【国海机械·张钰莹】Again继续&持续&再次Call太空光伏设备0208 万星时代来临：谁来为卫星持续供电？ 1）频轨先占，发射滞后：中国星座进入"时间压力窗口"。 2025年底，中国向ITU一次性申报约20.3万颗卫星、覆盖14个卫星星座；其中无线电创新研究院集中申报CTC-1与 CTC-2，单个星座各96714颗、合计接近19.3万颗。 【国海机械·张钰莹】Again继续&持续&再次Call太空光伏设备0208 万星时代来临：谁来为卫星持续供电？ 1）频轨先占，发射滞后：中国星座进入"时间压力窗口"。 合计口径下，星链累计发射约11034颗、累计申请约41943颗，并且年度发射量自2018–2019年"百颗级"逐步提 升，2025年达到"约3200颗"的高位。 3）效率与成本的博弈：砷化镓仍为主流，但已不再"唯一正确"。 航天场景对效率、抗辐照、耐温差与寿命要求极高，多结砷化镓仍是当前国内太空光伏主流路线；但在低轨大规 模星座背景下，砷化镓电池高单价会被数量效应放大，促使行业寻求更低成本的空间光伏路线（如硅基、钙钛矿 及叠层）。 2025年底，中国向ITU一次性申报约20.3万颗卫星、覆盖14个卫星星座 ...

Core Viewpoint - The article discusses the emergence of a new era in satellite technology, emphasizing the urgent need for efficient power supply systems for satellites as China prepares to launch a significant number of satellites by the end of 2025 [6][9]. Group 1: Satellite Launch and Development - By the end of 2025, China plans to submit approximately 203,000 satellites to the ITU, covering 14 satellite constellations, with the Radio Innovation Institute applying for two constellations, each with 96,714 satellites, totaling nearly 193,000 satellites [7][8]. - Major operators and commercial satellite companies are also advancing medium-scale constellations, with China Mobile applying for 2,520 satellites, Yuxin Satellite for 1,296, and Guodian Gaoke for 1,132 [8][10]. - As of December 2025, the overall launch completion rate for major domestic constellations remains low, indicating they are in the early stages of network formation [13]. Group 2: Starlink Program and Launch Trends - The Starlink program exhibits a clear generational rhythm, with cumulative launches reaching approximately 11,034 satellites and applications totaling about 41,943 as of January 2026 [2][16]. - The annual launch volume has increased significantly, with projections for 2025 reaching around 3,200 satellites, reflecting a trend of accelerating deployment [15][20]. - Starlink's V1 to V3 satellites utilize crystalline silicon technology to prioritize supply chain scalability and system-level cost reduction, while V4 may adopt P-type silicon HJT or P-type silicon HJT-perovskite tandem structures [3][4]. Group 3: Photovoltaic Technology in Space - The current mainstream technology for space photovoltaic applications in China is multi-junction gallium arsenide (GaAs), although there is ongoing testing and validation of perovskite systems by various companies [4][26]. - The high unit price of GaAs photovoltaic cells is becoming a significant factor limiting system economics, prompting the industry to explore lower-cost alternatives such as silicon-based and perovskite technologies [21][34]. - The article highlights the unique requirements for photovoltaic cells in space, including radiation resistance, thermal stability, and long-term reliability under extreme conditions [22][25]. Group 4: Industry Outlook and Recommendations - The acceleration of satellite launches and the continuous validation of new photovoltaic technologies indicate a rising industry outlook and long-term growth potential for the space photovoltaic sector [5][6]. - The article recommends a "buy" rating for the space photovoltaic industry, citing key companies such as Maiwei Co., Aotewi, and others as relevant investment targets [5][6].

| 序号 | 代码 | 名称 | 量比 | 换手率 | 成交量 | 成交额 | 60日涨跌幅 ▼ | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 688516 | 奥特维 | 1.18 | 7.77% | 2447万 | 27.67亿 | 161.95% | 160.27% | | 2 | 300751 | 迈为股份 | 0.95 | 7.99% | 1544万 | 46.37亿 | 160.50% | 46.68% | | 3 | 002943 | 宇晶股份 | 2.09 | 16.61% | 2417万 | 19.19亿 | 149.88% | 113.03% | | 4 | 002865 | 钧达股份 | 1.25 | 15.53% | 3491万 | 33.85亿 | 131.44% | 79.14% | | 5 | 603778 | 国晟科技 | 0.92 | 14.56% | 9363万 | 15.24亿 | 129.73% | -8.24% | | 6 | 300118 | 东方日升 | 0.77 | ...

