Next week focus: The countdown to the abolition of photovoltaic export tax rebates begins. These investment opportunities are the most reliable.

[Breaking News]

March PMI Data to Be Released

On March 31, the March PMI data will be released. According to data released by the National Bureau of Statistics, in February, the manufacturing PMI was 49.0%, a decrease of 0.3 percentage points from the previous month; the non-manufacturing business activity index was 49.5%, an increase of 0.1 percentage points from the previous month; the composite PMI output index was 49.5%, a decrease of 0.3 percentage points from the previous month.

From April 1, Export Tax Rebates for Photovoltaic Products Will Be Completely Canceled

According to an announcement from the Ministry of Finance and the State Administration of Taxation, starting from April 1, 2026, the value-added tax export rebate for photovoltaic products will be canceled. Since 2013, China has implemented an export rebate policy for the photovoltaic industry, effectively helping companies reduce costs and enhance international competitiveness during the industry cultivation phase. It is understood that the phased withdrawal of the export tax rebate policy for the photovoltaic industry began at the end of 2024, with the national rebate rate lowered from 13% to 9%. The cancellation of the rebate was anticipated by the industry.

Industry analysis suggests that canceling the export tax rebate will apply short-term pressure on exporting companies, accelerating their inherent motivation for global capacity layout, thus promoting the Chinese photovoltaic industry to shift towards a “technology pricing” high-quality development track. In the future, the penetration speed of advanced technology routes such as TOPCon 3.0, BC, and perovskite will accelerate, leading the industry into a new development phase driven by technology.

Semiconductor Manufacturers to Raise Prices on Certain Products Starting April 1

The global semiconductor industry is brewing a new wave of price increases. Texas Instruments, NXP, and Infineon have recently issued price adjustment notices to customers, announcing that they will raise prices on certain products starting April 1. Among them, some products from Texas Instruments may see price increases of up to 85%. Infineon’s mainstream product price increases are expected to fall between 5% and 15%, while some high-end products may see even higher adjustments.

Fuel Surcharge on Domestic Routes to Be Increased Starting April 5

Spring Airlines previously announced that starting from April 5, 2026 (including that date), the fuel surcharge on tickets sold for domestic flights in China will be increased, with specific adjustment details to be notified later.

So far, Air China, China Southern Airlines, and China Eastern Airlines have not issued notices regarding the fuel surcharge increase, but the industry generally believes that other airlines will follow suit, leading to an industry-wide price adjustment trend.

Nearly 29.3 Billion Yuan of Market Value Will Be Unlocked Next Week

Wind data shows that next week (from March 30 to April 3), a total of 28 restricted stocks will be unlocked. Based on the latest closing prices, the total market value of the unlocked shares is nearly 29.3 billion yuan.

In terms of unlocked market value, the top three companies are: Hongrida (10.846 billion yuan), Wanrun New Energy (4.898 billion yuan), and Shouhang New Energy (2.911 billion yuan). In terms of the number of shares to be unlocked, the top three are: Gongxiao Daji (380 million shares), China Unicom (224 million shares), and Hongrida (128 million shares).

[New Stock Opportunities]

Three New Stocks to Be Issued Next Week

Wind data shows that next week (from March 30 to April 3), three new stocks will be issued, including Saiying Electronics and Yuyuan Composite on March 30, and Dapu Micro on April 3.

(Source: Yicai)