Photosynthesis is a redox process where oxidation and reduction both occurs.
CO2 + H2O → (CH2O) +O2
Oxidation
During photosynthesis, water gets oxidized to oxygen (O2).
2H2O →O2 + 4 [H.] Requires light energy
Reduction
4 [H.] + CO2 →(CH2O) +H2O
In photosynthesis, CO2 gets reduced to carbohydrates. Using the ATP and NADPH produced by the light-dependent reactions, the resulting compounds are then reduced and removed to form further carbohydrates, like glucose.
The balance between the NADP/NADPH determines the redox state. Each redox reaction has an oxidation half and a reduction half.
NADP+ getting reduced to NADPH is the reduction half and water giving rise to oxygen is the oxidation half.
Hope it helps