The photovoltaic industry has recently experienced significant policy changes, and the market is undergoing a new round of adjustment.

First is the regulatory action on January 6. The market supervision department held talks with the Photovoltaic Association and some leading enterprises, informing them of the risk issues related to polysilicon price coordination. The relevant departments required these companies to review existing agreements and develop clear rectification plans. Specifically, agreements should not include provisions on capacity, capacity utilization rate, production and sales volume, or sales prices; no market division, production quota allocation, or profit sharing should be conducted through investment ratios; and there should be no communication or coordination on prices, costs, or production and sales volumes. This effectively negates some previous coordination measures. Subsequently, polysilicon futures declined sharply, weakening for two consecutive trading days.

Second is the updated policy signal. Starting from April 1, 2026, the export VAT rebate for products such as photovoltaics will be canceled. This is undoubtedly a blow to companies already facing cost pressures. In the long term, this adjustment will help promote industry淘汰 and encourage stronger companies to stand out; however, in the short term, it will inevitably impact the market. The previously supported low-price export model through subsidies is being re-evaluated. This adjustment, in a sense, corrects previous policies. Although short-term pain is unavoidable, it is beneficial for the industry’s long-term healthy development.

These two changes, especially the first, are altering market expectations for the photovoltaic industry. The development logic based on industry association measures is being broken, which is an area where market participants need to reassess. Market participants should continue to monitor new policy developments, adjust strategies flexibly, and implement risk prevention measures, including appropriate position management and risk settings.