在工商业储能快速落地的过程中，用户关注的不再只是"能不能用"，而是能否稳定运 行、持续输出收益。现实中，收益波动、效率损失、高温降额以及运维复杂，仍然是困 扰工商业储能项目长期运行的核心问题。 针对以上痛点，东方日升首发推出 全液冷碳化硅(SiC) 131kW/ 261kWh工商业储能一 体机 ，从系统架构、功率平台到安全与智能运维进行整体升级，为用户提供高功率、 高效率、高可靠的工商业储能解决方案。 三重技术 · 驱动年度收益跃升 围绕功率、系统效率与高温工况稳定性三大核心环节，东方日升全液冷碳化硅工商业储能 一体机实现系统级技术升级： 多 项 技 术 协 同 作 用 下 ， 相 较 传 统 风 冷 工 商 业 储 能 一 体 机 系 统 ， 产 品 全 年 可 多 完 成 约 1 2 , 210kWh的循环电量，在典型峰谷套利、两充两放场景中，按330天测算，整体收益提 升超9,000元，收益提升路径清晰且可持续。 安装便利 · 2 0分钟极速部署 多重防护 · 3 6 5天安心运行 在工商业储能应用中安全是核心保障。该产品提供多维防护，IP66级PCS，可选IP67级P ACK，耐腐等级C4（C5 可选 ...

文 | 东方日升 在工商业储能快速落地的过程中，用户关注的不再只是"能不能用"，而是能否稳定运行、持续 输出收益。现实中，收益波动、效率损失、高温降额以及运维复杂，仍然是困扰工商业储能项 目长期运行的核心问题。 针对这些痛点，东方日升首发推出 全液冷碳化硅（SiC）131kW/261kWh工商业储能一体机， 从系统架构、功率平台到安全与智能运维进行整体升级，为用户提供高功率、高效率、高可靠 的工商业储能解决方案。 三重技术 · 驱动年度收益跃升 围绕功率、系统效率与高温工况稳定性三大核心环节，东方日升全液冷碳化硅工商业储能一体 机实现系统级技术升级： 多项技术协同作用下，相较传统风冷工商业储能一体机系统，产品全年可多完成约 12,210kWh 的循环电量，在典型峰谷套利、两充两放场景中，按 330 天测算，整体收益提升超 9,000 元， 收益提升路径清晰且可持续。 安装便利 · 20分钟极速部署 PCS功率提升： PCS 功率由 125kW 提升至 131kW，充放电能力同步增强，为高频运行和两 充两放等典型工商业应用场景提供更充足的功率支撑。 碳化硅功率模块赋能： 在此基础上，系统引入碳化硅（SiC）MO ...

Group 1: Photovoltaic Industry - The photovoltaic industry is experiencing a clear upward trend due to supply-side clearing and demand-side support, with expectations of profitability recovery in 2026 as inefficient companies exit the market and leading firms enhance efficiency through technological upgrades [1][14] - In 2025, China's photovoltaic industry saw a significant increase in installed capacity, reaching 315.07 GW, with a year-on-year growth rate of 13.67%, despite a slowdown in the second half of the year [14][16] - The introduction of policies aimed at preventing "involution" in the industry has led to a recovery in prices, with polysilicon prices rising over 50% from June to November 2025, indicating a shift towards a more rational pricing environment [22][29] Group 2: Wind Power Industry - The wind power industry is expected to benefit from a favorable supply-demand structure, with significant growth anticipated in offshore wind projects and exports, particularly in 2025 [1][3] - The domestic wind power market is projected to continue its growth trajectory, with offshore wind becoming a key focus area, supported by increasing demand for domestic and international markets [1][3] - Investment recommendations include focusing on leading manufacturers in the wind turbine sector and companies involved in high-barrier components such as submarine cables, which are expected to see increased demand [3][3] Group 3: New Energy Vehicles - The new energy vehicle sector in China is projected to achieve sales of 16.49 million units in 2025, reflecting a year-on-year growth of 28.2%, driven by stable market demand and improved product structures [2][3] - The industry is witnessing a recovery in profitability as supply-side chaos is effectively managed, with significant price increases in key materials like lithium hexafluorophosphate and vinyl carbonate [2][3] - The transition to a high-quality development phase is expected in 2026, supported by technological innovations and enhanced supply chain capabilities [2][3] Group 4: Lithium Battery Industry - The lithium battery industry is experiencing a recovery in profitability as inefficient production capacity is eliminated, with key materials seeing price increases and demand from new energy vehicles and energy storage continuing to rise [8][8] - Recommendations include focusing on leading companies in the battery and structural components sectors, which are expected to benefit from the industry's recovery [8][8] - The commercialization of solid-state batteries is accelerating, with several companies making significant progress in this area [8][8]

