"退税取消推高了出口成本，企业将压力转嫁至产品价格。海外买家也希望以更低价格采购产品，为规 避4月份以后成本增加，纷纷提前下单，导致本应进入检修的行业生产线全面开工。"一家光伏上市公司 业务负责人对第一财经记者说："一季度本来是需求淡季，现在因为这个（退税取消），成为小旺季。" 本应进入检修的行业生产线，正在全面开工。 政策调整是这一轮光伏需求行情的主要催化剂。财政部和国家税务总局日前宣布，自2026年4月1日起， 国内将取消光伏产品的增值税出口退税。政策转向标志着光伏行业进入"无退税补贴"阶段，也意味着出 口光伏产品的成本将有所上升，海外采购商纷纷抢在政策生效前锁定订单，推高了一季度的出口需求。 每年的一季度，对光伏产业而言本该是传统的检修季与需求淡季。然而，今年的情况却有些不同。 1月12日，深度博弈抢出口现象，直面终端需求的光伏组件迎来大涨，东方日升（300118.SZ）盘中一度 涨停，收盘涨超14%，创2023年9月以来新高，天合光能（688599.SH）涨逾8%，隆基绿能 （601012.SH）涨逾4%。 与此同时，盘面资金也对硅料联盟反垄断进行作出反应，使得光伏产业链表现分化，上游硅料环节呈现 出 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the photovoltaic sector [2][7]. Core Insights - The cancellation of the export VAT rebate for photovoltaic products, effective from April 1, 2026, marks the end of over a decade of direct fiscal support for photovoltaic exports, potentially leading the industry towards high-quality development [1][2]. - A "window period" is expected to create a surge in export orders and production increases in Q1 2026, improving the performance of companies heavily reliant on exports [2]. - Following the end of the export rebate, overseas pricing for photovoltaic components is anticipated to rise, benefiting leading companies with strong brand and channel advantages [2]. - The cancellation of the rebate is seen as a response to the industry's call to reduce low-price competition, which may accelerate the exit of inefficient production capacities and allow leading firms to gain market share [2]. - Companies with overseas production capabilities and local market presence are expected to benefit from the reduced cost disadvantage of local manufacturing [2]. Summary by Sections Policy Impact - The export VAT rebate for photovoltaic products will be eliminated, transitioning the industry towards a more sustainable growth model [1][2]. Market Dynamics - A surge in orders and production is expected in Q1 2026 due to the impending policy change, similar to previous "rush to install" phenomena [2]. - The end of the rebate is likely to lead to a reevaluation of overseas component prices, with stronger pricing power for top-tier companies [2]. Competitive Landscape - The cancellation of the rebate is anticipated to facilitate the exit of low-efficiency production capacities, allowing leading companies to enhance their market share through technological and brand advantages [2]. - Companies with advanced technologies and cost advantages, such as those focusing on TOPCon/BC technologies and silicon material upgrades, are highlighted as potential investment opportunities [2]. Valuation of Key Companies - A table of key companies with their respective valuations and projected earnings for 2025-2027 is provided, indicating varying levels of profitability and market performance [3].

Investment Rating - The report rates the photovoltaic industry as "Overweight," indicating that the industry is expected to outperform the overall market [2]. Core Insights - The cancellation of the export VAT rebate for photovoltaic products, effective April 1, 2026, marks the end of over a decade of direct fiscal support for photovoltaic exports, potentially leading the industry into a phase of high-quality development [1]. - A "window period" is anticipated, leading to increased overseas orders and production ramp-up in Q1 2026, similar to previous phases of accelerated installations, which is expected to improve the performance of export-oriented photovoltaic companies [2]. - After the policy window closes, overseas component prices are likely to be renegotiated, as China, being the largest exporter of photovoltaic components, will have stronger pricing power due to the cancellation of the rebate, which is expected to lead to price increases [2]. - The cancellation of the export rebate is seen as a response to the call for reducing low-price competition in the photovoltaic industry, which will accelerate the exit of inefficient production capacities and reshape the market landscape [2]. - Companies with overseas production capacity and strong brand/channel advantages are expected to benefit from the narrowing cost disadvantage of local manufacturing, particularly in regions like the Middle East and North Africa [2]. Summary by Relevant Sections Industry Outlook - The cancellation of the export VAT rebate is expected to enhance the industry's quality of development and reduce fiscal funds being transferred to overseas terminals [2]. - The report suggests that leading companies with technological advantages (TOPCon/BC), strong brands, and distribution channels will continue to gain market share [2]. Investment Recommendations - The report recommends focusing on leading companies with overseas production capabilities, such as Longi Green Energy, JinkoSolar, Trina Solar, and others, which are expected to benefit from the "price adjustment and capacity exit" [2]. - Companies that are advancing new technologies and material upgrades, such as Aiko Solar and Dongfang Risheng, are also highlighted for their potential to enhance product efficiency and pricing power [2]. - Cost-advantaged silicon material companies like Tongwei Co. and Daqo New Energy are recommended for investment consideration [2]. Valuation Table - A valuation table is provided, detailing the estimated net profits and price-to-earnings (PE) ratios for key companies in the industry, indicating varying performance expectations for 2025 to 2027 [3].

