Group 1 - Zhonglian Heavy Industry expressed the potential to deeply participate in the core aspects of the Yarlung Tsangpo River downstream hydropower project, which is a major national strategic project with a total investment of approximately 1.2 trillion yuan [1][7] - The project is expected to create significant demand for various types of construction machinery, including earthmoving machinery, concrete machinery, lifting machinery, foundation construction machinery, and tunnel boring machinery [7] - Zhonglian Heavy Industry has maintained a long-term strategic partnership with the relevant contractors of the Yarlung Tsangpo River downstream hydropower project, enhancing its position in the market [7][8] Group 2 - The long construction cycle of the Yarlung Tsangpo River downstream hydropower project will not only drive new equipment sales but also extend to equipment leasing, technical support, operation and maintenance services, and spare parts supply, contributing to a diversified business structure for the company [7] - Participation in world-class projects like the Yarlung Tsangpo River downstream hydropower project is expected to enhance the company's capabilities in extreme and complex working conditions, as well as its global brand influence [7] - Other listed companies have also shown interest in participating in the Yarlung Tsangpo River downstream hydropower project, indicating a broader industry engagement [8][9][11][12]

Core Viewpoint - Zoomlion is expected to deeply participate in the core aspects of the Yarlung Tsangpo River downstream hydropower project, which is a significant national strategic initiative with a total investment of approximately 1.2 trillion yuan [1] Group 1: Project Overview - The total investment for the Yarlung Tsangpo River downstream hydropower project is around 1.2 trillion yuan [1] - The construction of the project is anticipated to positively impact the demand for engineering machinery and equipment [1] Group 2: Equipment Demand - The project is expected to have substantial demand for earthmoving machinery, concrete machinery, lifting machinery, foundation construction machinery, and tunnel boring machinery [1] Group 3: Company Positioning - Zoomlion, as a leading global high-end equipment manufacturing company, has established long-term strategic partnerships with the contractors related to the project [1] - The company is well-positioned to engage in the core construction phases of the project [1]

Group 1 - The Yarlung Tsangpo River downstream hydropower project has officially commenced construction with a total investment of approximately 1.2 trillion yuan, which is about one-ninth of the Three Gorges Project's static investment of 135.3 billion yuan [1] - The project is expected to have a total installed capacity of 60 GW and an annual power generation of 3,000 billion kWh, which is approximately three times that of the Three Gorges Dam [1] - The project will significantly boost domestic demand for construction machinery, with an estimated annual profit increment of 30-40 billion yuan for major machinery manufacturers [2] Group 2 - The average altitude of the project site is over 3,000 meters, leading to high maintenance costs for diesel machinery, which may drive the adoption of electric and unmanned construction machinery [2] - The annual new equipment market space is projected to be around 100-150 billion yuan, potentially increasing to 150-200 billion yuan when considering electrification and automation [2] - Major construction machinery manufacturers are expected to see a profit of approximately 170 billion yuan in 2024, with a profit elasticity exceeding 20% [2] Group 3 - Relevant companies in the construction machinery industry include Zoomlion Heavy Industry (01157), SANY International (00631), and China Longgong (03339) [3]

受益的行业非常多，这个要分短期和中长期，因为时间跨度很长，预期是10-15年，但按照中国的速 度，只要资金到位，10年内就完工并非不可能。 短期来看，最开始就是水泥建材这些先行一步，考虑到水泥有个运输半径问题，因此最大龙头是本地水 泥厂的西藏天路(600326.SH)，被巨量封住一字，再是离基地项目400公里的港股华新水泥(06655)，大涨 超85%。本地产能肯定是不够的，需要从其它地区引进，其它有华润建材科技(01313)、中国建材 (03323)、金隅集团(02009)、中国建材(03323)、海螺水泥(00914)均涨超10%。 【解剖大盘】 周末没啥利空，市场主要担心的无非是日本的参议院选举，最新情况是由自民党和公明党组成的执政联 盟丧失参议院过半数议席。但靴子落地后日元并未出现明显波动，市场预期石破茂依旧可以继续履行职 责，从而稳定局面。因此港股继续跳空上行，今天涨0.68%。 扰动市场的巨头内卷也开始收敛，7月18日，根据央视新闻，市场监管总局约谈饿了么、美团、京东三 家平台企业，号召理性参与竞争。美团-W(03690)、京东集团(09618)、阿里巴巴(09988)均涨幅超2%。 而爆炸性题材 ...

