中西部力压长三角，改写2025年新能源融资格局

Core Insights - The Chinese renewable energy industry is at a critical juncture in 2025, with over 608 financing events and approximately 70.5 billion RMB injected, reflecting a significant reduction in investment compared to the peak in 2022, indicating a shift from enthusiasm to rationality in the sector [1][4][10] Overall Situation - The financing landscape in 2025 shows a distinct "volume up, price down" characteristic, highlighting structural differentiation in the industry and capital logic [2][4] Financing Trends - In 2025, the number of financing events in the renewable energy sector increased by 14% year-on-year, totaling over 608 events, while the total financing amount dropped nearly by half compared to the peak in 2022, indicating a fundamental shift in industry dynamics due to the gradual withdrawal of domestic subsidies [4][5] - The previous decade's reliance on policy subsidies as a core driver for attracting capital has diminished, leading to stricter investor requirements for project profitability and technological barriers [4][5] Regional Dynamics - The financing distribution in 2025 shows a significant shift, with the central and western regions of China rising in prominence, challenging the traditional dominance of the Yangtze River Delta [5][9] - The Yangtze River Delta remains the leader in financing events, accounting for nearly half with 296 events, while the central and western regions, particularly Sichuan and Hubei, have shown strong performance in financing scale [7][9] Capital Allocation - In 2025, the central and western regions received 43% of total capital investment, surpassing the Yangtze River Delta in financing scale, with Inner Mongolia and Sichuan attracting significant capital in wind and solar energy sectors [9] - Major financing events in the central and western regions are focused on mature enterprises and heavy asset projects, reflecting a higher pursuit of certainty and scale effects during the industry adjustment period [9][11] Emerging Sectors - Smaller financing amounts are increasingly directed towards innovative startups in emerging fields such as sodium-ion batteries, hydrogen energy, and nuclear fusion, primarily located in traditional financial hubs like Shanghai, Jiangsu, and Guangdong [9][11] Conclusion - The 2025 Chinese renewable energy financing market is evolving uniquely, characterized by rational maturity, the rise of the central and western regions, and the emergence of new sectors, presenting both challenges and opportunities for industry players and investors [10][11]