Core Viewpoint - The "space photovoltaic" concept has gained significant attention in the secondary market, largely influenced by Tesla CEO Elon Musk's endorsements, with the relevant index rising 19.83% in the past month, outperforming the CSI 300 index by 18.65% [1] Market Performance - The space photovoltaic concept index has seen a notable increase, with specific stocks like JunDa Co., Ltd. rising by 84.62%, Mingyang Smart Energy by 60.22%, and Jiejia Weichuang by 44.04% over the past 20 days [1] - Several photovoltaic companies have experienced stock price surges, triggering trading anomalies, such as Dongfang Risheng and Laplace, which saw price deviations exceeding 30% [3] Technology and Feasibility - Space photovoltaic energy involves utilizing solar photovoltaic technology in outer space to generate and supply energy, with the potential for direct power transmission to Earth [3] - The advantages of space photovoltaic systems include abundant sunlight and reduced atmospheric interference, making them a viable option for satellite power supply [3] Industry Challenges - Despite the market enthusiasm, the space photovoltaic industry faces significant uncertainties regarding technological maturity, long-term reliability, and economic viability for large-scale commercialization [4][5] - Current applications are still in the exploratory phase, with many companies not yet supplying products to commercial space satellite firms [5] Technological Development - Various technological routes are being explored, with gallium arsenide being the mainstream material, but its high cost poses challenges for large-scale deployment [5][6] - The cost of space photovoltaic energy is currently estimated at $2-3 per kilowatt-hour, significantly higher than ground-based photovoltaic costs of $0.03-0.05 per kilowatt-hour, indicating a need for cost reduction and efficiency improvements [6] Future Outlook - Companies like Trina Solar and HaiMuxing express optimism about the future of space photovoltaic technology, citing collaborations with leading aerospace institutions and advancements in reusable rocket technology [6][7] - The commercial viability of space photovoltaic systems is projected to develop over the next 10 to 15 years, contingent on decreasing launch costs and breakthroughs in battery technology [7]

Group 1 - JunDa Co., Ltd. (02865) experienced a significant stock increase, rising over 14% at one point and closing up 12.33% at HKD 32.98, with a trading volume of HKD 473 million [1] - The China Aerospace Science and Technology Corporation held a 2026 annual work meeting, emphasizing the importance of successfully launching and recovering main rockets and advancing reusable technology to fulfill commercial launch missions [1] - Dongwu Securities highlighted the rapid competition for space resources in China, noting that the number of satellite applications has exceeded 250,000, indicating a vast commercial aerospace market with projections of over USD 800 billion by 2030 [1] Group 2 - China’s commercial aerospace development is accelerating, with JunDa Co., Ltd. taking the lead in low Earth orbit and space photovoltaic initiatives [1] - The company recently announced a cash investment of HKD 30 million to acquire a 16.67% stake in Shanghai Xingyi Chip Energy, becoming its second-largest shareholder, and plans to establish a joint venture focusing on CPI films and products combining CPI films with crystalline silicon batteries [1] - JunDa Co., Ltd. is expanding from terrestrial photovoltaic to space photovoltaic, leveraging its advantages in large-scale crystalline silicon manufacturing and deep industry experience, which is expected to drive new growth in the global low Earth orbit satellite and space computing power sectors [1]

每经AI快讯，港股商业航天概念回暖，截至发稿，钧达股份(02865.HK)涨11.53%，报38.64港元；亚太 卫星(01045.HK)涨6.33%，报4.37港元；中国技术集团(01725.HK)涨1.15%，报0.88港元；金风科技 (02208.HK)涨0.58%，报15.67港元。 ...

每经AI快讯，钧达股份(02865.HK)一度涨超14%，截至发稿，涨12.33%，报32.98港元，成交额4.73亿港 元。 ...