Core Viewpoint - The Yarlung Tsangpo River Hydropower Station project, with a total investment of 1.2 trillion yuan, is not only a massive infrastructure initiative but also holds significant economic, energy, and geopolitical implications for China [1]. Investment and Economic Impact - The project is expected to generate over 20 billion yuan in annual fiscal revenue for Tibet, highlighting its potential economic benefits [1]. - Despite the slowdown in traditional large-scale infrastructure projects, strategic projects like the Yarlung Tsangpo Hydropower Station continue to receive investment due to their long-term significance for energy security and ecological protection [1]. Project Specifications - The total investment for the project is 1.2 trillion yuan, which includes the construction of five large dams and aims for a total installed capacity of 60 to 81 million kilowatts, equivalent to three Three Gorges dams [1]. - If fully operational, the hydropower station could generate 300 billion kilowatt-hours of electricity annually, potentially earning 75 billion yuan from electricity sales alone [1]. Engineering Machinery Demand - It is estimated that at least 15% of the total investment (approximately 180 billion yuan) will be allocated to construction equipment, indicating a significant demand for engineering machinery [5]. - The major players in the engineering machinery sector, including SANY Heavy Industry, XCMG, Zoomlion, and LiuGong, are expected to benefit from this demand, although their combined domestic revenue in 2024 is projected to be less than 120 billion yuan [5][6]. Profitability and Market Dynamics - The profitability of medium and large-tonnage equipment is expected to be higher than that of smaller equipment, with a potential net profit margin of 10% for the machinery used in the Yarlung Tsangpo project, translating to over 18 billion yuan in profits for the engineering machinery sector [6]. - The commencement of the Yarlung Tsangpo project is anticipated to significantly boost the profitability of the engineering machinery industry, which has been facing challenges in recent years [6].

Investment Rating - The report maintains an "Accumulate" rating for the engineering machinery industry [1] Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project presents significant opportunities for the engineering machinery industry, with a total investment of approximately 1.2 trillion yuan and an expected annual power generation of 300 billion kWh, which is three times that of the Three Gorges Dam [1][2] - The project is expected to drive domestic demand for engineering machinery, with a projected demand increase of 100-150 billion yuan annually, potentially rising to 150-200 billion yuan when considering electrification and automation trends [2] - The overseas market for engineering machinery is showing signs of recovery, with a significant portion of profits (over 80%) coming from international markets, particularly in regions like Indonesia, South America, Africa, the Middle East, and Europe [3] Summary by Sections Yarlung Tsangpo Project Impact - The Yarlung Tsangpo project involves the construction of five hydropower stations with a total installed capacity of 60 GW, significantly boosting the demand for various types of engineering machinery [1][2] Electrification and Automation - The high-altitude environment of the project site is expected to favor the adoption of electric and unmanned machinery, enhancing the value of each unit and increasing the overall market size beyond initial estimates [2] Profitability and Market Trends - The report anticipates a profit increase of 30-40 billion yuan annually for major machinery manufacturers, with an overall profit estimate of 170 billion yuan for 2024, reflecting a profit elasticity of over 20% [2] - The domestic non-excavation segment is expected to recover, reducing profit drag on major manufacturers, with gross margins projected to improve from 15% to 20% by mid-2025 [3] Investment Recommendations - The report suggests that large infrastructure projects will boost domestic demand, indicating a clear upward trend in the industry [4]

Group 1: Project Overview - The Yarlung Tsangpo River downstream hydropower project has commenced in Nyingchi, Tibet, with a total investment of approximately 1.2 trillion yuan, making it the largest hydropower project globally [1] - The project will construct five cascade power stations, with an estimated 60% of the total investment allocated to infrastructure, 30% to equipment, and 10% to ecological compensation [1] - The project is expected to primarily focus on external power delivery while also addressing local power needs in Tibet, indicating significant investment in ultra-high voltage transmission facilities [1] Group 2: Industry Impact - The project is anticipated to drive demand in various sectors, including civil explosives, construction equipment, and engineering, with a particular emphasis on tunnel boring machine manufacturers due to the complex geological environment [3] - The opening of the Yarlung Tsangpo project is expected to lead to a definitive increase in demand across multiple sub-industries, enhancing catalytic expectations for future growth [3] Group 3: Related Companies - **Dongfang Electric (01072)**: A major supplier of pumped storage units, involved in various segments of the power system construction since the 1960s, focusing on technological innovation [5] - **Times Electric (03898)**: Engaged in products for ultra-high voltage direct current transmission projects, reporting a 14.81% year-on-year increase in Q1 revenue [6] - **Huaxin Cement (06655)**: Forecasts a 50% to 55% increase in net profit for the first half of 2025, driven by the demand from infrastructure projects [6] - **Zoomlion Heavy Industry (01157)**: Reported a 2.92% year-on-year revenue increase in Q1, with growth expected in various machinery sectors due to the recovery in domestic demand [6] Group 4: Power Demand and Investment - China's electricity load has recently reached a record high of over 1.5 billion kilowatts, with projections indicating it could reach 2 billion kilowatts by 2030 [2] - The State Grid and Southern Grid have announced significant investment plans for 2025, with combined investments exceeding 825 billion yuan, marking a historical high [3][4] - The new power system construction is expected to promote sustained investment in the grid, with anticipated growth rates of over 10% by 2025 [4]

