CITIC Securities: Continuously optimistic about the investment opportunities in the industry chain supporting the high prosperity of the internal combustion engine industry.

CITIC Securities stated that the first commercial unit of the domestic "Taihang 110" has come off the production line, signaling further acceleration of the commercialization process of heavy-duty gas turbines in China; global AI giants are increasing their capital expenditures, leading to a continuous rise in electricity demand for data centers, and gas turbines, as a stable and efficient power supply method, are expected to benefit greatly. We continue to be optimistic about investment opportunities in the gas turbine industry under the high prosperity of the industry chain.