中信证券：看好地基处理、民爆、水泥、工程承包等环节相关标的 金十数据7月21日讯，中信证券研报称，7月19日，李强总理出席雅鲁藏布江下游水电工程开工仪式。该 项目总投资约1.2万亿元，单体规模空前，我们认为该项目具备较高技术门槛及地域壁垒，将带来建筑 建材多个环节需求高弹性增长，看好与之相关的地基处理、民爆、水泥、工程承包等环节相关标的。 ...

雅鲁藏布江下游水电工程开工，哪些企业有望受益？ 20250720 摘要 雅砻江雅砦水电站项目总投资 1.2 万亿元，约为 2024 年西藏全年固定 资产投资总额的近五倍，15 年工期内年均投资额 800 亿元，占西藏全 年固定资产投资的 30%，将显著拉动当地经济增长。 雅砦水电站装机规模约为三峡工程的三倍，总投资额接近五倍。移民成 本占比预计较低，约为 15%，实际水电站建设资金规模约 1 万亿元，是 三峡工程同类建设资金规模的六倍以上。 项目施工环节年均投资 360 亿元，占西藏全年固定资产投资的 14%， 高峰期比例更高，主要承建方为中国电建和中国能建，其中中国电建在 全球大中型水利建设市场份额超过 50%，国内市占率达 80%以上。 墨脱地区地质复杂，地基处理难度大，工期占比 30%-40%，预计年均 投入 150-200 亿元。中岩大地具备深层地基处理核心技术，有望获得重 要份额。 雅砦水电站预计需水泥 6,000 万吨以上，15 年工期内年均需求量约 400 万吨，占 2024 年西藏全年产量 30%，高峰期需求量达 600-800 万吨，对水泥供应链有显著拉动效应。 Q&A 雅砦水电站项目的总体 ...

Core Viewpoint - The completion of the concrete pouring for the dam panel of the Bangdong River Reservoir project marks a significant milestone in the key water conservancy project of Yunnan Province's "14th Five-Year Plan," laying a solid foundation for subsequent water storage and overall project completion [1] Project Overview - The Bangdong River Reservoir in Zhenkang County has a maximum dam height of 87.2 meters and a total storage capacity of 13.86 million cubic meters [2] - The total amount of concrete poured for the dam panel is approximately 9,679 cubic meters, designed in 29 blocks, with the largest single block exceeding 600 cubic meters, completed over a duration of 74 days [2] Solutions - The project faces challenges due to complex terrain and rainy climate, requiring strict performance standards for concrete, including excellent workability, strength development, durability (especially impermeability and frost resistance), and good volume stability (crack resistance) [3] - The company successfully ensured the workability and pumpability of the concrete through the precise application of high-performance polycarboxylic acid water-reducing agents, achieving continuous pouring and significantly enhancing construction efficiency [3] - The successful implementation of this project demonstrates the company's core value in addressing complex engineering challenges in water conservancy and hydropower applications, ensuring construction quality and progress under challenging conditions [3] - The project significantly enhances the comprehensive performance of concrete (high strength, high impermeability, high frost resistance, high crack resistance), ensuring the long-term safety and durability of the dam panel, and supports the implementation of efficient and advanced construction techniques such as "trackless slipform continuous pouring" [3][4] Project Significance - Upon completion, the Bangdong River Reservoir will effectively optimize water resource allocation in the Lincang irrigation area, alleviate engineering water shortages, and benefit approximately 23,400 residents across 2 townships and 6 administrative villages, improving irrigation conditions for 37,000 acres of farmland [5] - The project will inject green momentum into the sustainable development of the regional economy and rural revitalization [5] - The company will continue to leverage its brand advantages to provide more professional and reliable comprehensive material solutions for water conservancy and hydropower projects, contributing to the high-quality development of the industry [5]