Underground utility tunnel: "urban underground lifeline"

Release time：2018-12-26 18:10Number of visits：144times

Underground utility tunnel: the "lifeline" of the city underground, and the construction is promoted by government policies. Underground utility tunnel is "urban underground pipeline complex", which is an important infrastructure and "lifeline" to ensure the operation of the city. Compared with developed countries and regions, the construction of underground utility tunnel in China started late. After entering 2014, the underground utility tunnel policy has been issued intensively and continuously increased and refined. At the same time, the Ministry of housing and urban rural development has launched the pilot project of underground utility tunnel in 36 large and medium-sized cities in China. We believe that the pilot demonstration will provide case and reference for the construction of underground utility tunnel in subsequent cities, which is expected to drive the enthusiasm of building underground utility tunnel in China.

The market capacity is large, but from the perspective of annual investment, the impact on the company's performance is limited. 1) There is a huge space in the market of 100 billion yuan: we estimate the market space of underground pipe gallery in China according to the number of kilometers of underground pipe gallery per capita in countries and regions with complete construction. Approximately, if there is a perfect underground pipe gallery system, the total investment of the gallery is between 1.6 trillion and 3.2 trillion. The State Council requires the completion of a number of perfect underground pipe gallery systems in 2020. We assume that the annual investment is the same, and the investment will be about 320-640 billion yuan per year. 2) The annual investment of 100 billion yuan has limited impact on the company's performance: take the average investment of 480 billion yuan, accounting for 4.28% of the infrastructure investment (11.22 trillion) in 2014; specifically for the survey and design industry, it is estimated that the annual engineering survey and design business investment of underground pipe gallery will be about 14.4 billion yuan, accounting for 2.1% of the business income of China's engineering consulting industry in 2014; in addition, considering the incremental space, the investment amount of underground pipe gallery is estimated to be about 14.4 billion yuan Water pipeline and other pipeline projects have been invested in the relevant planning and investment of the city. The underground utility tunnel only focuses on the construction of relevant pipelines, so the incremental space brought by the underground pipe gallery to the market of urban municipal pipeline engineering construction is relatively limited. At the company level, the contribution of pipe gallery investment to revenue is also limited.
Understand the essence of the theme investment of "underground pipe gallery", and expect the hot topic to spread. The construction of underground pipe gallery has little effect on infrastructure investment, limited contribution to the company's performance, and there are many constraints in the short term. Therefore, we believe that this round of "underground pipe gallery" is still a theme investment in essence, and from the estimated investment amount of "underground pipe gallery", the theme investment only for "underground pipe gallery" has limited sustainability. However, it is worth noting that in the second half of the year, we believe that the market may further spread from the theme of "underground pipe gallery" to the speculation of "comprehensive infrastructure stimulus in the second half of the year", and the theme hot spots may spread.
For the construction engineering sector, we believe that the following three types of targets are expected to benefit from the theme speculation of the underground utility tunnel: 1) the leading enterprises with strong strength in the design and consultation of underground pipe gallery are expected to benefit first: recommend sujiaoke (leading in traffic engineering design and consulting industry + prominent construction capacity of the subsidiary Xiamen Municipal Institute of Municipal Administration), design shares; 2) Enterprises with outstanding underground engineering construction capacity: it is recommended that Tunnel Company (with rich experience in tunnel construction business + strong strength in shield business + reform of state-owned enterprises), Hongrun construction (underground business accounts for more than 50% and construction experience of underground comprehensive pipe gallery); 3) central construction enterprises with leading comprehensive strength such as engineering construction, investment and financing capacity are recommended, and some of its subsidiaries have a relatively high level of underground pipe gallery construction Strong strength: CCCC, CRCC, CRCC, MCC and CSCEC are recommended.
