第一财经·2025-07-21 02:40Core Viewpoint - The establishment of China Yajiang Group and the launch of the Yarlung Tsangpo River downstream hydropower project are significant developments that will positively impact the hydropower industry and related sectors in China [1][2]. Group 1: Company Developments - On July 19, the State-owned Assets Supervision and Administration Commission (SASAC) announced the formation of China Yajiang Group, which is now listed as the 22nd central enterprise among 99 in the updated SASAC directory [1]. - The Yarlung Tsangpo River downstream hydropower project, located in Nyingchi City, Tibet, involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan [2]. Group 2: Industry Impact - The ongoing construction of the Yarlung Tsangpo River downstream hydropower project is expected to benefit suppliers of hydropower equipment and core components for power grid transmission [2]. - According to Huatai Securities, the estimated total value of the turbine and generator business related to this investment is between 53.5 billion yuan and 95.4 billion yuan, which may become a new growth point for hydropower equipment after 2030 [2]. - The current valuations of leading companies in the industry reflect market concerns about the sustainability of orders, but there is potential for recovery as orders exceed expectations [2].