市场化电价冲击波下，中国风光年新增装机仍创新高

Core Insights - The renewable energy sector in China has achieved record-high installed capacity despite market fluctuations in electricity pricing [1][2] Group 1: Installed Capacity Growth - As of the end of 2025, China's total installed power generation capacity reached 389.134 million kilowatts, marking a year-on-year increase of 16.1% [2][3] - Solar power capacity reached 120.173 million kilowatts, with a year-on-year growth of 35.4%, while wind power capacity reached 64.001 million kilowatts, growing by 22.9% [2][3] - For the first time, the cumulative installed capacity of solar and wind power exceeded 180 million kilowatts, accounting for 47.3% of the total installed capacity, surpassing thermal power [2][3] Group 2: Yearly Additions and Trends - In 2025, the annual addition of installed capacity for solar power is projected to be 31.5 million kilowatts, a year-on-year increase of approximately 13%, while wind power is expected to add 11.9 million kilowatts, a significant year-on-year increase of about 49% [2][4] - The annual addition of wind and solar capacity has consistently surpassed 10 million, 20 million, 30 million, and 40 million kilowatts over the past four years [2] Group 3: Market Dynamics and Future Projections - The introduction of market-based pricing for renewable energy projects has led to more stable bidding results for wind power compared to solar, making wind a focal point for market investment [4] - The China Photovoltaic Industry Association has revised its forecast for new solar installations in 2025 from 21.5-25.5 million kilowatts to 27-30 million kilowatts, indicating stronger-than-expected growth [4] - Long-term projections suggest a slowdown in solar installation growth, with Bloomberg New Energy Finance predicting a compound annual growth rate of 3% for global solar installations from 2025 to 2035, and a decline in China's growth rate to -5% [7]