Group 1: Market Performance - The Hong Kong cement and building materials sector experienced a significant surge, with Huaxin Cement reaching a peak of 20.10 HKD, marking a maximum increase of over 100% [1] - As of the report, Huaxin Cement had risen by over 70%, while China Resources Cement Technology increased by nearly 15%, and China National Building Material rose by over 8% [1] Group 2: Project Announcement - The Yarlung Tsangpo River downstream hydropower project commenced construction on July 19 in Nyingchi, Tibet, with a total investment of approximately 1.2 trillion RMB [2] - The project will consist of five tiered power stations, primarily focusing on power transmission and consumption outside Tibet, while also addressing local needs [2] Group 3: Strategic Importance - The Yarlung Tsangpo River downstream hydropower development was highlighted in the 14th Five-Year Plan and is designated as a major investment project for 2025 [3] - Tibet has significant hydropower resources, with an estimated capacity of about 200 million kilowatts, accounting for nearly 30% of the national total [3] Group 4: Industry Implications - The commencement of the project is expected to drive demand in various sectors, including civil explosives, tunneling, and geotechnical industries, with a positive outlook for related companies [4] - Key beneficiaries in the investment and construction sectors include China Power Construction and China Energy Engineering, while tunnel equipment manufacturers like China Railway Engineering and China Railway Industry are also expected to benefit [4] - In the cement sector, regional leaders such as Tibet Tianlu and Huaxin Cement are anticipated to gain from the project, along with other material suppliers [4]

周一早盘，A股三大指数集体高开，延续上涨态势。截至午间收盘，上证指数报3549.89点，涨0.44%； 深证成指、创业板指分别涨0.29%、0.12%。全市场半日成交额11026亿元，较上个交易日同期放量733 亿元。 雅下水电概念爆发 多只个股涨停 早盘，受国家级水电工程正式开工提振，水电工程、水泥等基建板块集体大涨。其中，五新隧道、中国 电建、保利联合、西藏天路、壶化股份等多只个股开盘"一字涨停"；韩建河山开盘1分钟拉升涨停，深 水规院开盘2分钟冲击"20cm"涨停。 盘面上，全市场超3500只个股上涨。水电工程、水泥等基建板块爆发涨停潮，五新隧道、中国电建、保 利联合、西藏天路、壶化股份等多只个股涨停；稀土永磁概念反复活跃，北方稀土涨超5%，成交额 116.69亿元，位居A股第一。 个股方面，上纬新材（688585）今日再度以20%幅度涨停，走出9连板。自7月9日以来，上纬新材区间 累计涨幅达416.20%。 早盘，人形机器人概念股再度活跃。截至午间收盘，长盛轴承、万达轴承涨超10%，卧龙电驱、四川金 顶、雅化集团涨停。 | < > | | 雅下水电概念 | | rg Q | | --- | --- | ...

涨停潮 1.2万亿引爆A股！ 今天早上，A股市场涨停个股一度达到100只以上，而这些股票当中，大部分跟雅鲁藏布江下游水电工程有 关。周末，该工程开工，工程主要采取截弯取直、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。 如此大的投资规模彻底引爆市场。有分析人士认为，此举不仅带动水电板块，亦会带动西藏地区的经济发展， 并带动全国就业，与此同时，对有色、钢铁等行业也带来支撑。对于经济和市场情绪皆构成利好。 中国银河证券表示，近期市场行情展现出积极信号，上证指数持续站在3500点上方，A股运行中枢有望迈上新 台阶。短期来看，市场有望维持震荡格局。在市场赚钱效应助推投资者积极情绪，叠加股市流动性充裕的环境 下，市场向下调整空间有限，向上逻辑将进一步明晰。半年报披露期把握业绩确定性较强的配置机会。中长期 来看，A股市场上行趋势不改。以保险资金为代表的中长期资金入市的环境下，A股市场资金面具备坚实支 撑。在经济转型背景下，产业趋势向上突破有望催生结构性机会。 A股早盘，出现了很多一字板或者直接涨停的个股，其中不乏30%封板的五新隧装、基康技术等；亦有不少 20%一字涨停的个股，如筑博设计、冠龙节能、铁建重 ...

