Summary of the Conference Call on Yaxia Motuo Hydropower Project Industry Overview - The Yaxia Motuo hydropower project is a significant infrastructure initiative with a total investment of 1.2 trillion yuan, which is expected to have a substantial impact on related investment targets, particularly in the blasting, cement, and tunnel equipment sectors [1][9][5]. Key Points and Arguments - **Project Progress**: The construction of the Yaxia Motuo hydropower project has accelerated significantly, with major infrastructure such as roads, bridges, and tunnels nearly completed. This has led to increased demand in the construction industry [3][4]. - **Market Reaction**: The market has reacted positively to the project, with high liquidity and a strong focus on related sectors such as construction materials. The project has garnered attention similar to the real estate policies at the end of 2022, with frequent roadshows and discussions among various market participants [1][10]. - **Investment Opportunities**: Recommended companies include: - **Iron Construction Heavy Industry**: High participation in hydropower projects and strong global competitive advantage [3][18]. - **Subote**: Noted for its strong market share in the additives sector [3][16]. - **China Electric Power Construction**: Involved in design and construction, though with relatively lower earnings elasticity [5][18]. - **Demand and Supply Dynamics**: The construction industry is experiencing high demand, estimated between 100 billion to 400 billion yuan. Supply is concentrated among a few companies, creating a favorable supply landscape [15]. - **Institutional Interest**: There is significant interest from institutions and market participants, with discussions and inquiries reflecting a high level of engagement similar to previous market events [10][13]. Additional Important Insights - **Regional Investment**: Central enterprises are increasing investments in Tibet, not limited to the Yaxia Motuo project, which may be linked to the 60th anniversary of the Tibet Autonomous Region [12][21]. - **Future Catalysts**: Key construction milestones, such as the initiation of the Meiying Dam and the use of TBM hard rock tunneling machines, are expected to be critical points of interest for investors [20]. - **Market Sentiment**: The recent news regarding the project has exceeded market expectations, particularly due to the direct involvement of high-level government officials, which has enhanced confidence in the investment [7][9]. Conclusion The Yaxia Motuo hydropower project represents a significant investment opportunity within the construction and infrastructure sectors, with strong institutional interest and positive market sentiment. The ongoing developments and future milestones will be crucial for investors to monitor.

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the significant investment opportunity presented by the Yarlung Zangbo River hydropower project, which is the largest single investment in clean energy in recent years, with a total investment of approximately 1.2 trillion yuan, expected to generate three times the power output of the Three Gorges Project [5][6] - The establishment of the China Yarlung Group is seen as a key development to ensure the smooth construction and operation of the Yarlung hydropower project, indicating a rapid advancement phase for large strategic projects [5][6] - The report emphasizes the expected increase in demand for construction machinery and equipment due to the scale and complexity of the Yarlung hydropower project, particularly for companies that can provide advanced equipment suitable for harsh high-altitude conditions [6][7] Summary by Sections Industry Overview - The mechanical equipment industry is poised for growth driven by large-scale infrastructure projects like the Yarlung hydropower project, which has a planned installed capacity of approximately 70 million kilowatts and an annual power generation of about 300 billion kilowatt-hours [5][6] Investment Opportunities - Recommended companies for investment include: 1. Tunneling equipment manufacturers: China Railway Construction Heavy Industry, China Railway Industry, and Wuxin Tunneling Equipment 2. Excavators, loaders, cranes, and road machinery: XCMG, SANY Heavy Industry, Zoomlion, LiuGong, and Shantui 3. Cranes: Farlantek [7]

证券代码：688425 证券简称：铁建重工 公告编号：2025-029 中国铁建重工集团股份有限公司 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、准确性和完整性依法承担法律责任。 3.经公司自查，公司未发现存在对公司股票交易价格可能产生较大影响的媒 1 重要内容提示： 中国铁建重工集团股份有限公司（以下简称公司或本公司）股票交易连 续三个交易日（2025 年 7 月 18 日、2025 年 7 月 21 日、2025 年 7 月 22 日）内 收盘价格涨幅偏离值累计达到 30%，根据《上海证券交易所交易规则》《上海证 券交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常波 动情形。 经公司自查并向控股股东核实，截至本公告披露日，不存在应披露而未 披露的重大信息。 一、股票交易异常波动的具体情况 公司股票连续三个交易日（2025 年 7 月 18 日、2025 年 7 月 21 日、2025 年 7 月 22 日）内收盘价格涨幅偏离值累计达到 30%，根据《上海证券交易所交易 规则》《上海证券交易所科创板股票异常交易 ...

