对于广州做出口生意的老板来说，出口退税绝对是降低成本、增加利润的关键，但很多人一提退税就头疼：流程复杂、资 料繁多、政策不懂，不知道自己的产品能不能退、能退多少，甚至因为操作不当，错过退税期限、多跑冤枉路，白白损失 一笔钱。 今天源沅财管就用最通俗的话，把2026年广州出口退税的核心要点讲透新手也能轻松看懂。 一、什么是出口退税？ 简单来说，出口退税就是国家对出口企业的"福利补贴"——你在广州生产、采购的货物，出口到国外时，国家会退还你之 前缴纳的增值税、消费税等税款，帮你降低出口成本，让你的产品在国际市场上更有竞争力。 重点提醒：不是所有出口货物都能退税，也不是退全部税款，核心看2点：一是货物属于退税范围（常见的服装、电子产 品、日用品等大多可退），二是手续齐全、流程合规，这也是很多企业退税失败的主要原因。 二、出口退税，这3个核心问题必看 不用记复杂政策，搞懂这3个问题，就能避开80%的退税坑，快速入门： 1. 哪些企业/货物能退税？ 广州范围内，有进出口经营权、依法办理税务登记的企业（外贸公司、生产型出口企业等），出口的货物符合国家退税政 策（不属于禁止出口、免税货物），都能申请退税；常见可退税货物：服 ...

相关报告：智研咨询发布的《2026-2032年中国税务服务行业竞争现状及投资策略研究报告》 2025年，我国出口退税21337亿元，比上年上涨10.7%，占税收收入的比重为12.1%，占比较上年增加 1.08个百分点。 2020年-2025年我国出口退税收入统计图 数据来源：国家统计局 ...

Group 1 - The stock price of North Glass Holdings (002613) has shown volatility in the past week, with a peak of 4.26 yuan on February 11 and a low of 4.05 yuan on February 5, resulting in a cumulative fluctuation of 2.47% over five days [1] - On February 12, the latest stock price was 4.15 yuan, reflecting a decrease of 0.72% from the previous day, with a net outflow of 5.91 million yuan in main capital on that day [1] - The glass fiber sector has outperformed the broader market, increasing by 3.53% during the same period [1] Group 2 - On February 12, North Glass Holdings announced a guarantee of 25.2 million yuan for its subsidiary Tianjin North Glass, which represents 3.14% of its net assets for 2024 [2] - The photovoltaic glass industry is facing supply-demand imbalance pressures, with a report from Zhuochuang Information indicating that capacity clearance by 2026 may fall short of expectations, and the cancellation of export tax rebates could further impact corporate profitability, posing potential challenges for North Glass Holdings' photovoltaic glass business [2]

氯碱日报 | 2026-02-11 液氯价格进一步下降，烧碱现货小幅调涨 市场要闻与重要数据 PVC: 烧碱库存与开工：液碱工厂库存47.14万吨（-4.89）；片碱工厂库存2.76万吨（+0.05）；烧碱开工率87.80%（+0.10%）。 烧碱下游开工：氧化铝开工率84.06%（-0.71%）；印染华东开工率27.91%（-22.74%）；粘胶短纤开工率88.43% （+0.00%）。 期货价格及基差：PVC主力收盘价4971元/吨（-21）；华东基差-231元/吨（-19）;华南基差-141元/吨（-39）。 现货价格：华东电石法报价4740元/吨（-40）；华南电石法报价4830元/吨（-60）。 上游生产利润：兰炭价格735元/吨（+0）；电石价格2930元/吨（+0）；电石利润52元/吨（+0）；PVC电石法生产毛 利-659元/吨（+86）；PVC乙烯法生产毛利103元/吨（+82）；PVC出口利润11.1美元/吨（+2.3）。 PVC库存与开工：PVC厂内库存28.8万吨（-0.2）；PVC社会库存59.3万吨（+0.8）；PVC电石法开工率80.37%（+0.39%）； PVC乙烯法开工率7 ...

