行业动态点评报告：4月装机数据：光伏新增装机45.22GW，风电新增装机5.34GW

Investment Rating - The industry investment rating is "Recommended" (maintained) [2][5] Core Viewpoints - The report highlights significant growth in renewable energy installations, with solar power adding 45.22 GW in April, a year-on-year increase of 215%. Cumulatively, as of the end of April 2025, solar capacity reached 990 million kW, up 47.7% year-on-year. For the first four months of 2025, solar installations totaled 104.93 GW, reflecting a 75% increase year-on-year [5] - Wind power installations also saw substantial growth, with 5.34 GW added in April, marking a 299% year-on-year increase. The total wind capacity reached approximately 540 million kW by the end of April 2025, up 18.2% year-on-year. In the first four months of 2025, wind installations amounted to 19.96 GW, a 19% increase year-on-year [5] - The report suggests that the demand for new energy installations is expected to continue growing in the long term, with potential solutions for consumption pressure through energy storage and virtual power plants [5] Summary by Sections Solar Power - In April, solar power added 45.22 GW, a 215% increase year-on-year. Cumulative solar capacity reached 990 million kW, a 47.7% increase year-on-year. For January to April 2025, solar installations totaled 104.93 GW, a 75% increase year-on-year [5] Wind Power - Wind power installations in April reached 5.34 GW, a 299% increase year-on-year. Total wind capacity was approximately 540 million kW by the end of April 2025, an 18.2% increase year-on-year. For the first four months of 2025, wind installations totaled 19.96 GW, a 19% increase year-on-year [5] Investment Insights - Power investment from January to April 2025 increased by 1.6% year-on-year, while grid investment rose by 14.6% year-on-year. The average utilization hours for power generation equipment decreased by 103 hours compared to the previous year [5]