筑牢绿色根基 激活链动效能 ——从第三届链博会看中国清洁能源供应链高质量发展 这种"核心企业引领、中小企业协同"的生态，让中国清洁能源产业链在面对全球供应链波动时，展现出 强大的抗风险能力。 创新赋能： 技术突破驱动产业链价值跃升 7月17日，在东方电气的5兆瓦化学链燃烧系统模型前，不少专业观众驻足细究。这套系统能将碳捕集成 本降低三分之二，意味着煤电清洁利用有了更经济的路径。"关键技术突破一寸，产业链价值就提升一 尺。"企业负责人的话，道出了中国清洁能源产业链升级的核心逻辑。 7月16~20日，第三届中国国际供应链促进博览会各展区内人头攒动，全球客商往来不息，观展洽谈者 摩肩接踵。这片热闹景象的背后，折射出全球产业链对绿色发展的共同聚焦。在清洁能源链展区，一系 列硬核成果尤为引人瞩目：东方电气26兆瓦海上风电机组模型，以单机容量的突破性进展，实现年发电 量1亿千瓦时，可满足5万户家庭全年用电需求；中石化"西氢东送"管道的动态演示，展现出年输氢10万 吨的能力，其布局覆盖京津冀氢能走廊核心区，为区域氢能应用铺就动脉；中国海油"深海一号"能源矩 阵则以年产天然气超30亿立方米、累计产气突破100亿立方米的实绩， ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Clean Energy** sector in **China**, specifically highlighting the **Yarlung Zangbo hydropower project** which commenced construction on July 19, 2025, in Nyingchi, Tibet [1] Company and Project Details - The **Yarlung Zangbo River Lower Reaches Hydropower project** is operated by the newly-established **China Yajiang Group Corporation** and consists of five cascade power stations with a planned investment of approximately **Rmb1.2 trillion** [1] - For comparison, the **Three Gorges** and **Baihetan projects** had investments of **Rmb250 billion** and **Rmb220 billion**, respectively [1] Investment Implications - Key beneficiaries identified within the coverage include **UHV transmission equipment players** such as: - **Pinggao (600312.SS)** - **XJ Electric (000400.SZ)** - **NARI Tech (600406.SS)** - **Sieyuan (002028.SZ)** [2] - Opportunities are also seen for: - **Hydropower plant engineering companies** - Key hydropower equipment manufacturers like **Dongfang Electric (600875.CH/1072.HK)** and **Harbin Electric (1133.HK)** [2] - Potential for the development of **"hydro-solar-wind bases"** to leverage solar and wind power during the dry season for stable renewable energy output [2] Capacity and Output Estimates - The **Medog hydropower station** is designed with an installed capacity of approximately **60 GW**, significantly higher than the **Three Gorges' 22.5 GW** and **Baihetan's 16 GW** [5] - Estimated annual electricity output for the Medog station is around **300 billion kWh**, compared to **80-90 billion kWh** for the Three Gorges and **~60 billion kWh** for Baihetan [5] - The electricity generated will be transmitted to other regions in China via **UHV lines**, while also catering to local demand in Tibet [5] Valuation Methodology - **XJ Electric (000400.SZ)** uses a discounted cash flow model with a WACC of **8.0%**, reflecting a cost of equity of **9.5%** and an after-tax cost of debt of **4.5%** [8] - **Sieyuan Electric Co. Ltd. (002028.SZ)** employs a similar discounted cash flow analysis with a WACC of **7.5%** [9] - **Henan Pinggao Electric (600312.SS)** also uses discounted cash flow methodology with a WACC of **8.2%** [10] - **NARI Technology (600406.SS)** follows a discounted cash flow approach with a WACC of **8.0%** [16] Risks and Opportunities - **Upside Risks** include: - Better-than-expected progress in orders - Market share gains - Higher-than-expected investment in the grid distribution network [12][13][14] - **Downside Risks** include: - Delays in the working progress of orders - Lower-than-expected investment in the grid distribution network - Increased competition affecting margins [12][18][19] Analyst Ratings - The report includes various companies in the **China Utilities** sector with ratings such as **Overweight** and **Equal-weight** for companies like **CGN Power Co., Ltd.** and **China Gas Holdings** [78][80] Conclusion - The Clean Energy sector in China, particularly hydropower, presents significant investment opportunities driven by large-scale projects like the Yarlung Zangbo and Medog stations, with various companies positioned to benefit from this growth.

