You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》中金料雅下水電項目裝機規模或為三峽工程3倍左右 屬國家重大工程 看好電氣設備長期空間
東方電氣(01072.HK)今日股價大幅波動,早高開近14.9%後,盤中曾高見119.9元一度飆升7.04倍,最新報27元升79.3%,成交額68.92億元。哈爾濱電氣(01133.HK)今日股價急升26.8%報7.75元,成交額5.01億元。 中金發表報告表示,上周六(19日)雅魯藏布江下游水電工程正式開工。工程主要採取截彎取直、隧洞引水的開發方式,建設5座梯級電站,總投資約1.2萬億人民幣。工程電力以外送消納為主,兼顧西藏本地自用需求。該行認為,雅下項目是繼三峽工程後又一國家級重大水電工程,有望為水電機組、GIL等電氣設備廠商帶來長期發展空間。 該行指,雅下項目規模空前,水電機組格局集中,壁壘突出。截至目前,中國最大的水電工程三峽工程裝機容量2,250萬千瓦,總投資額近2,500億人民幣。該行根據投資額和雅江資源情況初步判斷,雅下項目裝機規模可能約為三峽工程的3倍左右。目前,中國水電裝備已實現全面國產化,哈爾濱電氣(01133.HK)、東方電氣(01072.HK)為主要供應商。 根據東方電氣,公司目前正在開展高水頭大容量衝擊式水電機組,助力西藏清潔能源基地。該行認為水電機組價值量高、壁壘較高、格局集中,雅下項目有望帶動產業鏈公司長期受益。 GIL可用於水電站外送,有望應用於雅下項目輸電。氣體絕緣金屬封閉輸電線路(GIL)具有安全性高、運維便捷、電壓等級高、輸電容量大等諸多優勢,在發電側應用較為廣泛,例如用於大型水電站從機組到地面開關站的引出線等,具體應用案例包括天生橋水電站、青海拉西瓦水電站、溪洛渡水電站等。中金認為,考慮到雅魯藏布江周邊地勢以及雅下水電站規模,項目工程有望採用GIL技術,利好產業鏈相關企業獲得訂單與業績。雅下項目電力以外賣消納為主,看好特高壓交直流長期空間。按照雅下項目規模為3倍三峽裝機、單條特高壓輸電容量800萬千瓦假設,該行測算需要約8條特高壓直流輸電通道。此外,特高壓直流輸電需要較強的交流電網支撐,該行認為西南地區特高壓交流電網或需要進行鞏固加強。因此,該行看好特高壓交直流遠期成長空間,相關設備廠商有望持續受益。 中金看好水電機組、GIL和特高壓輸變電設備廠商長期受益。相關標的包括:1)水電機組:東方電氣、哈爾濱電氣;2)GIL:平高電氣(600312.SH、思源電氣(002028.SZ)、安靠智電(300617.SZ)、長高電新(002452.SZ);3)特高壓:許繼電氣(000400.SZ)、平高電氣、中國西電(601179.SH)、國電南瑞(600406.SH)、 特變電工(600089.SH)等。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account