7月21日，A股三大指数集体高开，沪深两市成交额连续第38个交易日突破1万亿，较上一日此 时放量超500亿。截止早盘收盘，A股共3539只个股上涨。 港股恒生指数盘初站上25000点，创2022年2月来新高，年内涨幅超24%。 雅鲁藏布江下游水电工程开工效应持续发酵，A股基建板块上演涨停潮。 五新隧装（835174.BJ）开盘即斩获30CM涨停，基康技术（830879.BJ）高开24.29%，中国电 建（601669.SH）、高争民爆（002827.SZ）、华新水泥（600801.SH）等十余股集体涨停。 数据截至11:22 港股建材水泥板块也大涨。其中，港股华新水泥一度涨近100%。 | 行业板块 它 | | | | --- | --- | --- | | Wind香港建材II Wind香港钢铁II Wind香港电气 | | | | 5164.02 | 7790.90 | 692.07 | | +435.92 +9.22% +501.19 +6.88% +38.02 +5.81% | | | | Wind香港建筑 Wind香港石油 Wind香港环保II | | | | 36587.49 | 96612.75 ...

Group 1 - The establishment of China Yajiang Group Co., Ltd. marks the formation of the 99th central enterprise in China, with a focus on energy security and the successful operation of the Yajiang Hydropower Project [1] - The Yajiang Hydropower Project, located in Tibet, involves the construction of five hydropower stations with a total investment of approximately 1.2 trillion yuan, making it the largest investment project in China's history [2] - The estimated installed capacity of the Yajiang Hydropower Project is about 70 million kilowatts, with an annual power generation of 300 billion kilowatt-hours, equivalent to the energy consumption of a large province [2] Group 2 - Following the announcement, shares of companies in the super hydropower sector, such as China Power Construction, Dongfang Electric, and others, experienced significant gains [3] - China Power Construction, a leading player in the hydropower sector with over 65% market share, is expected to secure annual project volumes of approximately 21.8 to 29.1 billion yuan from the Yajiang Hydropower Project over a 15-20 year construction period [3] - Highzheng Mining, the only state-controlled enterprise in Tibet that produces and sells explosives, is projected to benefit directly from the project due to its significant market presence and high profit margins [3]

板块方面，超级水电、钢铁、特高压、化肥等板块涨幅居前，CPO、跨境支付、保险、银行等板块 跌幅居前。截至收盘，沪指涨0.44%，深成指涨0.29%，创业板指涨0.12%。 今日A股早盘延续升势，三大指数小幅上涨。沪深两市半日成交额1.09万亿，较上个交易日放量708 亿。盘面上热点主要集中于大基建和顺周期方向，个股涨多跌少，全市场超3500家个股上涨。 从板块来看，大基建板块集体爆发，超级水电方向领涨 ，中国电建、中国能建等十余股涨停；钢铁 板块延续强势，柳钢股份涨停；化工板块走强，新安股份涨停；机器人概念延续强势，长盛轴承涨 超10%；下跌方面，算力硬件股展开调整，欧陆通跌超5%。 ...

Group 1 - The establishment of China Yajiang Group and the commencement of the Yarlung Tsangpo River downstream hydropower project inject new growth momentum into the hydropower industry [1] - The Yarlung Tsangpo River downstream hydropower project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, aiming for an annual power generation of about 300 billion kilowatt-hours [1] - The project is expected to enhance the long-term growth potential of the hydropower sector, with installed capacity projected between 60 to 70 million kilowatts [1] Group 2 - Central state-owned enterprises in the construction sector, particularly China Power Construction Corporation, are poised to benefit significantly from hydropower engineering projects [2] - China Power Construction Corporation is responsible for over 80% of river planning and more than 65% of the construction tasks for large and medium-sized hydropower stations in China, holding over 50% of the global market share in this area [2] - The demand for cement in Tibet is expected to rise, with a projected cement production of 13.1 million tons in 2024, primarily driven by six leading companies [2] Group 3 - The demand for explosives in Tibet is anticipated to increase due to the scale of the hydropower projects, with an estimated usage of approximately 139,300 tons of explosives for the Yarlung Tsangpo River downstream project [3] - Major players in the explosives market in Tibet include Gaozheng Minexplosion, Yipuli, and Guangdong Hongda, which hold significant market shares [3]

