经济观察网聚和材料今日股价出现调整，截至13:43，股价报92.35元，下跌5.16%。其逆势下跌主要受 以下因素影响： 根据国金证券2025年10月的研究报告，公司2025年前三季度归母净利润同比下降43.24%。虽然公司在 光伏银浆领域市占率保持高位(约35%)，但净利润下滑反映出行业面临盈利压力。此外，白银协会预测 2026年光伏用银量可能下降，对银浆需求形成一定制约。 资金动向 板块变化情况 今日为春节前最后一个交易日，市场成交缩量，沪深两市半日成交额较前一日缩量超千亿。节前资金活 跃度下降，加剧个股波动。 今日A股市场整体弱势震荡，上证指数下跌0.70%。聚和材料所属的光伏设备板块跌幅达2.53%，电力设 备板块跌幅为1.22%。作为光伏银浆龙头企业，公司股价受到板块情绪拖累。 以上内容基于公开资料整理，不构成投资建议。 资金面与技术面 从2月6日至2月12日，聚和材料股价累计上涨约23.31%，并在2月9日因涨幅达到20%登上龙虎榜。经过 连续上涨后，部分资金选择获利了结，导致今日出现回调。 行业政策与环境 ...

【天风电新】重视T、S的叠瓦技术，下一个天地共振的方向-0212 根据PVMagazine报道，Tesla将在其纽约州布法罗工厂重启组件制造业务，其光伏组件将采用【叠瓦】技术。 周一聚和材料交流会上也明确提到，太空中串焊的组件可能导致隐裂，可能使用【叠瓦】方式。 不论太空还是地面， 叠瓦工艺相较传统产线，主要新增划片、裂片、涂胶、叠串、排版 【天风电新】重视T、S的叠瓦技术，下一个天地共振的方向-0212 ST京机：组件层压设备和自动化产线供应商，直接受益于组件整线通胀，公司 奥特维：叠瓦组件的串焊要求比常规组件更高，价值量预计提升，公司 材料端最大的增量是【导电胶】，重点推荐德邦科技、聚和材料。 德邦科技是叠瓦导电胶龙头，供应SunPower、通威、阿特斯。 聚和材料的银浆、导电胶正在配合北美客户送样测试。 根据PVMagazine报道，Tesla将在其纽约州布法罗工厂重启组件制造业务，其光伏组件将采用【叠瓦】技术。 周一聚和材料交流会上也明确提到，太空中串焊的组件可能导致隐裂，可能使用【叠瓦】方式。 不论太空还是地面， 叠瓦工艺相较传统产线，主要新增划片、裂片、涂胶、叠串、排版、汇流条焊接等工艺及相关设备 ...

Summary of Conference Call Notes Industry Overview - The focus is on the application of **tandem solar cells** in **space photovoltaic** systems, highlighting the challenges and advancements in technology related to lightweight and flexible solar panels [1][2]. Key Points and Arguments 1. **Challenges with Thin Silicon Cells**: - Space photovoltaic cells require extreme weight reduction and flexibility, making ultra-thin silicon cells very fragile. The use of string welding can lead to mechanical stress and high-temperature welding issues, increasing the risk of silicon cell breakage and detachment under extreme temperature variations in space [1][2]. 2. **Advantages of Tandem Structure**: - The tandem structure allows for flexible connections of silicon cells, reducing the number of solder joints. This effectively disperses mechanical stress, minimizing the risks of hidden cracks and breakage [1][2]. 3. **Increased Effective Power Generation**: - The tandem structure can achieve zero spacing between solar cells, which enhances the effective power generation area for the same solar wing size [3]. 4. **Historical Context**: - The application of tandem structures in space photovoltaics is well-established, with the "Shijian-1" satellite launched in 1971 being an early example of a solar panel using a "comb-type" structure designed in China [4]. 5. **Industry Feedback**: - Leading North American renewable energy companies are currently using tandem solutions for ground photovoltaic modules. The production line for tandem components is reported to be more than twice the cost of conventional string welding lines, indicating significant market interest [4]. Company Highlights 1. **ST Jingji**: - The wholly-owned subsidiary, Shengcheng Photovoltaics, possesses competitive manufacturing technology for tandem components. It is noted for being the sole supplier of ground tandem production lines to a well-known North American company and has also supplied coating equipment to overseas space perovskite enterprises. The company holds a significant market share in North America, estimated to exceed 50% [4]. 2. **Dike Co., Ltd.**: - A leading company in photovoltaic silver paste, known for its R&D capabilities. It has nearly 100% market share in North America and has been promoting tandem adhesive products since 2019, leveraging its core patent advantages in conductive paste solutions [5]. 3. **Debang Technology**: - A core supplier of tandem conductive adhesives, with products widely used in leading photovoltaic companies such as Tongwei, Canadian Solar, and major North American renewable energy firms, holding a strong competitive position in the market [5]. 4. **Juhe Materials**: - A leading company in photovoltaic silver paste, developing copper paste products suitable for photovoltaic cells, currently undergoing testing with major clients and expected to benefit from the adoption of high/pure copper paste materials [5]. 5. **Aotewei**: - A leading company in photovoltaic component equipment, with key products including string welding machines and silicon wafer sorting machines. The company has also made advancements in tandem equipment, achieving high precision and yield rates [6]. Additional Important Insights - The integration of semiconductor material assets by companies is seen as a solution to domestic supply chain issues, addressing critical bottlenecks in the industry [5][6].

