Shanxi: In March, the newly installed photovoltaic capacity increased by 124.4% year-on-year, and the export volume of inverters also increased both year-on-year and month-on-month.

Shanxi released a research report stating that by March 2025, domestic photovoltaic new installations will reach 20.2GW, a significant increase of 124.4% year-on-year, showing a continued high prosperity in the industry. The overseas market is showing a structural recovery, with inverter exports increasing by 6.8% in March compared to the same period last year, with the African market growing by 83%. The bank focuses on recommending new technologies in the BC direction, improvements in the supply-side direction, and overseas layout direction. Key points from Shanxi are as follows: Domestic photovoltaic new installations: New installations in March continue to grow year-on-year According to data from the National Energy Administration, by March 2025, domestic photovoltaic new installations will reach 20.2 GW, a year-on-year increase of +124.4%, but a decrease of 48.7% compared to January and February. From January to March, the cumulative new photovoltaic installations in China reached 59.7 GW, up by 30.5% year-on-year. Module exports: According to data from the General Administration of Customs, module exports reached 17.66 billion yuan in March, a year-on-year decrease of 22.7% but an increase of 47.7% compared to the previous month. Inverter exports: In March, both year-on-year and month-on-month inverter exports saw positive growth According to data from the General Administration of Customs, in March 2025, inverter exports reached 4.54 billion yuan, an increase of 6.8% year-on-year and 39.5% month-on-month. From January to March, the cumulative export reached 12.21 billion yuan, an increase of 6.6% year-on-year. CECEP Solar Energy electricity generation: In March, CECEP Solar Energy's electricity generation increased by 8.9% year-on-year According to data from the National Bureau of Statistics, in March 2025, China's large-scale CECEP Solar Energy electricity generation reached 41.77 billion kilowatt-hours, an increase of 8.9% year-on-year, accounting for 5.37% of the national total industrial electricity generation, an increase of 0.52% month-on-month. Risk warning: Photovoltaic new installation volume falls below expectations; price fluctuations in the industry chain; policy risks in overseas regions, etc.