智通财经网·2025-08-05 07:15Core Viewpoint - The Yarlung Tsangpo River downstream hydropower project in Tibet has a total investment of 1.2 trillion yuan, with an installed capacity exceeding 60 GW and an expected annual power generation of approximately 300 billion kWh after completion [1] Group 1: Project Overview - The hydropower resources in Tibet account for about 25% of the national total, ranking first in the country [1] - The project is expected to replace 120 million tons of standard coal in power generation and reduce carbon dioxide emissions by 300 million tons, equivalent to the carbon sequestration capacity of 3 million hectares of forest [1] - The project will also link with surrounding 50 million kW of photovoltaic and wind power resources [1] Group 2: Investment Logic - The construction difficulty of the Yarlung Tsangpo project is expected to exceed that of the Three Gorges project, with estimated investment proportions of 60% for civil works, 20% for resettlement, and 20% for equipment [2] - The project is anticipated to start equipment bidding in 2027-2028, with most high-voltage direct current projects approved for construction after 2030 [3] Group 3: Financial Implications - The project is expected to significantly benefit high-voltage direct current (HVDC) and gas-insulated line (GIL) segments, with corresponding investments of over 150 billion yuan and 30 billion yuan, respectively, primarily during the period of 2030-2035 [4] - Estimated bidding amounts for core HVDC equipment, GIL, and turbine units are projected to be approximately 55 billion yuan, 32 billion yuan, and 40 billion yuan, respectively [5]