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<Research>CICC: CN Electricity Tariffs Bidding Results Unveiled; Focus on Industry Leaders w/ High Wind Power Proportion
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By the end of 2025, the electricity tariffs bidding results for 25 provinces in China were unveiled, CICC said in a report. Meanwhile, the State Grid New Energy Cloud disclosed detailed lists of mechanism electricity projects in 20 regions. According to CICC’s measurement, high-quality regional projects still possess strong profitability under the current bidding results, although the release scale is relatively small, and current policies are more supportive of wind power growth. The broker recommended to focus on industry leaders with a high proportion of wind power and outstanding trading and operation capabilities.

The broker’s statistics showed that the five major power centralized photovoltaic and wind power accounted for 19% and 22% of incremental projects. The top three groups in terms of resource acquisition were HUANENG POWER (00902.HK), State Power Investment Corporation, and DATANG RENEW (01798.HK). The broker opined that some groups may focus their development on new energy large bases, while the ranking of new installations for conventional projects may be influenced by the "15th Five-Year Plan" group installation strategy and the release of incremental resources in advantageous regions.
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