Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that SpaceX and Tesla plan to build a total of 200GW of photovoltaic capacity in the U.S. over the next three years, primarily for ground data centers and space AI satellites [6] - The advantages of space computing centers are emphasized, including better convenience and real-time service compared to ground data processing, as well as significant cost reductions in communication infrastructure [6] - The report predicts that global photovoltaic demand will continue to grow, with an expected 580GW of new installations in 2026, representing a year-on-year increase of 6%. The total global photovoltaic demand is projected to reach 645GW, a year-on-year growth of 18.6% [6] Summary by Sections Industry Overview - The report discusses the emergence of new demand in the photovoltaic industry driven by space photovoltaic technology [1] Key Developments - Space photovoltaic technology is being developed in China, with three generations of solar battery technology tailored for different spacecraft, achieving international advanced performance levels [6] - Several domestic companies are accelerating their investments in space photovoltaic technology, including partnerships for the production of combined products [6] Investment Recommendations - The report suggests focusing on companies that have established early advantages in space photovoltaic layouts, such as Junda Co., Oriental Sunrise, JinkoSolar, Longi Green Energy, Foster, and others [6]

Group 1 - The commercial space sector has become a focal point in the capital market, with space photovoltaics gaining significant attention, as evidenced by a 30.57% increase in the space photovoltaic index over nearly 60 trading days [2] - Key companies in the space photovoltaic sector include Junda Co., Ltd., Tuori New Energy, Zhonglai Co., Ltd., Jinjing Technology, Trina Solar, and Jiejia Weichuang, with Junda Co., Ltd. showing remarkable performance, with a stock price increase of 125.89% in the same period [2] - The acceleration of satellite deployment in low Earth orbit, including SpaceX's approval for 7,500 new Starlink satellites and China's application for 203,000 satellites, has driven the demand for space photovoltaics as a sustainable energy source [3] Group 2 - Space photovoltaics are favored for satellite energy supply due to their advantages, such as immunity to weather interference and simpler installation compared to traditional solar setups [4] - The high cost of space photovoltaics, primarily using gallium arsenide materials, poses a significant challenge, with current prices for space-grade gallium arsenide solar cells being over 1,000 times that of terrestrial silicon cells [4] - Perovskite materials are emerging as a potential next-generation solution for space photovoltaics, although their long-term stability and large-scale production remain to be validated [4] Group 3 - The space photovoltaic concept has gained momentum in 2026, with multiple brokerages predicting a "trillion-level market," prompting various photovoltaic companies to engage in strategic partnerships and research [5] - Recent collaborations include a strategic partnership between Dongfang Risen and Shanghai Port Construction Group to develop perovskite and p-type heterojunction battery technologies for space energy applications [5] - Trina Solar has established a comprehensive layout in three key areas: crystalline silicon batteries, perovskite tandem batteries, and III-V gallium arsenide multi-junction batteries, anticipating significant market potential as reusable rocket technology advances [6] Group 4 - Trina Solar has reported collaborations with leading aerospace companies in Europe and the U.S. for its crystalline silicon products, focusing on perovskite and silicon tandem products for satellite applications [6] - Junda Co., Ltd. has seen its stock price double since embracing the space photovoltaic concept, with a recent closing price of 90.4 yuan per share [6] - Other equipment manufacturers, such as Aotwei and Maiwei, have also experienced significant stock price increases, with Aotwei's stock rising by 74.44% and Maiwei's by 68.58% over 20 trading days [6][7]

