新华社成都8月6日电题：夯实国家能源"大动脉"——四川电网骨干工程建设一线扫描 新华社记者卢宥伊 八月初的川西高原，阳光从云层中倾泻而下，在海拔3600多米的四川省阿坝藏族羌族自治州理县米亚罗镇的山顶反射出一层耀眼的白光。 在这里，阿坝—成都东1000千伏特高压交流工程1标段的首批塔基，正迎来杆塔组立前的"大考"。质量监督检查人员正一步步丈量地脚螺栓的露出 高度，反复核验施工日志和材料质检报告，一个尺寸误差也不容放过。 阿坝—成都东1000千伏特高压交流工程建设现场，施工人员正在复核塔腿间距离。新华社记者卢宥伊 摄 记者脚下这片塔基平台，坡度超过30度。施工队硬是在陡峭山坡上"削"出了一个15米深的地基坑，弃土通过1582米长的索道运送下山，才换来如 今这一块块沉稳扎实的混凝土结构。 金上—湖北±800千伏特高压直流输电工程，是国家"西电东送"战略的重要枢纽工程，将金沙江上游丰富的水电及新能源资源高效送往华中地区， 建成后将为中部地区提升绿色电力占比提供关键支撑。 帮果换流站创下了世界上海拔最高±800千伏换流站纪录，承载着清洁能源从川藏高原腹地奔涌向东的使命。项目投产后，预计每年可向华中地区 输送400亿千 ...

Core Viewpoint - Huaneng Lancang River Hydropower Co., Ltd. plans to raise up to RMB 58.25 billion through a private placement of A-shares to fund two hydropower projects, RM and TB, contributing to the "West-to-East Power Transmission" strategy and promoting integrated renewable energy development [1][3][30]. Group 1: Fundraising and Project Details - The total amount to be raised is RMB 58.25 billion, with net proceeds after issuance costs allocated to RM Hydropower Station (approximately RMB 43.25 billion) and TB Hydropower Station (approximately RMB 15 million) [2][44]. - The total investment for the RM Hydropower Station project is approximately RMB 584 million, while the TB Hydropower Station project has a total investment of approximately RMB 200 million, leading to a combined project investment of approximately RMB 784 million [2][45]. Group 2: Strategic Importance - The fundraising aims to support the implementation of the "West-to-East Power Transmission" strategy, addressing the energy resource imbalance between the resource-rich western region and the energy-deficient eastern region [3][30]. - The projects are expected to alleviate electricity pressure in the eastern regions and stimulate economic development in the western regions by attracting investment and enhancing infrastructure [3][30]. Group 3: Regulatory and Issuance Details - The issuance will target no more than 35 specific investors, including securities investment funds, securities companies, trust investment companies, and qualified foreign institutional investors [2][14]. - The shares will be issued at a price not lower than 80% of the average trading price over the last 20 trading days prior to the pricing date, ensuring compliance with regulatory requirements [15][37].

Market Overview - The A-share market has entered a new upward trend since April 8, with the Shanghai Composite Index rising over 15% to close at 3583.31 points on August 4, compared to 13.27 times TTM P/E ratio on April 7, now at 15.52 times [1][2] Sector Analysis - Current valuation levels indicate that sectors like consumer goods, midstream manufacturing, and midstream materials have TTM P/E ratios above historical medians, while essential consumption and resource sectors are below historical medians [2] - Analysts suggest that sectors like home appliances, oil and petrochemicals, and coal are in relative "value traps," where low valuations are not sufficient for generating excess returns without improvements in macro liquidity and industry policies [2][3] Focus on Growth Sectors - The non-ferrous metals and electric power equipment sectors are highlighted for their better growth potential despite lower valuations, making them attractive investment options [2][4] - The non-ferrous metals industry shows low TTM P/E and P/B ratios, with high ROE levels, driven by global supply constraints and increasing demand from both traditional manufacturing and AI sectors [3][4] Policy and Economic Factors - The electric power equipment sector benefits from national policies like the "dual carbon" goals and the "West-East Power Transmission" strategy, with significant growth expected due to rising domestic and international demand for renewable energy infrastructure [4] - Analysts expect that the recovery of low-valued assets in sectors like food and beverage, coal, and oil will depend on strong economic recovery expectations and supply-side adjustments [2][3] Technology Sector Opportunities - The technology sector, particularly semiconductor equipment and materials, is becoming a favored investment theme, with high growth potential driven by AI and related technologies [4][5] - The semiconductor sector is undergoing a transformation, with significant revenue and profit growth anticipated by Q1 2025, supported by policy backing and favorable market conditions [5] Investment Sentiment - The market sentiment is shifting towards sectors with high growth potential, with analysts optimistic about the recovery of the semiconductor and AI-related sectors, especially as they have lagged behind in recent performance [5]

