建材建筑行业点评：重点水电工程项目获核准，关注西藏区域民爆弹性

Industry Investment Rating - Buy (Maintained Rating) [22] Core Views - The report is optimistic about the construction boom in the Tibet region, with high concentration in the civil explosives and cement sectors [34] - The civil explosives industry in Tibet benefits from hydropower projects and copper mining, with significant growth potential [6][33] - The cement industry in Tibet shows steady growth, with a CR3 (top three companies' market share) reaching 70% [27] Industry Overview Civil Explosives Industry - The civil explosives market in Tibet is in its early growth stage, with industrial explosive production reaching 48,900 tons in 2023, more than three times the 2019 level [6] - The compound annual growth rate (CAGR) of industrial explosive production in Tibet from 2019 to 2023 was 32.2%, compared to a national CAGR of 1.0% [6] - Key players in the region include Gaozheng Minbao, EPC, Guangdong Hongda, and Poly Union [6] - Tibet has significant copper mining potential, with the Julong Copper Mine Phase II expected to be operational by the end of 2025, and Phase III potentially starting in the second half of 2025 [6] Cement Industry - Tibet's cement production in 2023 was 11.98 million tons, a 51% year-on-year increase, with a 3.1% increase from January to November 2024 [10] - The top three companies in the region account for 70% of the market share, with Tibet Tianlu holding a 39.6% share, Huaxin Cement at 17.0%, and Qilian Mountain at 14.0% [27] Infrastructure Development - Tibet's fixed asset investment from January to November increased by 17.5% year-on-year [23] - Key infrastructure projects include the Sichuan-Tibet Railway, Yunnan-Tibet Railway, and upgrades to major highways such as G318 and G219 [7] - The Yarlung Tsangpo River downstream hydropower project has been approved, which is expected to significantly contribute to the region's development and the national "dual carbon" strategy [31] Investment Recommendations - The report recommends focusing on companies in the civil explosives sector such as Gaozheng Minbao, EPC, and Guangdong Hongda, and in the cement sector such as Tibet Tianlu [34]