东吴证券研报指出，钧达股份业绩阶段性亏损，加快布局新增长点。公司预计25年归母净利亏损12-15 亿，同比-153.76%～-103.01%。行业仍处周期底部、经营阶段性承压。2025年公司海外业务收入占比已 突破50%，成为海外电池核心供应商。公司同步推进海外产能本地化布局，土耳其产能有望于26Q1投 产出货。未来公司将持续夯实光伏电池核心竞争力，深化全球化战略布局，推动业绩回升与可持续增 长。公司参股星翼芯能、布局太空光伏新增长点。考虑到光伏行业仍处周期底部，竞争激烈导致公司业 绩阶段性承压，下调公司盈利预测，基于公司电池片行业地位稳固，且海外产能本地化布局有望带来新 增长极，维持"买入"评级。 ...

Core Viewpoint - The photovoltaic industry is undergoing a significant restructuring, with major companies expected to report substantial losses in 2025 due to overcapacity, price wars, and rising raw material costs [5][10][12]. Group 1: Industry Overview - Trina Solar forecasts a loss of 65-75 billion yuan for 2025, contributing to a total expected loss of over 600 billion yuan across the photovoltaic sector [5][10]. - The entire industry chain, from upstream silicon materials to downstream components, is experiencing collective losses, with the gross profit margin for polysilicon dropping to -6.30% in the first half of 2025, compared to 73% in 2022 [12][13]. - The price of silver has surged by 140% over two years, further compressing profits as component prices have fallen below cash cost levels [6][14][16]. Group 2: Key Indicators for Industry Restructuring - Analysts suggest monitoring three key indicators for the industry's clearing process: energy consumption, conversion efficiency, and profit margins [7][19]. - The industry is expected to enter a brutal elimination phase in 2026, focusing on energy efficiency, technology, and cost [8][18]. Group 3: Company Performance and Differentiation - Major companies like LONGi Green Energy and Tongwei Co. are projected to incur significant losses, but some are showing signs of reduced losses compared to previous years [21]. - TCL Zhonghuan is facing challenges due to high energy consumption and outdated production processes, leading to a decline in competitiveness [21][23]. - Companies are investing in new technologies, such as LONGi's focus on BC cell technology and Tongwei's optimization of silicon material costs, to prepare for the upcoming technological competition in 2026 [25].

（文章来源：每日经济新闻） 每经AI快讯，商业航天概念持续走高，截至发稿，钧达股份(02865.HK)涨15.29%，报25.64港元；亚太 卫星(01045.HK)涨12.81%，报4.14港元；金风科技(02208.HK)涨5.92%，报15.39港元。 ...

Group 1 - The commercial aerospace concept is gaining traction, with JunDa Co., Ltd. (002865) rising by 15.29% to HKD 25.64, Asia Pacific Satellite (01045) increasing by 12.81% to HKD 4.14, and Goldwind Technology (002202) up by 5.92% to HKD 15.39 [1] - Elon Musk is actively advancing SpaceX's initial public offering (IPO) plan, aiming to complete the IPO by July this year [1] - Three commercial aerospace companies, including Star River Power, Interstellar Glory, and Tianbing Technology, have updated their listing guidance progress, while Blue Arrow Aerospace's IPO application has been accepted, and China Aerospace has completed its guidance filing, marking a significant push towards the "first stock in commercial aerospace" [1] Group 2 - On January 21, JunDa Co., Ltd. announced a placement agreement with a placement agent to issue up to 18.682 million new H-shares at HKD 22 per share, raising a maximum of HKD 411 million [1] - The company plans to allocate approximately 45% of the net proceeds from the placement for research and production of space photovoltaic battery-related products, about 45% for equity investments and collaborations in the commercial aerospace sector, and around 10% for working capital supplementation [1]

Core Viewpoint - The commercial aerospace sector is experiencing significant growth, driven by multiple companies preparing for initial public offerings (IPOs) and advancements in space technology [1] Group 1: Company Developments - JunDa Co., Ltd. (钧达股份) shares rose by 15.29% to HKD 25.64, while Asia-Pacific Satellite (亚太卫星) increased by 12.81% to HKD 4.14, and Goldwind Technology (金风科技) saw a 5.92% rise to HKD 15.39 [1] - JunDa Co., Ltd. announced a placement agreement to issue up to 18.682 million new H-shares at HKD 22 per share, aiming to raise a maximum of HKD 411 million [1] - The company plans to allocate approximately 45% of the net proceeds from the placement for research and production of space photovoltaic battery products, another 45% for equity investments and collaborations in the commercial aerospace sector, and about 10% for working capital [1] Group 2: Industry Trends - Elon Musk is actively advancing SpaceX's IPO plan, targeting completion by July of this year [1] - Three commercial aerospace companies, including Star River Dynamics, Interstellar Glory, and Tianbing Technology, have updated their listing guidance, while Blue Arrow Aerospace's IPO application has been accepted and China Aerospace has completed its guidance filing [1] - A total of five core enterprises focused on launch vehicles are now preparing for their IPOs, aiming to establish the "first stock of commercial aerospace" [1]

