两部门：调整光伏等产品出口退税政策！光伏ETF(159857)标的指数强势涨近3%，冲击六连阳！

Core Viewpoint - The cancellation of the VAT export tax rebate for photovoltaic products starting April 1, 2026, is expected to impact the industry significantly, particularly affecting the cost structure and competitive pricing of companies in the sector [2][3]. Group 1: Market Performance - As of January 12, 2026, the photovoltaic ETF (159857) saw a turnover of 9.74% with a transaction volume of 217 million yuan, while the tracked CSI Photovoltaic Industry Index (931151) surged nearly 3%, marking a six-day winning streak [1]. - Key component stocks such as Dongfang Risheng, Jiejia Weichuang, and Maiwei Co. experienced notable increases of 17.26%, 13.15%, and 11.36% respectively, with other companies like Trina Solar and Aotwei also showing upward trends [1]. Group 2: Policy Changes - The Ministry of Finance and the State Taxation Administration announced the cancellation of the VAT export tax rebate for photovoltaic products effective April 1, 2026, and a reduction of the VAT export tax rebate rate for battery products from 9% to 6% until the end of 2026, with a complete cancellation starting January 1, 2027 [2]. Group 3: Industry Impact - The cancellation of the export tax rebate is expected to increase direct costs for companies and reduce their price competitiveness, leading to a potential renegotiation of export prices by Chinese firms [3]. - Analysts predict that the removal of the rebate will accelerate the elimination of outdated production capacity in the domestic market, allowing leading and technologically advanced companies to gain market share [3]. - Zhongyin Securities noted that ongoing "anti-involution" policies in the photovoltaic industry are likely to stabilize upstream prices and enhance profit recovery expectations, particularly benefiting the silicon material segment [3].