Photovoltaic stocks experienced a broad decline. At the time of writing, Xinte Energy (01799) fell 7.13% to HK$5.34; Drinda (02865) dropped 6.79% to HK$26.64; Flat Glass (06865) decreased 6.62% to HK$8.89; and Xinyi Solar (00968) declined 4.78% to HK$2.99. The downturn follows the upcoming comprehensive cancellation of the 9% value-added tax export rebate for solar products, effective April 1. Contrary to expectations, the industry did not witness a surge in last-minute export shipments ahead of the policy implementation. Export data for the entire industrial chain in January and February remained stable. Meanwhile, polysilicon prices fell to a new low of 40,000 yuan per ton, with wafer and cell prices also continuing to decline, reflecting persistently weak market sentiment and a lack of recovery in end-demand. Industry insiders suggest that the immediate impact of the rebate cancellation, coupled with low product prices and strong wait-and-see attitudes from end-users, may lead to disappointing financial results for photovoltaic companies in the second quarter. The recent rapid price declines across the solar supply chain have failed to stimulate demand and have instead intensified market caution. This indicates that a true market recovery depends on two key conditions: a definitive reduction in inventory and a substantial rebound in end-demand. So far, however, no clear signals of such developments have emerged.