Jing Ji Guan Cha Wang·2026-02-11 14:25Core Viewpoint - Daqo New Energy (DQ.US / A-share code: 688303) is facing multiple significant events in 2026, including policy adjustments, performance disclosures, regulatory follow-ups, company buybacks, and industry consolidation [1] Industry Policy and Environment - Starting from April 1, 2026, China will eliminate the value-added tax export rebate for photovoltaic products, aiming to drive high-quality development in the industry, which may impact the export business and competitive environment for companies like Daqo New Energy [2] Performance and Operating Conditions - On January 17, 2026, the company announced a forecast for its 2025 annual performance, expecting a net loss between 1 billion to 1.3 billion yuan, a significant narrowing compared to 2024, but the officially audited annual report has yet to be disclosed, with expectations for it to be published within 2026 [3] Regulatory Situation - In early January 2026, the State Administration for Market Regulation held discussions with the photovoltaic industry association and leading companies, including Daqo New Energy, regarding monopoly risk rectification requirements, with ongoing compliance progress likely to attract market attention [4] Company Status - The company has approved a stock buyback plan of 100 million USD, authorized until the end of 2026, aimed at boosting market confidence, with specific execution details to be monitored in future announcements [5] Industry Status - A multi-crystalline silicon capacity consolidation platform, rumored in December 2025, has been established, with shareholders including Daqo and other companies, and its operational progress in 2026 may alter the supply-demand dynamics in the industry [6]