the initial range of 90-100GW to approximately 110-120GW over the next few years. The company emphasized that it currently observes no indications of a slowdown in market demand. On the supply side, Siemens Energy noted that recent capacity expansions by industry participants are rational and insufficient to disrupt the existing supply-demand imbalance. In the medium-to-long term, as factors such as capacity, efficiency, and full-lifecycle costs become critical decision-making drivers, industrial gas turbines will not serve as substitutes for large-scale gas turbines. Furthermore, Siemens Energy highlighted that in projects involving data centers and hyperscale cloud service providers, short lead times have emerged as a scarce and highly valued resource, enabling suppliers to command premium pricing.