泼天富贵，怎么就轮到墨脱了？ 文 ｜ 张钰铮 编辑 ｜ 方婷 封面来源 ｜ IC photo 国家级基建雅鲁藏布江下游水电工程开工了。 工程位于雅鲁藏布江大拐弯，心脏地带在林芝市墨脱县， 总投资1.2万亿，是迄今为止，中国首个万亿级别基建。 万亿基建，什么概念？就是把京沪高铁、 川藏铁路、南水北调这仨基建加起来都花不了这么多钱。 可能大家对这个数字没概念，我们来对比一下， 人造三峡大坝上下游的最大落差是113米，去年发电量是829亿千瓦时，也就是829亿度电。雅鲁藏布江大拐 弯处的落差是2000多米，四舍五入每年的发电量就是3000亿千瓦时 ，可以说是水力发电的天选之子了，那我们为什么没早点开发呢？ 这步2045年才可能走完的棋，到底图什么？这泼天的富贵怎么就轮到墨脱这个小县城了呢？ 其实早在上个世纪就在想了，需要攻克的难题实在太多。 请观看36氪原创视频 也欢迎关注36氪视频号 怎么发电，难度在哪？ 首先是交通，以墨脱公路为例，从1961年就开始勘测，因为天灾屡毁屡建，用了52年才终于修通。 但即便通车了，也得看天吃饭。墨脱水汽丰沛，一年中 有超过300天都在下雨，一下雨就有可能出现泥石流、山体滑坡。所以直 ...

Group 1 - The article highlights the contrasting environments of Lesotho's snowy highlands and Mauritania's desert, showcasing China's aid efforts in Africa as a symbol of cooperation and shared destiny between China and Africa [1][5] - The Lesotho Highlands Water Project, led by China, includes a 38-kilometer water tunnel aimed at directing water resources from Lesotho to South Africa, emphasizing regional connectivity and green development [2] - The project has created 1,800 jobs locally and provided training for over 500 workers, improving their skills and living conditions, thus contributing to the local economy [2] Group 2 - In Mauritania, the cooperation project initiated in 2017 focuses on sustainable livestock development, introducing drought-resistant forage and training local farmers, which has positively impacted the livelihoods of pastoralists [3] - The Chinese medical team in Mauritania has been active since 1968, providing medical services and training local doctors, with significant patient care statistics reported for 2023-2024 [4] - The article emphasizes the ongoing collaboration between China and Africa, highlighting the deepening friendship and the expanding path of cooperation amidst diverse climatic challenges [5]

Summary of Key Points Core Viewpoint - The company reported a total of 7.727 billion yuan in new contracts signed in the first half of 2025, reflecting a year-on-year increase of 3.15% [1] Contract Breakdown - The tunneling machine business secured new contracts worth 4.199 billion yuan, showing a year-on-year decline of 11.70% [1] - The special professional equipment business achieved new contracts totaling 1.173 billion yuan, down 6.21% year-on-year [1] - The rail transit equipment business saw new contracts amounting to 2.355 billion yuan, marking a significant year-on-year increase of 58.62% [1] Domestic and International Contracts - New contracts signed domestically reached 5.888 billion yuan, representing a year-on-year growth of 10.30% [1] - New contracts signed internationally totaled 1.839 billion yuan, which is a year-on-year decrease of 14.57% [1]

Group 1 - UBS maintains a cautiously optimistic view on the construction industry due to policy support for stable growth, potential revaluation of H-shares, and high dividend yields, with target prices set for China Communications Construction (01800) at HKD 6.5 and China Railway (00390) at HKD 4.2 [1] - The Yarlung Tsangpo River downstream hydropower project has officially commenced, involving the construction of five hydropower stations with a total investment of approximately RMB 1.2 trillion, with 60-70% of the investment allocated for project construction [1] - The average annual investment for the project is estimated to be between RMB 80 billion and RMB 120 billion, accounting for 0.3% to 0.5% of China's infrastructure investment in 2025, and 4% to 6% of water management investment [1] Group 2 - China Energy Construction (03996) and China Power Construction (601669.SH) are the main contractors for the hydropower stations, while other leading infrastructure companies may participate in auxiliary infrastructure and supporting facilities [2] - The demand for equipment will lean towards medium to large-tonnage machinery due to the project's scale, with specific requirements for high stability and durability in high-altitude, low-temperature environments [2] - The impact of the hydropower project on the revenue of covered companies is expected to be limited, with overall domestic infrastructure activity falling below expectations [2]

