Export Tax Rebate Policy Adjustment Attracts Attention,PV ETF(159857) Rises 0.84% in Afternoon Trading

NewTimeSpace News: As of 15:00 on January 27, 2026, the CSI PV Industry Index (931151) rose 0.87%. Among its constituent stocks, Laplace surged 18.33%, Autowell Technology climbed 9.81%, GCL Integration advanced 6.96%, Maxeon Solar Technology rose 5.96%, and Foster Group increased by 4.87%. The PV ETF (159857) rose 0.84% to a latest price of RMB0.96. Over a longer period, as of January 26, 2026, the ETF has accumulated a 3.48% increase in the past week. (The stocks listed above are only index constituents and do not constitute specific recommendations.)

In terms of liquidity, the intraday turnover rate of the PV ETF was 19.87% with a trading volume of RMB437 million, indicating active market transactions. Over the longer term, as of January 27, the average daily turnover of the ETF in the past week reached RMB370 million, ranking among the top 2 among comparable funds.

In terms of scale, the size of the PV ETF increased by RMB263 million over the past week, achieving significant growth, with the new scale ranking 2nd among 12 comparable funds. (Data source: Wind)

In terms of shares, the share count of the PV ETF rose by 138 million over the past week, realizing substantial growth, with the new shares ranking 1st among 12 comparable funds. (Data source: Wind)

Regarding capital inflows, the latest net capital inflow of the PV ETF stood at RMB74.7950 million. Over the past 5 trading days, it recorded net inflows on 3 days, accumulating a total of RMB113 million in "capital absorption" with an average daily net inflow of RMB22.6252 million. (Data source: Wind)

Data shows that leveraged funds are continuing to increase positions. The net financing purchase amount of the PV ETF on the previous trading day reached RMB8.7986 million, and the latest financing balance stood at RMB74.6956 million. (Data source: Wind)

As of January 26, the net value of the PV ETF has risen 54.59% over the past year, ranking among the top 3 among comparable funds. In terms of profitability, as of January 26, 2026, since its establishment, the ETF has achieved a maximum monthly return of 24.71%, the longest consecutive rising period of 5 months with a cumulative increase of 83.59%, and an average yield of 9.76% in rising months. As of January 26, 2026, the annualized return of the PV ETF exceeding the benchmark over the past 2 years was 1.65%, ranking among the top 3 out of 9 comparable funds.

As of January 23, 2026, the Sharpe ratio of the PV ETF over the past year was 1.70.

In terms of drawdown, as of January 26, 2026, the maximum drawdown of the PV ETF since the beginning of this year was 3.06%, with a relative benchmark drawdown of 0.09%, indicating a low drawdown risk among comparable funds. The number of recovery days after the drawdown was 2 days, the fastest among comparable funds.

In terms of fees, the ETF's management fee rate is 0.50% and the custodian fee rate is 0.10%.

In terms of tracking accuracy, as of January 26, 2026, the tracking error of the PV ETF since the beginning of this year was 0.009%, the highest among comparable funds.

The PV ETF closely tracks the CSI PV Industry Index. This index selects no more than 50 of the most representative securities of listed companies whose main businesses involve the upstream, midstream and downstream of the photovoltaic industry chain as index samples, to reflect the overall performance of securities of listed companies in the photovoltaic industry.

Data shows that as of December 31, 2025, the top 10 constituent stocks by weight of the CSI PV Industry Index (931151) were Tebian Electric Apparatus Stock Co., Ltd., LONGi Green Energy Technology Co., Ltd., Sungrow Power Supply Co., Ltd., TCL Technology Group Corporation, Tongwei Co., Ltd., Maxeon Solar Technology Co., Ltd., Deye Technology Group Co., Ltd., Chint Electric Co., Ltd., TCL Zhonghuan Renewable Energy Technology Co., Ltd., and Jiejia Weichuang Technology Co., Ltd., with the top 10 stocks accounting for 55.11% of the total weight. (The stocks listed above are only index constituents and do not constitute specific recommendations.)

Pacific Securities stated that the Ministry of Finance and the State Taxation Administration announced that starting from April 1, 2026, the value-added tax (VAT) export tax rebate for photovoltaic products and other items will be canceled. This adjustment to the export tax rebate policy helps "combat internal competition", accelerate the clearance of backward production capacity, force the industry to shift from price competition to technological competition, and achieve high-quality development.

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