China Solar Stocks Rally as Tax Move Raises Hopes for Industry Shakeout
Shares of most Chinese solar companies and leading battery makers rose on Monday after Beijing announced a consumption tax on solar cells and lithium batteries, boosting hopes the move will accelerate industry consolidation, particularly in the oversupplied solar sector.
中国宣布对光伏电池和锂电池征收消费税后，多数中国光伏企业和主要电池制造商周一股价上涨。市场预期此举将加快行业整合，尤其是过剩的光伏行业。
Solar manufacturer Longi Green Energy Technology Co. closed up 2.13% at 12 yuan, while Jinko Solar Co. rose 3.99% to 4.17 yuan. Battery giant Contemporary Amperex Technology Co. climbed 4.56% to 376.43 yuan in Shenzhen, while its Hong Kong-listed shares added 1.98% to HK$618.50.
截至7月20日收盘，太阳能制造商隆基绿能涨2.13%，报12元；晶科能源涨3.99%，报4.17元。电池巨头宁德时代深市收报376.43元，涨4.56%，港股涨1.98%，报618.5港元。
The rally followed Beijing's announcement on Friday that lithium-ion batteries will be subject to a 2% consumption tax from September this year, with the rate doubling to 4% a year later. Solar cells will face the same levy from April 2027, before the rate also rises to 4% a year later.
此前中国官方周五宣布，从今年9月起对锂离子电池征收2%消费税，一年后税率将翻倍至4%。从2027年4月起，太阳能电池将面临同样的征税，一年后税率也将上调至4%。
The tax will not apply to newer technologies such as perovskite solar cells, sodium-ion batteries and solid-state batteries, which will remain exempt through the end of 2028.
这次税收不适用于钙钛矿太阳能电池、钠离子电池和固态电池等新技术，这些技术将继续免税至2028年底。
China exempted solar cells and lithium batteries from the consumption tax in 2015 to spur growth in its clean-energy industries. The policy fueled years of rapid capacity expansion, contributing to chronic oversupply and prolonged price wars.
2015年，中国对太阳能电池和锂电池免征消费税，以刺激清洁能源产业的增长。政策推动了相关行业产能多年的快速扩张，但也导致了长期的供应过剩和持续的价格战。
JPMorgan analysts including Rebecca Wen said the tax is in line with market expectations and should further Beijing's push to rein in excess capacity.
Rebecca Wen等摩根大通分析师表示，征税符合市场预期，这将有助于北京遏制产能过剩。
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