中国"水电珠峰"启航，新一轮投资拉动开始了

Core Viewpoint - The Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, marks the commencement of the largest single engineering project in human history, which is significant beyond mere hydropower development and is a complex system project related to national destiny [1][3]. Investment and Economic Impact - The project is crucial for China's energy security, especially in the context of the AI era where electricity is a core resource. Despite being the world's largest electricity consumer, 62% of China's electricity still relies on thermal power, highlighting the strategic necessity of this project [3][4]. - The theoretical hydropower resource capacity of the Yarlung Tsangpo River is nearly 70 million kilowatts, with an annual generation capacity of about 300 billion kilowatt-hours, equivalent to three Three Gorges power stations. This could replace approximately 100 million tons of standard coal and reduce carbon dioxide emissions by 250 million tons annually [3][4]. Regional Energy and Infrastructure Development - The project will transform Tibet's energy landscape, enabling "electricity export from Tibet" to reach over 100 billion kilowatt-hours annually, benefiting eastern and central provinces. It will also facilitate electricity sales to Southeast Asia through ultra-high voltage transmission technology [4][6]. - The new investment wave will focus on the western regions, with significant projects like the Yarlung Tsangpo hydropower project and others in Xinjiang and Sichuan-Chongqing area, aiming to enhance living standards and economic development [6][7]. Sustainable Development and Economic Strategy - The new investment strategy emphasizes sustainable development and resource utilization, integrating local resource endowments, including cultural and tourism resources, to drive economic benefits [6][7]. - The project signifies a shift in national policy towards investment-driven economic growth in underdeveloped western regions, aiming to accelerate asset price recovery and narrow regional development gaps [7].