据介绍，宁夏自2011年开始外送电力以来，截至今年7月底，累计外送电量达8440亿千瓦时，其中新能 源累计外送电量1148亿千瓦时。（许晋豫） 责任编辑：江蓬新 记者8月1日从宁夏电力交易中心有限公司获悉，7月份，宁夏单月外送电量达103亿千瓦时，这是宁夏继 2022年8月单月外送电量达100.9亿千瓦时后再破百亿千瓦时大关，创单月外送电量历史新高。 宁夏是"西电东送"重要送端。针对夏季持续高温带来的用电高峰，宁夏加大向山东、浙江、湖南、川渝 等方向外送支援力度，同时将宁夏绿色清凉电力送至北京、上海、湖北等省份，有力发挥电力保供作 用。 ...

Core Insights - The Yarlung Tsangpo River downstream hydropower project is set to officially commence construction on July 19, 2025, with a total investment of 1.2 trillion yuan and an installed capacity of 70-81 million kilowatts, equivalent to three Three Gorges power stations [1] - This project is a key component of China's "West-to-East Power Transmission" strategy and presents a historic opportunity for the steel industry, creating a demand for tens of millions of tons and driving technological upgrades [1] Steel Demand Overview - The steel demand for the Yarlung project will cover the entire construction cycle, involving civil engineering, equipment, and transmission, with an estimated total demand for special steel reaching 4-6 million tons, accounting for 1.2% of the national crude steel output in 2024 [1][2] - This demand significantly exceeds the Three Gorges project, which required 590,000 tons of steel, driven by three main factors: the project's scale, extreme environmental requirements, and the expansion of supporting infrastructure [2] Special Steel Characteristics - High-end special steel will be the primary focus for the Yarlung project, with demand characterized by "specialization, high strength, and long lifespan" [3] - Estimated steel usage includes: 60-70% for main structure (2.4-4.2 million tons), 15-20% for underground works (600,000-1.2 million tons), 10-15% for electromechanical equipment (400,000-900,000 tons), 5-10% for construction aids (200,000-600,000 tons), and 5% for other special-purpose steel (200,000-300,000 tons) [3] - Key types of steel include high-strength rebar, special medium-thick plates for hydropower, non-oriented silicon steel sheets, weather-resistant angle steel, and special stainless steel, all designed to withstand extreme conditions [3]

Core Insights - In July, Ningxia's monthly electricity export reached 10.3 billion kWh, marking a new historical high since August 2022 when it was 10.09 billion kWh [1] - The "Ning Electric into Hunan" direct current project contributed 1.8 billion kWh to this total, highlighting Ningxia's role as a key electricity supplier in the "West-to-East Power Transmission" initiative [1] - Ningxia's electricity export capacity is expected to reach new heights with the full operation of the "Ning Electric into Hunan" project by July 2025 [1] Electricity Export Performance - Ningxia's electricity exports have been significant, with a cumulative export of 844 billion kWh since 2011, including 114.8 billion kWh from renewable sources [1] - The Silver East and Ling Shao direct current channels have maintained high utilization rates, playing a crucial role in meeting summer electricity demand across various provinces [1] Future Outlook - With the ongoing high temperatures leading to increased electricity demand, Ningxia is enhancing its support to provinces like Shandong, Zhejiang, Hunan, and Sichuan-Chongqing [1] - The maximum operating power of the Silver East and Ling Shao direct current channels reached 4 million kW and 8 million kW respectively in July, contributing to national electricity supply stability during peak demand [1]

宁夏单月外送电量超百亿千瓦时创历史新高 金十数据8月1日讯，7月份，宁夏单月外送电量达103亿千瓦时，这是宁夏继2022年8月单月外送电量达 100.9亿千瓦时后再破百亿千瓦时大关，创单月外送电量历史新高。宁夏是"西电东送"重要送端。针对 夏季持续高温带来的用电高峰，宁夏加大向山东、浙江、湖南、川渝等方向外送支援力度，同时将宁夏 绿色清凉电力送至北京、上海、湖北等省份，有力发挥电力保供作用。 （新华社） ...