（记者 张喜威） 每经头条（nbdtoutiao）——特朗普强要格陵兰岛，丹麦一养老基金率先清仓美债，美国资产全线下 跌！欧洲手握"金融核按钮"，双方会"鱼死网破"吗？专家解读→ 每经AI快讯，钧达股份1月22日早间发布公告称，公司第五届第七次董事会会议于2026年1月21日以通 讯表决方式召开。会议审议了《关于公司行使一般性授权在香港联合交易所有限公司主板配售新H股的 议案》等文件。 ...

Group 1 - JunDa Co., Ltd. reached the daily limit increase in stock price [1] - GoodWe Technologies saw a rise of over 10% in its stock price [1] - Other companies such as Maiwei Co., LianSheng Technology, Tianyi New Materials, Haiyou New Materials, and Dongfang Rises also experienced stock price increases [1]

Group 1 - The photovoltaic sector experienced a rapid increase on January 22, 2026, with the photovoltaic ETF Huaxia (515370) rising by 1.01%, and stocks such as Goodwe increasing by over 13%, JunDa shares hitting the daily limit, and Maiwei shares rising by over 8% [1] - The photovoltaic glass index accelerated its rise, with component stocks like Dongfang Risheng increasing by 7.88%, Tuori New Energy by 3.20%, Jinjing Technology by 2.43%, Kaisheng New Energy by 1.80%, and Yamaton by 1.58% [1] - Institutional funds saw a net inflow of 2.506 billion yuan, while large investor funds had a net inflow of 1.492 billion yuan [1] Group 2 - Guojin Securities predicts that domestic photovoltaic installations may experience negative growth in 2026, but the industry's "anti-involution" will accelerate the elimination of backward production capacity, benefiting leading companies with cost and technological advantages [1] - The Huaxia photovoltaic ETF (515370) and its linked funds (012885/012886) track the CSI photovoltaic industry index, covering upstream, midstream, and downstream enterprises in the photovoltaic industry chain, including silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and photovoltaic power stations, providing a comprehensive reflection of the overall performance of the photovoltaic industry [1] - The index has a photovoltaic content of 83.64%, ranking first in the entire market dimension [1]

转自：证券时报 人民财讯1月22日电，港股午间收盘，恒生科技指数跌0.4%，恒生指数跌0.1%。个股方面，百度集团涨 4.16%，钧达股份涨15.02%；云知声跌7.7%，南山铝业国际跌8.64%。 转自：证券时报 人民财讯1月22日电，港股午间收盘，恒生科技指数跌0.4%，恒生指数跌0.1%。个股方面，百度集团涨 4.16%，钧达股份涨15.02%；云知声跌7.7%，南山铝业国际跌8.64%。 ...

Group 1 - JunDa Co., Ltd. announced a placement agreement on January 21, 2026, to sell up to 18.682 million shares at a price of HKD 22.00 per share, representing a discount of approximately 1.08% compared to the closing price of HKD 22.24 on the same day [3] - If fully placed, the shares would account for about 22.75% of the enlarged issued H-shares and approximately 6.04% of the existing issued shares [3] - The estimated total proceeds from the placement are approximately HKD 411 million, with a net amount expected to be around HKD 398 million after deducting expenses [3] Group 2 - The net proceeds from the placement are intended to be used as follows: approximately 45% for research and production of space photovoltaic battery-related products, 45% for equity investments and collaborations in the commercial aerospace sector, and 10% to supplement the company's working capital [3] - The Hong Kong stock market saw a surge in commercial aerospace stocks, with increases of nearly 10%, 4%, and 3% for various companies [4] - JunDa Co., Ltd. shares rose by 14.66% to HKD 25.50, with a trading volume of HKD 193 million [5] Group 3 - Elon Musk is actively advancing SpaceX's IPO plan, aiming for completion by July this year, with a valuation of USD 800 billion from a secondary market share sale last December [6] - The commercial aerospace industry is entering a golden era driven by both demand and supply, with rapid development in private rocket companies and a shift from national to commercial aerospace [6] - Focus areas include satellite manufacturing and supply chain components, particularly in low Earth orbit satellite production and infrastructure development [6]