光伏行业迎来市场、政策双重变局，行业估值体系面临重构

\u003cdiv class=\"rich_media_content\"\u003e\u003c!--NO_AD_ERROR_2--\u003e\u003cp\u003e【环球网财经综合报道】2026年伊始，光伏行业在政策层面迎来双重变局。随着光伏产品增值税出口退税的全面取消，标志着中国光伏产业将彻底告别政策温床。有业内人士认为，监管的约束与财税扶持的退坡交织，将形成一个截然不同的竞争格局，其对光伏上市公司经营业绩的影响，意味着行业估值体系面临重构。 \u003c!--NO_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\u003cp\u003e《南华早报》近日发文称，中国政府将在未来几个月取消\u003c!--SECURE_LINK_BEGIN_0--\u003e太阳能电池板\u003c!--SECURE_LINK_END_0--\u003e和电池的出口补贴，主要目的是为了抑制国内过度竞争，巩固中国在占主导地位的两个行业中的地位，并预计这将有助于缓解与欧洲的贸易紧张局势。 \u003c/p\u003e\u003cp\u003e\u003c!--IMG_0--\u003e\u003c/p\u003e\u003cp\u003e报道还提到，中国光伏行业协会（CPIA）在周五发布的声明中称赞了这一举措，称这可能有助于海外市场的‘合理复苏’，降低贸易摩擦风险，并减轻政府的财政压力。 \u003c!--NO_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\u003cp\u003e另据国际能源署的数据，2024年中国在全球太阳能光伏晶片、电池片和硅片生产中的市场份额分别为78%、87%和97%。跟踪电池行业的韩国公司SNE研究中心的报告还显示，截至2025年10月，全球电池市场中，中国控制了全球十大电池生产商中的六家，占比达到了68.9%。 \u003c!--NO_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp\u003e对此有分析师表示，鉴于中国在市场上的主导地位，没有必要通过退税计划来保持这些产品竞争力。柏林梅塞施密特中国研究所的首席经济研究分析师雅各布·贡特表示：“对出口的\u003c!--SECURE_LINK_BEGIN_1--\u003e增值税\u003c!--SECURE_LINK_END_1--\u003e豁免或百分百退税，提高了它们的竞争力，但如果你已经主导了市场，就不需要这种竞争力，而中国确实可以利用额外的收入来源。” \u003c!--NO_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c!--NO_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003c!--PARAGRAPH_3--\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]):not(.qn-editor-copy){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. 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