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The space photovoltaic sector is gaining attention as leading companies increase investment in perovskite solar cell research and industrialization, which is expected to open new application scenarios for photovoltaics [6][7] - The deep-sea wind power project in Shandong has received approval, marking significant progress in the development of offshore wind energy, with expectations for substantial growth in this sector [6][11] - The energy storage and hydrogen sectors are seeing regulatory efforts to standardize competition, aiming to improve market order and sustainability [7] Summary by Sections Wind Power - The Shandong deep-sea wind power project has been approved, with a total capacity of 3000MW, utilizing 214 wind turbines of 14MW each [11] - The wind power index increased by 10.39%, outperforming the CSI 300 index by 7.60 percentage points, with a current PE_TTM of approximately 27.30 times [12] - The approval of the project indicates a significant advancement in offshore wind energy, supported by technological maturity and favorable policies [11] Photovoltaics - The space photovoltaic concept is gaining traction, with companies focusing on perovskite solar cells due to their lightweight and high-efficiency characteristics, which are suitable for space applications [6] - The photovoltaic equipment index rose by 3.86%, with the solar cell component index increasing by 5.82% [5] - The current PE_TTM for the photovoltaic sector is around 47.28 times, indicating strong market interest [5] Energy Storage & Hydrogen - A meeting held by various government bodies highlighted the rapid development of the energy storage and hydrogen battery industries, emphasizing the need for regulatory measures to curb irrational competition [7] - The energy storage index increased by 5.74%, with a current PE_TTM of 31.06 times, reflecting a healthy market outlook [5] - Recommendations for investment include companies with strong competitive positions in energy storage and distributed energy sectors [7]

Group 1 - Longi Green Energy's stock price decreased by 2.02% on January 9, with a trading volume of 4.23 billion yuan. The net financing buy was -47.36 million yuan, indicating a higher level of financing activity compared to the previous year [1] - As of January 9, the total balance of margin trading for Longi Green Energy was 5.657 billion yuan, with a financing balance of 5.645 billion yuan, accounting for 4.05% of the circulating market value, which is above the 90th percentile of the past year [1] - The company primarily engages in the research, production, and sales of monocrystalline silicon rods, wafers, cells, and modules, with 93.51% of its revenue coming from photovoltaic product sales [1] Group 2 - As of December 19, the number of shareholders for Longi Green Energy was 821,800, a decrease of 0.84%, while the average circulating shares per person increased by 0.85% to 9,220 shares [2] - For the period from January to September 2025, Longi Green Energy reported a revenue of 50.915 billion yuan, a year-on-year decrease of 13.10%, and a net profit attributable to shareholders of -3.403 billion yuan, an increase of 47.68% year-on-year [2] - The company has distributed a total of 9.271 billion yuan in dividends since its A-share listing, with 4.32 billion yuan distributed over the past three years [2]

Core Viewpoint - The cancellation of the export VAT rebate for photovoltaic products marks the end of the "rebate subsidy era," significantly impacting component manufacturers and potentially leading to a surge in exports before the policy takes effect [1][3][5]. Policy Changes - The Ministry of Finance and the State Taxation Administration announced the cancellation of the export VAT rebate for photovoltaic products effective April 1, 2026, with a reduction in the rebate rate for battery products from 9% to 6% until the end of 2026 [3][4]. - The announcement includes a list of 249 products related to photovoltaic and 22 battery products affected by the policy change [4]. Industry Impact - The cancellation of the export VAT rebate is expected to have a significant impact on component manufacturers, with predictions of a "rush to export" before the policy takes effect [5][6]. - Major manufacturers such as JinkoSolar, Trina Solar, JA Solar, and LONGi Green Energy reported substantial losses in the first three quarters of 2025, with JinkoSolar's overseas revenue exceeding 60% of its total revenue [5][6]. Market Dynamics - The Chinese Photovoltaic Industry Association indicated that the adjustment of export VAT rebates could help stabilize overseas market prices, which have been declining due to fierce competition [4][10]. - The industry is experiencing a shift from "price competition" to "value competition," as companies will need to focus on technological upgrades and high-value segments to maintain competitiveness [10][11]. Regulatory Environment - Recent meetings involving the China Photovoltaic Industry Association and leading polysilicon companies addressed concerns about monopolistic practices and market regulation, indicating a tightening regulatory environment [8][9]. - The cancellation of export rebates and potential changes in the polysilicon storage plan are seen as part of a broader effort to combat "internal competition" within the industry [10].

