证券代码：002827 证券简称：高争民爆 公告编号：2025-041 西藏高争民爆股份有限公司 股票交易异常波动公告 3、公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的重 大事项，或处于筹划阶段的重大事项； 4、经核查，公司根据控股股东西藏建工建材集团有限公司的减持告知函于 2025 年 5 月 14 日披露了《关于控股股东拟减持股份预披露的公告》（公告编 号：2025-029），在本次股票交易异常波动期间共减持公司股份 12.81 万股，该 减持行为与此前披露的减持计划一致，亦不存在违规减持的情形； 5、公司前期披露的信息不存在需要更正、补充之处； 三、是否存在应披露而未披露信息的说明 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、股票交易异常波动情况 西藏高争民爆股份有限公司（以下简称"公司"或"本公司"）（证券代码： 002827，证券简称：高争民爆）股票交易价格连续 2 个交易日内（2025 年 7 月 22 日、2025 年 7 月 23 日）收盘价格涨幅偏离值累计超过 20%，根据《深圳证 券交易所交易规则》有关规定，属于股 ...

Core Insights - The Yarlung Tsangpo River downstream hydropower project, with a total investment of 1.2 trillion yuan, is set to significantly transform Tibet's economy and infrastructure [6][9][10] - The project is expected to create numerous job opportunities and enhance local industries such as construction, logistics, and commerce [6][9] Company and Industry Impacts - Companies in the cement and explosives sectors are poised to benefit directly from the hydropower project, with major players like Tibet Tianlu and Haohua Chemical already seeing stock price surges [5][6] - The cement market in Tibet is dominated by six companies, with Tibet Tianlu accounting for approximately 30.06% of the region's total production [6] - The explosives market is also significant, with Haohua Chemical generating 1.29 billion yuan in revenue from Tibet in 2024, representing 76.28% of its total income from the region [6] - Central enterprises are actively investing in Tibet, with 16 companies signing agreements for 75 projects worth 317.54 billion yuan, focusing on energy, minerals, and telecommunications [7] - The hydropower project is projected to generate 30 billion kWh annually, translating to sales of approximately 90 billion yuan, which would greatly enhance Tibet's fiscal capacity [10]

Investment Rating - Industry rating is Neutral (maintained rating) [5] Core Insights - The Yarlung Tsangpo River hydropower project has commenced, which is expected to significantly boost the demand for civil explosives in the Tibet region [1][3][10] - The project involves an investment of approximately 1.2 trillion yuan, with the potential to create a demand for several hundred thousand tons of industrial explosives [3][11] - The hydropower project is a key investment project as outlined by the National Development and Reform Commission for the 2025 economic development plan [1][9] Summary by Sections Project Overview - The Yarlung Tsangpo River hydropower project is located in Linzhi City, Tibet, and will construct five tiered power stations [3][11] - The theoretical hydropower resource in Tibet is over 200 million kilowatts, accounting for 30% of the national total, with the Yarlung Tsangpo River basin being the most resource-rich area [1][9] Demand for Explosives - The construction of the hydropower project is projected to generate a demand for several hundred thousand tons of industrial explosives, based on the investment scale [3][11] - In 2024, the industrial explosive production and sales volume in Tibet is around 52,000 tons, with a year-on-year increase of 10% in early 2025 [3][11] Company Capacities - Several listed companies have established explosive production capacities in Tibet, including Gaozheng Explosives, Tibet Poly Jiulian, and others [4][15] - In 2024, the revenue from the southwestern (or Tibetan) region for these companies is projected to be significant, with Gaozheng Explosives' revenue from Tibet accounting for 76% of its total revenue [17][18] Financial Performance - The financial performance of companies in the explosive sector shows that Gaozheng Explosives has a high profit margin from its operations in Tibet, with a gross profit of 4.6 billion yuan, representing 89% of the company's total gross profit [17][18] - The revenue growth for companies like Guangdong Hongda in the Tibetan market has been substantial, with increases of 65.15% and 32.41% in 2023 and 2024, respectively [20]

智通财经7月23日电，超级水电概念股开盘维持强势，西藏天路、浙富控股、中国电建、壶化股份、西 部建设、高争民爆、中铁工业、易普力等10余股竞价涨停。 超级水电概念股维持强势 西藏天路等10余股竞价涨停 ...

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 ...

