世纪超级工程雅江水电投资机会梳理联合电话会 20250721 参考三峡水电站，雅鲁藏布江水电站建成后预计每年可替代约 1 亿吨标准煤， 并减少约 3 亿吨二氧化碳排放，对绿色环保起到重大作用。 摘要 雅鲁藏布江水电站选址于拐弯处，集中了约 90%的水能资源，天然落差 显著，具备水能利用优势。建成后预计每年可替代 1 亿吨标准煤，减少 3 亿吨二氧化碳排放，对环保贡献重大。 墨脱工程预计 10 年爆破期内炸药需求量达几十到百万吨，民爆相关订 单金额可能达 500 亿元。易普力、高争民爆、保利联合、壶化股份、广 东宏大等公司将直接受益。 雅鲁藏布江下游总装机容量 60 吉瓦，特高压设备市场空间约 600 亿元。 发电设备端口净利润约 48 亿元，东方电气和哈尔滨电器预计各占 50% 市场份额。 高压电器设备整体装机容量约 1.5 亿千瓦，高压变压器市场空间约 75 亿元，高压组合电器市场空间约 112 亿元。特高压直流与交流总规模约 370 亿。 GIL 设备适用于墨脱水电站等场景，总回路预计超过 2000 公里，总市 场规模在 600 亿至 700 亿之间。各类输配电设备合计市场规模达 1,200 亿左右，对应 ...

来源：红星新闻网 今日，2025年《财富》中国500强排行榜发布。成都高新区企业蜀道集团、通威集团、东方电气上榜， 分列113位、122位、253位。 蜀道投资集团有限责任公司 蜀道投资集团有限责任公司是重组整合四川省交通投资集团有限责任公司和四川省铁路产业投资集团有 限责任公司，通过新设合并方式组建的省属国有企业，于2021年成立。 作为全省交通强省建设的主力军和排头兵，蜀道集团在交通基础设施设计施工建设领域具有全球竞争 力，业务涵盖公路铁路投资建设运营、相关多元产业（交通工程建设、交通物流、交通服务、交通沿线 新型城镇化建设、工程设计咨询等）、智慧交通、产融结合四大板块。 通威集团有限公司 东方电气股份有限公司 东方电气股份有限公司总部位于成都高新区，是中国东方电气集团有限公司控股特大型企业。东方电气 秉承"求实、创新、人和、图强"的企业精神，历经60余年的发展，已成为全球最大的发电设备供应商和 电站工程总承包商之一。 东方电气作为国家重大技术装备国产化基地、国家级企业技术中心，拥有中国发电设备制造行业中一流 的综合技术开发能力。通过自主开发、产学研合作，形成了一批拥有自主知识产权的重大技术装备产 品，具 ...

港股东方电气（01072.HK）今日开盘后出现急剧拉升行情，最高价格达到119.9港元/股，较上一个 交易日收盘价上涨超700%。 记者从Wind行情数据看到，在上午9时30分22秒，东方电气出现一笔异常成交，以119.9港元/股的价格成 交400股。不过，该笔交易后，公司股价迅速回落。 | 09:30:18 | 19.040+ | 400 | | --- | --- | --- | | 2 | 19.040 | 7000 | | 3 | 19.020+ | 2200 | | 4 | 19.3004 | 5400 | | 5 | 19.3204 | 600 | | б | 19.340+ | 1200 | | 7 | 19.380+ | 1.08万 | | 8 | 19.340+ | 2800 | | 9 | 19.3804 | 1.36万 | | 10 | 19.380 | 1000 | | 11 | 19.380 | 5000 | | 12 | 19.380 | 26.96万 | | 13 | 19.360+ | 5.14万 | | 11 | 10.2204 | 0000 | | 09:30:22 | 1 ...

A股市场今天（7月21日）上午整体上行，受到相关消息提振，建筑材料、钢铁、建筑装饰、水利建设、地下管网、装配式建筑等板块纷纷暴涨。 港股市场方面，东方电气港股大涨，盘中一度暴涨超过700%。 A股市场整体上行 建筑材料板块掀起涨停潮 A股市场今天上午整体上行，主要指数盘中不同程度上涨，其中上证指数盘中再创阶段新高。 主要行业板块和赛道方面，若按照申万一级行业划分，建筑材料、钢铁、建筑装饰等板块领涨，其中建筑材料板块掀起涨停潮，青松建化、青龙管业、国 统股份、韩建河山、上峰水泥、西藏天路、华新水泥、四川双马等10多只股票盘中涨停，这里面包括多只水泥股。 概念板块方面，水利建设、地下管网、装配式建筑等概念涨幅居前。 消息面上，据新华社消息，雅鲁藏布江下游水电工程开工仪式7月19日上午在西藏自治区林芝市举行。雅鲁藏布江下游水电工程位于西藏自治区林芝市。 工程主要采取截弯取直、隧洞引水的开发方式，建设5座梯级电站，总投资约1.2万亿元。工程电力以外送消纳为主，兼顾西藏本地自用需求。 A股市场个股方面依旧活跃。 上纬新材盘中涨停，走出9连板，7月以来累计涨幅超过400%。 上纬新材上周五晚间发布股票交易异常波动暨严重异 ...