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]

Group 1: Institutional Trading Highlights - A total of 39 stocks were listed on the institutional trading leaderboard, with 20 stocks seeing net purchases and 19 stocks experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were: Yipin Hong (79.39 million), Kanghong Pharmaceutical (77.90 million), and Yong'an Pharmaceutical (69.46 million) [1][2] - Yipin Hong's subsidiary, Paracetamol Sodium, has passed CDE technical review, which is a selective COX-2 inhibitor developed by the US company Pharmacia, providing anti-inflammatory and analgesic effects [2] Group 2: Major Projects and Economic Impact - The opening ceremony for the Yarlung Zangbo River downstream hydropower project was held, with significant implications for the economy, potentially showing a U-shaped impact on economic growth [3][4] - The project is expected to enhance hydropower generation, boost local economies, and promote the development of the clean energy industry, involving multiple sectors such as civil explosives, infrastructure, cement, and energy conversion [4] Group 3: Robotics Industry Developments - Changsheng Bearing is advancing its cooperation with Yuzhu Technology, having signed a cooperation agreement and secured orders [5] - Yuzhu Technology has initiated its IPO guidance with CITIC Securities and has received a significant order worth 90.51 million from Miyi (Shanghai) Automotive Technology [5] - According to IDC, Yuzhu Technology is projected to capture a 32.4% share of the global robotics market in 2024, with expected sales of 23,700 robotic dogs, accounting for approximately 69.75% of the global market [6]

Group 1: Market Performance - The Hong Kong cement and building materials sector experienced a significant surge, with Huaxin Cement reaching a peak of 20.10 HKD, marking a maximum increase of over 100% [1] - As of the report, Huaxin Cement had risen by over 70%, while China Resources Cement Technology increased by nearly 15%, and China National Building Material rose by over 8% [1] Group 2: Project Announcement - The Yarlung Tsangpo River downstream hydropower project commenced construction on July 19 in Nyingchi, Tibet, with a total investment of approximately 1.2 trillion RMB [2] - The project will consist of five tiered power stations, primarily focusing on power transmission and consumption outside Tibet, while also addressing local needs [2] Group 3: Strategic Importance - The Yarlung Tsangpo River downstream hydropower development was highlighted in the 14th Five-Year Plan and is designated as a major investment project for 2025 [3] - Tibet has significant hydropower resources, with an estimated capacity of about 200 million kilowatts, accounting for nearly 30% of the national total [3] Group 4: Industry Implications - The commencement of the project is expected to drive demand in various sectors, including civil explosives, tunneling, and geotechnical industries, with a positive outlook for related companies [4] - Key beneficiaries in the investment and construction sectors include China Power Construction and China Energy Engineering, while tunnel equipment manufacturers like China Railway Engineering and China Railway Industry are also expected to benefit [4] - In the cement sector, regional leaders such as Tibet Tianlu and Huaxin Cement are anticipated to gain from the project, along with other material suppliers [4]

Core Viewpoint - The commencement of the Yarlung Tsangpo River downstream hydropower project is significantly boosting the A-share infrastructure sector, leading to a surge in stock prices of related companies. Group 1: Market Reaction - The A-share infrastructure sector experienced a "limit-up" trend, with companies like Wuxin Tunnel Equipment (835174.BJ) hitting a 30% limit-up and others like Jikang Technology (830879.BJ) opening up by 24.29% [1][2] - The Yarlung Tsangpo hydropower concept index (886105.TI) surged by 12.52% at the opening [1][2] Group 2: Project Details - The Yarlung Tsangpo downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, officially commenced on July 19 in Linzhi, Tibet [3][4] - The project involves the construction of five tiered power stations, primarily focusing on power transmission while also catering to local demand in Tibet [3] Group 3: Beneficiary Companies - Companies in the explosives sector, such as Gaozheng Mining Explosives and Yipuli, are expected to benefit from increased demand due to the project [4][5] - China Power Construction Corporation, as a leading player in hydropower, is projected to secure annual project contracts worth approximately 21.8 to 29.1 billion yuan from this project, which could represent 1.7% to 2.3% of its new contract value in 2024 [4][5] - The project is anticipated to create significant opportunities for companies involved in construction, tunneling equipment, and materials, including China Energy Engineering, Iron Construction Heavy Industry, and Tibet Tianlu [5][6]

