[SMM PV] Exports Grew 267%! PV Export Orders Full Production Schedule

At the just-concluded SNEC exhibition last week, the hall layout saw a historic shift: the number of energy storage themed halls surpassed that of solar cell and module halls for the first time, and "PV+ESS integration" has moved from concept to the spotlight. LONGi made its debut in a fully integrated PV+ESS exhibition form, unveiling the "full-stack LONGi" strategy; Jinko Solar designated 2026 as the first year of energy storage volume ramp-up, having already secured approximately 5 GWh of energy storage orders; Trinasolar, JA Solar Technology, and others all showcased full‑stack energy storage solutions. After the mandatory energy storage allocation policy was phased out, energy storage shifted from a "compliance burden" into an asset that must generate profits on its own. Enterprises are no longer satisfied with "selling panels" but are turning to "selling systems" — PV companies are collectively transforming from pure manufacturers into integrated energy service providers.

[SMM Photovoltaic: China Energy Conservation Solar Receives RMB 505 Million in Renewable Energy Subsidies YTD] China Energy Conservation Solar Co., Ltd. has disclosed that it received RMB 505 million in renewable energy subsidies year-to-date, up 451.99% YoY, including RMB 489 million in national renewable energy subsidies, up 553.32% YoY. Five additional solar projects have recently been added to the subsidy disbursement list as the company's compliance filing work continues to advance. The company noted that while the cash inflow will improve project-level cash flows, it will not have a material impact on current-period earnings, as revenues were previously recognized upon electricity sales. In SMM's view, the acceleration in subsidy disbursements should help ease the persistent cash flow pressure facing legacy solar power plant operators, while also bolstering market confidence in the recoverability of receivables tied to renewable energy operating assets.

The American Clean Power Association said US developers brought 6.4GW of new utility-scale solar, wind and energy storage capacity online in Q1 2026, lifting total domestic clean power capacity above 370GW. Additions included 3.63GW of utility-scale solar, 2.38GW of storage and 415MW of wind, with utility-scale solar now surpassing wind as the largest source of clean power capacity in the US. However, Q1 additions were down 17% year on year, mainly due to 6.4GW of projects originally expected online being delayed. ACP is tracking 59.5GW of delayed projects, affected by permitting delays, interconnection backlogs and fluctuating equipment prices. SMM believes the US solar and storage pipeline remains strong, but actual delivery will continue to be constrained by grid connection, permitting and supply chain challenges.