伯恩斯坦：2026年推动人工智能：绘制燃气轮机供应链的统一方法（英文版）

mand concerns toward durability of earnings, addressing investor fears of overcapacity as OEMs ramp supply. Our incremental analysis integrates turbine, engine, and fuel cell capacity into a unified framework, highlighting where oversupply risk is real (mid-scale/BTM) vs overstated(HDGT). We conclude gas turbine markets are transitioning toward a more balanced yet still tight supply-demand dynamic, with strong backlog visibility and embedded pricing, strengthening conviction in our Outperform