指在西藏雅鲁藏布江下游（主要在林芝市境内）规划建设的超大型水电项目，战略意义远超单一能源项 目范畴。雅鲁藏布江是全世界水流落差最大的大河，其上中游形态和下游差别较大。中上游水能开发难 度较低，但效益有限，已建成直孔水电站、藏木水电站等水利工程；而下游，从西藏米林县派镇至墨脱 县出境的496公里河段，仅占全长24%，却集中丰富水能资源。（数据来源：西藏在线。） 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 一座总投资堪比北京300个重点工程总和、年发电量相当于3个三峡电站的超级工程，正在青藏高原拔地 而起。本期《投资"建"解》，带您了解雅鲁藏布江下游水电站工程（简称雅下水电工程）背后的投资蓝 海。（数据来源：新华社、北京市发展和改革委员会、国家审计署。） Q1、什么是雅下水电工程？ 资料来源：西藏在线。 Q2、雅下水电工程缘起何时？ 可追溯至20世纪，从最初地质图勾勒，到高海拔TBM实战验证，再到近期正式破土动工，这项"超 级"水电工程，注定将载入我国基础设施建设史、能源战略史。 资料来源：《一图了解 雅鲁藏布江布局时间轴和重大历史意义》。 Q3、雅下水电工程有多强？ 不妨以三峡工程进行对比，其 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the construction industry [5]. Core Insights - The construction industry is expected to see marginal improvements in its fundamentals due to the ongoing implementation of debt reduction policies and the initiation of key strategic projects by the government [3][16]. - The macroeconomic policies in China have become more proactive, with a GDP growth of 5.3% year-on-year in the first half of 2025, supported by effective investment expansion [14]. - The report highlights the importance of both demand-side and supply-side strategies, emphasizing the need for a combination of fiscal and monetary policies to stimulate demand and manage industry capacity [14][15]. Summary by Sections Industry Dynamics Analysis - The construction industry is experiencing pressure on operations, with revenue and performance declining year-on-year in the first half of 2025. However, there is a notable improvement in operating cash flow due to the ongoing debt reduction policies [3][16]. - Key strategic projects are being launched, and the government is focusing on high-quality construction initiatives, including urban renewal and infrastructure projects [14]. Market Performance - The construction industry saw a 2.42% increase from September 8 to September 12, 2025, outperforming the Shanghai Composite Index [17]. - Various sub-sectors within the industry, such as landscaping and engineering consulting, have shown significant gains, with landscaping leading at 5.84% [17][18]. Company Announcements - Several companies in the construction sector have announced major project wins, including contracts worth billions, indicating a positive trend in new business acquisition [28]. Industry News - The report discusses various government initiatives aimed at enhancing infrastructure, including the launch of multiple railway projects and the promotion of smart construction practices [29][30].

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of enhancing the political responsibility and historical mission of state-owned enterprises (SOEs) in supporting Tibet's development [1] - The meeting calls for SOEs to deepen industrial support for Tibet, encouraging them to develop highland characteristic industries and increase investment in infrastructure projects such as the Yaxia Hydropower Project and the Sichuan-Tibet Railway [2] - There is a focus on improving employment opportunities for graduates from Tibet, Qinghai, and Xinjiang through targeted recruitment activities and market-oriented employment projects [2] Group 2 - The meeting highlights the need for SOEs to strengthen targeted assistance, directing more funds towards grassroots initiatives and consumer support to benefit local farmers and herders [2] - It emphasizes the importance of promoting ethnic unity by integrating ethnic work with aid efforts, utilizing project construction, industrial cooperation, and cultural exchanges to enhance border stability and security [2]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for central enterprises to deepen industrial assistance in Tibet and implement targeted measures to develop local特色优势产业 [1] - Increased investment in infrastructure projects such as the Yaxia Hydropower Project and the Sichuan-Tibet Railway is prioritized to enhance economic development in Tibet [1] - Central enterprises are encouraged to allocate more support funds towards grassroots initiatives and民生 projects, focusing on small-scale, community-oriented benefits [1] Group 2 - Employment assistance initiatives are to be strengthened, including recruitment events specifically for graduates from Tibet, Qinghai, and Xinjiang [1] - The importance of promoting ethnic unity is highlighted, with guidance for central enterprises to integrate ethnic work with assistance efforts in Tibet through project construction and cultural exchanges [1] - The overall goal is to contribute to the stability and security of border areas while supporting the development of a modern, prosperous, and harmonious socialist Tibet [1]

