Hua Yuan Securities: Wind power has a relative cost advantage over photovoltaics, but in the long term, the comprehensive cost of photovoltaics is lower.

Huayuan Securities released a research report stating that since the proposal of the dual carbon strategy, for quite a long time, the market generally believed that there are endless emerging new technologies in the photovoltaic industry and the conversion efficiency continues to improve, while wind power is just a mechanical structure with limited room for technological advancement, therefore in the long term, the comprehensive cost of photovoltaics will be lower than that of wind power. If we purely consider the cost of wind power and photovoltaics, the above conclusion is not a big problem, but due to the significant homogenization of electricity end users at present, what needs to be compared is the comprehensive cost of the entire society from the perspective of end consumers. From the perspective of power generation characteristics, the system cost of wind power is significantly lower than that of photovoltaics, further enhancing the relative advantages of wind power.