Comprehensive Analysis of Investment Impact of the Three Gorges Water Transport New Corridor Project

Based on the latest data and in-depth research, I provide you with the following systematic and comprehensive investment analysis report:

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The National Development and Reform Commission (NDRC) officially approved the feasibility study report of the Three Gorges Water Transport New Corridor Project in 2025, and the preliminary work of the project is currently being accelerated [1]. This is another major national water conservancy and transportation infrastructure investment project following the Three Gorges Project, belonging to the national-level major project sequence [2].

• National-level Major Project
  :并列 with the Yaxia Hydropower Project, listed as an important project to release medium and long-term order demand [2]
• Regional Coordinated Development
  : Hubei Province clearly states that Yichang City should “seize the opportunities of national major project construction such as the Three Gorges Water Transport New Corridor, Yangtze River High-speed Railway, Hohhot-Nanning High-speed Railway, and Water Diversion from Yangtze to Han River” [3]
• Cross-regional and Cross-basin Corridor Construction
  : Included in the key tasks of the “15th Five-Year Plan” modern infrastructure system construction [4]

has successfully won the bid for the “Three Gorges Water Transport New Corridor Construction Preparation Test Project (Preliminary Excavation Area)” [5], marking the project’s entry into the substantive implementation phase.

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:

• Market Capitalization: USD 89.75 billion, current share price: RMB 5.21 [0]
• Won Project
  : Successfully won the bid for the Three Gorges Water Transport New Corridor Construction Preparation Test Project (Preliminary Excavation Area) [5]
• Valuation Advantage: PE only 8.40x, PB only 0.62x, significantly lower than the market average [0]
• Business Layout: Focuses on four core areas of “water, energy, city, digital”; the new contract value of digital business exceeded RMB 50 billion for the first time in 2025 [5]

:

• 2025 Q3 revenue: RMB 14.65 billion, net profit margin:1.65% [0]
• ROE:6.64%, stable cash flow [0]
• Ranked 1st in the 2025 ENR “Top 150 Global Engineering Design Companies” [5]

: As the main participating unit of the project, it directly benefits from the release of project orders, and has the characteristics of low valuation and high dividend [2].

:

• Market Capitalization: USD76.21 billion, current share price:RMB2.35 [0]
• Valuation: PE12.33x, PB0.89x, at historical low [0]
• Business Synergy: Has full industry chain advantage in power, water conservancy, and new energy infrastructure construction fields

:
-2025 Q3 revenue:RMB11.105 billion [0]

• ROE:7.17%, stable profitability [0]
• Current ratio:1.02, sound financial condition [0]

: As a leader in energy infrastructure construction, it is expected to participate in the supporting project construction of the project and benefit from integrated investment in energy and water conservancy.

:

• Market Capitalization: USD104.56 billion, current share price:RMB7.70 [0]
• Highly Attractive Valuation
  : PE only4.64x, PB only0.38x, at extremely low historical position [0]
• Infrastructure Leader: Has core competitiveness in railway, highway, municipal and other infrastructure construction fields

:
-2025 Q3 revenue:RMB23.92 billion, exceeding expectations by1.91% [0]

• ROE:7.05%, net profit margin:2.17% [0]
• Cash flow improvement, EV/OCF turning positive trend [0]

: The allocation value of low-valuation + high-dividend central state-owned construction enterprises is prominent, and it is expected to participate in project construction through PPP, EPC and other models [2].

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:

• Market Capitalization: USD117.46 billion, A-share cement leader [0]
• Valuation: PE13.26x, PB0.61x, at historical low [0]
• Market Position: Asia’s largest cement producer and seller, with production capacity covering the whole country

:
-2025 Q3 revenue:RMB2.001 billion, net profit margin:10.46% (industry-leading) [0]

• Current ratio:3.10, sound financial condition [0]
• Although performance was under pressure in2025 (Q3 EPS decreased by31.91% YoY), it will benefit from the recovery of infrastructure investment in the medium and long term [0]

: Major infrastructure projects such as the Three Gorges Water Transport New Corridor will significantly drive cement demand, and Anhui Conch Cement as an industry leader will benefit first.

