农药原药出口退税取消，行业结构升级加速推进

Group 1 - The Ministry of Finance and the State Taxation Administration announced the cancellation of export tax rebates for certain products, including various pesticide raw materials, effective April 1, 2026 [1] - The overall pesticide raw material market is under pressure, with the Zhongnong Lihua raw material price index at 70.94 points, a year-on-year decline of 2.67% [1] - The demand for glufosinate-ammonium is relatively strong, with production in China expected to grow from 18,300 tons in 2020 to 120,400 tons by 2025, an increase of 658.38% [1] Group 2 - The adjustment of the export tax rebate policy is expected to encourage the industry to extend into deep processing of formulations, as the export value of pesticide formulations surpassed that of raw materials for the first time in 2024, reaching 61.36 billion yuan, accounting for 54.12% [1] - In the short term, there may be a "rush to export" as overseas clients place orders ahead of the cost increase, supported by domestic spring farming demand, potentially leading to a temporary price increase for related products [1] - In the medium to long term, the industry is expected to undergo structural reshaping, with resources likely concentrating on leading companies with advanced technology and complete formulation supply chains [2]