Zhejiang photovoltaic industry is about to usher in a life-and-death race from "policy blood transfusion" to "market hematopoiesis.
on March 29, the countdown to the implementation of announcement no 2 of 2026 by the Ministry of finance and the state administration of taxation came to an end. The policy released on January 8 and reiterated again on March 24 is clear:
from April 1, the export tax rebate for 249 photovoltaic products such as silicon, silicon wafers, batteries, modules and inverters will be completely canceled (the original 9% → 0%); The battery tax rebate rate was reduced to 6% from April 1 to December 31 and completely cleared from January 1, 2027.
This means that Zhejiang, as a "heavyweight player" in the country's photovoltaic exports, will reduce subsidies by more than 10 billion yuan each year.
Zhejiang PV is facing the "cost crit"
Announcement No. 2 of the Ministry of Finance in 2026 is not a sudden move, but an inevitable continuation of China's photovoltaic industry policy from "subsidy-driven" to "market-driven.
In December 2024, the export tax rebate rate for photovoltaic products has been reduced from 13% to 9%. At that time, the market was still digesting the impact of the policy. Only three months later, the "completely canceled" boots landed.
the policy coverage can be called "encirclement and suppression of the whole industrial chain": from upstream silicon materials and silicon wafers, to midstream batteries and components, to downstream inverters and supports, almost all photovoltaic core products are included in the list.
the implementation standard shall be subject to the export date of the customs declaration form-goods declared before April 1 can still enjoy a 9% tax refund; On and after April 1, no matter when the order is signed and when the production is completed, the new policy will be implemented. This regulation directly gave birth to the emergency action of Zhejiang photovoltaic enterprises to "rush customs declaration.
Zhejiang PV's anxiety stems from its core position in the national industrial chain. According to data from the China Photovoltaic Industry Association, Zhejiang's photovoltaic exports account for about 30% of the country's total. Jiaxing, Hangzhou, Ningbo, and Jinhua have formed four major industrial clusters, and many leading companies have accounted for more than 60% of overseas revenue. The cancellation of the 9% tax rebate is a direct "cost crit" for Zhejiang PV ".
according to industry analysis, according to the calculation that Zhejiang photovoltaic exports exceed 120 billion yuan in 2025, Zhejiang photovoltaic industry will reduce subsidy income by more than 10 billion yuan every year after the 9% tax rebate is canceled. For companies that are in the quagmire of price wars, this means that export costs have risen directly by 9%, and gross margins have generally been compressed by 3-5 percentage points .
More seriously, the policy superimposed industry cycle trough, the formation of a "double squeeze". On March 29, data from the Silicon Branch of the China Nonferrous Metals Industry Association showed that the average transaction price of N-type polysilicon refeeding fell to 40500 yuan/ton, and the lowest transaction price fell below 39000 yuan/ton, a record low; silicon chips and batteries The prices of chips fell simultaneously, with the mainstream transaction price of 182N silicon chips falling to 1.03 yuan/chip, and 210N silicon chips falling to 1.33 yuan/chip.
Upstream prices plummeted, downstream component quotations continued to fall, superimposed on the cancellation of tax rebates, the profitability of Zhejiang photovoltaic enterprises was further compressed.
It is reported that dozens of small and medium-sized photovoltaic enterprises in Zhejiang have stopped production or reduced production, accounting for 25% of the total number of small and medium-sized photovoltaic enterprises in the province. These companies generally have problems such as small production capacity (annual production capacity is less than 1GW), backward technology (mainly PERC), and tight capital chains. Under the dual pressure of tax rebate cancellation and price war, there is almost no room for survival.
the breakthrough strategy of leading enterprises
in the face of the policy "life and death line", Zhejiang photovoltaic leader did not wait to die, but through overseas plant construction, technology reduction, energy storage coordination and other strategies, to open an all-round breakthrough.
Energy storage integration is a new growth point for Zhejiang photovoltaic enterprises. Zhengtai Electric, Oriental Sunrise and other leading companies have taken the energy storage business as a strategic focus, through the integration of "photovoltaic and energy storage" to enhance the added value of products and enhance profitability.
Overseas localization is the long-term strategy of Zhejiang photovoltaic enterprises. By building factories in Mexico, Vietnam, Thailand, Hungary and other countries, we can not only avoid the trade barriers of the United States and the European Union, but also hedge the cost pressure of tax rebate cancellation. At present, a number of Zhejiang photovoltaic enterprises overseas capacity layout has begun to take shape.
Among them, Zhengtai Electric Energy Storage EPC is deeply bound with photovoltaic modules as the core competitiveness of the sea, and Zhengtai Power (subsidiary) is positioned as an integrated solution provider for optical storage.
recently, chint new energy has signed a contract with local partners to Kuzukuyu a 12MWp/12.51MWh optical storage integration project. chint new energy will provide EPC general contracting, while chint new energy will provide n-type TOPCon components produced by local factories in Turkey, realizing the whole chain coordination of "components + energy storage system + EPC.
at the recent Beijing CEEC 2026 Expo, chint new energy exhibited "bipolar series low-voltage coupling network optical storage solution", emphasizing the integration capability of optical storage sharing box transformer and simplifying construction.
When the ground photovoltaic circuit is caught in a "price war", the cross-border integration of commercial aerospace and photovoltaic is opening up a new incremental space. In this battle for the stars and the sea, HJT's "technology madman" is rising in the east and has become a key player in the space photovoltaic field in advance.
As one of the earliest enterprises engaged in the R & D, production and sales of photovoltaic products in China, Dongfang Risheng firmly bet on HJT battery technology during the critical period of industry technology iteration, and has made significant achievements in this field. First-mover advantage and technological breakthrough.
Satellite launch costs are measured in grams, costing tens of thousands of dollars per kilogram of payload. HJT is 30% lighter than traditional batteries. This means that to achieve 100GW power generation scale, HJT can save billions of dollars.
Not only that, as early as August 2023, Dongfang Risheng released a white paper on the development and industrial application of low-silver technology.
currently, the proportion of silver paste in the cost of photovoltaic cells has soared from about 30% before the rise in silver prices to more than 50%. This means that low silverization and silverless have changed from technology options to the inevitable choice for the survival and development of enterprises.
In the context of long-term high silver prices and intensified industry cost gradient differentiation, Dongfang Sunrise will further highlight its cost advantage by virtue of its low-silver mass production technology.
In terms of global layout, Dongfang Risheng relies on overseas production bases and marketing service centers to participate in the construction of many new energy projects. Its business covers Europe, America, Asia Pacific and other regions, and has won high recognition from overseas customers and partners with excellent product quality and high-quality service.
on March 31, oriental sunrise held a full-stack promotion conference in Beijing. With energy storage as the core line, the meeting introduced the core products of the company's industrial and commercial storage solutions, the market development trend and key technologies of energy storage system for ground power stations, upgraded and released Risen EnergyOS 2.0 intelligence platform, explained in detail the technological progress of silicon heterojunction (), and finally held a round-table discussion around the "actuarial era of energy storage income.
In the environment of cancellation of photovoltaic tax rebates and overcapacity, this high-end promotion meeting is more like a strategic counterattack. In the future, only by seizing market share through the advantages of technology and solutions can we become the final winner.