Core Insights - The recent policy adjustment regarding export tax rebates for battery products marks a significant shift in China's battery industry, transitioning from a phase of government support to one driven by market forces [2][3][4] Policy Changes - The Ministry of Finance and the State Taxation Administration announced a phased reduction of the export VAT rebate for battery products, decreasing from 9% to 6% starting April 1, 2026, and eliminating it entirely by January 1, 2027 [2] - This follows a previous reduction from 13% to 9% in November 2024, indicating a tightening of policies as the industry matures [2][4] Industry Maturity - The adjustment reflects the industry's evolution, where leading companies like CATL and BYD have established significant market shares and technological advantages, reducing reliance on export rebates [3][4] - By 2025, the cumulative installed capacity of domestic power batteries is projected to reach 769.7 GWh, a year-on-year increase of 40.4% [3] Competitive Landscape - The removal of export tax rebates is expected to eliminate low-price competition that has been detrimental to industry profitability, pushing companies towards rational competition [4][11] - The current market share of Chinese power batteries stands at 60%, with energy storage batteries at 80%, indicating a transition to a market-driven phase [4] Export Strategies - Companies are responding to the impending cost increases by accelerating production and securing orders before the policy changes take effect [6][7] - The adjustment is prompting a surge in exports as firms seek to mitigate profit pressures and explore new markets [5][8] Long-term Implications - The industry is expected to shift from price competition to value competition, emphasizing technological upgrades and product performance [10][11] - Companies are encouraged to optimize supply chains and explore global production capacities to maintain competitiveness [10][11]

Core Viewpoint - The National Taxation Administration has announced adjustments to the export tax rebate management regulations to enhance the efficiency and convenience of the export tax rebate application process [1] Group 1: Regulatory Adjustments - The announcement consolidates various export tax rebate management regulations into a unified management approach, clarifying matters related to export tax rebate filing, application, and service management [1] - The adjustments aim to standardize export tax rebate management, facilitating better understanding and compliance for taxpayers [1] Group 2: Process Optimization - The revised process allows taxpayers facing challenges, such as incomplete export tax rebate application documents or unfamiliarity with policies, to first handle the filing changes before submitting the export tax rebate application [1] - The export tax rebate application process has been optimized using big data and new technologies to further assist taxpayers in efficiently managing their export tax rebates [1]

Revenue Insights - In 2025, the national general public budget revenue decreased by 1.7% year-on-year, while expenditure increased by 1.0%[5] - Government fund budget revenue fell by 7.0% year-on-year, with expenditure rising by 11.3%[5] - In December 2025, general public budget revenue dropped by 25.0% year-on-year, while expenditure decreased by 1.8%[7] Expenditure Trends - December general public budget expenditure saw a year-on-year decline of 1.8%, an improvement from the previous decline of 3.7%[27] - Expenditure in December increased by over 70% month-on-month, aligning with seasonal trends due to year-end budget execution[27] - Non-living-related expenditures, including infrastructure and cultural projects, contributed to the expenditure increase, while living-related expenditures lagged behind seasonal expectations[27] Tax Revenue Dynamics - Tax revenue in December showed a month-on-month increase of only 0.9%, significantly lower than the historical average increase of 23.9%[16] - Major tax categories, including domestic VAT and consumption tax, experienced negative growth, reflecting economic pressures[19] - The reliance on non-tax revenue increased, with its share in the general public budget revenue rising to approximately 26%[27] Future Outlook and Risks - Tax revenue is expected to have some expansion potential due to new industry drivers and improved export resilience[38] - Risks include potential underperformance of incremental policies and continued weakness in the real estate market, which could further strain local government finances[39]