Core Viewpoint - The concept of "space photovoltaic" has gained significant attention in the capital market, leading to active performance of related stocks, although companies clarify their current lack of involvement in this area [1][2]. Group 1: Company Announcements - JinkoSolar announced that it experienced a stock price fluctuation with a cumulative increase of 30% over three trading days, but clarified that it has not engaged in any cooperation with Elon Musk's team or signed any agreements related to space photovoltaic [1][2]. - Guosheng Technology, Shuangliang Energy, and Gaoce Technology also issued announcements stating they do not currently engage in space photovoltaic business and have not signed any relevant agreements or generated related revenue [2]. Group 2: Technical Insights - Space photovoltaic technology is not merely an extension of ground photovoltaic systems; it involves significant differences in technology, cost, and application environments, with higher efficiency but also greater complexity and cost [3]. - The development of space photovoltaic technology is driven by the needs of commercial space development and artificial intelligence computing power, making it essential for low Earth orbit satellites and potential future space data centers [3]. Group 3: Future Outlook - The development of space photovoltaic technology is still in its early stages, with a conservative estimate of at least 10 years needed for large-scale application [4]. - With decreasing launch costs in commercial space and breakthroughs in battery technology, space photovoltaic is expected to gradually commercialize over the next 10 to 15 years [4].

受马斯克旗下SpaceX团队近日到访中国多家光伏企业的消息影响，2月4日A股太空光伏概念大涨。 然而，2月5日太空光伏概念没能延续前一日的火爆行情，太空光伏指数（8841929）跌4.86%，钧达股份、金辰股份、双良节能 跌停，高测股份、捷佳伟创、迈为股份、晶盛机电、海优新材等个股跌超9%。天合光能跌超7%，晶科能源跌超6%，金晶科技 跌超3%。 此外，今日美股开盘后，中概股晶科能源一度跌超4%。 | ( | 太空光伏指数(8841929) 3837.43 -195.95 -4.86% | | | O | | --- | --- | --- | --- | --- | | .. | | | | | | 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | | 现价 | 涨跌巾一 | | 捷佳伟创 | | | 129.40 | -12.39% | | 300724.SZ | | | | | | 钧达股份 | | | | TO OD | | 002865.SZ | IU400 | = IV.UV / | | --- | --- | --- | | 明阳智能 | 23.27 | -9.98% ...

证券研究报告·公司点评报告·光伏设备 高测股份（688556） 2025 年业绩预告点评： Q4 盈利同环比逐步 改善，有望受益于太空光伏&机器人产业化 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,184 | 4,474 | 3,817 | 3,957 | 4,402 | | 同比（%） | 73.19 | (27.65) | (14.68) | 3.65 | 11.24 | | 归母净利润（百万元） | 1,461.12 | (44.23) | (40.23) | 127.28 | 240.55 | | 同比（%） | 85.28 | (103.03) | 9.03 | 416.35 | 89.00 | | EPS-最新摊薄（元/股） | 1.76 | (0.05) | (0.05) | 0.15 | 0.29 | | P/E（现价&最新摊薄） | 8.20 | (270.86) | (297.77) ...

证券研究报告·公司点评报告·光伏设备 高测股份（688556） 2025 年业绩预告点评： Q4 盈利同环比逐步 改善，有望受益于太空光伏&机器人产业化 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 股价走势 -17% 0% 17% 34% 51% 68% 85% 102% 119% 136% 153% 2025/2/5 2025/6/6 2025/10/5 2026/2/3 高测股份 沪深300 市场数据 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,184 | 4,474 | 3,817 | 3,957 | 4,402 | | 同比（%） | 73.19 | (27.65) | (14.68) | 3.65 | 11.24 | | 归母净利润（ ...

