Group 1 - The hydroelectric concept stocks have shown significant divergence, with companies like Tibet Tianlu (600326), Poly United (002037), Subote (603916), and Zhejiang Fu Holdings (002266) achieving four consecutive trading limit ups [1] - Conversely, Huhua Co., Ltd. (003002) has seen a decline of over 8%, while Jiangnan Chemical (002226) and Dayu Water-saving (300021) have both dropped by more than 7% [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 公司股票于2025年7月21日、2025年7月22日、2025年7月23日连续3个交易日内收盘价格涨幅偏离值累 计达20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情况。 ● 经公司自查并向控股股东、实际控制人书面发函查证，截止本公告披露日，不存在应披露而未披露的 重大事项或重要信息。 一、股票交易异常波动的具体情况 公司股票于2025年7月21日、2025年7月22日、2025年7月23日连续3个交易日内收盘价格涨幅偏离值累计 达20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情况。 二、公司关注并核实的相关情况 （一）生产经营情况 公司目前生产经营正常，基本面未发生重大变化。公司前期披露的信息不存在需要更正、补充之处。 （二）重大事项情况 经公司自查并书面问询公司控股股东、实际控制人，确认截止本公告披露日，公司控股股东、实际控制 人不存在影响公司股票交易异常 ...

Group 1 - The Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, has commenced construction, igniting a surge in related A-share stocks [1][9] - Multiple companies, including *ST Zhengping and Huaxin Cement, have issued clarifications stating they currently have no direct involvement in the project, despite recent stock price increases [3][4][6] - The project is considered a significant national-level hydropower initiative, expected to create new demand in construction, electrical equipment, and civil explosives sectors [9] Group 2 - Companies such as Huaxin Cement and *ST Zhengping have expressed uncertainty regarding their potential participation in the project, highlighting the lack of guarantees for revenue and profitability [3][7] - The bidding process for the Yarlung Tsangpo project has not yet started, indicating that many companies are still awaiting formal engagement [6][7] - Analysts note that the project's complexity and high standards for materials may lead to concentrated benefits for leading companies, with a construction timeline potentially extending from 10 to 15 years [10]

Economic News - The construction of the Yarlung Zangbo River hydropower project has officially commenced, signaling a strong commitment from the central government to enhance clean energy development and improve local livelihoods while addressing climate change [5][6][8] - The National Energy Administration has noted a generally loose coal supply and demand situation this year, with prices continuing to decline, prompting regulatory measures to stabilize the coal market [1][4] - The Ministry of Commerce has released a list of prohibited and restricted import and export goods for the Hainan Free Trade Port, aiming to facilitate its construction [4] Company Insights - Huadong Medicine's subsidiary has received FDA approval for a new drug application for injectable caspofungin, aligning with the company's strategy for internationalization in the pharmaceutical sector [4] - Jinlong Co. has signed a letter of intent to acquire a 29.3151% stake in Shenzhen Benmao Technology, which reported total assets of 1.978 billion yuan and a net profit of 53.62 million yuan for 2024 [4] - Guizhou Moutai has established a joint venture for a scientific research institute, contributing 490 million yuan in cash and equipment [4] Investment Recommendations - The report highlights several stocks as potential investment opportunities, including China Power Construction, Gotion High-tech, and Yili Group, among others, indicating a focus on companies that are likely to benefit from ongoing infrastructure and energy projects [3][10] - The Yarlung Zangbo River hydropower project is expected to significantly boost demand for construction materials, particularly cement and steel, benefiting local companies in Tibet [9][10] Industry Analysis - The Yarlung Zangbo River hydropower project represents a massive investment of 1.2 trillion yuan, which is projected to have a substantial positive impact on GDP and related industries [8][9] - The construction of this project is anticipated to create significant demand for high-quality products and advanced equipment across various sectors, including hydropower engineering and construction materials [9][10] - The report emphasizes the importance of long-term strategic projects in stabilizing the economy and enhancing domestic demand, particularly in the context of external uncertainties and real estate market challenges [6][7][8]

证券代码：6 0 3 9 1 6 证券简称：苏博特 公告编号：2 0 2 5 - 0 3 6 转债代码：113650 转债简称：博 22 转债 江苏苏博特新材料股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 经公司自查并书面问询公司控股股东、实际控制人，确认截止本公告披露日， 公司控股股东、实际控制人不存在影响公司股票交易异常波动的重大事项，不存 在其他应披露而未披露的重大信息，包括但不限于重大资产重组、股份发行、收 购、债务重组、业务重组、资产剥离、资产注入、股份回购、股权激励、破产重 整、重大业务合作、引进战略投资者等重大事项。 （三）媒体报道、市场传闻、热点概念情况 二、公司关注并核实的相关情况 公司股票于 2025 年 7 月 21 日、2025 年 7 月 22 日、2025 年 7 月 23 日连 续 3 个交易日内收盘价格涨幅偏离值累计达 20%，根据《上海证券交易所交易规 则》的有关规定，属于股票交易异常波动情况。 （一）生产经营情况 经公司自查并向控股 ...