Core Viewpoint - The company, Funeng Technology (688567.SH), forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -830 million and -580 million yuan, indicating a significant loss due to various operational challenges and market conditions [1] Group 1: Performance Forecast - The expected net profit for 2025 is projected to be between -830 million and -580 million yuan [1] - The performance decline is attributed to the ramp-up phase of two new production bases, which incurs high fixed depreciation costs and has not yet achieved optimal capacity utilization [1] Group 2: Operational Challenges - The company is currently in the process of increasing market penetration and optimizing customer structure, which has short-term impacts on gross margins due to adjustments in customer settlement models and product updates [1] - Increased research and development investments in new products and technologies, such as solid-state batteries, are contributing to the financial strain [1] Group 3: External Factors - A reduction in domestic export tax rebates and increased U.S. tariffs on exports to China are negatively affecting the company's gross margin [1] - The company has adopted a cautious approach by impairing certain inventories and receivables, further impacting financial performance [1]

Group 1: Market News and Key Data PVC - Futures price and basis: The closing price of the PVC main contract was 4,895 yuan/ton (-18), the East China basis was -215 yuan/ton (-2), and the South China basis was -175 yuan/ton (+18) [1] - Spot price: The East China calcium carbide method quoted price was 4,680 yuan/ton (-20), and the South China calcium carbide method quoted price was 4,720 yuan/ton (+0) [1] - Upstream production profit: The semi - coke price was 735 yuan/ton (+0), the calcium carbide price was 2,855 yuan/ton (+0), the calcium carbide profit was -23 yuan/ton (+0), the gross profit of PVC calcium carbide method production was -744 yuan/ton (+55), the gross profit of PVC ethylene method production was 21 yuan/ton (+70), and the PVC export profit was -0.8 US dollars/ton (+5.0) [1] - PVC inventory and operation: The in - factory PVC inventory was 29.0 tons (-1.8), the social PVC inventory was 58.5 tons (+0.8), the operation rate of the PVC calcium carbide method was 79.98% (-0.16%), the operation rate of the PVC ethylene method was 70.61% (-2.43%), and the overall PVC operation rate was 77.13% (-0.85%) [1] - Downstream order situation: The pre - sales volume of production enterprises was 96.0 tons (+7.6) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract was 1,964 yuan/ton (-5), and the basis of 32% liquid caustic soda in Shandong was -95 yuan/ton (+2) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 598 yuan/ton (-1), and the price of 50% liquid caustic soda in Shandong was 1,010 yuan/ton (+0) [1] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 852 yuan/ton (-3), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 411.0 yuan/ton (-3.1), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was -505.96 yuan/ton (-13.13), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 550.29 yuan/ton (+0.00) [2] - Caustic soda inventory and operation: The liquid caustic soda factory inventory was 52.03 tons (+1.07), the flake caustic soda factory inventory was 2.71 tons (-0.08), and the caustic soda operation rate was 87.40% (-0.30%) [2] - Caustic soda downstream operation: The alumina operation rate was 85.18% (-0.65%), the printing and dyeing operation rate in East China was 50.65% (-5.89%), and the viscose staple fiber operation rate was 88.43% (+0.00%) [2] Group 2: Market Analysis PVC - The export tax rebate for PVC was cancelled on April 1st. There was a situation of rushing to export before April, and export orders remained at a high level. The overall supply - demand pattern of the PVC market continued to be weak. The domestic PVC supply was abundant, and there were temporary short - term shutdowns for maintenance in some plants. There were no new maintenance enterprises next week. Downstream operation of some products was flat or declined, and downstream enterprises mainly purchased at low prices. Social inventory increased slightly and was at a high level year - on - year. The upstream chlor - alkali production profit was slightly repaired, but still at a low level year - on - year. The calcium carbide price increased, and the semi - coke price was stable, with both in a loss state. PVC warehouse receipts were at a high level in the same period, and there was still hedging pressure on the futures market. Although the current export rush supported the spot, the export was expected to decline significantly after April, which would further loosen the supply - demand relationship of subsequent contracts. Attention should be paid to enterprise export dynamics and capital dynamics [3] Caustic Soda - The current spot price of caustic soda continued to be weak, and the supply - demand was also weak. The inventory in Shandong continued to increase, but at a slower pace. The overall supply - side operation was at a high level, the liquid caustic soda price declined, and chlor - alkali enterprises had a stronger willingness to support the liquid chlorine price. The price of epichlorohydrin downstream of liquid chlorine was strong this week due to pre - holiday inventory demand from downstream epoxy resin and solvents, which supported the liquid chlorine price. There were few planned maintenance enterprises for caustic soda. The demand - side receiving sentiment was average, the alumina plant operation declined slightly, the unloading efficiency was average, and some alumina plants in Shandong lowered the purchase price of 32% caustic soda. The production progress of alumina in Guangxi was postponed, and the market was pessimistic, resulting in insufficient purchasing power. Non - aluminum industries were gradually entering the seasonal off - season, and export orders remained sluggish. Attention should be paid to downstream receiving sentiment and fluctuations in liquid chlorine downstream devices and capital dynamics [3] Group 3: Strategy PVC - Unilateral: Sideways [4][5] - Inter - delivery spread: Go long on the V05 - 09 spread when it is low [4] - Inter - commodity spread: None [4][5] Caustic Soda - Unilateral: Sideways [5] - Inter - delivery spread: Wait and see [5] - Inter - commodity spread: None [5]

