电力设备及新能源行业2025年中期投资策略：万点星河汇碧江，银翼裁云织绿电

Group 1: Virtual Power Plants - The development of virtual power plants (VPPs) is supported by recent government policies aimed at enhancing their scale and operational capabilities, with a target of achieving a regulation capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030 [3][28][31] - VPPs utilize modern information communication and system integration technologies to aggregate distributed energy resources, providing essential services such as peak shaving, frequency regulation, and backup power, thereby enhancing grid stability and facilitating renewable energy consumption [24][20][39] - The market for VPPs is expected to grow as they transition from invitation-based models to market-driven operations, allowing for participation in various electricity markets and increasing profitability [39][46] Group 2: Wind Power Industry - The bidding prices for domestic wind turbines have stabilized and begun to recover, with the average bidding price reaching 1,590 yuan/kW in March 2025, a 4.1% increase from December 2024 [52] - China's onshore wind power generation cost has significantly decreased, with the levelized cost of electricity (LCOE) dropping to 0.019 USD/kWh in 2023, a 67% reduction since 2017, making it competitive against coal [49][51] - The wind power industry is experiencing a trend towards larger turbine sizes and innovative materials, with advancements in tower height and blade length contributing to further cost reductions and efficiency improvements [54][55]