Investment Rating - The report provides a comprehensive valuation table for various companies in the building materials industry, indicating a range of price-to-earnings (PE) and price-to-book (PB) ratios for 2025E and 2026E [1] Core Insights - The report highlights the expected growth in net profit for several companies, with notable increases such as 90 million CNY for Conch Cement in 2025E and 100 million CNY in 2026E, reflecting a strong market position [1] - The PE ratios for the companies vary significantly, with Conch Cement at 15.3 for 2025E and 13.8 for 2026E, while companies like Jidong Cement show a much higher PE of 37.2 for 2025E [1] - The report emphasizes the valuation metrics, with companies like China National Building Material having a low PB ratio of 0.34, indicating potential undervaluation [1] Summary by Category Cement - Conch Cement has a total market value of 138.1 billion CNY, with projected net profits of 90 million CNY in 2025E and 100 million CNY in 2026E, and a PE of 15.3 for 2025E [1] - Huaxin Cement is valued at 31.9 billion CNY, with net profits expected to reach 25 million CNY in 2025E and 30 million CNY in 2026E, showing a PE of 12.7 for 2025E [1] - Other notable companies include Tianshan Shares with a market value of 43.1 billion CNY and projected net profits of 15 million CNY in 2025E [1] Consumer Building Materials - Rabbit Baby is projected to have net profits of 7.5 million CNY in 2025E and 8.5 million CNY in 2026E, with a PE of 11.2 for 2025E [1] - China Liansu is valued at 14.5 billion CNY, with expected net profits of 22 million CNY in 2025E and 24 million CNY in 2026E, showing a low PE of 6.6 for 2025E [1] Glass and Fiberglass - Shandong Pharmaceutical Glass has a market value of 15.1 billion CNY, with projected net profits of 10.5 million CNY in 2025E and 11.5 million CNY in 2026E, and a PE of 14.3 for 2025E [1] - China Jushi is valued at 51.5 billion CNY, with net profits expected to reach 35 million CNY in 2025E and 40 million CNY in 2026E, showing a PE of 14.7 for 2025E [1] New Materials - Zhongfu Shenying has a market value of 19.3 billion CNY, with projected net profits of 0.5 million CNY in 2025E and 1.5 million CNY in 2026E, reflecting a very high PE of 385.0 for 2025E [1] - Jilin Carbon Valley is valued at 8.5 billion CNY, with expected net profits of 1 million CNY in 2025E and 1.3 million CNY in 2026E, showing a PE of 85.0 for 2025E [1]

雅下水电观点+林芝调研汇报 20250721 摘要 雅夏墨脱水电项目重大工程加速，外围基建基本完成，主体工地建设提 速，预示对相关投资标的业绩有显著拉动作用，尤其在爆破、水泥、隧 洞设备等领域。 市场对 1.2 万亿投资的雅夏墨脱水电项目反应积极，认为其资金明确， 流动性较好，且题材新颖，关注度高，并可能扩散至稳增长预期相关的 建筑建材等板块。 机构对雅夏墨脱水电项目关注度极高，与 2022 年底地产政策类似，路 演频繁，自媒体、私募、游资及散户也高度关注，市场参与者热情高涨。 港股相关标的涨幅惊人，对 A 股情绪产生积极影响。多家央企领导拜访 西藏，加大投资力度，不仅限于单一项目，还包括其他项目建设和投资， 或与西藏自治区成立 60 周年有关。 行情持续性可能超预期，机构、高层领导、自媒体及散户高度关注，港 股表现及央企加大投资力度均支持这一判断。建议关注业绩弹性和确定 性兼具的标的。 Q&A 雅夏墨脱水电项目的筹备建设氛围如何？ 当地筹备建设氛围非常浓厚，可以从多个角度观察，包括住宿情况、办公情况、 餐饮服务、休闲服务以及地材价格和充电桩等。市区内重要酒店近几个月爆满， 相关设计、施工和建设单位已经入住并 ...

雅下水电概念股再度活跃，西宁特钢（600117）、保利联合（002037）、高争民爆（002827）、华新水 泥（600801）、苏博特（603916）等股走出2连板。 "聪明钱"流向曝光！暗盘资金破解主力操盘密码>> ...

