Recently, the bidding results for the construction of the reservoir project of Lianyungang Pumped Storage Power Station in Jiangsu Province were announced, and China Water Conservancy and Hydropower Eighth Engineering Bureau Co., Ltd. won the bid with a winning amount of more than 1.3 billion yuan. In addition, China Railway 14th Bureau won the bid for the water transmission and power generation system project (about 5.
For the cement industry, this is not just an ordinary project news. Behind it is the accelerating wave of pumped storage construction, and the relatively scarce demand for "dam cement" carried by this wave for the cement industry, which is currently in the predicament of declining demand.
Pumped-storage power station is essentially a combination of "large-scale water conservancy project + underground power project". Its main structure includes upper reservoir dam, lower reservoir dam, water conveyance tunnel, underground powerhouse caverns, ground switch station, etc., and its demand for cement and concrete is considerable.
Taking a pumped storage power station with an installed capacity of 1.2 million kilowatts as an example, the total consumption of concrete is estimated to be 80-1.3 million m ³, and the consumption of cement is estimated to be 200-350 thousand tons.
Pumped storage construction has entered the most intensive period
in history. Looking at the overall situation, the current pumped storage construction has entered the most intensive construction cycle in China's history. Scale
in operation: By the end of 2025, the installed capacity of pumped storage in China will exceed 66 million kilowatts, ranking first in the world, and more than 80% of the single stations will have a scale of 1 million kilowatts or more. Scale
under construction: In the whole year of 2025, there will be 21 newly approved pumped storage projects in China, totaling about 27. At present, the scale of pumped storage projects under construction in China has exceeded 100 million kilowatts, which is at the highest level in history. List of core targets of
the "15th Five-Year Plan":
At present, 19 provinces and cities have made clear the targets of the "15th Five-Year Plan" for the installed capacity of pumped storage. Each province plans to be aggressive, and some provinces aim to exceed 10 million kilowatts.
From quantity to quality, how much does the "15th Five-Year Plan" for pumped storage contribute? Ccement. Com/news/2605/richtext/IMG/znkmbm3ku31778057700716.png ">
Although the proportion is not high (about 0.14% ~ 0.
(2) The regional value is more prominent
. Taking Lianyungang as an example, the power station is located in the eastern part of Jiangsu Province. Jiangsu is a major cement consumption province in China. In the past, it mainly relied on real estate and industries along the Yangtze River. In recent years, demand has continued to fall. The investment of Lianyungang Pumped Storage Power Station is 8.6 billion yuan, which will provide relatively stable cement consumption support for northern Jiangsu during the construction period of the whole station, and has marginal improvement significance for the regional market.
Similarly, Yulin in Guangxi (8.36 billion yuan, started in April 2026) and Ruoqiang in Xinjiang (156
. Yongchang 1.2 million KW Pumped Storage Power Station in Gansu Province has issued a tender for cement procurement in 2026-2027 (about two years). 3
. Structural constraints
on pumped storage demand 1. Volume ceiling-unable to fundamentally reverse the decline
of the industry. In 2025, the national cement demand will be about 1.7 billion tons; During the "15th Five-Year Plan" period, the new cement demand brought by pumping and storage construction is about 12 million to 19 million tons, with an annual average of less than 4 million tons, which is equivalent to about 0. In contrast, the downturn of real estate in the past five years has led to a reduction of cement demand by more than 400 million tons per year. The increment of pumping and storage, even if multiplied by three times, is not enough to fill the deep hole left by the ebb tide of real estate. The contribution of
pumping and storage projects to the cement industry is more a marginal improvement of "sending charcoal in the snow" than a breakthrough of magnitude of "springing up after a spring rain".
2. Regional mismatch-demand is concentrated in mountainous areas, focusing on single-point demand to improve
the natural dependence of pumped storage power stations on mountainous terrain (requiring water level drop). Therefore, they are mainly distributed in the mountainous provinces of central and southern China (Hunan, Hubei, Guangdong, Guangxi), the southwest plateau (Yunnan, Guizhou, Sichuan), the northwest mountainous areas (Xinjiang, Qinghai, Shaanxi) and the mountainous areas of eastern China (Zhejiang, Anhui, Fujian).
Mountainous areas are not conducive to long-distance transportation of cement, which is good for enterprises around the project. For enterprises with relatively long distance, the transportation cost is too high, the competitiveness is limited, and the overall demand impact focuses on single-point improvement.
3. Competition threshold-Large projects benefit leading enterprises, while small enterprises benefit limited
. Water conservancy and hydropower projects have strict requirements on cement quality, and usually give priority to purchasing special cement products from large cement enterprises (such as China Building Materials, Conch, Huaxin, Huarun and other brands). It is difficult for small cement enterprises to enter the supply chain. The expansion of the demand for pumped storage construction will further concentrate the market share to the leading enterprises, and it will be difficult to benefit the small and medium-sized enterprises struggling in overcapacity.
2. Layout: The regional enterprises adjacent to the project are more
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