Summary of the Yarlung Tsangpo River Hydropower Project Conference Call Industry and Company Involved - The conference call discusses the Yarlung Tsangpo River Hydropower Project, specifically the Yarlung Zha Hydropower Station, which is a significant infrastructure project in Tibet, China. Key Points and Arguments 1. **Project Overview and Investment Scale** - The total investment for the Yarlung Zha Hydropower Station is 1.2 trillion yuan, which is nearly five times the total fixed asset investment in Tibet for 2024, estimated at 250 billion yuan. The average annual investment over the 15-year construction period is projected to be 80 billion yuan, accounting for 30% of Tibet's annual fixed asset investment [2][4][10]. 2. **Comparison with the Three Gorges Project** - The installed capacity of the Yarlung Zha Hydropower Station is approximately three times that of the Three Gorges Project, with a total investment close to five times that of the Three Gorges. The expected immigrant cost is low, around 15%, leading to an actual construction fund scale of about 1 trillion yuan, which is over six times that of the Three Gorges Project [3][10]. 3. **Impact on Local Economy** - The project is expected to significantly boost the local economy, with an average annual construction investment of 36 billion yuan, representing 14% of Tibet's annual fixed asset investment. This ratio is expected to increase during peak construction periods [4][10]. 4. **Challenges in Foundation Treatment** - The project faces challenges due to complex geological conditions in the Motuo region, with foundation treatment accounting for 30%-40% of the construction period. The average annual investment in foundation treatment is estimated to be between 15 billion and 20 billion yuan. Zhongyan Dadi, with its core technologies, is expected to gain significant market share in this area [5][10]. 5. **Cement Demand and Market Impact** - The Yarlung Zha Hydropower Station is expected to require over 60 million tons of cement over the 15-year period, with an average annual demand of about 4 million tons, which constitutes 30% of Tibet's total production in 2024. Peak demand may reach 6-8 million tons, significantly impacting the cement supply chain [6][10]. 6. **Current Status of the Cement Market in Tibet** - The cement market in Tibet is characterized by strong regional limitations, with major players including Tibet Tianlu (31% market share), Huaxin Cement (27%), Qilian Mountain (21%), and Conch Cement (6%), collectively holding 85% of the market share. Tibet Tianlu, as a local state-owned enterprise, has a competitive advantage and performance elasticity [7][10]. 7. **Development of the Explosives Industry** - The explosives industry in Tibet is in its early stages, with an expected demand of about 100,000 tons of industrial explosives annually for the Yarlung Tsangpo project, which is more than double the current annual production of 50,000 tons. Highzheng Explosives, as a local leader, has established a development team for the project and is well-positioned to benefit [8][10]. 8. **Demand for Tunnel Construction Equipment** - The project requires advanced tunnel construction equipment due to its complex geological conditions. Leading companies such as Wuxin Tunnel Equipment, Tiedao Heavy Industry, and China Railway Industry are expected to play significant roles in providing necessary equipment [9][10]. Other Important but Possibly Overlooked Content - The project is expected to generate approximately 300 billion kWh of clean electricity annually and contribute around 20 billion yuan in fiscal revenue [2][10]. - The project will involve the construction of five tiered power stations, utilizing a straightening and tunnel diversion development approach [2][10].

Group 1 - The successful completion of the 16.39-kilometer Genting Tunnel marks a significant milestone in the East Coast Rail Link (ECRL) project, with all 41 tunnel excavation works now completed [1][2] - The Genting Tunnel is recognized as the longest railway tunnel in Malaysia and the highest covered railway tunnel, located over 750 meters beneath the mountain [1] - The construction utilized a combination of Tunnel Boring Machine (TBM) and drilling-blasting methods to address the complex geological conditions along the tunnel route [1] Group 2 - The CEO of Malaysia Rail Link (MRL) highlighted the achievement as a testament to the project team's technical capabilities and strong execution, especially given the challenging geological environment of the Titiwangsa mountain range [1] - The ECRL project is now moving into the next phase, which includes track laying, electrification systems, signaling and communication systems installation, and internal station works, all progressing according to the overall schedule [1] - The ECRL is expected to be fully completed by the end of 2026 and will begin phased passenger services in January 2027, reducing travel time from Kota Bharu to Kuala Lumpur to approximately four hours [2]