Core Viewpoint - Dongfang Risen (300118) forecasts a net profit loss of 2.3 billion to 2.9 billion yuan for the fiscal year 2025, primarily due to low photovoltaic product prices and long-term asset impairment [1] Stock Performance - The company's stock price exhibited unusual volatility, with a cumulative deviation of 30.10% in closing prices on January 23 and January 26, 2026. On February 4, 2026, the stock rose by 6.90%, but institutional investors sold a net of 94.89 million yuan, and the Shenzhen Stock Connect recorded a net sell of 94.52 million yuan. The stock then fell by 7.08% on February 5, 2026 [2] Recent Events - In response to the recent hype around the "commercial space" concept, the company clarified that its photovoltaic products are not directly supplied to commercial satellite companies. However, it mentioned that ultra-thin heterojunction batteries can be adapted for low-orbit satellite scenarios and have been delivered in small quantities to overseas customers [3] Strategic Advancement - The company is accelerating its transformation towards an integrated "photovoltaic + energy storage" model, with the energy storage business seen as a new growth point to address structural adjustments in the industry [4] Financial Movements - Huaxia Fund's products hold a significant position with 1.4479 million shares, incurring an estimated loss of approximately 2.4614 million yuan during the stock price decline on February 5 [5] Executive Changes - On December 9, 2025, the company appointed 35-year-old Xu Haitao as a representative director, indicating a trend towards a younger executive team [6] Future Developments - Key future events to watch include the detailed disclosure of the 2025 annual report and the progress of the company's strategies related to energy storage and overseas markets [7]

Group 1 - The global energy storage market is experiencing significant advancements, with multiple companies like HaiCheng Energy, BYD, Yiwei Lithium Energy, and others involved in projects totaling over 5.5 GWh in capacity [2] - HaiCheng Energy has signed a strategic cooperation framework agreement with KNESS Group to develop a 2 GWh energy storage project in Poland, focusing on the Ukrainian market [3] - BYD has entered into a supply agreement for 2 GWh of blade battery energy storage cells with Turkish distributor Solinved [4] - BYD's independent battery energy storage system (BESS) of 500 MWh has commenced operations in Bulgaria, showcasing its dual growth in orders and production capacity [7] - Yiwei Lithium Energy has signed a contract for a 36 MWh solar-storage integrated project at Kuala Lumpur International Airport, marking its first such project in Malaysia [10] Group 2 - Zhiguang Electric has signed a contract worth 1.004 billion yuan for energy storage systems, indicating a positive impact on its performance [11] - Zhiguang Electric has also secured multiple energy storage orders, including contracts totaling 1.19 billion yuan and 1.48 billion yuan with different companies [11] - Dongfang Risen has reported a quarterly signing volume of 1.5 GWh in the domestic commercial energy storage sector, with a year-on-year increase of 307.2% [14]

同比增速307.2%！领跑优势持续扩大 回看2025，东方日升储能逆势高增交出亮眼答卷： 国内工商业储能出货量同比增长 307.2%，全球储能业务出货量同比增长 86.6%。 文 | 东方日升 小年添喜，年味渐浓！当家家户户忙着扫尘纳福、喜迎马年新春之际，东方日升储能逆势攻 坚、捷报频传——工商业储能在 国内市场持续发力，季度签约量一举突破 1.5GWh！ 以 硬核业绩为马年新春开篇蓄力！ 1.5GWh 硬核告捷！逆势突围创佳绩 随着工商业储能迈入爆发式增长阶段，结构性痛点日益凸显。投资回收周期长、低价竞争导 致的质量问题、售后运维难等问题，仍制约着行业高质量发展 。 在此背景下， 东方日升储能精准锚定市场需求，聚焦华东、华南、华北等核心区域，成功 与50余家优质客户达成深度合作，为客户提供安全高效的光储一体化解决方案。 一方面， 从用电成本优化、峰谷负荷调节、能源自给率提升、电网稳定性保障到无忧售后运维服务， 全方位破解企业能源使用痛点；另一方面，以项目合作为纽带，深化与产业链上下游伙伴的 协同联动，构建优势互补、聚力共赢的产业生态格局。 双增速领先行业均值，既是市场与客户对东方日升储能的高度认可，更是公司 ...