Core Points - The central theme of the news is the emphasis on high-quality development in Tibet, focusing on its unique characteristics and the need for tailored strategies to promote various industries, including agriculture, clean energy, and modern services [1][2][3] Group 1: Development Strategies - Xi Jinping highlighted the importance of developing highland characteristic industries, particularly specialty agriculture and clean energy, while also promoting resource processing and modern service industries [3] - The need for effective and orderly advancement of major projects such as the Yarlung Tsangpo River hydropower project and the Sichuan-Tibet Railway was stressed [3] - Strengthening ecological civilization construction and promoting carbon reduction, pollution control, and green expansion were identified as key priorities [3] Group 2: Social Stability and Unity - Maintaining political stability, social order, and ethnic unity in Tibet was emphasized as essential for the region's development [2][3] - The promotion of national unity and the integration of various ethnic groups through education and cultural exchange were highlighted as important measures [2][3] - The need for a strong party leadership and the enhancement of party building in the region was reiterated [4] Group 3: Economic and Social Welfare - The report called for coordinated efforts in urbanization and rural revitalization, as well as the consolidation of poverty alleviation achievements [3] - Key areas such as employment, education, healthcare, social security, and elderly care were identified as critical for improving the well-being of the local population [3] - The importance of disaster recovery efforts in areas like Dingri County was also mentioned [3]

Core Viewpoint - The 60th anniversary of the establishment of the Tibet Autonomous Region marks significant achievements in social and economic development, highlighting the successful implementation of policies under the leadership of the Communist Party of China [1][3]. Economic Development - Tibet's GDP is projected to reach 276.5 billion yuan in 2024, which is 155 times that of 1965, showcasing a remarkable economic transformation [2]. - Major economic indicators have consistently ranked among the top in the nation, reflecting a significant liberation and development of social productivity in Tibet [2]. Social Progress - The region has completely eradicated absolute poverty, with 628,000 registered poor individuals lifted out of poverty, demonstrating a successful poverty alleviation strategy [1][2]. - Life expectancy in Tibet has increased from 68.17 years in 2010 to 72.5 years currently, indicating substantial improvements in living standards [1]. Infrastructure and Industry - Modern industries such as clean energy, cultural tourism, and highland light industry are thriving, alongside significant infrastructure projects like the Qinghai-Tibet Railway and the Yarlung Tsangpo River hydropower project [2]. - Tibet is recognized as one of the regions with the best ecological environment globally, enhancing its attractiveness for sustainable development [2]. Governance and Policy - The achievements in Tibet are attributed to the strong leadership of the Communist Party and the collective efforts of various ethnic groups, emphasizing the effectiveness of the socialist system in addressing ethnic issues [3]. - The focus on maintaining national unity and promoting high-quality development is central to future strategies, with an emphasis on ecological preservation and people's well-being [4][5].

Core Points - Xi Jinping emphasized the importance of maintaining political stability, social stability, ethnic unity, and religious harmony in Tibet to ensure effective governance and development [1][3] - The development strategy for Tibet should focus on high-quality growth tailored to its unique characteristics, promoting industries such as specialty agriculture, clean energy, and modern services [2][3] - Strengthening the leadership of the Communist Party and enhancing party building are crucial for the successful implementation of policies in Tibet [3] Development Strategy - Promote high-quality development by leveraging Tibet's unique advantages, particularly in specialty agriculture and clean energy [2] - Advance major projects like the Yarlung Tsangpo River hydropower project and the Sichuan-Tibet Railway [2] - Focus on ecological civilization, balancing carbon reduction, pollution control, and green expansion [2] Social Stability and Governance - Strengthen the awareness of the Chinese national community and promote the integration of various ethnic groups [1][3] - Enhance social governance by improving community services and ensuring the well-being of the population through employment, education, and healthcare [2] - Implement measures to maintain a clean political environment and combat corruption [3]

Core Points - The central government emphasizes the importance of maintaining political stability, social stability, ethnic unity, and religious harmony in Tibet to promote development [1][3] - High-quality development in Tibet should focus on local characteristics, particularly in agriculture, clean energy, and resource processing industries [2] - The government aims to enhance ecological civilization and promote sustainable development while ensuring the well-being of the local population through various social services [2] Group 1 - Xi Jinping highlighted the significant achievements in Tibet over the past 60 years, attributing them to strong leadership and support from the central government and the people [1] - The focus on promoting the "Five Recognitions" among various ethnic groups is crucial for fostering a sense of community and national identity [1][3] - The government plans to strengthen the governance of religious affairs and promote the integration of Tibetan Buddhism with socialist values [1][3] Group 2 - The development strategy includes advancing major projects like the Yarlung Tsangpo River hydropower project and the Sichuan-Tibet Railway [2] - There is a commitment to improving living standards through employment, education, healthcare, and social security initiatives [2] - The importance of grassroots party organizations in maintaining political integrity and promoting effective governance is emphasized [3]

