雅下水电站专家交流 20250722 摘要 墨脱水电站项目的开发从整体上来看，应该追溯到约 20 年前。最初设计为 11 级联动，后来调整为 9 级、7 级，现在最优方案是 5 级联动。高海拔地区设备 要求较高，包括抗震和抗低温等技术难题，一直没有好的解决方案，直到最近 各家突破了这些困扰。因此，现在才具备了正式动工建设的条件。 墨脱水电站的核心发电能力是多少？有哪些辅助设施？ 墨脱水电站设计核心发电输领能力为 4,900 万千瓦，利用雅鲁藏布江大拐弯处 2,200 米的落差进行引水发电。此外，还有米林调节电站（600 万千瓦）、派 总预算 1.2 万亿中，约 2000 亿用于应对高原设备溢价，约 200 亿用于 应对国际争端冲突，高原设备采购价格较平原地带设备溢价约 30%。岩 心钻探方面，中石油和中石化占据绝对大头，总预算约 45 亿元。 哈电主导冲击式水轮机（预计招标 800-1,000 台），中电主导混流式水 轮机（预计招标 10-15 套），冲击式需求量较大，应对落差高的情况， 东方占比约 45%，哈马约 35%。 特高压输送计划主要输送到粤港澳大湾区和长三角服务中心，输电距离 超过 2000 公里 ...

雅鲁藏布江下游水电工程：万亿巨擘，砥砺前行 浩瀚雪域，巨龙腾飞。7月19日，一声机械轰鸣，宣告着全球最大水电工程——雅鲁藏布江下游1.2万亿水电项目正式开工。这一史诗级工程，装机容量达 6000万千瓦，相当于三个三峡工程的总和，预计年发电量3000亿千瓦时，足以满足3亿人的用电需求。消息一出，A股水利、基建板块即刻引爆，开盘20只 概念股涨停，民爆龙头高争民爆、水泥巨头西藏天路一字涨停，工程机械巨头中国电建市值更是飙升百亿，市场热情空前高涨。 一、中国制造的极限挑战：征服高原，挑战自然 雅鲁藏布江大拐弯段，50公里直线落差达2230米，水能密度位居全球之冠。工程规划在此建设5座梯级电站，总投资1.2万亿元，相当于三峡工程的5倍，港 珠澳大桥的10倍。然而，这并非简单的"复制粘贴"。高原施工面临着三大严峻挑战：8.5级地震带、17条断裂带以及3000米深埋隧洞。 水泥板块: 西藏天路作为西藏水泥行业的龙头企业，拥有全区65%的产能，该项目年需水泥360万吨，相当于西藏全区年产量的30%。华新水泥林芝基地凭借 其每吨高达200元的毛利优势，在价格战中脱颖而出。 掘进设备板块: 铁建重工凭借其TBM掘进机的订单，斩 ...

Core Viewpoint - The steel industry is experiencing a significant price increase due to production cuts driven by environmental regulations and government policies aimed at eliminating outdated capacity. This has led to a reduction in steel output expectations, particularly in Tangshan, where a 30% production cut has been mandated from July 4 to July 15. The market anticipates further impacts on steel production as a result of these measures [1][3]. Group 1: Steel Industry Insights - The recent meeting of the Financial and Economic Committee emphasized the need to push for the elimination of outdated production capacity, directly influencing the steel market [1]. - Tangshan steel mills have received directives for a 30% production cut, which is expected to significantly lower steel inventories and production levels [1]. - The China Iron and Steel Association reported that steel billet exports in the first four months of 2025 have already surpassed the total for 2024, prompting suggestions for export restrictions [1]. - A total of approximately 30 million tons of production cuts have been ordered for the year, coinciding with a seasonal demand lull, which has heightened market expectations for reduced steel output [1]. Group 2: Market Reactions and Trends - Longjiang Securities noted that administrative production cuts could act as a bullish option for the steel sector, particularly in July, which is traditionally a slow season for demand [3]. - The announcement of production cuts in the photovoltaic glass sector has also led to significant price increases in that market, indicating a broader trend of supply-side reforms impacting various sectors [3]. - The steel sector saw a strong rally in stock prices, with companies like Liugang and Chongqing Steel hitting their daily price limits amid these developments [9][10]. Group 3: Broader Economic Context - The overall A-share market experienced a decline, with major indices falling and a significant number of stocks trading lower, reflecting broader economic pressures [9]. - The government is expected to focus on structural adjustments across multiple industries, including steel, refining, and new energy sectors, as part of its economic strategy [7]. Group 4: Investment Trends - Institutional investors have begun to sell off some positions in response to the recent price increases in steel, indicating a cautious approach to the current market dynamics [1][4]. - The market's reaction to production cuts in both the steel and photovoltaic sectors suggests a growing trend towards supply-side management as a means to stabilize prices and manage excess capacity [3].