7月21日，雅下水电概念盘初冲高，个股掀涨停潮。截至发稿，基康技术、五新隧装、苏博特、中国 电建、西藏天路、保利联合、高争民爆等20股涨停。 7月19日，国务院国资委发布2025年1号公告。经国务院批准，组建中国雅江集团有限公司，由国务 院国有资产监督管理委员会代表国务院履行出资人职责，列入国务院国有资产监督管理委员会履行出 资人职责的企业名单。 第一财经记者注意到，国资委更新后的央企名录中，共有99家央企。其中中国雅江集团位列第22 位，位于中国长江三峡集团之后，国家能源投资集团之前。 华泰证券表示，保守估计相关投资中水轮机与发电机业务总量价值约535亿元—954亿元，或在2030 年后接棒抽蓄成为水电设备新的增长点，有效保障行业产能利用率饱满。相关行业龙头估值已经反映 了市场对订单可持续性的担忧，未来有望随着订单不断超预期而逐渐修复。 此外，据新华社消息，当日上午，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。工程主要采取截弯取直、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。 中信证券表示 ...

Core Viewpoint - The commencement of the Yarlung Tsangpo River downstream hydropower project is significantly boosting the A-share infrastructure sector, leading to a surge in stock prices of related companies. Group 1: Market Reaction - The A-share infrastructure sector experienced a "limit-up" trend, with companies like Wuxin Tunnel Equipment (835174.BJ) hitting a 30% limit-up and others like Jikang Technology (830879.BJ) opening up by 24.29% [1][2] - The Yarlung Tsangpo hydropower concept index (886105.TI) surged by 12.52% at the opening [1][2] Group 2: Project Details - The Yarlung Tsangpo downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, officially commenced on July 19 in Linzhi, Tibet [3][4] - The project involves the construction of five tiered power stations, primarily focusing on power transmission while also catering to local demand in Tibet [3] Group 3: Beneficiary Companies - Companies in the explosives sector, such as Gaozheng Mining Explosives and Yipuli, are expected to benefit from increased demand due to the project [4][5] - China Power Construction Corporation, as a leading player in hydropower, is projected to secure annual project contracts worth approximately 21.8 to 29.1 billion yuan from this project, which could represent 1.7% to 2.3% of its new contract value in 2024 [4][5] - The project is anticipated to create significant opportunities for companies involved in construction, tunneling equipment, and materials, including China Energy Engineering, Iron Construction Heavy Industry, and Tibet Tianlu [5][6]

7月21日，A股三大指数走高。截至9:35，沪指涨 0.44%，深成指涨 0.44%，创业板指涨0.74 %。 热门板块 中信建投表示，当前A股市场结构性分化加深，宏观结构分化加之海外边际压力仍存或将支撑分化结构 持续，因此预期"高切低"难以破局，新赛道仍为胜负手。此外，中报预告亦呈现结构分化态势，新赛道 多预喜与传统赛道疲软形成对比。行情方面，结构性行情延续，指数震荡上行中枢抬升，杠杆资金加速 流入A股，资金聚焦高成长板块，新赛道成为指数突破关键点位的核心动力，无需过度担忧指数波动， 聚焦主线逻辑即可。如有外部因素导致短期调整，则是较好的布局机会。 2、中信证券：出海依旧是强劲的业绩超预期线索之一 中银证券指出，A股继港股后也逐步转为增量市场，最重要的是不断寻找新的存在预期差且未来能够形 成资金共识的板块，中报季后的出海可能是新的方向。从中报预告来看，出海依旧是强劲的业绩超预期 线索之一;从过去几年的经验来看，出海对企业ROE和利润率的抬升作用明显，出海本身也是积极"反内 卷"并提高利润率的一种形式;从未来的趋势来看，一旦讲通全球收入敞口逻辑，会带来股票端配置的稳 定性和估值溢价，这是新兴市场跨入成熟市场的 ...