Core Viewpoint - The recent interest in space photovoltaic technology has led to significant stock price fluctuations in the solar industry, but many companies have clarified that they have not engaged in any concrete projects with Elon Musk's team, highlighting the uncertainty surrounding the commercialization of space photovoltaic technology [2][4][9]. Group 1: Market Reactions - As of February 5, the Wind Photovoltaic Index fell by 4.56%, with several stocks, including Aotwei and Maiwei, dropping over 10% [2]. - In contrast, the space photovoltaic sector saw a temporary surge, with Jinko Solar hitting a 20% limit-up, alongside TCL Zhonghuan and others [3]. Group 2: Company Announcements - Multiple companies, including Jinko Solar, have issued announcements denying any collaboration with Musk's team, stating that they have not signed any agreements or received orders related to space photovoltaic projects [4][6]. - Dual Energy and Guosheng Technology also clarified that they have not engaged in any space photovoltaic business and that their current operations remain unaffected [5][6]. Group 3: Industry Insights - The space photovoltaic technology is still in the exploratory and verification stages, with significant uncertainties regarding its commercialization [9][10]. - The China Photovoltaic Industry Association emphasized that the development of any technology requires mature manufacturing capabilities and long-term reliability verification [9]. - Current space photovoltaic technologies, such as gallium arsenide (GaAs) and perovskite, face challenges in terms of cost and stability, with GaAs being the mainstream material but prohibitively expensive for large-scale deployment [10]. Group 4: Economic Considerations - The cost of electricity generated from space photovoltaic systems is currently estimated to be 2-3 USD per kilowatt-hour, significantly higher than the 0.03-0.05 USD per kilowatt-hour for ground-based photovoltaic systems [10]. - Without a drastic reduction in launch costs and a doubling of photovoltaic efficiency, the economic viability of space photovoltaic technology remains questionable [10].

截至2月5日早盘收盘，Wind光伏指数（884045）收跌4.56%，奥特维（688516.SH）、迈为股份 （300751.SZ）、帝科股份（300842.SZ）、捷佳伟创（300724.SZ）、伊戈尔（002922.SZ）、拉普拉斯 （688726.SH）、钧达股份（002865.SZ）、金辰股份（603396.SH）等个股收跌超10%。 消息面上，日前有媒体报道，马斯克团队近期"摸底"中国光伏产业链 ，已有异质结（HJT）设备厂签 单，一度在二级市场掀起又一轮"小高潮"。不过多家公司连夜公告回应。 此前，第一财经已多次报道"太空光伏"在二级市场相关动态及相关企业布局盘点，并谨慎提示："行业 目前仍处于0到1阶段。" 多家企业公告"降温" 昨日午后，太空光伏方向强势领涨，晶科能源迅速拉出20%涨停，TCL中环、国晟科技、双良节能等多 股同步涨停。 多家企业"撇清"与马斯克团队合作的消息，否认具体落地可执行项目的存在，并提示"太空光伏"产业化 进程仍存较大不确定性。 高测股份（688556.SH）发布澄清公告称，公司目前尚未开展太空光伏相关业务，未与相关团队开展合 作，未签署任何框架性协议或正式协议，未产生 ...

福光股份：福建省国有资产管理公司拟减持不超3%公司股份 2月5日，福光股份(688010)发布公告称，福建省国有资产管理有限公司持有公司12.94%股份，拟通过集 中竞价、大宗交易的方式，合计减持公司股份不超过481.68万股，即不超过公司总股本的3%。 青达环保：冰轮环境拟减持不超3%公司股份 2月5日，青达环保(688501)发布公告称，冰轮环境技术股份有限公司（简称"冰轮环境"）持有公司 7.54%股份，拟通过集中竞价和大宗交易方式减持公司股份不超过372.68万股，即不超过公司总股本的 3%。 华东医药：控股子公司药物临床试验获批准 2月5日，华东医药(000963)发布公告称，控股子公司浙江道尔生物科技有限公司（简称"道尔生物"）收 到国家药监局核准签发的《药物临床试验批准通知书》，由道尔生物申报的DR10624注射液临床试验申 请已获得批准，可以开展临床试验，适应症为高甘油三酯血症。 广东建工：联合中标15.24亿元锂电池智能制造工程项目 2月5日，广东建工(002060)发布公告称，全资子公司广东四建（牵头人）与中联合创设计有限公司组成 的联合体，中标"年产2GWh三维固态锂电池智能制造（江西余 ...