Group 1 - The first batch of 10 Sci-tech Bond ETFs has been approved, enhancing the bond ETF market in China with a focus on hard technology sectors [1] - In June 2025, A-share new account openings reached 1.65 million, a year-on-year increase of 53%, with a total of 12.6 million new accounts opened in the first half of the year [1] - Starting August 1, 2025, cash transactions over 100,000 RMB for gold will require reporting to the anti-money laundering authority, aiming to prevent money laundering and terrorist financing risks in the precious metals sector [1] Group 2 - The world's largest single-unit capacity impact water turbine, with a capacity of 500 MW and a diameter of 6.23 meters, has been successfully developed and will be used in the Zhala Hydropower Station in Tibet [2] - China's first seawater floating photovoltaic project has been completed and is operational, expected to generate 16.7 million kWh of green electricity annually, reducing CO2 emissions by 14,000 tons [2] - Guangzhou Baiyun Airport's charging treasure storage fee of 20 RMB per day has been criticized as too expensive, but the airport states it aligns with existing luggage storage fees [2] Group 3 - Neta Auto's associated company has had 2 billion RMB worth of equity frozen for three years, indicating ongoing financial challenges [5] - Sunac Real Estate has been executed for over 770 million RMB in various legal disputes, with a total of over 44.7 billion RMB in executed amounts across numerous cases [6] - Wanda Group has had 7 million RMB worth of equity frozen, with the freeze lasting from June 30, 2025, to June 29, 2028 [7] Group 4 - Changhua Group has received a project development notification from a domestic new energy vehicle company, with an expected total sales amount of approximately 970 million RMB over four years [8] - CITIC Securities has been approved to issue up to 20 billion RMB in perpetual subordinated bonds, valid for 24 months from the date of approval [9] - Huadian International has successfully issued 1 billion RMB in medium-term notes with a maturity of 3+N years and a coupon rate of 1.95% [10] - Lens Technology has received a loan commitment of up to 900 million RMB from CITIC Bank for stock repurchase purposes [11] - MediTech expects a net profit of 25 to 27 million RMB for the first half of 2025, marking a turnaround from a loss of 76.3 million RMB in the same period last year [12][13] Group 5 - The ChiNext index fell by 1.13% amid market fluctuations, with significant trading volume of 1.38 trillion RMB, while solar and marine economy stocks showed resilience with multiple stocks hitting the daily limit [14]

Core Insights - The world's first 500 megawatt (MW) impulse turbine with a maximum runner size of 6.23 meters has been successfully developed and dispatched, marking a historic breakthrough in China's core equipment for high-head, large-capacity impulse turbine units [1] - The runner was independently developed by Harbin Electric Machinery Company and will be applied in the Zhala Hydropower Station, which is a key project in China's "Tibetan Electricity Transmission" initiative and is recognized as the most complex impulse hydropower project under construction globally [1] - The Zhala Hydropower Station features two of the world's largest and technically most challenging 500 MW impulse units, which are also the first major technological equipment projects in the energy sector approved by the National Energy Administration [1]