其中，太阳能发电累计装机容量12亿千瓦，同比增长35.4%；风电累计装机容量6.4亿千瓦，同比增长22.9%。 去年新能源行业虽遭遇市场化电价波动的冲击，但新增装机量仍创下历史新高。 1月28日，国家能源局发布2025年全国电力统计数据。截至2025年底，全国累计发电装机容量38.9亿千瓦，同比增长16.1%。 这是中国风光累计并网装机首次超过18亿千瓦，相当于约82个三峡电站的总装机，在总装机中的占比达到47.3%。这也是风光累计装机首次历史性 超过火电。截至12月底，已超出约3亿千瓦。 近四年，风光年新增装机规模连续突破1亿、2亿、3亿、4亿千瓦关口。其中，2025年新增4.3亿千瓦。 2024年，全国太阳能发电累计装机规模约8.87亿千瓦，风电累计装机5.2亿千瓦。 以此计算，2025年国内风光年新增装机量均再创历史新高。 其中，太阳能发电新增装机3.15亿千瓦，同比增长约13%；新增风电装机1.19亿千瓦，同比增长约49%。 智通财经记者｜马悦然 | 全国电力统计数据一览表(截至 2025年底) | | | | | --- | --- | --- | --- | | 指 标 名 称 | 单位 | 全年 ...

Summary of Key Points from REITs Conference Call Industry Overview - The REITs market has experienced a valuation correction, providing entry opportunities for investors as valuations have returned to a reasonable range, with the standard deviation indicating a departure from previously high levels [1][2] Core Insights and Arguments - **Industrial Park Sector**: The industrial park segment continues to show weakness, particularly in second-tier cities where the marginal decline has exceeded expectations due to poor supply-demand dynamics. The supply side remains large, while demand is contracting as companies focus on cost reduction [1][4] - **Logistics and Warehousing**: The logistics and warehousing sector outperformed expectations in Q2, rebounding after a decline influenced by tariffs. The South China region faces significant supply pressure, while the North and East China regions continue to experience rental pressure. The Chengdu-Chongqing area shows signs of marginal recovery [1][11] - **Affordable Rental Housing**: The affordable rental housing sector demonstrated stability in Q2, with a 3.5% increase in revenue and high occupancy rates around 96%. This sector is noted for its strong anti-cyclical properties [1][14] - **Consumer REITs**: The consumer REITs sector faced seasonal impacts, with a general revenue decline of 5.5% in Q2. REITs with a high proportion of joint ventures experienced more significant fluctuations [1][15] Additional Important Insights - **Highway REITs**: There is operational differentiation within highway REITs, with overall toll revenue declining but EBITDA increasing due to effective cost control. Passenger vehicle revenue decreased while freight vehicle revenue increased, indicating a recovery in freight demand [3][18][20] - **Energy and Environmental REITs**: Wastewater treatment projects outperformed waste-to-energy projects. The market for renewable energy projects is influenced by regional policies and market pricing reforms [3][19][25] - **Market Dynamics**: The REITs market has seen a general adjustment, with an index decline of approximately 3% and individual securities experiencing declines of 5% to 8%. This adjustment is primarily driven by profit-taking behavior [2][27] - **Future Considerations**: Investors are advised to focus on projects with proven operational capabilities and stable income sources, particularly in the context of ongoing market volatility and economic uncertainty [6][9][31] Conclusion - The REITs market is currently characterized by a mix of challenges and opportunities across various sectors, with a notable emphasis on the importance of operational efficiency and market adaptability in navigating the evolving landscape.