The photovoltaic market is迎来 a major policy adjustment. Relevant departments announced that starting from April 1, 2026, the export VAT rebate for products such as photovoltaics will be canceled. This change seems abrupt—the previous export VAT rebate rate for photovoltaic products was 13%, and it was only adjusted to 9% last November. Now, it is directly reduced to 0%.

The short-term impact should not be underestimated. Without the support of rebates, the cost structure of photovoltaic companies will change accordingly, and their performance will inevitably face pressure. Manufacturers that rely heavily on exports will lose between 1 billion to 2 billion in rebate income. Next week, the stock prices of the photovoltaic sector are expected to be quite volatile.

However, there are opportunities hidden within this. Canceling export rebates essentially promotes market-oriented competition within the industry. Previously, companies relied on government subsidies to engage in price wars overseas. Without this protection, weaker players with less resilience will naturally exit. Leading companies that survive will gain breathing room—market share will concentrate among top players, and their bargaining power overseas will also increase.

From another perspective, the pricing power of remaining large manufacturers in the international market will significantly strengthen. They will no longer need to rely on rebates to maintain competitiveness and can instead raise prices to improve profit margins. This is of great significance for increasing the added value of products exported by domestic manufacturing.

Overall, the fundamentals of photovoltaic industry leaders are at a critical point of long-term reversal. Although the market clearing process may be painful in the short term, it will ultimately create a group of more competitive leading enterprises.