中信证券：雅下水电工程投资超万亿，将拉动相关产业需求

Group 1 - The core investment in the Yarlung Tsangpo River downstream hydropower project is approximately 1.2 trillion yuan, which is expected to drive high elastic growth in demand across multiple sectors, including construction and building materials [1] - The cement market in Tibet is projected to see a demand increase of 25-30% by 2026, driven by the hydropower project and the region's unique characteristics [1] - The establishment of the new state-owned enterprise, Yajiang Group, will ensure the smooth construction and operation of the hydropower project [1] Group 2 - The hydropower project's electricity generation will primarily focus on external consumption while also considering local demand in Tibet, with expectations for a comprehensive balance in the long term [1]