随着利润和投资下滑导致国内需求放缓，中国的风电行业可能正走向重演自本十年初以来一直扰乱市场的价格战。
China’s wind industry could be heading for a repeat of the price wars that have roiled the market since the start of the decade, as falling profits and investment slow domestic demand.
中国可再生能源学会秘书长秦海岩周三在北京的一次会议上表示：“行业承受了巨大压力，投资回报日益吃紧。”他说，随着许多项目在亏损边缘摇摇欲坠，竞争可能会再次加剧。
“The industry has been under significant pressure, with investment returns increasingly strained,” Qin Haiyan, secretary-general of the Chinese Wind Energy Association, said at a conference in Beijing on Wednesday. With many projects teetering on the edge of losses, competition could intensify once again, he said.
经过多年的迅猛扩张，2021年政府补贴的逐步取消引发了价格的大幅下跌。风电设备制造商还没怎么恢复，去年又出台了一项结束绿色电力项目保证固定回报的新政策。
After years of rapid expansion, the phase-out of government subsidies in 2021 triggered steep price declines. Wind-equipment manufacturers had barely recovered before the introduction of another policy last year that ended guaranteed fixed returns for green power projects.
秦海岩表示，对市场化定价的新关注是导致收入和利润下降的主要因素之一。他说，由于电网瓶颈导致弃风率上升，正给该行业带来进一步的压力。
The new focus on market-based pricing is one of the main factors behind declining revenues and profits, said Qin. Rising curtailment rates due to bottlenecks in the electricity grid are heaping further pressure on the sector, he said.
根据伍德麦肯兹有限公司上周发布的一份报告，2026年上半年国内风机订单下降了25%，标志着连续第三个半年度下降。
Domestic orders for wind turbines fell 25% in the first half of 2026, according to a report last week by Wood Mackenzie Ltd., marking the third consecutive half-yearly decline.
伍德麦肯兹表示：“随着电力市场改革的加速实施，项目面临着来自现货价格波动的更大风险。先前风机价格上涨带来的资本支出压力，也让开发商和制造商在选择投资机会时更加谨慎。”根据摩根大通的一份报告，中国风电股自第一季度末以来已下跌多达一半，不过该行表示，鉴于中国供应商的竞争力，它确实看到了拥有海上项目或专注于出口的公司的机遇。
“With the accelerated implementation of power market reform, projects face greater risks from spot price fluctuations,” WoodMac said. “Capital expenditure pressure brought about by the previous rise in wind turbine prices has also made developers and manufacturers more cautious in selecting investment opportunities.”Chinese wind stocks have dropped by as much as half since the end of the first quarter, according to a note from JPMorgan Chase & Co., although the bank said it does see opportunities for firms with offshore projects or a focus on exports, given the competitiveness of the country’s suppliers.
生产商也在寻求开拓工业对风电衍生燃料的需求。为此，包括最大风机制造商金风科技股份有限公司在内的几家主要风机制造商在会上签署了一项倡议，呼吁到2030年增加绿氢和绿氨产量。
Producers are also looking to tap industrial demand for fuels derived from wind-generated electricity. In that vein, several major turbine manufacturers, including the biggest, Goldwind Science & Technology Co., signed an initiative at the conference calling for more green hydrogen and ammonia output by 2030.