雅江水电概念拉升，上海港湾连续两日涨停，设研院等大涨

Core Viewpoint - The Yarlung Tsangpo River downstream hydropower project is set to officially commence on July 19, 2025, with a total investment of approximately 1.2 trillion yuan, which represents 88.7% of China's total water conservancy investment for 2024 and six times the annual investment amount in Tibet [1] Investment Opportunities - The project is expected to significantly boost regional economic growth and promote clean energy development and water utilization [1] - A total of 16 central enterprises have signed 75 investment agreements for aid to Tibet, with a total investment amount of 317.5 billion yuan [1] Engineering and Construction Insights - The Yarlung Tsangpo project is described as a major systematic engineering initiative requiring broad social participation [1] - The project will utilize a "cutting corners" approach and tunnel diversion for development, leveraging a height difference of 2,000 meters for power generation, and will construct five tiered power stations [1] - The project aims to primarily supply electricity for external consumption while also considering local demand in Tibet [1] Industry Impact - The establishment of China Yajiang Group, ranked 22nd among central enterprises, aims to ensure the smooth construction and operation of the project, with aspirations to create a century project that withstands historical scrutiny [1] - The construction is expected to be challenging, primarily involving underground engineering, which will benefit various sectors including hydropower construction, tunnel excavation/shield tunneling, explosives, electrical equipment, foundation treatment, and building materials [1]