新能源月报：2025年3月报：新能源入市刺激抢装，光伏涨价风电淡季不淡-2025-03-27

Investment Rating - The report maintains a positive investment outlook for the renewable energy sector, particularly in solar and wind energy, highlighting strong demand and growth potential in both domestic and international markets [4][9][39]. Core Insights - The domestic solar installation in January-February 2025 reached 39.5GW, with an expected annual increase of 28% in total installations for 2024 [4][5][9]. - Global solar installation is projected to reach between 531GW and 583GW in 2025, with optimistic growth estimates of over 10% [28][39]. - The supply chain is showing signs of recovery, with prices stabilizing and a slight rebound in production across various segments, including polysilicon and solar modules [41][49]. Summary by Sections Domestic Market - In the first two months of 2025, China added 39.5GW of solar capacity, maintaining stable growth, with a total expected installation of 215-255GW for the year [4][6][9]. - The National Development and Reform Commission and the National Energy Administration have initiated reforms to enhance market-driven pricing for renewable energy [10][15]. International Market - The global demand for solar energy is steadily increasing, with significant installation plans underway in emerging markets such as Latin America and the Middle East [18][28]. - In January 2025, India added 2.47GW of solar capacity, marking a year-on-year increase of 149.49% [31][34]. Supply Chain Dynamics - The polysilicon production in February 2025 was approximately 9.23 million tons, with prices remaining stable as manufacturers adopt a cautious approach [49]. - The solar module market is experiencing a surge in demand due to distributed generation projects, leading to a price increase of 5.8% month-on-month for certain module types [4][41]. Investment Recommendations - The report suggests focusing on high-growth areas such as inverter and racking systems, as well as leading solar manufacturers with cost advantages and strong distribution channels [4][39]. - Key players in the wind energy sector are also highlighted, particularly those involved in offshore wind projects and related supply chains [4][39].