Next week, the March PMI data will be released; the VAT export tax rebate for products such as photovoltaics will be canceled. In addition, there will be 3 new stock issuances and 1 new stock listing next week.
March PMI Data Will 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 comprehensive PMI output index was 49.5%, a decrease of 0.3 percentage points from the previous month.
Specifically, in February, the production index and new orders index were 49.6% and 48.6%, respectively, down 1.0 percentage points and 0.6 percentage points from the previous month, indicating a decline in manufacturing production and market demand. By industry, the production index and new orders index for the agricultural and sideline food processing, computer communication electronic equipment, and other industries remained above the critical point, maintaining an expansion in production and demand; however, the two indices for the textile, clothing, and automotive industries continued to be below the critical point, indicating weak market activity.
Analyst Wen Tao from the China Logistics Information Center believes that in February, seasonal factors continued to affect the manufacturing sector, leading to a slowdown in operations. However, this slowdown is temporary, and positive changes are still accumulating. In March, as the impact of the Spring Festival holiday gradually fades and temperatures rise across the country, factories and construction sites will fully resume operations, and the economy and society will return to normal operating conditions.
Cancellation of VAT Export Tax Rebate for Photovoltaic Products Imminent
According to an announcement from the Ministry of Finance and the State Administration of Taxation, starting from April 1, 2026, the VAT export tax rebate for products such as photovoltaics 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 cultivation phase. It is understood that the phased withdrawal of the photovoltaic industry export tax rebate policy began at the end of 2024, with the national rebate rate reduced from 13% to 9%. This cancellation of the rebate has been anticipated by the industry.
Industry analysis suggests that the cancellation of the export tax rebate will exert short-term pressure on exporting companies, accelerating their internal motivation for global capacity layout, thereby promoting the Chinese photovoltaic industry to gradually move away from the &#34;low-price competition&#34; model and shift towards a &#34;technology pricing&#34; high-quality development track. 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 development phase driven by technology.
Three New Stocks Will Be Issued Next Week
According to Wind data, there will be 3 new stock issuances next week, including 1 on the STAR Market, 1 on the ChiNext, and 1 on the Beijing Stock Exchange, totaling approximately 185 million shares, with an expected total fundraising of 3.551 billion yuan. Specifically, on March 30, the issuances will be for Saiying Electronics and Yuyuan Composite Materials; on April 3, the issuance will be for Dapu Micro.
Saiying Electronics is a high-tech enterprise specializing in the research, development, manufacturing, and sales of power semiconductor supporting products. The company has formed a product structure centered on ceramic tubes and packaging heat dissipation substrates, providing supporting products for semiconductor manufacturers used in IGBT, SiC, thyristors, and IGCT power semiconductor modules
Finally applied to ultra-high voltage transmission and transformation, industrial control, new energy vehicles, photovoltaics, and other industries.
Youyan Composite Materials is a high-tech enterprise mainly engaged in the research and development, production, and sales of metal composite materials and products, as well as special non-ferrous metal alloy products. The business is divided into two segments: metal composite materials and products, and special non-ferrous metal alloy products.
Dapu Micro mainly engages in the research and development and sales of enterprise-level SSD products for data centers. It is an industry leader and one of the few domestic semiconductor storage product providers with full-stack self-research capabilities in enterprise-level SSD &#34;main control chip + firmware algorithm + module&#34; and has achieved mass shipments.
In addition, there will be one new stock listed next week. Yuelong Technology will officially list on the Beijing Stock Exchange on March 30, with a public offering of 21,993,200 shares at an issue price of 14.04 yuan per share. The company mainly engages in the research and development, production, and sales of flexible pipelines and hose assemblies for fluid transportation, with products widely used in marine engineering, land oil and gas drilling, engineering machinery, chemicals, municipal transportation, and other fields. Reporter Chen Hui

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Next week, the March PMI data will be released, and the VAT export rebate for products such as photovoltaics will be canceled starting April 1, 2026. In addition, there will be 3 new stock issuances and 1 new stock listing. The manufacturing PMI for February was 49.0%, and the non-manufacturing business activity index was 49.5%. Analysts believe that the slowdown in manufacturing is a short-term phenomenon, and as the impact of the Spring Festival holiday fades, the economy will return to normal. The cancellation of the photovoltaic export rebate will drive the industry towards high-quality development

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[Next Week Highlights] PMI data release is imminent, and the photovoltaic export tax rebate will be canceled