Group 1 - JunDa Co., Ltd. announced that the comprehensive cost-effectiveness of perovskite photovoltaic technology in extreme space environments remains to be verified [2][5] - The company has invested 30 million yuan to acquire a 16.67% stake in Starwing Chip Energy, but no formal business agreement has been signed for space photovoltaic projects [2][5] - The technology shows potential advantages in lightweight, low cost, and high radiation resistance, but long-term reliability and cost-effectiveness in space are still uncertain [2][5] Group 2 - Aotewei stated that the "space photovoltaic" sector is still in the early exploration and research phase, with significant uncertainties in the industrialization process [3] - The company emphasized that product development to commercial application requires a considerable period, and the impact of related positive expectations on actual operating performance is highly uncertain [3] Group 3 - Tongyu Communications announced its participation in the A1 round financing of Beijing Blue Arrow Hongqing Technology, investing 30 million yuan for a 1.8293% stake [3] - The company will transition from direct to indirect ownership of Hongqing Technology through a partnership agreement [3] Group 4 - Huajin Technology received approval from the China Securities Regulatory Commission for the issuance of H-shares, planning to issue up to 101,573,100 shares [4] - Trina Solar announced a change in the use of remaining raised funds, reallocating 1.7 billion yuan to a new project for distributed smart photovoltaic power station construction [4][5] Group 5 - Yunnan City Investment plans to publicly transfer a 10.5% stake in Qicai Company with a base price of 293 million yuan [6] - Zijin Mining announced the completion of the second phase of the Giant Dragon Copper Mine, increasing production capacity to 350,000 tons per day [6] Group 6 - Shuaifeng Electric expects a net profit loss of 43 million to 62 million yuan in 2025, with potential delisting risk warnings for its stock [7] - Anqi Yeast plans to invest 222 million yuan in a green manufacturing project for yeast products with an annual output of 12,000 tons [7] Group 7 - Zhengzhou Coal and Electricity announced the cessation of production at the Chaohua Coal Mine due to resource depletion and safety risks, expecting a 311 million yuan impairment loss [8] - Oujing Technology announced partial production line shutdowns at its subsidiaries to reduce losses and operating costs [8] Group 8 - North Car Blue Valley plans to invest in the construction of a high-end platform model industrialization and digital upgrade project with a total investment of 1.991 billion yuan [9] - Jingzhida signed a significant contract worth 1.311 billion yuan for semiconductor testing equipment [9] Group 9 - Yanghe Co. announced a cash dividend plan for 2025-2027, committing to distribute no less than 100% of net profit each year [10] - Yanghe Co. also projected a net profit decline of 62.18% to 68.30% for 2025 due to market adjustments and increased channel inventory [10] Group 10 - Huitong Energy expects a net profit decrease of 69.51% to 75.82% for 2025, primarily due to the absence of non-recurring income from property relocation rewards [11] - Dahua Co. reported a net profit increase of 32.65% for 2025, driven by business optimization and cost control [12] Group 11 - Hangzhou Bank reported a net profit increase of 12.05% for 2025, maintaining a stable non-performing loan ratio [12] - Aotejia expects a net profit increase of 41.85% to 79.67% for 2025, supported by sales growth and cost control measures [12] Group 12 - Shenke Co. anticipates a net profit increase of 65.75% to 98.9% for 2025, benefiting from overseas strategy and revenue growth [13] - Pioneering Technology expects a net profit increase of 50.82% to 109.21% for 2025, driven by product technology iterations and market expansion [13] Group 13 - Shanchuang Technology expects a net profit increase of 81.77% to 134.78% for 2025, fueled by demand for enterprise-level storage products [14] - Anshuo Information anticipates a net profit increase of 52.44% to 98.83% for 2025, with government subsidies contributing to the growth [14] Group 14 - Zhongwei Company expects a net profit increase of 28.74% to 34.93% for 2025, driven by increased customer recognition of its plasma etching equipment [15] - Jingfang Technology anticipates a net profit increase of 44.41% to 52.32% for 2025, benefiting from the automotive industry's growth [16] Group 15 - Fuda Alloy expects a net profit increase of 119.14% to 219.95% for 2025, driven by strong demand in emerging applications [17] - Feirongda anticipates a net profit increase of 57.23% to 83.43% for 2025, supported by stable growth in communication and cooling business [17] Group 16 - Licheng Performing Arts expects a net profit decrease of 12.75% to 32.21% for 2025, impacted by regional travel environment fluctuations [22] - Lisheng Pharmaceutical anticipates a net profit increase of 116.77% to 138.44% for 2025, driven by market expansion and product sales [23] Group 17 - JMC reported a net profit decrease of 22.71% for 2025, despite a 2.07% increase in total revenue [27] - Daoshi Technology expects a net profit increase of 206.01% to 269.76% for 2025, driven by overseas business expansion [28] Group 18 - Jin Kai New Energy plans to repurchase shares worth 500 million to 600 million yuan, with a maximum repurchase price of 7.5 yuan per share [29] - Longyun Co. announced a stock suspension due to plans to acquire a 58% stake in Yuheng Film Industry [30]

Core Viewpoint - The article discusses the emerging market for space photovoltaic energy, highlighting significant interest and investment in this sector following statements from Elon Musk about its potential [3][6]. Group 1: Space Photovoltaic Overview - Space photovoltaic energy refers to the use of solar photovoltaic technology in outer space to generate and supply energy, which can be transmitted wirelessly to Earth or used to power satellites and space stations [5]. - Elon Musk announced plans for Tesla and SpaceX to enhance solar energy production, aiming for an annual capacity of 100GW within three years [5][6]. Group 2: Market Response and Company Involvement - The Wind Space Photovoltaic Index rose by 9.69%, with nearly 50 stocks hitting the daily limit, indicating strong market enthusiasm [3]. - Companies like Trina Solar, Artas, and Aotai have expressed their commitment to developing technologies related to space photovoltaics, including various types of solar cells [8][9][10]. Group 3: Market Potential and Predictions - Analysts predict that the low Earth orbit satellite photovoltaic market in China could exceed $3 billion by 2030, with global market estimates reaching between $500 billion to $1 trillion if the deployment of 100GW space data centers occurs [11]. - The efficiency of solar energy in space is projected to be over 30% higher than on Earth, making it a viable long-term energy solution for space applications [11]. Group 4: Challenges and Considerations - Despite the optimistic outlook, the current cost of space photovoltaic energy is significantly higher than terrestrial solar energy, with estimates of $2-3 per kWh compared to $0.03-0.05 per kWh for ground-based solar [11]. - The commercial viability of space photovoltaics is contingent on reducing launch costs and improving solar cell efficiency within the next 10-15 years [12].