叠瓦方案有望在太空光伏得到应用 中游制造/电力设备及新能源 光伏系列报告（87） 太空光伏电池片极致减重与柔性的前提下，常规的串焊连接方式，易造成硅片 损伤及脱焊现象。使用叠瓦结构能够有效降低电池片损伤风险，并提升单位面 积内的功率，可能会在太空光伏中得到广泛应用；由此，可能会给导电浆料体 系的导电胶带来较大影响。综上，我们分析，叠瓦组件设备与导电胶可能会迎 来新的需求场景，将比较受益。 证券研究报告 | 行业点评报告 2026 年 02 月 12 日 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 308 | 6.0 | | 总市值（十亿元） | 7924.0 | 7.0 | | 流通市值（十亿元） | 6938.0 | 6.7 | 行业指数 % 1m 6m 12m 绝对表现 8.4 48.0 63.1 相对表现 9.4 33.7 41.7 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Jul/20 Nov/20 Mar/21 Jun/21 (%) 电子 沪深300 建议关注：ST 京机、帝科股份、德邦科技、聚合材料、奥特维等。 风险提示：技术路 ...

Group 1 - Laplace surged over 10% [1] - Yabo shares achieved four consecutive trading limits [1] - Shuangliang Energy reached the daily limit [1] Group 2 - Companies such as Dier Laser, Weidao Nano, and Juhe Materials also experienced significant gains [1]

Market Overview - The A-share market saw the Shanghai Composite Index rise by 0.13% to 4,128.37 points, marking its sixth consecutive day of gains[16] - The Hang Seng Index increased by 0.58% to 27,183.15 points, with significant contributions from AI applications and entertainment sectors[11] - The Dow Jones Industrial Average closed at 50,188.1 points, up 0.1%, while the S&P 500 and Nasdaq fell by 0.3% and 0.6%, respectively[9] Currency and Commodity Insights - The US dollar index fell for the third consecutive day, reflecting a 1.5% decline year-to-date, amid weak retail sales data[24] - International oil prices saw a slight decrease, with NY crude oil down 0.62% to $63.96 per barrel[24] - The Chinese yuan's appreciation is driven by increasing overseas earnings of Chinese companies and a global distrust of the US dollar[5] Investment Strategy - Approximately 19% of industries are expected to see profit margin improvements due to the yuan's appreciation, with less negative impact on companies expanding capacity overseas[5] - The report suggests focusing on short-term market memory, profit margin changes, and policy shifts as key investment strategies[5] Key Economic Indicators - US retail sales stagnated in December, indicating weak consumer spending, which has led to increased expectations for interest rate cuts by the Federal Reserve[24] - The New York Fed reported that household loan default rates reached their highest level in nearly a decade in Q4 of the previous year[5]

Group 1 - The A-share photovoltaic equipment sector experienced an initial surge, with Yongzhen Co. hitting the daily limit up [1] - Juhe Materials reached a new high during the trading session, indicating strong market interest [1] - Other companies such as Laplace, Jinko Energy, Airo Energy, GCL-Poly, and Tongxiang Technology also saw increases in their stock prices [1]