Core Viewpoint - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, has significantly boosted the A-share market, leading to a surge in related stocks and overall market optimism [1][5]. Market Reaction - On July 21, the A-share market experienced a bullish trend, with over 4,000 companies rising and more than 100 stocks hitting the daily limit up, primarily linked to the hydropower project [1][2]. - The Yarlung Tsangpo hydropower concept stocks saw substantial gains, with the index rising over 12% and several stocks, including Bicon Technology and Wuxin Tunnel Equipment, reaching the daily limit up of 30% [2][3]. Stock Performance - Key stocks related to the Yarlung Tsangpo project included: - Bicon Technology: +29.99% - Wuxin Tunnel Equipment: +29.99% - China Power Construction: +10.04% - Tibet Tianlu: +10.02% [3][4]. - In the Hong Kong market, stocks such as Dongfang Electric surged over 65%, and Huaxin Cement rose over 85%, all associated with the hydropower project [4][5]. Project Details - The Yarlung Tsangpo downstream hydropower project involves the construction of five cascade power stations, with a planned installed capacity of 70 to 81 million kilowatts, equivalent to three Three Gorges projects [9]. - The project is expected to have a construction period of 10 years and will require over 200,000 tons of steel [9]. Industry Impact - Analysts predict that the ongoing construction of the Yarlung Tsangpo project will benefit suppliers of hydropower equipment and core components for power grid projects [10]. - The estimated value of the turbine and generator business related to the project is projected to be between 53.5 billion and 95.4 billion yuan, potentially becoming a new growth point for the hydropower equipment sector post-2030 [10].

Summary of Conference Call Notes Industry and Companies Involved - **Industry**: Explosives, Cement, and Admixtures - **Key Companies**: - High Hope Explosives - Yipuli - Guangdong Hongda - Poly United - Tibet Tianlu - Huaxin Cement - Qilian Mountain Cement - Conch Cement - Subote Core Insights and Arguments - **Yajiang Project Impact**: - Estimated total explosive usage for the Yajiang project is between 700,000 to 800,000 tons, significantly higher than the Three Gorges project [3][4] - The project will generate approximately 300 billion CNY in blasting service value, with demand expected to peak from the second half of 2026 to 2031 [3][4] - Annual average explosive usage is projected at 50,000 tons for packaged explosives and 100,000 tons for onsite mixed explosives [1][3] - **Beneficiaries in Explosives Sector**: - High Hope Explosives: Expected annual net profit increase of 300 million CNY - Yipuli: Expected annual net profit increase of 470 million CNY - Guangdong Hongda: Expected annual net profit increase of 150 million CNY - Poly United: Expected annual net profit increase of 70 million CNY [1][5] - **Cement Demand from Mottuo Hydropower Station**: - Anticipated cement demand of 20 to 30 million tons, with an average annual demand of 2.5 million tons over a ten-year construction period [1][6][7] - Peak demand could reach 4 million tons annually [1][7] - **Supply-Side Reform in Cement Industry**: - The cement industry is likely to undergo supply-side reforms due to: - Established experience from previous reforms in steel and coal sectors - High proportion of state-owned enterprises facilitating government coordination - Willingness of companies to reduce production during off-peak seasons to improve prices [9][10] - **Investment Recommendations**: - Focus on companies with stable performance and fundamental changes, such as Huaxin Cement A-shares - Target companies with strong profitability at value bottoms, like Conch Cement, which has a PB of 0.7 and cash reserves of approximately 70 billion CNY - Consider companies with strong safety margins and upward elasticity, such as Tapai Group and Shandong Shangfeng, which have high dividend yields [11][12] Other Important Insights - **Subote's Market Position**: - Subote holds a 90% market share in recent large infrastructure projects, with an estimated 60% to 70% share in the Mottuo Hydropower Station project, potentially increasing annual revenue by 200 to 300 million CNY [15][16] - The company has reversed a three-year decline in revenue and profit, outperforming the cement industry due to its high market share and technological advantages [16] - **Technological Innovations**: - Subote is developing new materials, including PEKK and energy-storing concrete technology, which could revolutionize the construction industry by enabling buildings to self-charge [17][18][19] - **Market Value of Admixtures**: - The overall market value for admixtures, including water-reducing agents, is estimated between 2 billion to 5 billion CNY, with a median of 3.5 billion CNY [14][12] This summary encapsulates the key points from the conference call, highlighting the expected impacts of the Yajiang project and Mottuo Hydropower Station on the explosives and cement industries, along with investment recommendations and insights into Subote's market position and technological advancements.