Market Overview - On July 21, sectors such as hydropower, Tibet, civil explosives, cement, steel, and water conservancy experienced a collective surge, with multiple stocks hitting the daily limit up [1] Event Summary - The opening ceremony for the Yarlung Zangbo River downstream hydropower project was held on July 19 in Nyingchi, Tibet, attended by Premier Li Qiang, marking the official commencement of the project [3] - The establishment of China Yajiang Group Co., Ltd. was also announced, aimed at ensuring the smooth construction and operation of the hydropower project [3] Institutional Insights 1) The Yarlung Zangbo River downstream hydropower project will adopt a straightening and tunnel diversion development approach, constructing five cascade power stations with a total investment of approximately 1.2 trillion yuan [4] 2) Major state-owned enterprises in construction and design are expected to benefit significantly, with China Power Construction Corporation handling over 80% of river planning and more than 65% of large and medium-sized hydropower station construction tasks in China [4] 3) Cement demand in Tibet is projected to increase, with an estimated production of 13.1 million tons in 2024 [4] 4) The demand for civil explosives in Tibet is anticipated to rise, with the Yarlung Zangbo River downstream project estimated to require approximately 139,300 tons of explosives [5] 5) The project is expected to have significant investment allocations, with civil engineering costs estimated at 615.7 billion yuan, electromechanical equipment at 307.8 billion yuan, and reservoir compensation fees at 102.6 billion yuan [5]

早盘，水利水电建设股异动拉升，五新隧道30CM涨停、深水规院20CM涨停，浙富股份、中国电建、 西藏天路、保利联合、高争民爆、壶化股份、国统股份、中岩大地、三和管桩、韩建河山、中国能建涨 停。 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | | 五新隧装 | 63.29 | 14.60 | 29.99% | 1.99亿 | 119.07% | | 深水规院 | 19.32 | 3.22 | 20.00% | 3.02亿 | 34.06% | | 华自科技 | 9.86 | 1.06 | 12.05% | 2.19亿 | 25.13% | | 新富控股 | 3.69 | 0.34 | 10.15% | 3.35 Z | 20.19% | | 中国电建 | 5.59 | 0.51 | 10.04% | 3.63亿 | 5.08% | | 四藏大路 | 10.54 | 0.96 | | 10.02% 8190.60, 63.16% | | | 保利联合 | 10.66 | 0.97 | | 10.01% 4171 ...

Group 1 - The establishment of China Yajiang Group and the commencement of the Yarlung Tsangpo River downstream hydropower project inject new growth momentum into the hydropower industry [1] - The Yarlung Tsangpo River downstream hydropower project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, aiming for an annual power generation of about 300 billion kilowatt-hours [1] - The project is expected to enhance the long-term growth potential of the hydropower sector, with installed capacity projected between 60 to 70 million kilowatts [1] Group 2 - Central state-owned enterprises in the construction sector, particularly China Power Construction Corporation, are poised to benefit significantly from hydropower engineering projects [2] - China Power Construction Corporation is responsible for over 80% of river planning and more than 65% of the construction tasks for large and medium-sized hydropower stations in China, holding over 50% of the global market share in this area [2] - The demand for cement in Tibet is expected to rise, with a projected cement production of 13.1 million tons in 2024, primarily driven by six leading companies [2] Group 3 - The demand for explosives in Tibet is anticipated to increase due to the scale of the hydropower projects, with an estimated usage of approximately 139,300 tons of explosives for the Yarlung Tsangpo River downstream project [3] - Major players in the explosives market in Tibet include Gaozheng Minexplosion, Yipuli, and Guangdong Hongda, which hold significant market shares [3]

