华源证券：风电相对光伏具备低成本优势 但长期来看光伏综合成本较低

Group 1 - The core viewpoint of the reports indicates that while photovoltaic (PV) technology has been perceived as having continuous advancements and lower long-term costs compared to wind energy, a comprehensive cost analysis from the consumer's perspective reveals that wind energy has significant advantages in system costs [1][2] - The report highlights that as the proportion of renewable energy generation increases, the instability of renewable output leads to rising system costs, which in some regions can exceed the actual generation costs [1] - The main component of system costs is peak-shaving costs, which include reasonable profits for flexible coal power units and compensations for frequent startups and reduced operating hours [1] Group 2 - The report identifies a critical issue with the output curve of PV energy, which is misaligned with peak electricity demand times, resulting in PV output being near zero during peak demand hours [2] - In scenarios with low renewable energy installations, PV's predictability can alleviate midday peak pressures, while wind energy's unpredictability can lead to it being classified as "garbage electricity" [2] - However, as the share of renewable energy significantly increases, the concentrated output characteristics of PV become a major disadvantage, while the law of large numbers helps smooth the total output power of multiple wind farms, reducing the unpredictability and volatility of wind energy [2]