[SMM PV] Film Industry Accelerates Technological Upgrading and Iteration, Moving Towards Differentiated Competition

Customs data show that China's cumulative PV product exports from January to April 2026 were up about 43% YoY, as foreign demand remained strong despite the cancellation of export tax rebates for PV products from April 1. Especially in the Southeast Asian market, in April this year, monthly module exports were up 267% YoY. Industry insiders believe that global new PV installations will remain above 500 GW in 2026, and that, while seizing the global new energy transition, China's PV enterprises are accelerating technological upgrades and structural optimization to achieve a shift from scale expansion to quality and efficiency improvement.

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.