Group 1 - The core viewpoint of the article highlights that JunDa Co., Ltd. (002865) has transferred shares worth HKD 101 million from Jihau Securities to HSBC Hong Kong, representing 7.42% of the total shares [1] - JunDa Co., Ltd. signed a strategic cooperation framework agreement with Hangzhou Shangyi Optoelectronics Technology Co., Ltd. on December 21, 2025, focusing on the research and industrialization of flexible perovskite technology for space computing and energy applications [1] - The agreement is a preliminary cooperation intention, non-binding, does not involve specific financial amounts, and does not require board or shareholder meeting approval [1]

Group 1 - The core point of the article is that JunDa Co., Ltd. (stock code: 02865) has transferred shares worth HKD 101 million from Jihau Securities to HSBC Hong Kong, representing 7.42% of the total shares [1] - JunDa Co., Ltd. signed a strategic cooperation framework agreement with Hangzhou Shangyi Optoelectronics Technology Co., Ltd. on December 21, 2025, focusing on the research and industrialization of flexible perovskite technology for space computing and energy applications [1] - The agreement is a preliminary cooperation intention, not legally binding, does not involve specific amounts, and does not require board or shareholder meeting approval [1]

12月31日，A股迎来年度最后一个交易日，商业航天概念再度强势走高。催化因素来自政策与产业双重 利好：12月30日，海南省航天领导小组会议在海口召开，明确提出要抢抓商业航天发展（000547）战略 机遇期，加快培育"向天图强"的新质生产力；12月26日，上交所发布《发行上市审核规则适用指引第9 号》，首次细化商业火箭企业适用科创板第五套上市标准，为商业航天企业打通资本市场通道。 更深层的逻辑正在形成。多家券商年度策略会纪要指出，当前商业航天的投资主线已从早期的基础设施 叙事，转向以"太空算力"为核心的新范式——即通过低轨卫星搭载AI芯片，实现星上智能处理，从而缓 解地面数据中心的能源瓶颈。这一闭环不仅提升了商业航天的经济可行性，也使其成为2026年科技投资 的核心主线之一。 在此背景下，市场关注焦点正从火箭、卫星整机制造，向上游高价值核心元器件(如高效能源系统)和下 游应用场景延伸。而光伏，尤其是具备超高能量密度与轻量化特性的钙钛矿电池，正成为支撑"太空算 力"落地的关键技术路径。 近日，光伏电池龙头企业钧达股份（002865）(002865.SZ)宣布与尚翼光电签署战略合作协议，共同推 进钙钛矿电池在太空能 ...

执业证书编号：S0740522100005 光伏设备 | 评级： | 增持（维持） | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：赵宇鹏 | | | 营业收入（百万元） | | 18,657 | 9,952 | 7,965 | 12,374 | 15,354 | | 增长率 | | | yoy% | | 61% | -47% | -20% | 55% | 24% | | 执业证书编号：S0740522100005 | | | 归母净利润（百万元） | | 816 | -591 | -582 | 633 | 1,054 | | 增长率 | | | yoy% | | 14% | -172% | 2% | 209% | 66% | | Email：zhaoyp02@zts.com.cn | | | 每股收益（元） | | 2.79 | -2.02 | -1.99 ...

2025 年12 月21 日，公司与尚翼光电签署《战略合作框架协议》，双方拟围绕"面向太空算力与空间能 源应用的柔性钙钛矿技术研发与产业化"展开合作，合作内容包括双方共同对太空钙钛矿产品进行联合 研发、公司拟作为战略股东对尚翼光电进行投资以及未来进行太空钙钛矿产品产业化落地。 投资要点 合作尚翼光电，共探太空光伏 钙钛矿电池凭借超轻量化、低成本、高抗辐照性及可柔性卷展等优势，有望成为突破太空能源瓶颈的关 键路径之一。 公司深耕光伏电池技术研发，并在下一代钙钛矿领域提前布局，已与仁烁、中科院、苏州大学等机构开 展合作研发，实现多项技术突破。目前，公司钙钛矿叠层电池实验室效率已达32.08%，处于行业领先 地位；并于2025 年11 月成功下线首片产业化N 型+钙钛矿叠层电池，已具备叠层工艺研发与小规模生产 能力，正稳步推进钙钛矿及钙钛矿叠层电池的商业化应用。合作方尚翼光电是国内稀缺的卫星电池生产 商，其核心团队长期专注钙钛矿航天应用，致力于柔性钙钛矿光伏技术在太空场景的落地。 此次战略合作将充分整合双方在光伏产业化能力、钙钛矿技术积累、太空场景适配及航天资源整合等方 面的核心优势，实现优势互补，卡位太空光伏产业 ...

