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《大行》大摩:雅魯藏布江下游水電項目動工 利好水泥、鋼鐵及有色金屬需求
摩根士丹利發表研究報告指,西藏雅魯藏布江下游水電項目於7月19日正式動工,總投資達1.2萬億元人民幣,裝機容量60至70GW,相當於三峽工程的三倍,項目建設期預計達18至20年,將由新成立的中央企業雅江集團負責營運,預期在建設階段,水泥和鋼鐵行業將直接受益,預計項目總水泥需求量達2,000萬至3000萬噸,年均需求100萬至150萬噸。 其中,華新水泥(06655.HK)西藏生產基地距離項目僅400公里,大摩預期華新水泥將成為最大受益者,同時中國建材(03323.HK)及海螺水泥(00914.HK)西藏產能也將受惠。 該行又指,後期水電站設備及輸電電纜將帶動銅及鋁材需求,項目投產後年發電量超過3,000億度,除優先外送電力外,充裕的電力供應或將刺激當地數據中心等用電密集型項目投資,進一步利好銅及鋁的需求,但可能對火電及動力煤需求構成壓力。
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