Core Insights - The pumped storage concept sector saw a rise of 3.89%, ranking fourth among concept sectors, with 53 stocks increasing in value [1] - Key performers included BiKang Technology with a 30% limit up, and other notable stocks like China Railway Construction and Zhejiang Fu Holdings also hitting the limit up [1] - The sector experienced a net outflow of 3.99 million yuan in capital, with 18 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflows [2] Sector Performance - The pumped storage concept was among the top gainers, with a 3.89% increase, while other sectors like hydropower and coal also performed well [2] - The leading stocks in terms of net capital inflow included Tebian Electric, China Power Construction, and Zhejiang Fu Holdings, with inflows of 629 million yuan, 266 million yuan, and 131 million yuan respectively [2][3] Stock Specifics - Notable stocks in the pumped storage sector included: - Tebian Electric: 9.98% increase, 12.57% net inflow ratio [3] - China Power Construction: 10.02% increase, 34.84% net inflow ratio [3] - Zhejiang Fu Holdings: 10.03% increase, 9.19% net inflow ratio [3] - Other significant performers included China Railway Construction with a 20.04% increase and a 39.19% net inflow ratio [3] Capital Flow Analysis - The top three stocks by net inflow ratio were: - Dongfang Electric: 69.61% [3] - SuBote: 58.95% [3] - China Railway Industry: 56.26% [3] - The overall capital flow indicated a strong interest in the pumped storage sector despite some stocks experiencing declines [2][6]

Group 1 - The high-pressure oxygen chamber concept increased by 2.63%, ranking 10th among concept sectors, with five stocks rising, including a 20% limit-up for Tiedao Heavy Industry [1] - Notable gainers in the high-pressure oxygen chamber sector include Innovation Medical and Samsung Medical, which rose by 3.29% and 0.96% respectively [1] - The sector experienced a net inflow of 170 million yuan from main funds, with Tiedao Heavy Industry receiving the highest net inflow of 120 million yuan [2] Group 2 - The top stocks by net inflow ratio in the high-pressure oxygen chamber sector are Tiedao Heavy Industry at 39.19%, International Medical at 4.88%, and Samsung Medical at 4.16% [3] - The trading volume and turnover rates for key stocks in the sector indicate significant investor interest, with Tiedao Heavy Industry showing a turnover rate of 0.97% [3] - Decliners in the sector included Dahu Co., which fell by 0.55%, and Aoyang Health, which decreased by 0.50% [4]

资金面上看，今日雅下水电概念板块获主力资金净流出72.05万元，其中，20股获主力资金净流入，10 股主力资金净流入超5000万元，净流入资金居首的是中国电建，今日主力资金净流入2.66亿元，净流入 资金居前的还有柳工、浙富控股、铁建重工等，主力资金分别净流入1.56亿元、1.32亿元、1.20亿元。 资金流入比率方面，*ST正平、保利联合、东方电气等流入比率居前，主力资金净流入率分别为 100.00%、75.07%、69.61%。（数据宝） 雅下水电概念资金流入榜 截至7月22日收盘，雅下水电概念上涨11.77%，位居概念板块涨幅第1，板块内，30股上涨，五新隧 装、基康技术等30%涨停，铁建重工、深水规院等20%涨停，西宁特钢、保利联合、浙富控股等涨停， 三一重工、宝利国际、龙建股份等涨幅居前，分别上涨8.71%、6.94%、6.32%。跌幅居前的有四川路 桥、金盘科技等，分别下跌1.68%、1.03%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | ...

国泰海通证券表示，固态电池产业迭代正式开启，从0到1加速。2025年以来，固态电池产业化进展持续 加速。固态电池具备高能量密度、高安全性，能够满足车端、低空、人形机器人等领域的特殊需求。当 前半固态电池已实现装车，产业化进程早于全固态电池。人形机器人、低空等成本敏感度相对较低的领 域，固态电池应用早于车端。 资料显示，科创100ETF华夏（588800）200亿以下持仓股数量占比达80%，中小盘风格相对突出；行业 分布上，聚焦电子、医药、新能源三个前期超跌景气行业。(场外联接A类：020291/C类：020292) 截至2025年7月22日 14:38，上证科创板100指数(000698)上涨0.19%，成分股铁建重工(688425)上涨 20.04%，博瑞医药(688166)上涨5.55%，孚能科技(688567)上涨5.45%，百奥泰(688177)上涨4.69%，天奈 科技(688116)上涨3.70%。科创100ETF华夏(588800)上涨0.20%，最新价报1.02元。 消息面上，孚能科技7月21日晚间发布的机构调研纪要显示，公司在2024年底建成全固态电池小试线， 已完成多款全固态电池的测试研发 ...

