2025年11月1日，陆上风电行业延续十年的增值税即征即退50%优惠政策正式终止，而海上风电税收支 持政策则延续至2027年末。这一差异化政策调整，不仅标志着我国风电行业从"政策扶持"向"市场竞 争"的关键转型，更直接触发全产业链技术升级、格局重塑与全球化拓展的深度变革，推动已成长为"能 源保供主力"的风电产业，迈入自主参与市场竞争、深耕全球市场的新阶段。 告别温室： 陆上风电直面市场竞争 十年政策红利的落幕，是产业成熟与政策优化的必然结果。截至2025年8月，全国风电累计并网容量已 达5.8亿千瓦（kW），发电量占全社会用电量约11%，风电已从"补充能源"跃升为电力供给的重要力 量，独立参与市场竞争是必经之路。 从中长期来看，行业成熟度提升与技术创新将对冲成本压力。国际可再生能源署（IRENA）数据显 示，2023年全球新投产陆上风电项目加权平均LCOE已比化石燃料低67%，较2010年实现从高成本到低 成本的根本性转变，技术进步带来的降本空间仍然可观。 头部企业已率先通过技术创新实现效能提升。金风科技投入1400余万元研发的"偏航集电环技术"，替代 传统扭缆方案，单台机组可降低成本1万余元；三峡能源宁夏同 ...

Core Insights - The termination of the 50% VAT refund policy for onshore wind power by November 1, 2025, marks a significant shift in China's wind power industry from "policy support" to "market competition" [1][2] - The offshore wind power tax support policy will continue until the end of 2027, reflecting the different development stages and technological requirements of onshore and offshore wind power [1][2] Industry Transition - The end of the decade-long policy benefits indicates the maturity of the industry and the necessity for policy optimization, as onshore wind power has become a crucial part of the energy supply, contributing approximately 11% to the total electricity consumption [2] - The shift from broad-based support to more precise incentives aims to prevent excessive reliance on policy assistance and encourages a focus on key technological breakthroughs [2] Cost and Efficiency Challenges - The cancellation of tax incentives is expected to increase tax costs for onshore wind enterprises, potentially raising the levelized cost of electricity (LCOE) by 1% to 5% [4] - The cost pressure is transmitted throughout the industry chain, affecting manufacturers, service providers, and project developers, with a notable impact on smaller manufacturers [4][5] Technological Advancements - Leading companies are already leveraging technological innovations to enhance efficiency, such as the development of new technologies that reduce costs significantly [5] - The focus on improving LCOE will drive companies to optimize project planning, construction, and maintenance processes [5] Global Expansion - As domestic market profits decline, international expansion has become essential for sustained growth, with significant potential in overseas markets [7] - Chinese wind power companies, having honed their skills in the domestic market, are well-positioned to leverage their cost and technological advantages for global competitiveness [7][8] Market Valuation Shift - The transition from being mere equipment suppliers to comprehensive global renewable energy solution providers may reshape market valuation logic for wind power companies [8] - This shift towards diversified services and stable income streams enhances resilience against industry fluctuations and demonstrates stronger overall capabilities [8]