1、 Underground utility tunnel: urban underground "lifeline"
1. Introduction to underground utility tunnel
The underground utility tunnel is "urban municipal underground pipeline complex", that is to build an underground continuous structure along the road or pipeline corridor in the city, put the previously directly buried municipal pipelines, such as water supply, rainwater, sewage, heating, power, communication, gas, industry and other pipelines, and set up a special supporting system according to the actual needs of the organization Planning, design, construction and later operation management are important infrastructure and "lifeline" to ensure urban operation.
The underground utility tunnel, like a house built underground, is the home of urban underground pipelines, also known as "common ditch". The average depth from the bottom of the utility tunnel to the ground is more than 5 meters, some of them are 8 meters or even deeper, and the top of the utility tunnel is 2-3 meters away from the ground. In general, the height of the pipe gallery is 34 meters and the width is nearly 8 meters. In this tunnel space, people and small machinery can enter the gallery to work.
2. Compared with foreign countries, the construction of underground pipe gallery in China is still in its infancy
(1) France and Britain are the European regions represented by France and Britain. Europe is an advanced area of underground space development and utilization. Underground utility tunnel originated in Europe. In the 19th century, France (1833), Britain (1861), Germany (1890) began to build underground utility tunnel. Up to now, the total length of comprehensive pipe trench in the urban and suburban areas of Paris has exceeded 2000 km.
In terms of investment and financing of underground pipe gallery, the underground pipe gallery is regarded as a public product provided by the government;
In terms of operation and management, after the construction is completed, the government will provide the pipeline units in the form of leasing to realize the partial recovery of investment. There is no uniform regulation on the rental price. The city council will discuss and vote to determine the rental price of the current year, which can be adjusted and changed year by year according to the actual situation. At the same time, it is stipulated in the relevant national laws that once there is a comprehensive pipe gallery under the ground, the relevant pipeline units must bury the pipelines through the common ditch, and the traditional embedding method is not allowed.
(2) Japan, one of the most advanced countries with large scale of underground pipe gallery. The construction of comprehensive pipe trench in Japan started in 1926. At present, it has developed into one of the largest and most advanced countries in the world. At present, it has formed a relatively mature and perfect system in the aspects of investment, planning and design, construction and later management of comprehensive pipe trench. The central urban area of Chengdong Kyoto has been planned to build more than 200 kilometers of Tonggou, making it the longest city in the world.
(3) n Taiwan, the law and operation system of underground pipe gallery is perfect. In the 1990s, Taiwan began to promote the construction of urban utility tunnel. In 1991, Taipei completed the construction of the first common trench of Zhonghua Road (north gate to Heping two roads) with the help of underground railway. At present, Taiwan has built more than 300 kilometers of utility tunnel. Among them, Taipei, Kaohsiung, Taichung and other large cities have completed the planning and gradually completed the system network. It is worth noting that Taiwan has developed a sound legal and operational system for the construction of underground pipe gallery, which has become the most complete legal basis of comprehensive pipe gallery in Asia after Japan. The comprehensive pipeline law, which was promulgated and implemented in 2000, clearly stipulates the construction area, opportunity, fund, maintenance and management of comprehensive pipe trench, which has played a great role in promoting the construction and development of comprehensive pipe trench in Taiwan.
(4) Compared with developed countries and regions, the construction of underground utility tunnel in China started late. The first underground pipe gallery was laid near Tian'anmen Square in 1958, and the second one came out 20 years later. The real starting time was the 11.13 km underground pipe gallery built in Zhangyang road when Pudong New Area was developed in 1994. Compared with developed countries, the construction of underground comprehensive pipe gallery in China started late.
2、 Underground utility tunnel solves the problem of traditional municipal pipe network
(1) There are many problems in the traditional underground pipelines, such as unclear base number and distribution
In China, by the end of 2011, the length of various municipal underground pipelines has exceeded 1.48 million km, which is 8.16 times of that in 1990. Due to the huge length of underground pipelines, the number of underground pipelines is unclear and the distribution is unknown. The problems in old cities are more prominent, among which "horse road zipper" and "aerial spider web" are the most prominent ones
Road zipper: lack of unified planning and management during road construction, and many enterprises "do their own business", resulting in continuous excavation of roads. "Zipper road" not only affects the city appearance and people's life, but also causes a huge waste of resources. According to rough estimation, the average cost of digging a square meter urban road is at least ten thousand yuan.
