水运工程专题研究报告：运河兴则路通达，政策及需求驱动水运投资高景气

Investment Rating - The report assigns a "Buy" rating to key companies in the water transport industry, including China Communications Construction Company (CCCC), China Electric Power Construction Company (CEPC), and Anhui Construction Engineering Group [6][7]. Core Insights - The water transport industry is experiencing high investment demand driven by policy support and economic growth potential, with significant multiplier effects from water transport investments [3][19]. - The report highlights the strategic importance of the Pinglu Canal project, which aims to optimize the western water transport structure and enhance connectivity with the Belt and Road Initiative [31][32]. - The report emphasizes the long-term cost advantages of water transport compared to road and rail, with lower freight rates and energy consumption [26][28]. Summary by Sections Industry Overview - The water transport industry consists of three segments: upstream equipment and materials manufacturing, midstream engineering construction, and downstream investment and operation [11][14]. - Key players in the midstream include CCCC, CEPC, and Anhui Construction, which are responsible for project planning, design, and construction [11][13]. Investment Multipliers and Cost Efficiency - Short-term, water transport investments can act as a counter-cyclical tool, with multipliers of approximately 1:6 for coastal and 1:3 for inland water transport [3][19]. - Long-term, the report notes that water transport is more cost-effective than road and rail, with significant reductions in transportation costs and emissions as vessel sizes increase [26][28]. National Strategic Planning - The "Five Vertical and Four Horizontal" national planning framework aims to construct 25,000 kilometers of high-grade waterways by 2035, indicating substantial investment opportunities [34][35]. - The report outlines the urgency of upgrading inland waterways to accommodate larger vessels and improve overall transport efficiency [30][31]. Pinglu Canal Project - The Pinglu Canal, approximately 134.2 kilometers long with an estimated cost of 727 billion CNY, is a key project that has already seen over 368 billion CNY in investment [4][31]. - The project is expected to significantly enhance the economic development of western regions and alleviate congestion in existing waterways [31][33]. Key Companies to Watch - The report suggests focusing on leading design and construction firms with extensive domestic and international operations, such as CCCC and CEPC, as well as regional players like Anhui Construction and Huase Group [4][6].