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 1.41% to 4123 points, the Shenzhen Component Index rising by 2.17%, and the ChiNext Index up by 2.98% [1][2] - The total market turnover reached 2.27 trillion yuan, an increase of 106.7 billion yuan compared to the previous trading day, with over 4600 stocks rising [1] Sector Performance - The AI application sector experienced significant gains, with stocks like Zhongwen Online, Jiecheng Co., and Rongxin Culture hitting the daily limit [2] - The CPO concept and communication equipment sectors also performed well, with Longfei Fiber hitting the daily limit and stocks like Tianfu Communication and Guangku Technology rising over 17% [4][5] - The photovoltaic equipment sector strengthened, with stocks such as Juhe Materials and TCL Zhonghuan also hitting the daily limit [2][10] - The film and television sector saw strong performance, with companies like Jiecheng Co., Shanghai Film, and Hengdian Film all hitting the daily limit [8][9] Individual Stock Highlights - Tianfu Communication surged by 17.76% to 297.90 yuan, driven by a profit forecast indicating a 40-60% increase in net profit for 2025 due to demand from AI and global data center construction [14] - Wanjing Technology rose over 11%, with other stocks like Danghong Technology and Kunlun Wanwei also showing strong gains [7] - The film sector's strong performance is attributed to the upcoming extended Spring Festival holiday, with expectations of box office revenues reaching 7-8 billion yuan [8] Future Outlook - The market is expected to reflect the dynamic relationship between macroeconomic conditions and A-share performance, with signs of economic recovery in 2025 [17] - Historical trends indicate a "calendar effect" around the Spring Festival, with a preference for high-dividend, defensive sectors leading up to the holiday, followed by a potential shift to small-cap and growth sectors post-holiday [17]

2026.02. 09 本文字数：656，阅读时长大约1分钟 作者 | 一财阿驴 2月9日，A股三大指数集体上涨。截至收盘，沪指涨1.41%，深成指涨2.17%，创业板指涨 2.98%，科创综指涨2.47%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 4123.09 c | 57.51 | 1.41% | | 399001 | 深证成指 | 14208.44 c | 301.70 | 2.17% | | 881001 | 万得全A | 6808.50 c | 126.03 | 1.89% | | 000680 | 科创综指 | 1796.86 c | 43.26 | 2.47% | | 399006 | 创业板指 | 3332.77 c | 96.31 | 2.98% | 盘面上，光伏设备、文化传媒、短剧游戏、BC电池板块涨幅居前，油气、燃气板块走低。 具体来看，光伏设备板块表现强势，聚和材料、协鑫集成、TCL中环等多股涨停，同享科技涨超 24%。 | 代码 | 名称 | 米帽子 | 现价 | 主 ...

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 2.25 trillion yuan, with all three major A-share indices closing higher on February 9 [1][7] - The Shanghai Composite Index rose by 1.41% to 4123.09 points, the Shenzhen Component Index increased by 2.17% to 14208.44 points, and the ChiNext Index gained 2.98% to 3332.77 points [2] Sector Performance - The photovoltaic equipment sector showed strong performance, with stocks like Juhua Materials, GCL-Poly Energy, and TCL Zhonghuan hitting the daily limit, while Tongxiang Technology surged over 24% [3][4] - The cultural media sector also saw gains, with stocks such as Rongxin Culture, Zhongwen Online, and Haikan Co. reaching their daily limits [5][6] Capital Flow - Major capital inflows were observed in the telecommunications, electronics, and power equipment sectors, with net inflows of 2.63 billion yuan for Xinyi Semiconductor, 2.61 billion yuan for Tianfu Communication, and 2.27 billion yuan for Guangku Technology [9] - Conversely, net outflows were noted in the textile and apparel sector, with Zhejiang Wenhuan, Aerospace Development, and CATL experiencing net sell-offs of 752 million yuan, 707 million yuan, and 678 million yuan respectively [9] Institutional Insights - CITIC Securities anticipates exponential growth in demand for space photovoltaic technology [9] - China International Capital Corporation (CICC) believes that the market for related resource stocks is not over, expecting a rebound after a short-term adjustment [9] - China Galaxy Securities predicts a volatile upward trend in the Hong Kong stock market before and after the Spring Festival [9]