Core Insights - The development of space computing power is heavily reliant on energy supply solutions, particularly in the harsh environment of space where traditional photovoltaic technologies face significant challenges [1][2] - Perovskite solar technology is emerging as a promising alternative due to its high conversion efficiency, lightweight characteristics, and potential for radiation resistance, making it suitable for space applications [3][4] Group 1: Perovskite Solar Technology Advantages - Perovskite materials can achieve a theoretical light-to-electricity conversion efficiency of around 45%, providing a competitive edge over existing technologies [3] - The lightweight nature of flexible perovskite films, weighing only 1% of traditional silicon, can significantly reduce launch costs and allow for larger energy systems on satellites [3][4] - Enhanced performance in radiation environments positions perovskite batteries as a viable option for long-term space missions [3][11] Group 2: Industry Developments and Collaborations - Companies like Aerospace Hongtu and Wuxi Zhongneng are forming strategic partnerships to advance perovskite technology for space applications, focusing on research, on-orbit validation, and industrial collaboration [5][6] - Longi Green Energy has established a space energy laboratory to explore the feasibility of solar energy technologies in extreme conditions, aiming to develop lightweight components and improve perovskite technology [8] - The industry is witnessing a shift towards commercialization, with expectations for perovskite technology to support various space applications, including satellite power systems and deep space exploration [9][10] Group 3: Future Market Potential - The advancement of space computing and commercial aerospace is expected to open new markets for the photovoltaic industry, with perovskite technology potentially expanding beyond satellites to include space stations and in-orbit manufacturing [9] - The market for perovskite-silicon tandem solar cells is projected to see significant growth, driven by government policies and capital focused on industrialization [10] - As technology matures, perovskite solar cells are anticipated to play a crucial role in the future space economy, supporting energy needs for various space-based applications [11]

可以看出，若不能提高光伏产品价格以弥补出口退税政策调整的影响，光伏厂商业绩或将受到冲击。 据了解，2025年上半年，晶科能源海外业务占比超六成。其表示，公司凭借前瞻性的全球布局战略，不 仅深耕海外传统光伏市场，更敏锐捕捉海外高增长市场，实现2025年上半年逾六成的海外出货。公司在 日本光伏组件市场多年保持出货冠军，在沙特地区的市场份额大幅高于同业，在中东、东南亚、拉美区 域的多个光伏新兴市场实现市占率领跑。2025年上半年，公司在巴基斯坦的组件出货量便已达到2024年 全年的出货水平。 2025年上半年，晶科能源应收出口退税款期末账面价值为9.13亿元。 同期，天合光能境外业务收入为147.67亿元，占营收比例约为48%。2025年上半年，天合光能应收增值 税出口退税期初账面价值为0.21亿元。关于期末账面价值，天合光能并未列明。 晶澳科技境外业务占比同样接近五成。据2025年半年报，其境外业务收入118.42亿元，占比约为 49.54%。2025年上半年，晶澳科技应收出口退税款期初账面价值为0.18亿元，期末账面价值为0.25亿 元。 同期，隆基绿能光伏产品分部中，境外业务收入为123.68亿元，占光伏产品 ...

Group 1 - The core point of the article is that Longi Green Energy Technology Co., Ltd. has reduced its stake in Zhongjing Technology by selling 80,000 shares, which represents 0.06% of the total share capital [2] Group 2 - The announcement was made on January 9, indicating the transaction occurred on January 8, 2026 [2] - The reduction in shares was executed through centralized trading on the stock exchange [2]

Market Overview - The Shanghai Composite Index rose by 0.92% on January 9, with 29 out of the sectors in the Shenwan classification experiencing gains, led by the media and comprehensive sectors, which increased by 5.31% and 3.60% respectively [2] - The power equipment sector saw a modest increase of 0.69%, while the banking and non-bank financial sectors faced declines of 0.44% and 0.20% respectively [2] Capital Flow Analysis - The main capital flow showed a net outflow of 24.126 billion yuan across the two markets, with 8 sectors experiencing net inflows. The media sector led with a net inflow of 9.703 billion yuan, followed by the non-ferrous metals sector with a 2.78% increase and a net inflow of 4.552 billion yuan [2] - A total of 23 sectors experienced net outflows, with the electronics sector leading the outflow at 9.149 billion yuan, followed closely by the power equipment sector with an outflow of 8.936 billion yuan [2] Power Equipment Sector Performance - Within the power equipment sector, 365 stocks were tracked, with 228 stocks rising and 128 stocks declining. Four stocks hit the daily limit up [3] - The top three stocks with significant net inflows included Mingyang Smart Energy with a net inflow of 398 million yuan, followed by Xian Dao Intelligent and Hai Lu Heavy Industry with inflows of 396 million yuan and 366 million yuan respectively [3] - Conversely, the stocks with the highest net outflows included Sunshine Power with an outflow of 789 million yuan, Huazhong Cable with 746 million yuan, and Far East Holdings with 546 million yuan [5] Notable Stocks in Power Equipment Sector - The top gainers in the power equipment sector included: - Mingyang Smart Energy: +6.81%, turnover rate 10.35%, net inflow 398.49 million yuan - Xian Dao Intelligent: +2.44%, turnover rate 7.85%, net inflow 395.67 million yuan - Hai Lu Heavy Industry: +7.80%, turnover rate 31.55%, net inflow 365.60 million yuan [4] - The stocks with the largest capital outflows included: - Sunshine Power: -1.11%, turnover rate 3.78%, net outflow -788.91 million yuan - Huazhong Cable: +2.08%, turnover rate 56.20%, net outflow -745.81 million yuan - Far East Holdings: -3.30%, turnover rate 16.49%, net outflow -546.58 million yuan [5]