Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly enhance electricity supply and contribute to carbon neutrality goals. The project will utilize abundant hydropower resources and promote the development of solar and wind energy in the surrounding areas [3]. - The project has an installed capacity of nearly 70 million kilowatts and an annual power generation capacity of 300 billion kilowatt-hours, which can meet the annual electricity needs of 300 million people and replace 90 million tons of standard coal, reducing carbon dioxide emissions by 300 million tons [3]. - The project is anticipated to strengthen the synergy between computing and electricity, benefiting the AIDC computing power industry chain [3]. Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project involves the construction of five cascade power stations and is expected to take about 10 years to complete, with production anticipated to start after 2035 [3]. - The project will enhance the utilization of "West-to-East Power Transmission" and support the national strategy of "East Data West Calculation" [3]. Investment Insights - The total investment of 1.2 trillion yuan may be adjusted upwards, with the investment in power transmission and transformation estimated to reach between 189 billion to 315 billion yuan [3]. - The report suggests that the actual investment may exceed initial estimates due to construction difficulties and uncertainties related to interest rates [3]. Beneficiaries in the Industry - The hydropower equipment supply chain is expected to benefit, with key players including Dongfang Electric, Shanghai Electric, and Harbin Electric, among others [3]. - The report highlights the stable demand for high-voltage transmission equipment and identifies major suppliers such as State Grid NARI, China XD Electric, and others as potential beneficiaries [3]. - The GIL (Gas Insulated Transmission Line) segment is entering a long-term growth cycle, with companies like China XD Electric and Pinggao Electric expected to benefit from the Yarlung Zangbo project [3]. Investment Recommendations - The report recommends focusing on the hydropower equipment and high-voltage equipment supply chains, specifically mentioning companies like Dongfang Electric, Shanghai Electric, and State Grid NARI [3]. - It also suggests monitoring the AIDC industry chain, including companies like Megmeet and Jinpan Technology [3].

Group 1 - The national electricity market is accelerating, with significant benefits expected for equipment manufacturers in the ultra-high voltage sector [1] - It is anticipated that 5-6 ultra-high voltage direct current lines, 3-4 ultra-high voltage alternating current lines, and 5-6 back-to-back projects will be approved within the year [1] - During the 14th Five-Year Plan period, an average of 6-7 ultra-high voltage projects is expected to commence annually, leading to a substantial increase in orders for core equipment manufacturers [1] Group 2 - The report emphasizes the importance of focusing on investment opportunities in "AI + overseas expansion + satellites" in the medium to long term [2] - Key areas of interest include AI core directions such as optical modules and devices, as well as liquid cooling technologies [2] - The domestic recovery of the marine cable industry and favorable overseas expansion opportunities are highlighted, with a recommendation to actively monitor leading marine cable manufacturers [2] Group 3 - The white liquor industry is expected to show signs of improvement in performance starting from the third quarter of 2025, following a narrowing decline in sales during the recent Spring Festival [3] - Major white liquor companies are enhancing shareholder returns through increased dividends, buybacks, and shareholdings, which adds to investment safety margins [3] - Anticipated consumer stimulus policies and macroeconomic recovery are expected to support continued investment in leading liquor brands [3]