POWERCHINA Ltd(SH:601669) 光大证券研究·2025-07-22 05:41Group 1 - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan, which is about six times the investment of the Three Gorges Project [4][3] - The project will construct five cascade power stations, with an estimated installed capacity of 60 million kilowatts, based on the average cost of hydropower projects in 2023 [4][4] - The construction is expected to generate an annual engineering order volume of 33.6 to 44.8 billion yuan over a 15-20 year period, significantly boosting the construction sector [4][4] Group 2 - China Power Construction Corporation is a leading enterprise in water conservancy and hydropower construction, holding over 65% of the construction tasks for large and medium-sized hydropower stations in China [6][6] - The company is projected to secure approximately 21.8 to 29.1 billion yuan in engineering volume from the Yarlung Tsangpo River downstream project, which would account for 1.7% to 2.3% of the company's new contract amount in 2024 [6][6] - In the first five months of 2025, the company signed 488 new hydropower projects with a contract amount of 65.387 billion yuan, reflecting a year-on-year increase of 60.66% [6][6]