从黄河三门峡的建设起点，到大渡河畔的电站崛起，从三峡工程的技术突破，到"一带一路"的跨国 项目履约，中国电建水电七局(以下简称"水电七局")六十年来扎根水电建设领域，逐步从国内工程建设 者成长为具备全球竞争力的综合企业，其发展历程折射出中国水电行业的技术进步与市场化转型轨迹。 源流：三线烽火淬炼初心，从"指令性"走向"市场化" 1957年，新中国大规模水利建设启动，三门峡水电站作为"万里黄河第一坝"开工，水电七局前身 —— 三门峡工程局参与其中，积累了大型水电工程施工的早期经验，成为新中国"治黄兴水"事业的重 要参与者。 1965年冬季，响应国家"三线建设"与"好人好马入四川"的号召，三门峡工程局抽调骨干力量南下， 投入大渡河龚嘴水电站(代号"五一五工程")建设。据记载，当时建设条件艰苦，施工人员在百丈悬崖下 搭建临时炉灶，以油毡房为居所，用板凳搭建床铺，依靠 "一锤一钻开山劈石、一筐一车运送物料"的 方式推进工程。1967年2月26日，龚嘴水电站实现大渡河截流；1971年12月26日，电站两台机组并网发 电。该工程历时十三年建成，作为西南地区首座大型水电站，不仅填补了区域大型电力设施的空白，其 建设过程中形 ...

Core Viewpoint - The company maintains a "buy" rating despite a decline in net profit, supported by resilient revenue and potential benefits from the Yarlung Tsangpo River hydropower project [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 292.76 billion, a year-on-year increase of 2.66%, while net profit attributable to shareholders decreased by 13.81% to 5.43 billion [1] - For Q2 2025, the company reported revenue of 150.20 billion, a year-on-year increase of 3.57%, with net profit attributable to shareholders down 14.17% to 2.79 billion [1] - The comprehensive gross margin for H1 2025 was 11.23%, a decrease of 1.04 percentage points year-on-year [3] Group 2: Business Segments - Revenue from engineering contracting and surveying design, power investment and operation, and other businesses in H1 2025 was 265.93 billion, 12.39 billion, and 13.56 billion respectively, with year-on-year changes of +3.19%, +1.73%, and -5.42% [2] - The company’s installed capacity as of H1 2025 was 35.16 million kilowatts, with year-on-year increases in wind power (20.45%) and solar power (60.87%) [2] Group 3: New Contracts and Growth Potential - The company signed new contracts worth 686.70 billion in H1 2025, achieving 49.13% of the annual target, with a year-on-year increase of 5.83% [4] - New contracts in the energy and power sector totaled 431.39 billion, reflecting a year-on-year increase of 12.27%, with significant growth in wind power contracts [4] - The Yarlung Tsangpo River hydropower project has officially commenced, positioning the company to benefit from this long-term investment [4]

Group 1 - The Yarlung Tsangpo River downstream hydropower project has officially commenced construction, with a total investment of approximately 1.2 trillion yuan, marking a new phase in China's clean energy development and reshaping the global hydropower landscape [1] - The project is expected to boost demand across the upstream and downstream industrial chains, particularly for steel, cement, non-ferrous metals, and waterproof materials, acting as a stabilizer against short-term demand fluctuations [1][2] - The project is estimated to generate a total value of 53.5 to 95.4 billion yuan for related turbine and generator businesses, potentially becoming a new growth point for hydropower equipment after 2030 [1][3] Group 2 - The Chinese government is releasing favorable policies for the building materials sector, with the Ministry of Industry and Information Technology announcing that work plans for ten key industries will soon be introduced to stabilize growth [2] - Fixed asset investment in China reached 24.87 trillion yuan in the first half of 2025, a year-on-year increase of 2.8%, with infrastructure investment growing by 4.6%, indicating a strong demand for construction materials [2] - The construction of the Yarlung Tsangpo project will gradually release demand across various industrial chains, including hydropower construction, infrastructure, ultra-high voltage transmission, equipment manufacturing, and cement supply [2][3] Group 3 - The valuation logic for cyclical sectors has shifted from "weak expectations - weak reality" to "strong expectations - weak reality," indicating a clearer bottom region and improving cost-effectiveness for investments in building materials, infrastructure, and steel sectors [3] - The coal sector, previously underperforming, also shows significant potential for valuation recovery, with dividend yields exceeding 5%, providing a safety margin for investors [3] - The anticipated implementation of special bonds and supportive fiscal policies is expected to gradually manifest in investment and physical volume, with infrastructure investment projected to maintain steady growth throughout the year [3][4] Group 4 - The building materials industry is expected to experience a turnaround in profitability in 2025, with continued demand improvement potentially leading to greater recovery opportunities [4] - Investors are encouraged to seize opportunities arising from the industry's marginal improvement and turnaround [4] - The building materials ETF, which tracks the CSI All Share Building Materials Index, has a leading scale of 623 million yuan as of July 18, 2025, indicating strong investor interest [4]