:

• Huaxin Cement (600801): Central China’s cement leader with obvious location advantages
• Wannianqing Cement (000789): Jiangxi’s cement leader, radiating the middle reaches of the Yangtze River

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• As the operator of the Three Gorges Project, it is expected to improve navigation efficiency after the completion of the new water transport corridor, increasing comprehensive benefits from power generation and shipping

• Global container shipping leader; the improvement of Yangtze River water transport capacity will reduce comprehensive logistics costs and enhance the efficiency of inland river and sea transport intermodal transportation

• Yangtze River port operation leader, benefiting from the improvement of transport capacity of the Yangtze River Golden Waterway

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:

• Sany Heavy Industry (600031), XCMG Machinery (000425): Demand for construction machinery will increase significantly with the start of the project

:

• Baosteel Co., Ltd. (600019), Valin Steel (000932): Large-scale water conservancy and transportation projects have strong demand for steel

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1. Order Explosion Period
   : After the project officially starts, relevant infrastructure companies will receive a large number of orders, and contract liabilities will increase significantly

2. Building Materials Demand Pull
   : Demand for cement, steel, construction machinery, etc. will show substantial growth, and the revenue of related companies is expected to improve

3. Regional Economic Boost
   : Yichang City in Hubei Province and surrounding areas will directly benefit, and the performance of related listed companies is expected to improve

1. Continuous Order Release
   : As a cross-regional and cross-basin major project, it has a long construction period and will continuously release order demand [4]

2. Industrial Chain Value Enhancement
   :
   • Improved shipping efficiency, reduced logistics costs
   • Promote integrated development of the Yangtze River Economic Belt
   • Drive upgrading of related industries

3. Clear Investment Main Line
   : Huayuan Securities research report points out that “national-level major projects represented by Yaxia Hydropower Project and Three Gorges New Corridor will continuously release medium and long-term order demand” [2]

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Stock Code	Stock Name	Investment Logic	Target Logic
601669.SS	PowerChina	Won project + low valuation + high dividend	Direct beneficiary target with high safety margin
601186.SS	China Railway Construction	PE4.64x+PB0.38x, large valuation repair space	Low-valuation construction central enterprise allocation value is prominent
600585.SS	Anhui Conch Cement	Cement leader + Central China location advantage	Benefit from recovery of infrastructure investment

:

• Key allocation: China Railway Construction (601186.SS), China Energy Engineering (601868.SS)
• Logic: Low valuation, high dividend, stable growth

:

• Key allocation: PowerChina (601669.SS), Anhui Conch Cement (600585.SS)
• Logic: Directly benefited, large performance elasticity

:

• Infrastructure50%: PowerChina, China Railway Construction, China Energy Engineering
• Building Materials30%: Anhui Conch Cement, Huaxin Cement
• Shipping20%: Yangtze Power, COSCO Shipping Holdings

1. Project Progress Risk
   : Major projects have a long preliminary preparation time, and the actual start time may be delayed

2. Funding Source Risk
   : The project has a huge investment scale, and the progress of fund raising may affect the construction progress

3. Market Competition Risk
   : Related industries are highly competitive, and gross profit margin may be under pressure

4. Macroeconomic Risk
   : Infrastructure investment is greatly affected by macroeconomic policies

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As a national major water conservancy project, the Three Gorges Water Transport New Corridor Project will have a continuous and far-reaching impact on related sectors:

1. Infrastructure Sector Has the Strongest Certainty
   : PowerChina has won the bid for the preliminary project, and subsequent order release is expected [5]

2. Significant Valuation Repair Opportunities
   : Central state-owned construction enterprises are generally at historical low valuations; China Railway Construction’s PE is only4.64x, with large repair space [0]

3. Prominent Medium and Long-term Investment Value
   : The allocation value of high-dividend, low-valuation central state-owned construction enterprises is gradually prominent [2]

4. Strong Policy Support
   : The project has been included in the national “15th Five-Year Plan” infrastructure plan, with high certainty of policy support [4]

: , ,

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[1] National Development and Reform Commission: Approved the feasibility study report of the Three Gorges Water Transport New Corridor Project - China News Service (https://www.chinanews.com.cn/cj/2026/01-05/10546097.shtml)

[2] Huayuan Securities - Attach importance to “Spring Rally”, seek “Major Project” trajectory layout (https://pdf.dfcfw.com/pdf/H3_AP202512251807878827_1.pdf)

[3] Hubei Provincial Department of Economy and Information Technology -重磅发布！湖北17市州新定位 (http://jxt.hubei.gov.cn/bmdt/rdjj/202512/t20251205_5827654.shtml)

[4] National Development and Reform Commission - Accelerate the construction of modern infrastructure system (https://www.ndrc.gov.cn/xwdt/dt/sjdt/202512/t20251225_1402613.html)

[5] PowerChina - 2025 Top 10 News (https://www.powerchina.cn/col/col7440/art/2026/art_0bb1367171e64889b496a0e2abc8b41e.html)

[6] Oriental Fortune - 20 News Today and Their Impact on Individual Stocks (December 29, 2025) (https://caifuhao.eastmoney.com/news/20251229081020431551120)

[0] Jinling API Data (Company Overview, Financial Data, Market Performance)

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