TBM盾构机

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指数基金产品研究系列报告之二百五十三:广发中证工程机械ETF:雅下水电世纪项目开工,工程机械核心标的一键配置
Shenwan Hongyuan Securities· 2025-08-26 08:15
2025 年 08 月 26 日 广发中证工程机械 ETF:雅下水电 世纪项目开工,工程机械核心标的 一键配置 ——指数基金产品研究系列报告之二百五十三 肖逸芳 (8621)23297818× xiaoyf@swsresearch.com 权 益 量 化 研 究 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 肖逸芳 A0230524110001 xiaoyf@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 联系人 相关研究 - 请务必仔细阅读正文之后的各项信息披露与声明 股 票 基 金 告 ⚫ 万亿级水电项目开工,成工程机械行业核心催化剂:近期,总投资预计超万亿的雅下水电 世纪工程正式开工。该项目建设周期长、工程体量巨大,且大量采用隧洞引水等高难度施 工方式,预计将显著拉动对高端、大型化工程机械设备的需求,为工程机械行业带来明确 且持续的增长动力,成为板块重要的投资催化剂。 ⚫ 中证工程机械主题指数:一键配置工程机械核心资产:(1 ...
工程机械跟踪点评:雅下水电开工,工程机械全面受益
Shenwan Hongyuan Securities· 2025-07-25 10:43
Investment Rating - The industry investment rating is "Overweight" [12] Core Viewpoints - The commencement of the Yarlung Zangbo River downstream hydropower project is expected to significantly benefit the engineering machinery sector, with a total investment of approximately 1.2 trillion yuan, making it the highest investment project in a single country [5][6] - The project will require a high degree of mechanization, with a projected demand for engineering machinery equipment amounting to about 120 billion yuan, which is estimated to be 10% of the total investment [5][6] - The geological conditions favor the use of tunnel boring machines (TBM), leading to an expected increase in the proportion of TBM construction methods [4][5] Summary by Sections General Engineering Machinery - General engineering machinery such as excavators, cranes, concrete machinery, and aerial work platforms will see increased demand due to the project's construction cycle and local conditions [4] - The demand for larger and electric equipment is anticipated to be higher, reflecting greater profitability for companies [4] Tunnel Boring Machinery - The project will utilize TBM and other drilling equipment, with expectations of more extensive tunnel construction compared to previous projects [4][5] - The average length of tunnels in similar projects has been noted to be around 16.7 kilometers, with the Yarlung Zangbo project expected to have even longer tunnels [4][5] Large Cable Cranes - Large cable cranes will be essential for transporting concrete and installing metal structures in the challenging mountainous terrain [4] Key Beneficiaries - Core companies to focus on include Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and others for general engineering machinery; China Railway Engineering Corporation and others for tunnel boring machinery; and Farlantech for cable cranes [6]