A股市场今天（7月21日）上午整体上行，受到相关消息提振，建筑材料、钢铁、建筑装饰、水利建设、地下管网、装配式建筑等板块纷纷暴涨。 港股市场方面，东方电气港股大涨，盘中一度暴涨超过700%。 A股市场整体上行 建筑材料板块掀起涨停潮 A股市场今天上午整体上行，主要指数盘中不同程度上涨，其中上证指数盘中再创阶段新高。 主要行业板块和赛道方面，若按照申万一级行业划分，建筑材料、钢铁、建筑装饰等板块领涨，其中建筑材料板块掀起涨停潮，青松建化、青龙管业、国统股份、 韩建河山、上峰水泥、西藏天路、华新水泥、四川双马等10多只股票盘中涨停，这里面包括多只水泥股。 概念板块方面，水利建设、地下管网、装配式建筑等概念涨幅居前。 消息面上，据新华社消息，雅鲁藏布江下游水电工程开工仪式7月19日上午在西藏自治区林芝市举行。雅鲁藏布江下游水电工程位于西藏自治区林芝市。工程主要 采取截弯取直、隧洞引水的开发方式，建设5座梯级电站，总投资约1.2万亿元。工程电力以外送消纳为主，兼顾西藏本地自用需求。 多股连续涨停 A股市场个股方面依旧活跃。 上纬新材盘中涨停，走出9连板，7月以来累计涨幅超过400%。 上纬新材上周五晚间发布股票交易异 ...

雅砻江水电站开工对化工和建材行业有何影响？ 雅下水电工程正式开工，哪些产业方向受益？20250720 摘要 雅砻江水电站开工是供给侧改革和需求侧刺激的双重体现，旨在托底经 济，尤其是在出口和房地产市场面临下行风险时，通过拉动传统行业供 需两端的需求，稳定经济增长。 雅砻江水电站开工将显著拉动化工和建材行业需求，民爆板块受益于工 程建设中民爆产品的大量需求，西藏地区民爆产品短期内可能出现供给 短缺，为相关企业带来机遇。 雅鲁藏布江墨脱地区地质环境复杂，对民爆的需求预计将显著增加，工 程对炸药的总需求量约为 150 万吨，若按 8 到 10 年的预期计算，每年 需求量接近 20 万吨，是去年产量的三倍以上。 雅鲁藏布江工程对建材板块中的水泥需求巨大，项目装机容量约 6,000 万千瓦，对应水泥总体需求超过 8,000 万吨，若工期为十年以上，每年 增量超过 600 万吨，相比 2024 年 1,300 万吨的水泥总产量增幅超过 50%。 雅鲁藏布江下游水电项目施工强度较高，设备使用时长较长，预计将显 著拉动工程机械需求，可能加快设备更新周期，相关标的包括三一重工、 徐工机械、中联重科等主机厂。 Q&A 雅砻江水电 ...

[Table_Title] 研究报告 Research Report 17 Jul 2025 Global AI Industrial and Energy 政策刺激又下一城，特朗普于宾夕法尼亚公布新 AI 及能源投资计划 Trump unveils new AI and energy investment plans in Pennsylvania 杨斌 Bin Yang 毛琼佩 Olivia Mao bin.yang@htisec.com olivia.qp.mao@htisec.com 投资建议：建议关注受益于政策带来的减税降费及产能扩张所需的相应设备投资的企业如【Vistra】、 【Constellation】、【Talen Energy】、【GE Vernova】、【Siemens Energy】、【Hyundai Electric】、【LS Electric】、 【Schneider Electric】、【Eaton】、【Vertiv】。 风险提示：美国 AI 产业发展不及预期风险；美国电网建设不及预期风险；美国政策变化风险；地缘政治风险。 [Table_yemei1] 热点速评 Flash An ...