港股风电股多数上涨，东方电气(01072.HK)涨超 8%，龙源电力(00916.HK)涨超3%，中国高速传动 (00658.HK)涨超1%。 ...

Group 1: Project Overview - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan, aiming to construct five cascade power stations [1] - The project is expected to generate an annual electricity output of about 300 billion kilowatt-hours, which is three times that of the Three Gorges Project [2] Group 2: Industry Impact - The project is anticipated to significantly boost demand for engineering machinery due to its large scale and the challenging geographical conditions, benefiting leading companies in the industry [2] - Major suppliers of hydropower equipment in China include Dongfang Electric, Shanghai Electric, and Harbin Electric, with Dongfang Electric achieving a 100% localization rate for 1 million kilowatt generator sets [2] - Central state-owned enterprises involved in hydropower engineering design and construction, such as China Power Construction Corporation and China Energy Engineering Corporation, are expected to be the first beneficiaries of the project [2] Group 3: Related Sectors - The high-altitude and complex geological conditions of the project will drive the demand for high-performance engineering machinery, favoring industry leaders [2][3] - The cement sector is likely to experience a new wave of growth due to the project, with companies like Tibet Tianlu and Huaxin Cement dominating the local market [3] - The commencement of the project is expected to significantly increase the demand for explosives in Tibet, benefiting companies with production capacity and business layout in the region, such as Gaozheng Minbao and Yipuli [3]

今日45股封单资金超1亿元。 涨停战场： 龙头点睛： 雅下水电概念股掀起涨停潮 1.雅下水电 中国电建以39.68亿元封单资金居首 据证券时报·数据宝统计，7月21日，从收盘涨停板封单量看，中国电建、西藏天路、中国能建排名前三，封单量分别高达709.78万手、358.85万手、 355.1万手；随后，保利联合（维权）、铁建重工封单量均在50万手以上。 从连续涨停天数看，智元机器人核心团队持股平台拟入主的上纬新材继续涨停，斩获9连板，为近期A股大牛股之一；人民同泰、美邦股份、北化股 份、建设工业4股今日实现3连板。 以封单金额计算，今日多达45股封单资金超1亿元。中国电建、西藏天路、高争民爆排名前三，封单资金分别高达39.68亿元、37.82亿元、13.51亿元； 保利联合、中国能建、东方电气、美邦股份、上纬新材、华新水泥封单金额均在5亿元以上。 | | | | | | 7月21日涨停股封单资金排行 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 收盘价 | 换手率 | 涨停板封单 | 封車资金 | | 涨停原因 | | | ...

7月21日， 恒生行业指数中，原材料业上涨3.4%，能源业上涨2.9%，地产建筑业上涨1.7% 。 热门个股方面， 美团-W 上涨2. 75 %， 美的集团 上涨2.1 2 %， 京东集团-SW 上涨2.1 1 %。 【导读】 万亿级水电项目点燃水泥、基建行情 中国基金报记者 格林 7月21日，港股高位震荡，三大指数集体收涨。其中， 恒生指数 涨0.68%，报24994.14点，盘中 一度 突破25000点； 恒生科技 指数涨 0.84%，报5585.5点； 恒生中国企业指数 涨0.6%，报9040.2点。 全日大市 成交额 为 2630.12亿港元，较前一交易日有所 放量， 南 向资金净买入 额为 70.51亿港元。 万亿 元 级利好点燃水泥、基建板块 据新华社报道，7月19日上午，雅鲁藏布江下游水电工程开工仪式在西藏自治区林芝市举行。雅鲁藏布江下游水电工程位于西藏自治区林芝 市，主要采取截弯取直、隧洞引水的开发方式，建设5座梯级电站，总投资约1.2万亿元。工程电力以外送消纳为主，兼顾西藏本地自用需 求。 7月21日， 华新水泥上涨85.6%，东方电气上涨65.2% 。 盘中，东方电气一度大涨超700%。不 ...