Spider web in the air: all kinds of cables in the air are closely interwoven into a "spider web". The spider web in the air is easy to be scraped down by super high vehicles, resulting in the interruption of fixed telephone and broadband of large residential areas and units near the road section, causing inconvenience to people's lives; being exposed in the wind and rain without protection, it causes damage, aging, loosening, causing traffic safety and other accidents.
(2)Underground utility tunnel has obvious advantages to solve the problems of traditional pipe network
Compared with the traditional municipal pipeline directly buried mode, the utility tunnel has obvious comprehensive advantages.

(3) The external effect of underground utility tunnel is obvious
The income of utility tunnel should be divided into two parts: internal income and external income
Internal income refers to the one-time pipeline access fee, pipe gallery rental fee and property management fee collected by the pipeline Gallery operation, which is used to compensate for the depreciation of some fixed assets and the operation cost of the comprehensive pipe gallery management company. As long as the discount value of the pipe gallery rental fee reaches or approaches 1 / 3 of the investment of the pipe gallery in the depreciation period of the pipe gallery, we have reason to think of this financial model The formula is reasonable in economy; the external benefit, namely social benefit, is the reduction of other social costs, the increase of land assets and the improvement of investment attraction caused by the construction of comprehensive pipe gallery. This part of income can not be accurately measured, which can only be measured by data reference or experience of other cities.
According to a study on comprehensive pipe gallery in some cities by Tsinghua University (Guo Ying et al.), the direct benefit of utility tunnel is generally less than the total cost (here is the direct cost); however, if the external benefit is included, the total benefit is usually greater than the total cost. The highest ratio of total income to total cost is 4.44 times (Shanghai Songjiang University city corridor), and the lowest is 0.68 times (Shaanxi Pucheng County Corridor). The ratio of average total income to total cost is about 1.91 times. Therefore, from the perspective of the whole society, the investment of comprehensive pipe gallery is efficient. In the total income, the external income accounted for a large proportion, the highest was 87.3% (Shanghai Songjiang University Town corridor), the lowest was 17.4% (Pucheng County Corridor in Shaanxi Province), with an average of 55%.
3、 Government policy support to promote the construction of underground pipe gallery
(1)The policy of underground utility tunnel has been continuously promoted and the support has been increased
As early as 2013, in the "opinions of the State Council on strengthening the construction of urban infrastructure", the government proposed to improve the construction quality, operation standards and management level of urban pipe network, drainage and waterlogging prevention, fire protection, transportation, sewage and garbage treatment, and increase the construction and transformation of urban pipe network. In the national new urbanization plan (2014-2020), it is emphasized that the comprehensive pipe gallery mode of urban underground pipe network should be implemented in new urban trunk roads, new urban areas and various parks. Since 2014, the underground utility tunnel policy has been issued intensively, and has been continuously standardized and improved from the aspects of technology, construction and financing, and the policy has been continuously increased and refined
(2) Carry out urban pilot projects, follow-up replication and expansion is expected to start quickly
In October 2014, the Ministry of housing and urban rural development (MOHURD) put forward the target requirement: in about three years, the pilot project of underground utility tunnel will be launched in 36 large and medium-sized cities in China. In April this year, the Ministry of housing and urban rural development, together with the Ministry of finance, launched a pilot project of comprehensive underground pipe gallery supported by the central government. Ten cities, including Baotou, Inner Mongolia, were selected as the pilot cities. It is planned to build 389 km of underground utility tunnel in three years (190 km in this year), with a total investment of 35.1 billion yuan, including 10.2 billion yuan from the central government, 5.6 billion yuan from the local government, and about 19.3 billion yuan from the local government. We believe that the pilot demonstration by the Ministry of housing and urban rural development will provide a case and reference for the construction of urban underground pipe gallery, which is expected to drive the enthusiasm of building underground utility tunnel in China. According to statistics, there are 69 cities in China currently under construction of underground utility tunnel, about 1000 km. In the future, on the basis of successful construction experience and examples of pilot cities, the construction of underground utility tunnel is expected to rapidly replicate and expand to other cities, and the follow-up construction process is expected to accelerate.
