1-5月风、光抢装明显，预期下半年装机需求回归理性

Investment Rating - The report assigns a "Buy" rating to several companies in the renewable energy sector, including China Power (2380 HK), Jingneng Clean Energy (579 HK), Longyuan Power (916 HK), and others, indicating a positive outlook for their stock performance [10]. Core Insights - The report highlights a significant surge in new installations of solar and wind energy in China, with solar power installations increasing by 388% year-on-year and wind power installations by 801% in May 2025. The solar installation reached a record high of 92.9 GW, while wind power installations totaled 26 GW, reflecting a strong demand ahead of regulatory changes [1]. - The report anticipates a rationalization of installation demand in the second half of the year, following a rush to complete projects before the June 1 deadline set by regulatory changes [1]. - It is expected that the monthly solar installation will see a noticeable year-on-year decline starting in June, while wind power installations are projected to peak again in December 2025, albeit at a lower level than the previous year [1]. Summary by Sections Solar Energy - The report indicates that the demand for solar installations has been significantly pulled forward, with 73% of the annual target achieved by May 2025. A decline in monthly installations is expected from June onwards due to changes in the pricing model for distributed solar projects [1][6]. - The report maintains a forecast for a year-on-year decrease of 3% in solar installations for 2025 [1]. Wind Energy - Wind energy installations have reached 47% of the annual target by May 2025, with a more moderate expected decline in monthly installations compared to solar energy. The report predicts another peak in December 2025, estimating a peak installation of approximately 19-20 GW, which would be a 30% decrease from the previous year [1][6]. Stock Recommendations - The report favors high dividend-yielding operators, recommending stocks such as China Power and Jingneng Clean Energy, which have dividend yields greater than 6% [1]. Other recommended stocks include Longyuan Power, Datang Renewable, and several solar manufacturing companies, all rated as "Buy" [10].