Core Viewpoint - Huaneng Lancang River Hydropower Co., Ltd. has received approval from the China Securities Regulatory Commission for a stock issuance to specific investors, aiming to raise up to 5.825 billion yuan for hydropower projects [1] Group 1 - The company plans to use the net proceeds from the stock issuance to fund the RM and TB hydropower station projects [1] - The implementation of these projects will enhance the layout of hydropower stations in the Lancang River basin, optimizing the power generation structure and improving transmission efficiency [1] - The projects will support the development of a comprehensive wind-solar-hydropower integration model in Southwest China, contributing to the "West-to-East Power Transmission" strategy [1]

Investment Rating - The report rates the industry as "Outperform" compared to the market [1] Core Insights - The integrated circuit manufacturing sector leads the electronic industry, with a weekly increase of 7.55% [2] - The launch of the Yajiang Hydropower Project is expected to accelerate the development of High Voltage Direct Current (HVDC) technology, with a total investment of approximately 1.2 trillion yuan [5][6] - The global HVDC market is projected to grow from $10.94 billion in 2024 to $11.70 billion in 2025, reflecting a year-on-year increase of 6.9% [7][24] - The domestic market for thyristors is expected to grow significantly, from 1.582 billion yuan in 2020 to 3.096 billion yuan in 2024, with a compound annual growth rate of approximately 18.3% [26] Summary by Sections 1. HVDC Overview - The Yajiang Hydropower Station will alleviate the imbalance in water and electricity supply in the region, with the southwestern area holding 70% of China's water energy resources [9][11] - HVDC technology has evolved through three generations, with the second generation (LCC) being the most mature and widely used for ultra-high voltage direct current (UHVDC) applications [17][20] 2. Market Demand for Thyristors - The demand for thyristors in the HVDC market is continuously increasing, driven by the expansion of high-voltage direct current projects [22][26] - The domestic market for thyristors is dominated by companies such as JieJie Microelectronics and Times Electric, which hold significant market shares [27][34] 3. Investment Opportunities - The report suggests focusing on investment opportunities in the thyristor market, particularly with companies like JieJie Microelectronics and Times Electric, which are closely linked to the HVDC industry [8][34] - JieJie Microelectronics has achieved full control over the thyristor supply chain and has recently patented technology to enhance thyristor performance [34] - Times Electric has introduced a new series of high-voltage thyristors, filling a domestic gap and contributing to the localization of ultra-high voltage projects [37]

Core Insights - The article highlights the significance of the Yarlung Tsangpo River downstream hydropower project by Yajiang Group in Tibet, which is set to be the largest hydropower project globally, utilizing a unique underground construction method to minimize ecological disruption [1][2][4]. Project Overview - The Yajiang project is a key component of China's "West-to-East Power Transmission" strategy, with a planned total installed capacity of 60-81 million kilowatts and an annual electricity generation of approximately 300 billion kilowatt-hours, sufficient to meet the annual electricity needs of 300 million people [2][4]. - The project involves a total investment of approximately 1.2 trillion yuan, with a construction period expected to last 10-12 years, aiming for phased production between 2035 and 2040 [7]. Economic Impact - The project is projected to significantly boost Tibet's GDP, with an estimated increase of 1.8 percentage points due to the total investment of 1.2 trillion yuan [9]. - During the construction phase, the project is expected to create between 50,000 to 100,000 jobs, with peak employment reaching around 200,000 [13][14]. Employment and Income Growth - The Yajiang project is anticipated to create substantial employment opportunities, with direct job creation during the construction phase and long-term positions in operation and maintenance [16]. - The project is expected to enhance local residents' income, with rural disposable income growth projected to exceed 10% due to direct employment and skills training initiatives [17][19]. Industry Development - The project is expected to drive the growth of the local construction materials industry, with significant demand for aggregates, special cement, and steel during the construction phase [24]. - The establishment of a clean energy system in Tibet, centered around hydropower, is anticipated to support the development of high-energy-consuming industries such as aluminum production and data centers [28][31]. Tourism Integration - The integration of infrastructure projects with tourism initiatives is expected to enhance the development of Tibet's third industry, with innovative models combining engineering and tourism [34][38]. - The anticipated increase in tourism revenue, driven by improved infrastructure and the completion of the hydropower project, is projected to contribute significantly to the local economy [38].