【建筑建材】雅江水电站板块可能有哪些遗珠？——建筑建材行业更新报告（孙伟风/鲁俊）

Core Viewpoint - The Yarlung Zangbo River hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan, and its project structure differs significantly from that of the Three Gorges Dam [2][3]. Group 1: Project Overview - The Yarlung Zangbo River hydropower project will construct five tiered power stations using a method that involves diverting water through tunnels, which enhances power generation efficiency by allowing water to be reused multiple times [2][3]. - The total investment for the Yarlung Zangbo River hydropower project is estimated at 1.2 trillion yuan, with an expected installed capacity of 60 million kilowatts based on the average construction cost of 20,344 yuan per kW for hydropower projects approved in 2023 [2]. Group 2: Comparison with Similar Projects - The Zangmu hydropower station, the first large-scale hydropower station on the Yarlung Zangbo River, has a total installed capacity of 510,000 kilowatts and a total investment of 9.6 billion yuan, taking nearly eight years to complete [4]. - The Dadu River Hard Beam Package hydropower station, which utilizes a long tunnel diversion method, has a total installed capacity of 1.116 million kilowatts and a static investment of 12.94 billion yuan, showcasing the complexity and scale of similar projects [6]. Group 3: Supplier Analysis - Based on bidding data from the Zangmu hydropower station, potential suppliers for the Yarlung Zangbo project include companies like Tibet Tianlu, Tianqiao Hoisting, Huaxin Cement, China Power Construction, and Weiteng Electric, with significant stock price increases noted since July 21 [7].