<p>A hybrid modulation algorithm for neutral-point voltage balancing in three-level inverters is proposed. This algorithm combines zero-sequence signal injection with virtual zero-level modulation to suppress neutral-point voltage oscillations. Unlike traditional modulation strategies, the proposed method operates with a dynamically adjusted switching point. This switching point between the two modulation modes is determined by the real-time magnitude of the neutral-point voltage oscillation. By combining the advantages of both modulation methods, the proposed strategy achieves effective neutral-point voltage balancing under any power factor condition. Meanwhile, switching losses are reduced by limiting the use of virtual zero-level modulation. In addition, the proposed method has a simple structure, a low computational burden, and can be implemented on common digital controllers. Comprehensive simulations and experiments are conducted. The results verify the effectiveness of the proposed algorithm in suppressing neutral-point voltage oscillation.</p>