Core Viewpoint - Elon Musk, CEO of Tesla, supports space photovoltaics and reveals key production plans during a discussion with Larry Fink, CEO of BlackRock, at the World Economic Forum in Davos [3]. Group 1: Solar Energy Production - SpaceX and Tesla aim to achieve an annual solar manufacturing capacity of 100GW within the next three years [3]. Group 2: Related Companies and Technologies - Key players in the solar energy sector include: - Core battery manufacturers: Qianzhao Optoelectronics, Dongfang Risen, Junda Co., Trina Solar, Tuojiri New Energy, and Sanan Optoelectronics [4]. - Upstream equipment and materials: Jing Sheng Machinery, Juhe Materials, Zhonglai Co., and Maiwei Co. [4]. - Midstream packaging and components: Lushan New Materials and Lens Technology [4]. - Downstream system integration and on-orbit verification: Shanghai Port and Wan [4]. - Frontier technology investments and layouts: Xizi Clean Energy [4].

特斯拉CEO埃隆·马斯克在达沃斯论坛上力挺太空光伏的最新言论，为萎靡已久的光伏板块注入强心 剂。 1月23日，连城数控（920368.BJ）、欧普泰（920414.BJ）30cm涨停，迈为股份（300751.SZ）、拉普拉 斯（688726.SH）、东方日升（300118.SZ）、晶科能源（688223.SH）、奥特维（688516.SH）、捷佳伟 创（300724.SZ）、高测股份（688556.SH）、晶盛机电（300316.SZ）、华民股份（300345.SZ）、琏升 科技（300051.SZ）等皆20%涨停，光伏设备股表现尤其抢眼。赛伍技术（603212.SH）、隆基绿能 （601012.SH）、爱旭股份（600732.SH）、钧达股份（002865.SZ）、协鑫集成（002506.SZ）、正泰电 源（维权）（002150.SZ）、福斯特（603806.SH）、金辰股份（603396.SH）等上演涨停潮。此外，帝 科股份（300842.SZ）涨近19%，天合光能（688599.SH）涨超16%，禾迈股份（688032.SH）涨超13%， 阿特斯（688472.SH）、中信博（688408.SH）涨超1 ...

Market Analysis - The A-share market is experiencing a volatile upward trend with significant trading volume, as the Shanghai Composite Index closed at 4136.16 points, up 0.33%, and the Shenzhen Component Index rose 0.79% to 14439.66 points, with a total market turnover of 3.12 trillion, an increase of approximately 400 billion (+14.8%) from the previous trading day [2][5][7] - The market is characterized by a broad-based rally, with 3938 stocks rising and 1389 falling, indicating a strong profit-making effect [2] Sector Performance - The photovoltaic equipment sector led the market with a significant increase of 9.95% in the photovoltaic selection index, driven by new market hotspots in space photovoltaics, following support from Tesla's CEO Elon Musk at the World Economic Forum [5][9] - The commercial aerospace sector also showed strength, with several stocks hitting the daily limit, supported by upcoming events and the launch of China's first commercial manned spacecraft [5][9] - Conversely, the financial sector faced pressure, with the optical module and insurance selection indices declining by 2.24% and 1.81%, respectively, reflecting a continued shift in market style [5][7] Policy and Market Trends - The market is currently driven by a dual engine of policy and industry trends, with high trading volumes indicating active capital flow from undervalued financial sectors to high-growth sectors, particularly in small and mid-cap growth stocks [7][13] - The report suggests focusing on sectors such as photovoltaics (including space photovoltaics and HJT technology), commercial aerospace, and precious metals (gold and silver), while being cautious of pure concept stocks that may face delisting risks [7][13] Bond Market - The bond market saw a slight increase in government bond futures, with the 30-year main contract rising by 0.07% to close at 112.30 yuan, supported by a net liquidity injection of 1 trillion yuan by the central bank this month [7][9] - The central bank's actions indicate a clear expectation of continued monetary easing, which is expected to support bond prices [7][9] Commodity Market - The commodity market is maintaining an upward trend, with the Nanhua Commodity Index rising by 1.14%, driven by precious and new energy metals, while some sectors like energy and agricultural products faced localized pressure [7][9] - Silver prices are approaching the $100 mark, with the main contract closing at 24,965 yuan/kg, reflecting strong demand driven by both financial and industrial factors [7][9] Trading Hotspots - Recent hot sectors include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, robotics, and consumer goods, with a focus on policy support and technological advancements [10][13] - The report emphasizes the importance of monitoring developments in these sectors, particularly in terms of application scenarios and project progress [10][13]

