The lower reaches hydropower project of the Yarlung Zangbo River (YZR) officially commenced construction on 19 July 2025, according to Morgan Stanley's research report. The project is located in Nyingchi, Tibet, and is operated by the newly established China Yajiang Group Co., Ltd.. It includes five cascade power stations with a planned investment of approx. RMB1.2 trillion.Morgan Stanley believed that the main beneficiaries within its coverage may include ultra-high voltage transmission equipment companies: PINGGAO ELEC(600312.SH) -0.130 (-0.830%) , XJ ELEC(000400.SZ) -0.110 (-0.484%) , NARI(600406.SH) -0.080 (-0.366%) and SIEYUAN ELEC(002028.SZ) +0.850 (+1.090%) . Moreover, opportunities may exist in areas like hydropower plant engineering companies and major hydropower equipment manufacturers such as DONGFANG ELEC (01072.HK) -0.480 (-2.589%) Short selling $5.66M; Ratio 2.009% (600875.SH) -0.360 (-1.782%) and HARBIN ELECTRIC (01133.HK) -0.310 (-4.144%) Short selling $4.95M; Ratio 5.312% . The broker was also optimistic about the complementary development potential of "hydro-solar-wind bases," which utilize solar and wind power during dry seasons to achieve stable renewable energy output.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.) (A Shares quote is delayed for at least 15 mins.)