证券研究报告 | 行业专题报告 2025 年 08 月 05 日 雅江水电专题系列报告 2：机电设备 国之重器水电大心脏，清洁能源输电主动脉 大容量冲击式水轮机为世界首创，核心关键部件配套研发顺利。我国"十四 五"规划和 2023 年远景目标纲要中明确提出"建设雅鲁藏布江下游水电基 地"，以挖掘释放当地丰富的水电潜力并带动经济发展。雅江下游水电工程采 取"截弯取直+隧洞引水"方式，其冲击式水轮发电机组单机容量约为 800MW， 突破当前世界之最，配套机电设备及关键零部件均为世界首创且面临高海拔、 高水头等极端挑战。基于西藏扎拉水电站、白鹤滩水电站 500MW 冲击式水 轮机和 800MW 混流式水轮机自主研制投产的成功经验，供应链上下游协同 开发铸锻件、配水环管、进水阀等重要部件取得积极进展，为雅江下游水电 工程提供了应用示范和产品实证。 气体绝缘输电线路综合优势明显经济性佳。气体绝缘金属封闭输电线路（GIL） 利用气体作为绝缘介质，在封闭的金属外壳内高效传输高压电压和大电流， 成为特殊场景下架空线与电缆的替代首选。相较传统输电方式，GIL 具有输 送容量大且电网适应性强、输电损耗和电容负载低、安全可靠寿命长 ...

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].