Next Week's 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. Data from the National Bureau of Statistics shows that 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.

Export tax rebate for photovoltaic and other products to be fully canceled from April 1

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 and other products will be canceled. Since 2013, China has implemented an export tax rebate policy for the photovoltaic industry, effectively helping companies reduce costs and enhance international competitiveness during the industry’s cultivation stage. It is understood that the phased withdrawal of the photovoltaic industry export tax rebate policy began at the end of 2024, with the rebate rate reduced from 13% to 9%, and this cancellation of the rebate was anticipated by the industry.

Industry analysts believe that the cancellation of the export rebate will exert short-term pressure on export companies, accelerating their internal drive for global capacity layout, thereby promoting the Chinese photovoltaic industry to shift toward a high-quality development track characterized by “technology pricing.” In the future, the penetration speed of advanced technology routes such as TOPCon 3.0, BC, and perovskite will accelerate, ushering the industry into a new stage of technology-driven development.

Semiconductor manufacturers to raise prices on some products starting April 1

The global semiconductor industry is on the verge of a new round 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, Texas Instruments’ price increase may reach up to 85%. Infineon’s mainstream products are expected to increase by 5% to 15%, while some high-end products may see even higher adjustments.

Fuel surcharges for domestic flights to be raised starting April 5

Spring Airlines previously announced that starting from midnight on April 5, 2026 (based on order time), fuel surcharges for domestic flights in China will be increased, with specific adjustment details to be notified later.

As of now, Air China, China Southern Airlines, and China Eastern Airlines have not yet issued notices about raising fuel surcharges, but the industry generally believes that other airlines will follow suit, forming a trend of industry-wide price adjustments.

Unlocking market value of nearly 29.3 billion yuan next week

According to Wind data, a total of 28 restricted stocks will be unlocked next week (from March 30 to April 3), with a total unlocking market value of nearly 29.3 billion yuan based on the latest closing prices.

In terms of unlocking market value, the top three are: Hongri Da (10.846 billion yuan), Wanrun New Energy (4.898 billion yuan), and Shouhang New Energy (2.911 billion yuan). In terms of individual stock unlocking volume, the top three are: Gongxiao Daji (380 million shares), China Unicom (224 million shares), and Hongri Da (128 million shares).

【New Stock Opportunities】

Three new stocks to be issued next week

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

(This article is from Yicai Global)

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Editor: Jiang Yuhan