Summary of the Conference Call on the Motuo Hydropower Station Project Industry and Company Involved - **Industry**: Hydropower and Explosives Industry - **Company**: Various companies involved in the construction and supply for the Motuo Hydropower Station project, including China Electric Power Construction, China Energy Construction, and local explosive companies like Gaozheng Minbao, Yipuli, and Baoli United. Core Points and Arguments - **Project Overview**: The Motuo Hydropower Station has a total investment of 1.2 trillion yuan, with plans to construct five tiered power stations and a core 50 km water diversion tunnel, aiming for a total installed capacity of 6,000 to 7,000 kilowatts and an expected annual power generation of 300 billion kilowatt-hours, which can supply electricity for 300 million people [1][2]. - **Strategic Significance**: The project will replace 90 million tons of coal, reduce carbon dioxide emissions by 300 million tons, optimize the energy structure in Eastern China, create approximately 200,000 jobs, and enhance military response capabilities at the border. It may also facilitate electricity exports to Bangladesh and Myanmar, increasing China's influence in South Asia [2]. - **Investment Breakdown**: The construction period is approximately ten years, with infrastructure investment accounting for 50% of the total investment. The project will require 250,000 tons of industrial explosives and 360 million electronic detonators, significantly benefiting the explosives industry [1][4]. - **Comparison with the Three Gorges Project**: The Motuo project will use a larger quantity of explosives compared to the Three Gorges Project, with total investment being four to five times greater. The Three Gorges Project used over 50,000 tons of explosives, while Motuo's requirements are expected to be much higher due to its geological and construction challenges [5][10]. - **Current Progress**: As of 2023, preliminary work has focused on geological data collection, traffic tunnel construction, and surface blasting, with approximately 6,000 tons of explosives already used [6][7]. - **Peak Usage of Explosives**: The peak period for explosive usage is anticipated to be from the third to the eighth year of construction (around 2027-2028), after which the demand will decrease as the focus shifts to equipment installation [8]. - **Market Share and Revenue**: Gaozheng Minbao is expected to capture about 50% of the market share for explosives, generating approximately 30 billion yuan in revenue with a profit margin of around 10% [3][17]. - **Explosive Pricing**: Prices for explosives in Tibet vary by region, with costs around 13,000 yuan per ton in Lhasa and up to 20,000 yuan in remote areas. The overall service fees for blasting are relatively fixed, including monthly service fees and operational costs [13][14]. - **Profitability of Explosives**: The profit margin for explosives in the region is higher than in mainland China, positively impacting the overall profitability of the Motuo project. The estimated revenue from explosives could reach around 35 billion yuan based on projected usage [23][24]. Other Important but Possibly Overlooked Content - **Geological Challenges**: The complex geological conditions and transportation difficulties in the region significantly affect construction progress and the reliance on blasting rather than tunneling machines [26]. - **Supplier Involvement**: Various companies are involved in different aspects of the project, including cement supply from Huaxin Cement and road construction by Xizang Tianlu, which are included in the total investment [21][32]. - **Bidding and Contracting**: The bidding process for the project has been ongoing, with several companies already confirmed to participate in construction tasks [35]. - **Impact on Local Economy**: The project is expected to have a substantial impact on the local economy, providing jobs and boosting the demand for local materials and services [2][4].

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【导读】雅江水电站概念延续强势，宁德时代 AH 短线齐升 中国基金报记者 张舟 今天是 7 月 22 日星期二。基金君和你一起关注上午的市场行情和最新资讯！ 7 月 22 日上午， A 股三大股指小幅上涨。截至午间收盘，上证指数报 3568.78 点，涨 0.25% ；深证成指报 11069.57 点，涨 0.56% ；创业板指报 2312.74 点，涨 0.69% 。 沪深两市半日成交额突破 1 万亿元，达 1.14 万亿元，较上个交易日放量 513 亿元；个股跌 多涨少，全市场超 2700 只个股下跌。 盘面上，上午大基建板块全面爆发，贵金属、建筑等板块领涨 A 股，雅江水电站、水利水电 建设、西藏振兴、水泥制造等概念股持续火热；互联网、保险、银行板块整体走低， PEEK 材料、宇树机器人、 央企银行 等概念股不振。 | Wind热门概念指数 | | | | --- | --- | --- | | 水利水电建设 雅江水电站 | 西部大基建 | 水泥制造 | | 9.84% 6.45% | 4.79% | 4.57% | | 西藏振兴 大基建央企 | 培育钻石 | 锂矿 | | 4.56% 4.08% | ...

Key Insights - The report emphasizes the shift towards high-quality, connotative urban development, with a focus on policies aimed at reducing "involution" in various sectors [2][5] - The launch of the Yarlung Zangbo River hydropower project is expected to significantly boost cement demand in Tibet and surrounding areas, benefiting regional cement companies [11][12][15] - The report highlights the importance of technology innovation and self-discipline in the construction industry, as 33 construction companies advocate for a transition towards high-end, intelligent, and green development [5][11] Policy Dynamics - The Central Urban Work Conference marks a strategic shift in urban development from expansion to high-quality, connotative growth, emphasizing human-centered approaches and efficient resource use [3] - The adjustment of long-term assessment mechanisms for state-owned insurance companies aims to enhance the stability of insurance funds as long-term capital [4] - The promotion of Shanghai's free trade zone experiences is set to enhance the business environment and foster fair competition across regions [4] Industry Developments - The embodied intelligence sector is witnessing active product iterations, with a focus on specific application scenarios such as industrial logistics and special environments [7][8] - The Yarlung Zangbo River hydropower project is projected to require over 40 million cubic meters of concrete, translating to approximately 16 million tons of cement, significantly impacting local supply chains [12][13] - The cement industry is undergoing a "de-involution" phase, with collaborative production strategies expected to stabilize supply and enhance pricing power [14] Investment Opportunities - The report recommends investing in state-owned enterprises responsible for the design and construction of hydropower projects, as well as regional cement and explosives companies that stand to benefit from increased demand [21][19] - The focus on high-quality development in urban planning and construction is expected to create long-term growth opportunities for companies that align with these strategic shifts [3][5]

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