Core Viewpoint - The modern industrial system of Deyang City is driven by innovation, characterized by industrial collaboration and a focus on green and low-carbon development, aiming to create a multi-dimensional development framework that includes the renewal of traditional industries, the rapid rise of emerging industries, and the forward-looking layout of future industries [1][14]. Group 1: New Quality Productive Forces Overview - New Quality Productive Forces are defined as advanced productive forces characterized by high technology, high efficiency, and high quality, driven primarily by innovation, and aligned with the new development philosophy [2][3]. - This concept emphasizes the importance of technological innovation, digitalization, networking, intelligence, and greening as key features and directions for economic development [3]. Group 2: Economic Performance of Deyang City - Deyang's GDP is projected to reach 326.54 billion yuan in 2024, with a year-on-year growth of 7.2%, ranking among the top in the province [4]. - The industrial structure is optimized, with the primary, secondary, and tertiary industries contributing 8.5:51.4:40.1 to the economy, indicating a strong industrial base and improving service sector efficiency [5]. Group 3: Industrial Development Trends - Deyang's industrial output value is expected to reach 152.52 billion yuan in 2024, with a growth rate of 9.3%, contributing 60.1% to economic growth [7]. - The "3+1" leading industries, including machinery equipment, materials and chemicals, and digital economy, show significant growth rates of 15.8%, 16.9%, and 16.5% respectively, while high-tech manufacturing has seen explosive growth of 22.5% [7][10]. Group 4: Innovation and Technology - Deyang has been recognized as a national innovation-driven demonstration city, with significant advancements in its innovation ecosystem, including the establishment of key laboratories and the attraction of national research institutions [9][10]. - The city has added 68 high-tech enterprises and 205 technology-based SMEs, with high-tech industry revenue surpassing 170 billion yuan, reflecting a year-on-year growth of 12% [10]. Group 5: Policy Framework for New Quality Productive Forces - Deyang has implemented a series of policies to support the "3+1" leading industries, focusing on innovation, technology transformation, and digital transition, providing comprehensive policy support for the formation of new quality productive forces [12][13]. - The government aims to enhance industrial competitiveness through targeted investment and support for key sectors, including energy equipment and oil and gas drilling [12][14]. Group 6: Modern Industrial System - The modern industrial system in Deyang emphasizes innovation-driven development, industrial collaboration, and green low-carbon initiatives, with a focus on upgrading traditional industries and accelerating the rise of emerging industries [1][14]. - Key sectors include high-end equipment manufacturing, advanced materials, electronic information, new energy, and aerospace, with leading companies driving growth in these areas [21][23]. Group 7: Future Development Trends - Deyang is set to focus on technological innovation as a core driver, aiming to enhance the high-end upgrade of traditional industries while fostering new industries such as renewable energy and commercial aerospace [24][25]. - The city plans to deepen regional collaboration and expand international cooperation, leveraging its strategic location to enhance industrial synergy and resource sharing [26][27].

Core Viewpoint - The A-share market experienced fluctuations with mixed performance across major indices, driven by strong performance in the shipbuilding sector and cross-border payment stocks, while the power and rare earth sectors saw gains in the afternoon session [1] Group 1: Market Performance - The Shanghai Composite Index rose by 0.02%, while the Shenzhen Component and ChiNext Index fell by 0.7% and 1.21% respectively, with a total trading volume of approximately 1.23 trillion yuan and 3,255 stocks closing in the green [1] - The strong performance of the 2025 interim report pre-announcement sector indicates growth momentum in new economic fields, with expectations for the market's mid-term fluctuation center to continue rising [1] Group 2: Individual Stock Highlights - Power stocks saw significant gains, with Huaguang Huaneng (600475) hitting the daily limit for the third consecutive day, and leading controllable nuclear fusion stock Rongfa Nuclear Power also reaching the daily limit [2][4] - The cross-border payment concept stock Jingbeifang achieved two consecutive daily limits, while Qingdao Jinwang and Xinyada also hit the daily limit [2] Group 3: Investment Strategies - According to a report by China International Capital Corporation, three investment themes are highlighted: sectors benefiting from consumption upgrades, high-growth opportunities with low correlation to economic cycles, and industries that have achieved supply-side clearing in a recovering economy [2] - The report emphasizes the importance of focusing on sectors such as AI, white goods, engineering machinery, and industrial metals, lithium batteries, innovative pharmaceuticals, commercial vehicles, and rail transit equipment [2] Group 4: Power Sector Insights - The power sector saw a collective surge, with biomass energy generation, grid equipment, and virtual power plants among the top gainers [4] - The National Energy Administration reported that the maximum national power load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from the end of June, marking a historical high [7] - China Galaxy Securities' mid-term strategy report for the power industry suggests focusing on investment opportunities in the power sector, driven by declining coal prices, attractive dividend yields for hydropower stocks, and clear revenue expectations for nuclear power [7]

研究部 姓名：段静娴 SF C：BLO8 6 3 电话：0 7 5 5 - 2 1 5 1 9 1 6 6 E m a i l: d u a n j x @ g y z q . c o m . h k 证 券 研 究 报 告 请 务 必 阅 读 免 责 条 款 更新日期：2025-06-30 承上页 更新日期：2025-06-30 | 代码 | 名称 | 总市值 | 最新价 | 首次入选 | 入选日 收盘价 | 入选至今 涨跌幅 | | EPS（港元/美元） | | | PE | | PB | 核心推荐逻辑 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 亿港元 | 港元/美元 | 日期 | 港元/美元 | % | 2024 | 2025E | 2026E | 2024 | 2025E | 2026E | 2024 | | 分析师 | | | | | | | | | | | | | | | | 公司是一家专注于树脂眼镜片产品的服务商，拥有超过6 ...