证券代码：002865 证券简称：钧达股份 公告编号：2026-008 海南钧达新能源科技股份有限公司 （三）早期投资及合同履约风险 本次投资属于早期参股投资，目标公司为新设主体，尚无自主经营历史与完 整财务数据，未来经营成果、盈利能力及估值成长均存在较大不确定性，公司能 否通过本次投资实现预期收益或顺利退出存在风险。 关于对外投资参股上海星翼芯能科技有限公司事项的补充公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于 2026 年 1 月 15 日披露《关于对外投资参股上海星翼芯能科技有限公司的公告》（公 告编号：2026-004），公告公司与上海星翼芯能科技有限公司（以下简称"星翼芯 能"）及其创始团队、原股东等相关方签署《增资协议》及《股东协议》，公司 以现金出资人民币 3,000 万元，认购星翼芯能新增注册资本人民币 46.1539 万元， 获得星翼芯能 16.6667%的股权。现就相关事项补充公告如下： 一、风险提示 （一）技术不确定性风险 公司虽长期深耕光伏电池技术的研发与产业化 ...

格隆汇1月23日｜钧达股份(002865.SZ)公告，此前披露，公司以现金出资3000万元认购星翼芯能新增注 册资本46.1539万元，获得星翼芯能16.6667%的股权。现就相关事项补充公告。公司虽长期深耕光伏电 池技术的研发与产业化，但在面向太空极端环境的光伏产品适配能力、航天领域技术验证资源及行业应 用经验等方面，尚无成熟积累。钙钛矿光伏技术虽在超轻量化、低成本、高抗辐照性等方面展现出潜在 优势，但其在太空极端环境下的长期可靠性、量产一致性及综合成本效益仍有待充分验证。太空光伏行 业目前仍处于技术探索阶段，未来市场空间与产业化节奏存在较大不确定性，若未来出现更具竞争力的 技术路线，或竞争对手率先实现技术突破与规模化应用，可能对目标公司的市场地位带来挑战。本次投 资属于早期参股投资，目标公司为新设主体，尚无自主经营历史与完整财务数据，未来经营成果、盈利 能力及估值成长均存在较大不确定性，公司能否通过本次投资实现预期收益或顺利退出存在风险。 ...

Market Performance - The photovoltaic industry chain saw significant gains, with stocks like Junda Co. (002865) rising over 51%, and several others including Kaisheng New Energy (600876) and Xinyi Solar gaining over 10% [1] - The photovoltaic index in A-shares increased by 7.46%, with nearly 50 stocks hitting the daily limit or rising over 10% [1] - Longi Green Energy (601012) reached a closing price of 19.35 CNY per share, with a total market capitalization of 146.6 billion CNY [2] Industry Trends - The photovoltaic index has surged over 24% in the past month, with stocks like Junda Co., Aotewi, and Maiwei Co. doubling in price [2] - Elon Musk expressed strong support for space photovoltaic technology during the World Economic Forum, revealing plans for a solar manufacturing capacity of 100 GW annually within three years [2] Company Developments - Companies in the Yangtze River Delta are actively exploring opportunities in space photovoltaics, with JinkoSolar and Trina Solar announcing plans to accelerate the commercialization of perovskite technology [3] - Junda Co. plans to invest 30 million CNY for a 16.67% stake in Shanghai Xingyi Chip Energy, focusing on low-orbit and space photovoltaic applications [4] - Dongfang Risheng highlighted the need for solar wings in satellite energy systems to adapt to market demands and cost pressures, emphasizing the advantages of crystalline silicon photovoltaic cells [3][4] Technological Insights - Research indicates that traditional fossil fuels face significant storage and supply challenges in space, while nuclear energy has complexities that hinder scalability [4] - Photovoltaic technology is seen as a viable solution for energy needs in extreme space environments due to its sustainability and stability [4] Market Caution - Despite the excitement around space photovoltaics, there are warnings about potential bubbles in the market, with concerns over the technology's commercial viability and the challenges of large-scale implementation [5][6] - The industry faces hurdles in technology maturity, cost control, and regulatory frameworks, which could impact the future of space photovoltaic projects [6]