建筑行业专题研究：除了爆破和水泥，大水电建设还有哪些值得关注的环节？

Investment Rating - The report maintains a "Strong Buy" rating for the construction industry [4] Core Viewpoints - The potential for significant investment in large hydropower projects, particularly the Yaxia project, is expected to exceed 1 trillion yuan, which will greatly stimulate infrastructure demand. The report emphasizes the importance of focusing on opportunities beyond blasting and cement, including tunnels, geotechnical work, pipelines, and equipment [3][4] Summary by Sections 1. Blasting and Cement - Blasting and cement have a relatively strong demand elasticity and supply constraints, making them more certain investments. The report maintains previous demand estimates for blasting and cement based on the Yaxia project, suggesting potential for higher-than-expected cement demand due to local transportation limitations [2][11] - The estimated demand for blasting materials and services under different investment scenarios for the Yaxia project could reach approximately 196 million yuan, 293 million yuan, and 391 million yuan, depending on the total investment levels [9] - Cement demand estimates for the Yaxia project could reach approximately 3.743 million tons, 5.614 million tons, and 7.485 million tons under different investment scenarios, significantly impacting local production levels [10] 2. Tunnels (Caverns) - The report suggests that the understanding of tunnel applications in hydropower projects may have been conservative. The Yaxia project could involve nearly 1,000 kilometers of tunnels, including water diversion and power plant caverns [2][3] - Key companies to watch in the tunneling sector include China Railway Engineering Corporation and Iron Construction Heavy Industry, which are leaders in tunneling technology and equipment [2][3] 3. Geotechnical Work (Foundations and Surrounding Rock) - The report highlights the challenges posed by the thick cover layers in the Tibet region, which complicate the construction of hydropower projects. Key players in geotechnical engineering include China Energy Engineering Group and China Power Construction Group [2][3] 4. Other Equipment - The report emphasizes the importance of various equipment related to power generation, pipelines, and seismic resistance, recommending attention to leading energy equipment companies such as Dongfang Electric [2][3] 5. Investment Recommendations - The report suggests focusing on key players in the blasting and cement sectors, including Yipuli, Gaozheng Minexplosion, and Yahua Group, as well as in the geotechnical and tunneling sectors [3][4]