CINNO Research: In the first half of 2025, the total investment in China's new energy projects is expected to be approximately 1.4 trillion yuan, with fields such as smart grids maintaining high levels of enthusiasm

According to Zhitong Finance APP, CINNO Research stated that in the first half of 2025, China's new energy industry will continue to maintain a strong investment trend. According to CINNO Research data, the total investment in new energy projects in China in the first half of 2025 is approximately RMB 1.4 trillion. Although this represents a year-on-year decrease of 32.2%, it remains one of the most dynamic investment directions in the technology sector, especially in cutting-edge fields such as next-generation battery technology and smart grids, which maintain high levels of interest. Figure: Distribution of investment projects in China's new energy industry from January to June 2025, Source: CINNO Research The internal funding flow within the new energy industry shows that energy storage is growing against the trend, while investment in wind and solar power is becoming more rational. In the first half of 2025, investment in China's new energy industry showed an adjustment trend of "one rise and multiple declines." According to CINNO Research data, wind power and photovoltaics, as traditional advantageous fields, accounted for 40.8% of the industry share with an investment amount of RMB 560.4 billion, but this represents a year-on-year decrease of 44.4%, indicating a trend of market saturation. Among them, investment in wind power projects was RMB 365.4 billion, and investment in photovoltaic projects was RMB 195 billion, reflecting that subfields such as offshore wind power still have attractiveness. The energy storage sector has become the biggest highlight, achieving a year-on-year growth of 10.5% with an investment amount of RMB 279.9 billion, increasing its share to 20.3%. This is mainly due to breakthroughs in new energy storage technologies and a surge in demand for grid-side energy storage. In contrast, investment in the battery industry was RMB 243 billion (17.7% share) and investment in the hydrogen energy sector was RMB 230.4 billion (16.8% share), showing declines of 25.8% and 40.2%, respectively, indicating that capital is shifting from mature technology fields to areas with greater growth potential. This investment pattern reflects that the new energy industry is undergoing deep adjustments, with capital increasingly focusing on technological innovation and practical application scenarios, and the industry gradually transitioning from scale expansion to high-quality development. New characteristics of the evolution of the new energy industry in the first half of 2025: According to CINNO Research data, in the first half of 2025, in the wind and solar power sectors: among the total photovoltaic investment of RMB 195 billion, photovoltaic power station projects received RMB 91.8 billion in investment, accounting for 47.1%, indicating that large centralized power stations remain a key investment focus. Investment in the wind power industry is highly concentrated, with RMB 352.4 billion in wind power operation project investment accounting for 96.4% of the total wind power investment of RMB 365.4 billion, reflecting that the industry has entered a stage of scaled development. In the battery sector: among the total investment of RMB 243 billion, the battery cell manufacturing segment received RMB 124.2 billion in investment, accounting for 51.1%, indicating that with breakthroughs in new battery technologies, the core manufacturing segment continues to attract capital Energy Storage Sector: Among the total investment of 279.9 billion yuan, pumped storage accounts for 148.2 billion yuan, or 52.9%, continuing to dominate, while the investment proportion in new energy storage technologies is steadily increasing. This investment pattern indicates that the new energy industry is transitioning from a rapid expansion phase to a high-quality development stage, with capital increasingly focusing on core areas that have technological barriers and scale advantages