Core Viewpoint - The AI Fund, China Enterprise Dividend Mixed A (019015), reported a profit of 1.6032 million yuan for Q2 2025, with a net value growth rate of 4.59% during the period, and a total fund size of 33.8038 million yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the unit net value was 1.128 yuan, with a one-year cumulative net value growth rate of 9.58%, ranking 446 out of 584 comparable funds [3][4]. - The fund's performance over the last three months showed a growth rate of 8.11%, ranking 436 out of 615, and over the last six months, it had a growth rate of 9.65%, ranking 338 out of 615 [4]. Investment Strategy - The fund manager indicated that with the implementation of U.S. President Trump's tariff policies, global trade tensions are rising. They believe that state-owned enterprise stocks with self-controllable and domestic demand attributes will have better defensive characteristics [3]. - The report suggests that the concept of "dividend" investment, particularly high-dividend stocks, is expected to expand to broadly defined dividend stocks with potential high dividend capabilities. These companies typically have high operational barriers, stable ROE, and abundant operating cash flow, indicating a potential for sustained dividends while still being undervalued historically [3]. Fund Holdings - As of June 27, the fund's top ten holdings included Yanzhou Coal Mining Company, Shandong Publishing Group, Zoomlion Heavy Industry Science and Technology Co., New Media Group, Bohai Ferry, Phoenix Media, Nanjing Steel Group, Nanjing High Accurate Drive Equipment Manufacturing Group, China Shenhua Energy Company, and China Construction Bank [19]. Risk Metrics - The fund has a Sharpe ratio of 0.6765 since inception, indicating a reasonable risk-adjusted return [9]. - The maximum drawdown since inception is 14.12%, with the largest quarterly drawdown occurring in Q3 2024 at 11.88% [12]. Fund Positioning - The average stock position since inception has been 91.66%, compared to the peer average of 83.17%. The fund reached a peak stock position of 93.42% at the end of Q1 2024 and a low of 89.12% at the end of 2024 [15].

Core Viewpoint - The company, Zoomlion Heavy Industry Science & Technology Co., Ltd., has clarified that an individual involved in a controversial video is not an employee or authorized dealer, and their actions are unrelated to the company [1][3]. Group 1: Incident Overview - A video surfaced on social media showing a driver of an off-road vehicle verbally abusing a motorcyclist, which led to public outcry due to the driver wearing clothing with the company's logo [3]. - The company responded promptly, stating that the individual in the video has no employment relationship with them and that their inappropriate behavior does not reflect the company's values [3]. Group 2: Company Response - On July 19, the company conducted a thorough investigation and confirmed that the individual had previously engaged in business dealings with them, but is not currently affiliated with the company [1][3]. - The company emphasized that the individual's actions are personal and do not represent the company or its interests [1][3]. Group 3: Legal Consequences - The individual involved, identified as Li, admitted to his misconduct and was administratively detained for disturbing public order [4].

Core Viewpoint - The company, Zoomlion Heavy Industry Science and Technology Co., Ltd. (stock code: 000157), has clarified that a man featured in a viral video is not associated with the company or its authorized dealers, and his actions are personal and unrelated to the company [1] Group 1 - The company has received inquiries regarding the viral video titled "Off-Road Vehicle Do Not Park Motorcycle" and has taken the matter seriously [1] - An internal investigation confirmed that the individual in the video has never had an employment relationship with the company [1] - The business cooperation between the individual’s company and Zoomlion was terminated at the end of 2024, and the individual is not currently affiliated with the company [1] Group 2 - The company emphasizes its commitment to corporate reputation and insists on high standards of professional ethics and social responsibility among its employees [1] - The company aims to actively maintain a harmonious and friendly social environment [1]