Core Viewpoint - The article emphasizes the importance of implementing the Party's governance strategy in Tibet, focusing on stability, development, ecology, and border security to build a modern socialist Tibet that is united, prosperous, civilized, harmonious, and beautiful [1][2]. Group 1: Development Strategy - Tibet's development should leverage its unique characteristics, promoting high-quality growth through the development of specialty agriculture, clean energy, and resource processing industries [2]. - Major projects such as the Yarlung Tsangpo River hydropower project and the Sichuan-Tibet Railway should be advanced effectively [2]. - There is a need to enhance ecological civilization, balancing carbon reduction, pollution control, and green expansion to protect Tibet's environment [2]. Group 2: Social Stability and Governance - Maintaining political stability, social order, and ethnic unity is crucial for Tibet's governance [1][3]. - Strengthening the awareness of the Chinese national community and promoting the integration of various ethnic groups is essential [1]. - The article highlights the importance of grassroots party organizations in fostering community cohesion and governance [3]. Group 3: Party Leadership and Construction - The article stresses the necessity of upholding the Party's leadership and enhancing its construction in Tibet [3]. - It calls for the promotion of the spirit of old Tibet and the "Two Roads" spirit to inspire local officials and talent [3]. - A focus on strict party discipline and anti-corruption measures is emphasized to create a clean political environment [3].

Core Viewpoint - The construction industry is experiencing a decline in prosperity, with a slowdown in fixed asset investment growth [2] Group 1: Construction Industry Indicators - In July, the construction industry Purchasing Managers' Index (PMI) was 50.6, a decrease of 2.2 percentage points from the previous month [2][1] - The construction business activity index was also 50.6%, down 2.2 percentage points from last month [2][1] - The new orders index for the construction industry was 42.7%, reflecting a decline of 2.2 percentage points from the previous month [2][1] - The input price index for the construction industry rose to 54.5%, an increase of 6.2 percentage points from last month [2][1] - The sales price index for the construction industry was 49.2%, up 0.9 percentage points from the previous month [2][1] - The employment index in the construction industry was 40.9%, an increase of 1.0 percentage point from last month [2][1] - The business activity expectation index was 51.6%, down 2.3 percentage points from the previous month [2][1] Group 2: Fixed Asset Investment - From January to July, national fixed asset investment (excluding rural households) reached 288,229 billion yuan, with a year-on-year growth of 1.6%, a decrease of 1.2 percentage points compared to January to June [2] - The broad infrastructure investment growth rate was 6.67%, down 2.31 percentage points from the previous value, while the narrow infrastructure investment growth rate was 2.89%, down 1.57 percentage points [3] - In the first seven months, investment in electricity, heat, gas, and water production and supply increased by 21.5%, while investment in transportation, warehousing, and postal services grew by 3.9% [3] Group 3: Real Estate Sector - From January to July, national real estate development investment was 53,580 billion yuan, a year-on-year decrease of 12.0%, with the decline expanding by 0.8 percentage points compared to January to June [4] - The sales area of commercial housing was 51,560 million square meters, down 4% year-on-year, with the decline expanding by 0.5 percentage points [4] - The area of new housing starts was 35,206 million square meters, down 19.4% year-on-year, with the decline narrowing by 0.6 percentage points [4] - The area of completed housing was 25,034 million square meters, down 16.5% year-on-year, with the decline expanding by 1.7 percentage points [4] Group 4: Infrastructure Projects - The establishment of the New Tibet Railway Company with a registered capital of 95 billion yuan is expected to boost infrastructure investment [5] - The total investment for the New Tibet Railway is estimated at approximately 175.4 billion yuan per year over a 10-year construction period [5] - The approval of the Yaxia Hydropower Project, with an investment of 1.2 trillion yuan, is expected to further enhance long-term infrastructure investment expectations [5] Group 5: Investment Recommendations - Recommendations include companies involved in stable growth, construction, and regional development such as China Power Construction, China Energy Construction, and Shanghai Construction [5] - Focus on companies benefiting from infrastructure investment and those with high dividends, including Anhui Construction, China National Materials, and China Railway Construction [5] - Attention is also drawn to growth sectors such as low-altitude economy and welding robots, with suggestions to monitor design and engineering firms [5]