Xin Lang Cai Jing·2026-01-11 05:02Core Viewpoint - The announcement by Southern Power Grid Energy indicates a significant shift in strategy, moving away from new investments in photovoltaic projects, reflecting broader changes in the solar energy market [1] Group 1: Company Strategy - Southern Power Grid Energy has decided not to add new photovoltaic projects, focusing instead on optimizing strategies in response to the full market entry of renewable energy [1] - This marks a 180-degree turn from the previous year when the company was actively promoting household photovoltaic business in Guangdong, Guangxi, and Hainan, expecting it to be a key growth driver [1] Group 2: Market Changes - The release of important documents like the "Distributed Photovoltaic Power Generation Development Management Measures" and the "136 Document" has reshaped the photovoltaic industry, particularly the development logic of distributed solar energy [2] - The implementation of these regulations has led to a new phase for distributed photovoltaic development, with expectations for new trends and dynamics [2] Group 3: Installation Trends - By the end of 2020, China's total installed wind power was 280 million kW, and photovoltaic power was 250 million kW, with distributed photovoltaic installations at only 78.31 million kW, accounting for 31% of total photovoltaic installations [3] - During the "14th Five-Year Plan" period (2021-2025), distributed photovoltaic installations surged, with 2024 alone adding 120 million kW, bringing the total to 370 million kW by the end of 2024, representing 42% of total photovoltaic installations [4] Group 4: Performance Decline - Since the introduction of new management regulations and the "136 Document," the growth of distributed photovoltaic installations has sharply declined, with significant drops in new installations reported in Q3 2025 [5][10] - The overall trend shows a rapid decrease in new installations across all types of photovoltaic systems, with expectations that the gap between distributed and centralized photovoltaic installations will widen [10] Group 5: Regional Development - The focus of distributed photovoltaic installations is shifting towards economically developed provinces such as Jiangsu, Guangdong, Anhui, Fujian, and Zhejiang, which have strong power consumption capabilities [11][12] - The new regulations have led to a regional shift in installations, with areas previously strong in distributed photovoltaic installations now seeing a decline [12] Group 6: New Business Models - The "136 Document" has prompted distributed photovoltaic systems to participate in the electricity spot market, increasing revenue uncertainty due to market price fluctuations [14] - To adapt, the industry is exploring new business models, including energy storage integration and virtual power plants, which are gaining policy support [15][16]