(3) PPP mode helps the construction of comprehensive pipe gallery
Recently, the executive meeting of the State Council proposed that the underground utility tunnel should be regarded as the livelihood project supported by the state. In the future, the construction of underground pipe gallery will become an important direction of financial support. The construction of underground utility tunnel is a medium and long-term urban infrastructure construction and operation mode, which needs a lot of financial support. Considering the large-scale construction and investment of underground pipe gallery project, under the condition of strict control of local government financing platform under the current macroeconomic downturn, the construction and operation of underground utility tunnel through PPP mode is expected to be a solution to the construction of underground utility tunnel Set up the important ways and sources of medium and long-term investment.
At the same time, the executive meeting of the State Council also proposed to innovate the investment and financing mechanism, encourage social capital to participate in the construction and operation management of the pipeline gallery. In the PPP project of the underground comprehensive pipe gallery with supporting financial and financial security mechanisms such as franchise, investment subsidy, loan discount and issuing notes, enterprises can sign franchise agreement with the government through PPP mode After obtaining the operation right after the completion of the project, the underground utility tunnel will be used with compensation, and the pipeline unit entering the gallery will pay the access fee and daily maintenance fee to provide a long-term stable return for the construction and operator of the pipe gallery.
In addition, in our previous special report "PPP mode - Interpretation of the financing road of new urbanization", we analyzed that, combined with the current policy ideas of the Chinese government, the promotion of PPP projects should first or mainly focus on projects with large investment demand, relatively transparent pricing mechanism, stable cash flow and suitable for market-oriented operation, combined with the current policy ideas of the Chinese government Mainly. The 30 PPP demonstration projects released by the Ministry of finance focused on water supply, heating, sewage treatment, garbage treatment, comprehensive environmental improvement, transportation, new energy vehicles, underground utility tunnel, education, medical treatment, sports and other fields.

4、 The market capacity is large, but the annual investment amount has limited impact on the company's performance
The cost per kilometer of underground utility tunnel is about 56-131 million yuan. The underground utility tunnel is divided into gallery and pipeline. Here, we only consider the construction cost of the gallery, and the cost of the gallery is related to the cross-sectional area and the number of spaces. According to the national pilot investment standard, the cost of the gallery with a cross-section area of 10-20 square meters and 1-kilometer of one cabin is about 56 million yuan; the cost of one kilometer corridor with a cross-section area of 35-45 square meters and four compartments is about 131 million yuan The larger the space, the higher the cost.
We estimate the future market space of underground pipe gallery in China based on the number of tunnel kilometers per capita in countries and regions with complete construction. Stockholm, the capital of Sweden, has a total length of 30 km and a total population of about 800000, which is converted into 0.38 km / 10000 people per 10000 people; Russia, Japan and Taiwan are 0.11, 0.16 and 0.13 km / 10000 people respectively. Taking the average value, we can draw an approximate conclusion that if China has a complete underground pipe gallery system, the number of pipe gallery kilometers per 10000 people is about 0.2km/10000 people, and the total investment is 2.67km Ten thousand kilometers
If there is a perfect underground pipe gallery system, the total investment of the gallery will be between 1.6 trillion and 3.2 trillion. Because the cost of different section area and different cabin is different, we can divide it into three situations: pessimistic, neutral and optimistic. Taking the cost of gallery per kilometer as 0.6, 0.8 and 120 million / km respectively, combined with the total length of pipe gallery in China, the total investment of gallery is between 1.6-3.2 trillion. The State Council requires that a number of perfect underground pipe gallery systems be completed in 2020, and we assume that the annual investment is the same, and the investment is completed in 2020, the annual investment amount of the gallery is about 320-640 billion yuan.