Core Viewpoint - The commencement of the Yarlung Tsangpo River downstream hydropower project is significantly boosting the A-share infrastructure sector, leading to a surge in stock prices of related companies. Group 1: Market Reaction - The A-share infrastructure sector experienced a "limit-up" trend, with companies like Wuxin Tunnel Equipment (835174.BJ) hitting a 30% limit-up and others like Jikang Technology (830879.BJ) opening up by 24.29% [1][2] - The Yarlung Tsangpo hydropower concept index (886105.TI) surged by 12.52% at the opening [1][2] Group 2: Project Details - The Yarlung Tsangpo downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, officially commenced on July 19 in Linzhi, Tibet [3][4] - The project involves the construction of five tiered power stations, primarily focusing on power transmission while also catering to local demand in Tibet [3] Group 3: Beneficiary Companies - Companies in the explosives sector, such as Gaozheng Mining Explosives and Yipuli, are expected to benefit from increased demand due to the project [4][5] - China Power Construction Corporation, as a leading player in hydropower, is projected to secure annual project contracts worth approximately 21.8 to 29.1 billion yuan from this project, which could represent 1.7% to 2.3% of its new contract value in 2024 [4][5] - The project is anticipated to create significant opportunities for companies involved in construction, tunneling equipment, and materials, including China Energy Engineering, Iron Construction Heavy Industry, and Tibet Tianlu [5][6]

Investment Rating - Industry rating is maintained at "Outperform" [5] Core Viewpoints - The cement industry is expected to achieve a total profit of 15-16 billion yuan in the first half of 2025, recovering from a loss of 1.1 billion yuan in the same period last year. Several cement companies have announced significant profit increases, with Tianshan Co. and Jidong Cement reducing losses by 2.5 billion and 660 million yuan respectively. Other companies like Tapai, China Resources, and Wan Nian Qing have seen profit growth exceeding 80%, while Huaxin Cement's profit increased by 50-55% [2][18] - The substantial improvement in performance is attributed to several factors: 1) Major companies have enhanced their price stability awareness since Q4 last year, leading to a price increase of approximately 20 yuan/ton in the average cement price year-on-year; 2) Cement production decreased by 4.3% year-on-year, with the decline narrowing significantly; 3) The average coal price fell by about 200 yuan/ton year-on-year [2][18] - Short-term cement prices are still slightly declining due to seasonal factors, but the downward space is limited. Prices are expected to rise as demand enters the peak season in August. Current cement valuations are relatively low, with a price-to-book ratio of only 0.7, which is at the 17th percentile over the past three years. The Ministry of Industry and Information Technology has announced a new round of growth stabilization plans for the building materials industry, which is expected to catalyze further valuation recovery [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09%, while the building materials sector (CITIC) fell by 0.02%. Notable stock performances included Lifan Shuke (+26.9%), Shiming Technology (+15%), and Hainan Ruize (+13.9%). The recommended stocks from the previous week showed mixed results, with China National Materials (+8.8%) and Huaxin Cement (+0.9%) performing well, while Sanhe Pile (-4.5%) and International Composite (-1.4%) declined [1][12] Recent Real Estate Fundamentals - In the week of July 4-10, the sales area of commercial housing in 30 major cities was 1.3391 million square meters, a year-on-year decrease of 22.55% [14] Key Sub-industry Tracking - Cement: National cement market prices continued to decline, with a drop of 1%. The price drop was mainly concentrated in East and Southwest China, with a range of 10-30 yuan/ton. However, demand is expected to improve slightly with better weather conditions [16] - Glass: The domestic photovoltaic glass market remained stable, with prices holding steady. The average price of float glass increased slightly to 1211.96 yuan/ton, with production costs varying based on fuel types [17] - Fiberglass: The market for non-alkali yarn showed a downward trend, with prices declining slightly. The overall demand remains weak, although there is some support from wind power orders [17]

资金搬家 债基频现大额赎回 7月以来A股市场持续上攻，截至7月18日收盘，近期沪指已站稳3500点。与此同时，债券基金大额赎回 频发。7月18日，四只基金齐发提高份额净值精度公告。7月以来，已有超过25只债券基金公告提高份额 净值精度。在业内人士看来，近期股市赚钱效应凸显，一些投资者为获取更高收益，开始将资金从债券 基金撤出，聚焦权益类投资；另外，进入下半年，机构资金也会做全新布局，重新选择适合自身风险偏 好和投资风格的产品。（中证报） 1540家公司披露半年度业绩预告 超四成预喜 Wind数据显示，截至7月18日17时，A股共有1540家上市公司对外披露2025年半年度业绩预告，674家预 喜，预喜比例约为43.77%。其中，略增57家，扭亏193家，续盈6家，预增418家，已披露业绩预告的上 市公司业绩整体较为分化。近期，A股上市公司密集披露投资者关系活动记录表。不少上市公司在披露 半年度业绩预告后，受到机构扎堆调研。从机构调研的内容看，如何改善盈利情况、公司未来业绩的增 长点、产品涨价情况是投资者关注的焦点。 50余家信托公司上半年业绩分化 备受业内关注的信托公司期中考成绩单"浮出水面"。截至7月18日 ...

