魏(wei)郝然 先生，華能(neng)天成(cheng)融資(zi)租賃(lin)有限公司光(guang)伏(fu)金融業務部負(fu)責人(ren)

魏郝(hao)然基于詳實(shi)(shi)的(de)(de)(de)數據分析，魏郝(hao)然指出，2021-2024年(nian)國內(nei)光(guang)(guang)伏(fu)(fu)(fu)電站平均投資(zi)(zi)(zi)(zi)(zi)(zi)收(shou)益(yi)率(lv)維(wei)(wei)持在(zai)4.6%水(shui)平，但預(yu)計2025-2030年(nian)將(jiang)呈(cheng)現明(ming)顯下行(xing)(xing)(xing)(xing)趨(qu)勢，逐(zhu)步接近公共事業(ye)(ye)(ye)行(xing)(xing)(xing)(xing)業(ye)(ye)(ye)3.2%的(de)(de)(de)平均資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)(chan)收(shou)益(yi)率(lv)。這一(yi)趨(qu)勢背(bei)后反(fan)映出兩個核(he)心矛(mao)盾：一(yi)是(shi)(shi)新(xin)能(neng)源裝機增速（2023年(nian)同比增長(chang)(chang)55%）與(yu)新(xin)型電力系統建(jian)設進度（同期(qi)(qi)(qi)(qi)電網投資(zi)(zi)(zi)(zi)(zi)(zi)僅增長(chang)(chang)12%）的(de)(de)(de)嚴重不(bu)(bu)匹(pi)配；二(er)是(shi)(shi)全產(chan)(chan)業(ye)(ye)(ye)鏈產(chan)(chan)能(neng)過(guo)剩（2023年(nian)硅片、組(zu)件產(chan)(chan)能(neng)利(li)用率(lv)不(bu)(bu)足60%）帶來的(de)(de)(de)價(jia)格壓力。面(mian)對行(xing)(xing)(xing)(xing)業(ye)(ye)(ye)周(zhou)期(qi)(qi)(qi)(qi)性調整，魏郝(hao)然提(ti)(ti)出"產(chan)(chan)業(ye)(ye)(ye)金融(rong)(rong)三維(wei)(wei)賦(fu)能(neng)"解決方(fang)案：通過(guo)智(zhi)慧運維(wei)(wei)可(ke)(ke)使電站發電效率(lv)提(ti)(ti)升(sheng)8%-15%，電力交(jiao)易策(ce)略(lve)優化(hua)可(ke)(ke)增加收(shou)益(yi)5%-8%，多資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)(chan)組(zu)合配置能(neng)降低波動率(lv)3-5個百(bai)分點。作為(wei)華能(neng)集(ji)團旗下專業(ye)(ye)(ye)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)平臺，天成(cheng)(cheng)租賃已累計為(wei)超(chao)過(guo)12GW光(guang)(guang)伏(fu)(fu)(fu)項(xiang)(xiang)目提(ti)(ti)供差異化(hua)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)服務，其(qi)中分布(bu)式(shi)項(xiang)(xiang)目融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)成(cheng)(cheng)本(ben)較行(xing)(xing)(xing)(xing)業(ye)(ye)(ye)平均低80BP。在(zai)創新(xin)實(shi)(shi)踐方(fang)面(mian)，通過(guo)"電站資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)(chan)包證(zheng)(zheng)券化(hua)"模(mo)式(shi)成(cheng)(cheng)功將(jiang)持有期(qi)(qi)(qi)(qi)收(shou)益(yi)率(lv)穩定在(zai)5.2%，較單體項(xiang)(xiang)目提(ti)(ti)升(sheng)1.6個百(bai)分點。魏郝(hao)然強調，產(chan)(chan)業(ye)(ye)(ye)金融(rong)(rong)的(de)(de)(de)核(he)心價(jia)值(zhi)(zhi)在(zai)于通過(guo)資(zi)(zi)(zi)(zi)(zi)(zi)本(ben)紐帶連接技術創新(xin)與(yu)商業(ye)(ye)(ye)模(mo)式(shi)創新(xin)，在(zai)收(shou)益(yi)率(lv)下行(xing)(xing)(xing)(xing)周(zhou)期(qi)(qi)(qi)(qi)中構(gou)建(jian)"融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)-建(jian)設-運營(ying)-退(tui)出"的(de)(de)(de)全周(zhou)期(qi)(qi)(qi)(qi)價(jia)值(zhi)(zhi)管(guan)理體系，這既(ji)是(shi)(shi)應(ying)對當前(qian)行(xing)(xing)(xing)(xing)業(ye)(ye)(ye)挑戰的(de)(de)(de)破局之(zhi)道，更是(shi)(shi)實(shi)(shi)現光(guang)(guang)伏(fu)(fu)(fu)產(chan)(chan)業(ye)(ye)(ye)高質量發展(zhan)的(de)(de)(de)關鍵支撐。數據顯示，采用產(chan)(chan)融(rong)(rong)結(jie)合模(mo)式(shi)的(de)(de)(de)光(guang)(guang)伏(fu)(fu)(fu)項(xiang)(xiang)目，其(qi)IRR（內(nei)部收(shou)益(yi)率(lv)）可(ke)(ke)比傳統模(mo)式(shi)提(ti)(ti)高1.2-1.8個百(bai)分點，資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)(chan)周(zhou)轉(zhuan)率(lv)提(ti)(ti)升(sheng)40%，充分驗(yan)證(zheng)(zheng)了金融(rong)(rong)工(gong)具(ju)在(zai)平滑行(xing)(xing)(xing)(xing)業(ye)(ye)(ye)周(zhou)期(qi)(qi)(qi)(qi)波動中的(de)(de)(de)戰略(lve)價(jia)值(zhi)(zhi)。