1. Report Industry Investment Ratings - **Macro Finance**: Long - term bullish on stock indices, suggesting buying on dips; government bonds are expected to move in a range [1] - **Black Building Materials**: Short - term trading for coking coal, range trading for rebar, and waiting and seeing for glass [1] - **Non - ferrous Metals**: Waiting and seeing or holding long positions in small quantities for copper; strengthening observation for aluminum; waiting and seeing for nickel; range trading or taking profit on previous long positions for tin; range trading for gold; bullish movement for silver; range - bound oscillation for lithium carbonate [1] - **Energy and Chemicals**: Range trading for PVC, caustic soda and soda ash for the time being, range trading for styrene, rubber, urea, and methanol; weak oscillation for polyolefins [1] - **Cotton Textile Industry Chain**: Oscillatory adjustment for cotton and cotton yarn, oscillatory movement for apples and jujubes [1] - **Agriculture and Animal Husbandry**: Opportunities for short - selling on rebounds for hogs; hedging post - festival contracts on rallies for eggs; being cautious about chasing highs and waiting for rebounds to hedge for corn; bearish on rallies for soybean meal; bullish oscillation for three major oils [1] 2. Core Views of the Report The report provides trading suggestions for various futures products based on their current market conditions, including macro - economic factors, supply - demand relationships, and cost factors. It also emphasizes the importance of paying attention to policy changes, inventory levels, and external market factors [1][5][7] 3. Summaries According to Relevant Catalogs Macro Finance - **Stock Indices**: Medium - to long - term bullish, suggesting buying on dips. Market is volatile due to factors such as the Fed's interest - rate decision, China's industrial profit data, and consumer spending intentions [5] - **Government Bonds**: Expected to move in a range. There is no significant negative news in the bond market, but there is limited downward space for bond yields without more capital inflows [5] Black Building Materials - **Coking Coal**: Short - term trading. The coal market shows short - term fluctuations, but the price increase may not be sustainable due to factors like weak downstream demand and stable supply [7] - **Rebar**: Range trading. The futures price is slightly higher than the valley - electricity cost of electric furnaces and lower than the flat - electricity cost. There is no significant supply - demand contradiction in the short term [7] - **Glass**: Waiting and seeing. The supply is stable, the market speculative demand is weak, and the downstream inventory is high. The price is expected to oscillate between 1050 - 1070 [8] Non - ferrous Metals - **Copper**: High - level oscillation. Macro factors provide support, but the fundamentals are weak. It is recommended to wait and see or hold long positions in small quantities, and beware of the risk of a pullback before the Spring Festival [9] - **Aluminum**: High - level oscillation. The supply of bauxite and alumina is relatively stable, and the demand is entering the off - season. It is recommended to strengthen observation [11] - **Nickel**: Oscillatory movement. The reduction of Indonesian nickel ore quotas has boosted the price, but the fundamentals are weak. It is recommended to wait and see [13] - **Tin**: Oscillatory movement. The supply of tin concentrate is tight, and the downstream demand is mainly for rigid procurement. It is recommended for range trading or taking profit on previous long positions [13] - **Silver**: Bullish movement. Geopolitical tensions and changes in the Fed's leadership