东吴证券近日发布建筑材料行业跟踪周报：本周全国高标水泥市场价格为343.8元/吨， 较上周-3.3元/吨，较2024年同期-46.2元/吨。较上周价格持平的地区：泛京津冀地区、两广 地区、华北地区、东北地区；较上周价格上涨的地区：中南地区（+1.7元/吨）；较上周价 格下跌的地区：长三角地区（-5.0元/吨）、长江流域地区（-4.3元/吨）、华东地区（-2.9元/ 吨）、西南地区（-16.0元/吨）、西北地区（-2.0元/吨）。 以下为研究报告摘要： 本周（2025.7.14–2025.7.18，下同）：本周建筑材料板块（SW）涨跌幅-0.23%，同期沪 深300、万得全A指数涨跌幅分别为1.09%、1.40%，超额收益分别为-1.32%、-1.63%。 3、玻璃：随着行业重回大面积亏损的状态，我们认为供给侧的收缩将加快，有望改善 中短期行业供需平衡，考虑前期社会库存也得到一定程度消化，短期价格有望呈现企稳反弹 的态势。中期可关注反内卷政策导向下产业政策或行业自律措施对过剩产能退出的潜在影 响，我们认为供给收缩幅度以及需求的韧性将决定后续价格反弹持续性和空间。浮法玻璃龙 头享有硅砂等资源等中长期成本优势，享受 ...

商品：国内商品期货大涨，截止发稿，氧化铝大涨超7%，玻璃涨超6%，纯碱涨超4%，焦煤、集运指数、焦炭、热卷板、工业硅等涨 超2%。 7月21日周一，A股早盘上涨，三大股指集体走高，水利水电、钢铁、建筑建材等板块活跃。港股同样拉升，恒指盘初突破25000点关口，大型科 网股走强，美团涨潮4%，新消费板块回升，泡排玛特涨超2%。债市方面，国债期货集体下跌。商品方面，国内商品期货普涨。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | N | 3547.52 | 13.04 | 0.37% | | 399001 | 深证成指 | Mi | 10943.20 | 29.36 | 0.27% | | 399006 | 创业板指 | M | 2282.11 | 4.96 | 0.22% | | 000300 | 沪深300 | M | 4070.19 | 11.64 | 0.29% | | 000016 | FiFF20 | M | 2771.20 | 6.68 | 0.24% ...

无需额外开户，A股账户直接T+0买全球>>> 水泥概念板块涨超4%，建材ETF(516750)涨幅为5.10%，最新价创120日新高，溢价率为1.19%，成交额 2588.96万元，较昨日此时放量25730.72%，近1月份额减少600万份。 ...

水泥、工程机械、水利板块活跃，AI智能体、医药板块低开。 09:34 钢铁板块走高 西宁特钢、八一钢铁涨停，重庆钢铁、柳钢股份、酒钢宏兴、盛德鑫泰涨超5%。消息面上，中钢协7月15日在成都组织 召开钢铁工业规划部长会，会议要求坚持严控增量与畅通退出，防范钢铁行业产能过剩风险持续加剧，着力破除"内卷 式"竞争。 09:34 恒指突破25000点整数关口，为2022年2月以来首次，较4月低点上涨超25%。 三大股指集体高开，上证指数开盘报3542.82点，涨0.24%，深成指开盘报10937.6点，涨0.22%，创业板指开盘报2285.41 点，涨0.36%。水泥、工程机械、水利板块活跃，AI智能体、医药板块低开。 09:24 港股建材水泥股走强，华新水泥涨14.97%、西部水泥涨7.39%、中国建材涨7.34%、海螺水泥涨7.19%。 09:21 港股开盘丨恒生科技指数涨1.18% 恒生指数开盘涨0.67%，恒生科技指数涨1.18%。华检医疗涨近15%，美国稳定币牌照申请及 IVDNewCo Exchange生态落 地正式开启。胜利证券涨近11%，预计半年度业绩同比扭亏。迪生创建复牌跌超29%，私有化计划失效。 ...