The value-added tax export rebate for photovoltaic products has been canceled starting today. Industry deleveraging is expected to accelerate, and the Ping An photovoltaic ETF is moving higher and closing in the red.

As of 09:57 on April 1, 2026, the CSI Photovoltaic Industry Index (931151) rose by 0.18%. The constituent stocks Jin Kai New Energy increased by 4.67%, GCL System Integration increased by 4.00%, JinkoSolar Technology increased by 3.48%, Quartz Shares increased by 3.45%, and Robotech increased by 3.08%. The Ping An Photovoltaic ETF (516180) rose by 0.12%, with the latest price reported at 0.85 yuan.

On the news front, starting from April 1, 2026, China officially canceled the export VAT rebate for photovoltaic products. Analysts believe that the photovoltaic industry is currently undergoing a deep adjustment, and the removal of export VAT rebates is equivalent to accelerating the industry cleanup process.

Dongwu Securities pointed out that regulators are focusing on improving the fair competition review mechanism, lawfully investigating behaviors such as predatory pricing and abuse of dominant market position, promoting a shift in the photovoltaic industry from scale expansion to prioritizing quality and efficiency. This policy resonates with the current trend of mergers and acquisitions among leading companies, which is expected to accelerate the clearance of outdated capacity and improve industry concentration and profitability stability.

The Ping An Photovoltaic ETF closely tracks the CSI Photovoltaic Industry Index, which selects up to 50 representative listed companies involved in the upstream, midstream, and downstream segments of the photovoltaic industry chain from securities of listed companies. The index aims to reflect the overall performance of photovoltaic industry listed companies.

Data shows that as of March 31, 2026, the top ten holdings of the CSI Photovoltaic Industry Index (931151) are Tebian Electric Apparatus, Longi Green Energy, Sungrow Power Supply, TCL Technology, Deye Co., Ltd., Tongwei Co., Ltd., Maiwei Co., Ltd., Robotech, Chint Electric, and Jiejia Weichuang, with the top ten holdings accounting for a total of 53.34%.

The Ping An Photovoltaic ETF (516180), with off-market connection ( Ping An CSI Photovoltaic Industry ETF Connection Launch A: 026720; Ping An CSI Photovoltaic Industry ETF Connection Launch C: 026721), related index funds ( Ping An CSI Photovoltaic Industry Index A: 012722; Ping An CSI Photovoltaic Industry Index C: 012723; Ping An CSI Photovoltaic Industry Index E: 024618).

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