Group 1 - The core viewpoint of the news highlights the active trading of the Sci-Tech Machinery ETF, which has a turnover rate of 80.87% and a transaction volume of 8.05 million yuan, indicating a vibrant market activity [2] - The Sci-Tech Machinery ETF closely tracks the Shanghai Stock Exchange Sci-Tech Board Industrial Machinery Index, which selects 50 large-cap stocks from sectors such as urban rail transit equipment, industrial automation, and engineering machinery [2] - As of June 30, 2025, the top ten weighted stocks in the index include Zhongkong Technology, Bochu Electronics, and Daotong Technology, collectively accounting for 48.05% of the index [2] Group 2 - The total investment for the Yarlung Tsangpo River downstream hydropower project is approximately 1.2 trillion yuan, with a planned total installed capacity of 60 GW, which is expected to significantly boost domestic engineering machinery demand [4] - The project will involve the construction of five tiered power stations and is anticipated to require a large quantity of construction machinery, including excavators, loaders, and concrete machinery [4] - The manufacturing PMI in China rose by 0.2 percentage points to 49.7% in June 2025, with production and new orders indices returning to the expansion zone, suggesting a potential recovery in manufacturing and machinery equipment demand [5]

Group 1 - The launch of the 1.2 trillion yuan Yarlung Tsangpo River hydropower project has ignited the capital market, with 24 concept stocks hitting the daily limit and over 70 stocks experiencing a surge in three days [1][3] - The project involves complex engineering challenges, including the construction of a 50-kilometer water diversion tunnel through the Himalayas, requiring at least 100 high-altitude customized tunnel boring machines (TBMs) and generating an estimated 25 billion yuan in equipment orders [3][4] - The capital influx into the infrastructure sector has exceeded 10 billion yuan in a single day, impacting other sectors such as pharmaceuticals [1][3] Group 2 - Key players in the tunneling equipment industry include companies like China Railway Construction Corporation, which has a significant market share in high-altitude TBMs, and other firms like Hengtong Drilling Tools and Tibet Tianlu, which dominate cement and explosive supplies in the region [4][5] - The project is expected to have a 12-year construction cycle, with orders being released in three phases: immediate focus on civil explosives and cement, mid-term on equipment delivery (2027-2030), and long-term on power generation operations (2030+) [3][4] - The Yarlung Tsangpo project is anticipated to contribute significantly to carbon reduction, with the potential to decrease carbon emissions by 300 million tons annually, showcasing its long-term environmental benefits [4]

Market Overview - The A-share market showed slight gains with the Shanghai Composite Index up 0.25% to 3568.78 points, the Shenzhen Component Index up 0.56% to 11069.57 points, and the ChiNext Index up 0.69% to 2312.74 points [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.14 trillion yuan, an increase of 513 billion yuan compared to the previous trading day [3] Sector Performance - The infrastructure sector experienced a significant rally, with key sectors such as precious metals and construction leading the gains in A-shares [3] - The concept stocks related to the Yajiang Hydropower Station and water conservancy construction continued to perform strongly, with notable increases in stock prices [4][5] - Steel stocks also saw widespread gains, with companies like Xining Special Steel and Yinlong Co. hitting the daily limit [10] Notable Stocks - Yajiang Hydropower Station concept stocks surged, with Wuxin Tunnel Equipment hitting a 30% limit up for two consecutive trading days, bringing its market capitalization to over 7.4 billion yuan [5][7] - Semiconductor company SMIC saw a 3.28% increase in its stock price, leading the Hang Seng Index constituents [9] - Other notable gainers included Iron Construction Heavy Industry and Zhukang Design, both of which saw their stock prices rise by over 20% [13] Policy and Regulatory Updates - The Ministry of Human Resources and Social Security announced plans to advance national coordination of pension insurance and reform measures related to personal pension policies [14]