Core Insights - The photovoltaic sector experienced a rebound due to three factors: price bottoming out, policy-driven capacity reduction, and high demand growth [1] - Major silicon wafer companies raised prices significantly, with N-type silicon wafer prices increasing by 2.6% to 9.2% [1] - The National Development and Reform Commission announced plans to eliminate inefficient capacity in the photovoltaic industry, improving long-term profitability expectations [1] - As of the end of November, China's solar installed capacity reached 116 million kilowatts, a year-on-year increase of 41.9% [1] Company Insights - JunDa Co., a leading photovoltaic battery company, focuses on technological innovation and has achieved a laboratory efficiency of over 32% for perovskite tandem batteries, positioning itself for overseas market expansion [1] - The company plans to increase its overseas sales to over 50% by Q3 2025, with North America being a key market for expansion [1] - JunDa is also investing in space perovskite battery technology through its investment in Shangyi Optoelectronics, targeting the aerospace market [1] - Dongfang Risen has developed the Hyper-ion HJT module, achieving a maximum power of 741W and a conversion efficiency of 23.90%, with over 10GW shipped [2] - The company aims to maintain its market advantage through continuous technological advancements and cost control measures [2] - Xiexin Integrated has developed a dual-source heat pump system that operates in extreme low temperatures, improving energy efficiency by approximately 25% compared to traditional systems [4] - The company is focusing on technological innovation and cost reduction to enhance its core competitiveness amid rising material costs [4] - Zhonglai Co. produces TOPCon batteries for high-efficiency photovoltaic modules, which can be applied in various photovoltaic power plants [5] - SunPower has begun exporting photovoltaic products to Europe and plans to expand into overseas markets, particularly along the Belt and Road Initiative [5] - Nanfang Glass has established a photovoltaic glass manufacturing base in Egypt to enhance its international competitiveness and align with the Belt and Road Initiative [7] - The company aims to integrate resources related to "new energy materials" to strengthen its platform functionality and core competitiveness [7][8]

每经AI快讯，钧达股份(02865.HK)盘初一度涨超7%，截至发稿，涨4.59%，报21.44港元，成交额 4328.01万港元。 ...

Group 1 - The core viewpoint of the article highlights that JunDa Co., Ltd. (钧达股份) is experiencing a significant stock price increase due to its advancements in perovskite photovoltaic technology, which is seen as a revolutionary solution for space energy challenges [1] - The company is actively promoting product mass production and enhancing service capabilities in response to downstream customer demands, particularly in the domestic and North American commercial space and space computing markets [1] - According to Guojin Securities, the space orbit is becoming a competitive area, with the commercial satellite sector expected to see explosive growth, driven by the urgent competition among major countries [1] Group 2 - The article notes that the current mainstream space energy solutions face limitations in cost control, lightweight design, and flexible adaptation, making them unsuitable for mass deployment in cost-sensitive commercial aerospace [1] - The market demand for photovoltaic technology is evolving from a focus on reliability and efficiency to a comprehensive system capability that includes high efficiency, lightweight, low cost, and flexibility [1] - It is projected that by 2030, the global space photovoltaic market could reach a trillion-dollar scale, indicating significant growth potential in this sector [1]

Core Viewpoint - JunDa Co., Ltd. is positioned to leverage perovskite photovoltaic technology as a revolutionary solution to address the limitations of current space energy solutions, aiming to support the scalable development of the space economy [1] Company Summary - JunDa Co., Ltd. experienced a stock price increase of over 7% at the beginning of trading, closing up 4.59% at HKD 21.44, with a trading volume of HKD 43.28 million [1] - The company is actively promoting product mass production and enhancing service capabilities in response to downstream customer demands, focusing on the domestic and North American commercial space and space computing markets [1] Industry Summary - Current mainstream space energy solutions face limitations in cost control, lightweight design, and flexible adaptation, making them unsuitable for mass deployment in cost-sensitive commercial space applications [1] - The global low Earth orbit satellite network construction and space computing industry are entering a period of explosive growth, driven by the urgency of competition in the commercial satellite sector [1] - The market demand for photovoltaic solutions in commercial space applications is evolving from a focus on reliability and efficiency to a comprehensive system capability that includes high efficiency, lightweight, low cost, and flexibility [1] - According to estimates, the global space photovoltaic market is projected to reach a trillion-dollar scale by 2030 [1]

投资者关系活动类别 □ 特定对象调研 ☑ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他（请文字说明其他活动内容） 参与单位名称及人员姓名 易方达基金管理有限公司 袁方；银华基金管理股份有限公司 方 建；诺安基金管理有限公司 陈衍鹏；湖南八零后资产管理有限 公司 田超平；耕霁（上海）投资管理有限公司 王立；上海禧弘 私募基金管理有限公司 杨莹；国金证券股份有限公司 姚遥；长 江证券股份有限公司 任佳惠；磐泽资产管理（香港）有限公司 李 柏逸；中泰证券股份有限公司 赵宇鹏；摩根士丹利 Reigna Chen；华西证券股份有限公司 刘泽晶；招商基金管理有限公司 陈西中；海通国际证券集团有限公司 徐柏乔；国海证券股份有 限公司 张钰莹；平安证券股份有限公司 张之尧；深圳锦洋投资 基金管理有限公司 刘玉恩；西部证券股份有限公司 李华丰；北 京江亿资本管理有限公司 张翔；中国民生银行股份有限公司 白 宇航；德意志银行 Gary Zhou；中信证券股份有限公司 林劼； 中国国际金融股份有限公司 胡子慧等总计 176 人 时间 2025 年 12 月 30 日 (周二) 下午 ...