Group 1 - The space photovoltaic concept has experienced a rebound, with JunDa Co., Ltd. (002865) hitting the daily limit up and achieving three consecutive trading days of gains within six days [1] - Liancheng CNC has seen an increase of over 10% in its stock price, indicating strong market interest [1] - Other companies in the sector, including TCL Zhonghuan (002129), Jiejia Weichuang (300724), Shuangliang Energy (600481), and Jingsheng Mechanical & Electrical (300316), have also shown upward movement in their stock prices [1]

Core Viewpoint - JunDa Co., Ltd. (002865) experienced a significant stock increase, rising over 14% at one point and currently up 12.33% to HKD 32.98, with a trading volume of HKD 473 million [1] Group 1: Industry Developments - China Aerospace Science and Technology Corporation's commercial rocket division held a 2026 work meeting, emphasizing the need to successfully launch and recover main rockets and to advance reusable technology [1] - The commercial space market in China is expanding rapidly, with over 250,000 satellite applications submitted, indicating a vast market potential [1] - The global space market is projected to exceed USD 800 billion by 2030, driven by increasing competition for space resources [1] Group 2: Company Initiatives - JunDa Co., Ltd. is strategically investing in low Earth orbit and space photovoltaic sectors, recently announcing a cash investment of RMB 30 million for a 16.67% stake in Shanghai Xingyi Chip Energy, becoming its second-largest shareholder [1] - A joint venture will be established to focus on CPI films and products combining CPI films with crystalline silicon batteries, targeting the low Earth orbit and space photovoltaic markets [1] - The company has a strong foundation in crystalline silicon manufacturing and is expected to achieve new growth in the global low Earth orbit satellite and space computing power industries [1]

Core Viewpoint - JunDa Co., Ltd. (02865) experienced a significant stock price increase, rising over 14% at one point and closing up 12.33% at HKD 32.98, with a trading volume of HKD 473 million [1] Group 1: Industry Developments - China Aerospace Science and Technology Corporation held a 2026 annual work meeting, emphasizing the importance of successfully launching and recovering main rockets and advancing reusable technology [1] - The commercial space market in China is expanding rapidly, with over 250,000 satellite applications, and the global aerospace market is projected to exceed USD 800 billion by 2030 [1] Group 2: Company Strategy - Dongwu Securities noted that the company is strategically positioned in low Earth orbit and space photovoltaic sectors, recently announcing a cash investment of RMB 30 million for a 16.67% stake in Shanghai Xingyi Chip Energy, becoming its second-largest shareholder [1] - A joint venture will be established to focus on CPI films and products combining CPI films with crystalline silicon batteries, aiming to enter the low Earth orbit and space photovoltaic markets [1] - The company has a strong foundation in crystalline silicon manufacturing and is expected to achieve new growth in the global low Earth orbit satellite and space computing industries [1]

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

格隆汇1月28日丨根据联交所最新权益披露资料显示，2026年1月23日，钧达股份(02865.HK)获JPMorgan Chase & Co.以每股均价34.2187港元增持好仓139.84 万股，涉资约4785.11万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的股每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 分散目 | | | (請參閱 (亦***)有投票權股 (日/日/年) | | | | | | | | | 份自分市 | | | CS20260128E00212 | JPMorgan Chase & Co. | 1001(L) | | 1.398,390(L | HKD 34.2187 | 3.234.490(L) 5.09(L)23/01/2026 | | | | | 1403(S) | | 503,400(S) | | 1,885,100(S) | 2.97(S) | | | | | | | | ( ...

| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300118 | 东方日升 | 1 | -7.33 | 242亿 | 44.95 | | 603806 | 福斯特 | | -5.34 | 463亿 | 27.08 | | 002865 | 钧达股份 | 1 | -5.08 | 289亿 | 80.97 | | 002506 | 协鑫集成 | 1 | -4.61 | 206亿 | 25.71 | | 688599 | 天合光能 | 长 | -4.53 | 464亿 | 19.58 | | 605117 | 德业股份 | 1 | -4.40 | 820亿 | 4.64 | | 600537 | 亿闘米甲 | | -4.14 | 38.35亿 | -22.12 | | 300274 | 阳光电源 | 1 | -4.01 | 3148亿 | -11.23 | | 300554 | 三超新材 | 报 | -3.80 | 29.51亿 | 11.43 | | 603398 | *ST沐邦 | | -3.10 | ...