A股今日（7月21日）强势上扬，沪指、创业板指双双创年内新高，深证成指突破11000点，创 4个月新高；港股亦上扬，恒生科技指数一度涨超1%。 具体来看，三大股指盘中震荡上扬，北证50指数大涨超2%。截至收盘，沪指涨0.72%报3559.79点，深证 成指涨0.86%报11007.49点，创业板指涨0.87%报2296.88点，北证50指数涨2.38%，沪深北三市合计成 交17274亿元。 场内约4000股飘红，水利水电板块全线爆发，五新隧装30%涨停创出新高，中国电建、中国西电、中国 能建等涨停；钢铁、煤炭、有色、化工、石油等资源股集体上扬，柳钢股份斩获3连板，西宁特钢、八一 钢铁、盛和资源等涨停；人形机器人概念活跃，上纬新材斩获9连板，长盛轴承、中大力德等涨停；券商 板块异动，华林证券一度涨停。 港股方面，截至发稿，东方电气涨逾60%，盘中一度暴涨超700%；东北电气涨超40%，哈尔滨电气涨近 30%，重庆钢铁股份涨约25%。 水电股爆发 水利水电板块今日大幅拉升，个股狂掀涨停潮。截至收盘，五新隧装、基康技术30%涨停，冠龙节能、深 水规院等20%涨停，中国电建、中国西电、中国能建、中设股份等均涨停。 | ...

智通财经7月21日电，南向资金今日净买入70.51亿港元。其中，东方电气、建设银行、中国能源建设净 买入额位列前三，分别获净买入10.85亿港元、9.06亿港元、8.74亿港元；净卖出方面，美团-W、小米 集团-W、国泰君安国际分别遭净卖出7.88亿港元、5.32亿港元、3.01亿港元。 南向资金今日净买入70.51亿港元 东方电气获净买入10.85亿港元 ...

截至7月21日收盘，抽水蓄能概念上涨4.76%，位居概念板块涨幅第3，板块内，59股上涨，基康技术 30%涨停，深水规院、冠龙节能、铁建重工等20%涨停，浙富控股、国机重装、美丽生态等涨停，永福 股份、东宏股份、通裕重工等涨幅居前，分别上涨11.68%、7.00%、6.81%。跌幅居前的有豫能控股、 协鑫能科、申菱环境等，分别下跌6.44%、1.67%、1.61%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 民爆概念 | 8.51 | 跨境支付(CIPS) | -0.90 | | 水泥概念 | 6.85 | 数字货币 | -0.67 | | 抽水蓄能 | 4.76 | 智谱AI | -0.49 | | 水利 | 4.49 | AI语料 | -0.42 | | 房屋检测 | 4.35 | 电子身份证 | -0.40 | | 地下管网 | 4.05 | 移动支付 | -0.39 | | 装配式建筑 | 3.82 | 光刻机 | -0.36 | | 高压氧舱 | 3.78 | Web3.0 | -0.36 | ...

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly enhance electricity supply and contribute to carbon neutrality goals. The project will utilize abundant hydropower resources and promote the development of solar and wind energy in the surrounding areas [3]. - The project has an installed capacity of nearly 70 million kilowatts and an annual power generation capacity of 300 billion kilowatt-hours, which can meet the annual electricity needs of 300 million people and replace 90 million tons of standard coal, reducing carbon dioxide emissions by 300 million tons [3]. - The project is anticipated to strengthen the synergy between computing and electricity, benefiting the AIDC computing power industry chain [3]. Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project involves the construction of five cascade power stations and is expected to take about 10 years to complete, with production anticipated to start after 2035 [3]. - The project will enhance the utilization of "West-to-East Power Transmission" and support the national strategy of "East Data West Calculation" [3]. Investment Insights - The total investment of 1.2 trillion yuan may be adjusted upwards, with the investment in power transmission and transformation estimated to reach between 189 billion to 315 billion yuan [3]. - The report suggests that the actual investment may exceed initial estimates due to construction difficulties and uncertainties related to interest rates [3]. Beneficiaries in the Industry - The hydropower equipment supply chain is expected to benefit, with key players including Dongfang Electric, Shanghai Electric, and Harbin Electric, among others [3]. - The report highlights the stable demand for high-voltage transmission equipment and identifies major suppliers such as State Grid NARI, China XD Electric, and others as potential beneficiaries [3]. - The GIL (Gas Insulated Transmission Line) segment is entering a long-term growth cycle, with companies like China XD Electric and Pinggao Electric expected to benefit from the Yarlung Zangbo project [3]. Investment Recommendations - The report recommends focusing on the hydropower equipment and high-voltage equipment supply chains, specifically mentioning companies like Dongfang Electric, Shanghai Electric, and State Grid NARI [3]. - It also suggests monitoring the AIDC industry chain, including companies like Megmeet and Jinpan Technology [3].