expectations have pushed up the price. It is recommended to hold long positions and be cautious about new positions [15] - **Gold**: Range trading. Similar to silver, geopolitical and Fed - related factors have led to a higher price center. It is recommended for range trading and be cautious about chasing highs [15] - **Lithium Carbonate**: Range - bound oscillation. The supply is affected by mine production, and the demand from the energy - storage terminal is good. The price is expected to be bullish [17] Energy and Chemicals - **PVC**: The bottom may have been reached. The supply is high, the demand is weak, but the valuation is low. It is recommended for long - term low - buying and positive spread trading [17] - **Caustic Soda**: Low - level oscillation. The demand is weak, and the supply pressure is high. It is recommended to wait and see [19] - **Styrene**: Oscillatory movement. The price has rebounded due to export growth and device maintenance, but the valuation is high. It is recommended to be cautious about chasing highs [19] - **Rubber**: Oscillatory movement. The supply is shrinking, but the inventory pressure remains. The price is in a state of multi - empty tug - of - war [20] - **Urea**: Oscillatory movement. The supply is increasing, the demand from compound fertilizers is rising, and the inventory is at a low level. The price is expected to oscillate between 1730 - 1830 [21] - **Methanol**: Oscillatory movement. The supply is decreasing, the demand from methanol - to - olefins is weakening, and the traditional downstream demand is also weak [23] - **Polyolefins**: Weak oscillation. The supply is increasing, the demand from PE downstream is declining, and the price is expected to be weak with limited upside [24] - **Soda Ash**: Waiting and seeing. The supply is in excess, but the cost support is strong. It is recommended to leave the market temporarily [24] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Oscillatory adjustment. The global cotton supply - demand situation has changed, and the internal - external price difference has put pressure on the domestic market. It is recommended to be cautious in the short term and optimistic in the long term [24] - **Apples**: Oscillatory movement. The packaging and shipping in the production areas have accelerated slightly, but the overall market is still weak [26] - **Jujubes**: Oscillatory movement. The purchase price of Xinjiang gray jujubes in the 2025 production season is in a certain range, and the acquisition is based on quality [26] Agriculture and Animal Husbandry - **Hogs**: Bottom - building oscillation. In the short term, the price is restricted by supply - demand game. It is recommended to short on rebounds for off - season contracts. In the long term, be cautious about being bullish due to high - level production capacity and cost reduction [28] - **Eggs**: Rebound from a low level. The current valuation is high, and it is recommended to hedge post - festival contracts on rallies. Also, consider hedging the 05 and 06 contracts due to the possible post - poned supply pressure [30] - **Corn**: Limited upside. In the short term, the supply - demand is balanced, and it is recommended to be cautious about chasing highs. In the long term, the supply - demand situation is relatively loose, restricting the price increase [32] - **Soybean Meal**: Low - level oscillation. The short - term support for the M2603 contract is at 3000 - 3030, and the pressure for the far - month 05 contract is at 2800 - 2850. It is recommended to be bearish on rallies [32] - **Oils**: Bullish oscillation. The three major oils are expected to move strongly. It is recommended to buy on dips and hold previous long positions [38]