建筑行业专题研究：大国重器系列报告之水电-大风起兮、云起龙骧

Investment Rating - The report rates the investment opportunity in the hydropower sector as "stronger than the trend" [3]. Core Insights - The report emphasizes the necessity and feasibility of the Yaxia project, highlighting its significant hydropower potential and alignment with national strategies [1][31]. - The project is expected to greatly stimulate infrastructure demand in the industry and region, with a total installed capacity of 60GW and an estimated total investment of 1 trillion yuan [1][4]. - The report identifies key segments that will benefit from the project, including blasting, cement, and construction, with specific demand elasticity estimates provided [1][4]. Summary by Sections 1. Overview of China's Hydropower Dams - China has built approximately 100,000 dams, the largest number globally, with a total reservoir capacity of nearly 900 billion cubic meters [12]. - The report categorizes dams into types such as earth-rock dams, gravity dams, and arch dams, each with distinct characteristics and applications [14][21]. 2. Yaxia Project Feasibility - The Yaxia project is deemed necessary due to its vast hydropower potential, which is crucial for the industry, carbon neutrality goals, and regional development [31][36]. - The project is technically feasible, with prior successful implementations providing a solid foundation for its development [42][44]. 3. Infrastructure Demand Stimulation - The Yaxia project is projected to significantly boost infrastructure demand, with estimates suggesting that blasting demand could reach approximately 196-391 billion yuan [1][4]. - Cement demand is expected to increase substantially, with projections indicating that it could account for 26% to 52% of the region's actual production in various investment scenarios [1][4]. 4. Investment Recommendations - The report suggests focusing on key players such as China Power Construction, China Energy Engineering, and others involved in design, construction, and material supply [2][8].