Core Viewpoint - The launch of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to stimulate demand across multiple industries, including construction materials and infrastructure [3]. Demand Side - The Yarlung Tsangpo River project is a national strategic initiative that encompasses hydropower construction, infrastructure development, ultra-high voltage transmission, equipment manufacturing, civil explosives, and cement supply, which will gradually release demand along the upstream and downstream industrial chains [3]. - Recent central urban work meetings have emphasized the need to advance the renovation of urban villages and old housing, as well as the upgrading of outdated pipelines, which is likely to accelerate the introduction of related supporting policies, thereby boosting demand for construction materials and infrastructure [3]. Supply Side - The ongoing "anti-involution" policies are aimed at stabilizing growth in key industries, including steel and construction materials. The Ministry of Industry and Information Technology announced a new round of initiatives to optimize supply and eliminate outdated production capacity [3]. - The construction industry has advocated against "involution," and the China Cement Association has issued opinions to promote high-quality development in the cement sector, indicating that these policies may improve the industry landscape and benefit leading companies in the construction and materials sectors [3]. Investment Perspective - The valuation logic for cyclical sectors has shifted from "weak expectations - weak reality" to "strong expectations - weak reality," indicating that the bottom region is becoming clearer and the cost-effectiveness of investments is improving [4]. - Sectors such as construction materials, infrastructure, and steel are expected to directly benefit from the implementation of "super projects," with significant potential for both performance and valuation expansion. Investors are encouraged to pay attention to construction materials ETF (159745), infrastructure ETF (159619), and steel ETF (515210) [4].

Core Viewpoint - The commencement of the "Yaxia" hydropower station construction, with a total investment of 1.2 trillion, is expected to boost infrastructure investment growth and stabilize economic expectations [1] Group 1: Economic Impact - The "Yaxia" hydropower station project is anticipated to drive infrastructure investment growth, enhancing economic stability [1] - Recent improvements in international conditions, including the U.S. fiscal expansion plan, are expected to alleviate recession fears and stabilize global capital markets [1] - Ongoing efforts to reduce "involution" domestically are likely to ease overcapacity expectations, positively impacting profit forecasts [1] Group 2: Market Performance - The stock market experienced a strong opening and continued upward momentum, with a trading volume of approximately 1.7 trillion, significantly higher than the previous week [1] - The Shanghai Composite Index closed near its daily high, indicating a rapid increase in short-term gains, while the Shenzhen Component Index approached its yearly high [1] - The market's focus was primarily on infrastructure-related sectors, with small and mid-cap stocks leading in gains [1] Group 3: Technical Analysis - The Shanghai Composite Index has accelerated its upward movement after breaking through a trading range established in the previous months [1] - The main technical resistance level is identified at the high point from early October of the previous year, which also represents the top of a weekly trading range [1]

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials industry [4] Core Insights - The commencement of the Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to generate substantial construction and material orders [1][2] - The project is estimated to have a capacity of 60 million kW, with an average construction cost of 20,344 yuan/kW for hydropower projects in 2023 [1][2] - The project is anticipated to have a construction period of 15-20 years, leading to an annual investment of 60-80 billion yuan [2] - The project will significantly boost infrastructure investment growth in China, with a 4.6% year-on-year increase in infrastructure investment in the first half of 2025 [3] Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project is located in Linzhi City, Tibet, and involves the construction of five tiered power stations to enhance power generation efficiency [1] - The total investment is about six times that of the Three Gorges Project, which had a total investment of 207.2 billion yuan [2] Investment Structure - The investment structure for hydropower projects includes approximately 32%-45% for permanent construction, 18%-25% for electromechanical equipment, and 10%-35% for other costs [2] Market Impact - The project is part of China's "14th Five-Year Plan" and is expected to effectively stimulate infrastructure investment growth [3] - Recommended companies to watch include China Power Construction, China Energy Engineering, and several others involved in construction and materials [3]