Great Wall Securities·2025-08-05 08:42Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The report emphasizes the significance of the Yarlung Tsangpo River downstream hydropower project, which aims to harness the region's abundant hydropower potential and drive economic development [1][10] - The development of large-capacity impulse turbines, with a single unit capacity of approximately 800 MW, represents a world-first achievement, addressing extreme challenges in high-altitude and high-head environments [1][10] - The gas-insulated transmission line (GIL) technology is highlighted for its advantages in high-capacity power transmission, low losses, and adaptability to various environments, making it a preferred choice in special scenarios [2][26] Summary by Sections 1. Large Capacity Impulse Turbines - The Yarlung Tsangpo River downstream hydropower project is set to utilize impulse turbines with a capacity of 800 MW, surpassing current global standards [1][10] - The project faces significant technical challenges due to high water heads and extreme environmental conditions, necessitating advanced turbine designs and manufacturing techniques [10][11] 2. Gas-Insulated Transmission Lines (GIL) - GIL technology is recognized for its ability to efficiently transmit high voltage and large currents in confined spaces, making it suitable for urban and challenging geographical environments [2][26] - The report notes successful applications of GIL in various projects, including the Su Tong GIL comprehensive corridor, which is the highest voltage and largest capacity GIL project globally [27][33] 3. High-Altitude Electrical Equipment - The report discusses the need for altitude adjustments in electrical equipment due to the unique challenges posed by high-altitude environments, particularly in the Yarlung Tsangpo River project [2][3] - The development of high-altitude, high-seismic equipment is crucial for the effective transmission and consumption of clean energy [2][3] 4. Reliable Key Supply Chain - The report identifies key companies in the supply chain for hydropower equipment, including Harbin Electric, Dongfang Electric, and China XD Electric, among others [3][4] - The supply chain's reliability is essential for supporting the ambitious hydropower projects outlined in national plans [3][4]