Core Insights - The company, 东方日升, achieved a significant milestone by surpassing 1.5GWh in quarterly contracts for commercial energy storage, marking a strong start to the Year of the Horse [1][3] - The company reported a year-on-year growth of 307.2% in domestic commercial energy storage shipments and an 86.6% increase in global energy storage shipments, indicating a leading position in the industry [4] Group 1: Performance and Market Position - The company has successfully established deep partnerships with over 50 quality clients in key regions such as East China, South China, and North China, providing integrated solar-storage solutions [3] - The explosive growth in shipments is attributed to the company's comprehensive advantages in technology, production capacity, brand, and service, reflecting its status as a national high-tech enterprise [4] Group 2: Strategic Initiatives and Future Outlook - The company plans to launch multiple new products with advanced technology to cover more scenarios and enhance performance, injecting new momentum into the market [5] - The company aims to continue leading the energy storage sector and achieve its long-term goal of becoming a global leader in the industry [5]

Summary of Key Points from the Conference Call on Space Photovoltaics Industry Overview - The focus is on the space photovoltaic (PV) industry, which is expected to grow significantly due to increasing demand for space-based computing power and advancements in solar technology [1][10][23]. Core Technologies and Companies - **Gallium Arsenide (GaAs) Solar Cells**: - Highest efficiency (31.5%-34.5%) but very high cost (RMB 200,000-300,000 per square meter) [1][2][12]. - Leading companies: GanZhao Photovoltaics and Sanan Optoelectronics [2][5]. - **P-Type Heterojunction (HJT) Solar Cells**: - Efficiency of 26%-27% (up to 30% when stacked) with lower costs (a few thousand RMB per square meter) [1][2][4]. - Notable progress by Dongfang Risheng in ultra-thin HJT technology [2][5]. - **Perovskite Solar Cells**: - Single-layer efficiency around 20%, can exceed 35% when stacked; lower raw material costs but complex manufacturing [1][2][4]. - Companies like GCL-Poly and Shanghai Gangwan are making significant advancements [2][5]. Cost and Efficiency Challenges - GaAs cells face limited cost reduction potential due to material scarcity and complex manufacturing processes [3][11]. - HJT is seen as a promising short-term technology due to its lower manufacturing costs and reliability [4]. - Perovskite technology has great potential if stability issues can be resolved [4]. Special Requirements for Space Applications - Space PV materials must withstand extreme temperature variations (from -180°C to +120°C) and UV radiation [16]. - Low-temperature silver paste and light conversion technologies are critical for performance in space [16]. Packaging and Materials - Space PV packaging uses CPI or UTG films instead of traditional glass, with UTG offering better performance but at a higher cost (RMB 6,000-8,000 per square meter) [20][21]. - The cost structure of packaging materials is influenced by raw materials (40%-50%), core processes (25%-35%), and yield losses (10%-15%) [22]. Market Dynamics and Future Outlook - The space PV market is expected to expand significantly in the next 3-5 years, driven by satellite launches and technological advancements [23]. - The demand for PV components will increase as more satellites are deployed, potentially leading to explosive market growth [23]. Risks and Challenges - Key risks include the ability of companies to survive until the market matures and the adaptability of technologies to space environments [29]. - Companies must address challenges related to UV resistance and thermal shock to succeed in the space PV market [29]. Conclusion - The space photovoltaic industry is poised for growth, with various technologies and companies leading the charge. However, significant challenges remain in terms of cost, efficiency, and material stability in the harsh space environment.

Core Insights - The company is focusing on advanced photovoltaic technologies, significantly increasing investment in cutting-edge research and development [1] - The company has established a strong position in the space photovoltaic sector by leveraging its P-type thin wafer HJT technology [2] - Revenue projections for the company are optimistic, with expected revenues of 13.78 billion, 14.69 billion, and 18.35 billion yuan for the years 2025 to 2027 [3] Group 1: Technology Development - The company has a comprehensive layout in photovoltaic component technology, with products including TOPCon and HJT components, and has shipped over 12 GW of its Fuxi series heterojunction products [1] - The company has developed proprietary technologies such as 0BB battery technology, 210 ultra-thin silicon wafer technology, and stress-free battery interconnection technology [1] - The Fuxi PRO heterojunction component has achieved a power output of over 740 Wp and a conversion efficiency of 23.8% [1] Group 2: Space Photovoltaic Strategy - The company has years of experience in producing and delivering P-type ultra-thin heterojunction batteries, which have advantages in production cost control and adaptability for space applications [2] - The company has successfully delivered small batches of its 50 μm ultra-thin P-type HJT batteries and has the capability to further reduce thickness [2] - A strategic partnership with Shanghai Port has been established to focus on the research and industrialization of "perovskite + P-type HJT battery stacking technology" to enhance space energy applications [2] Group 3: Financial Projections - The company is projected to achieve revenues of 13.78 billion, 14.69 billion, and 18.35 billion yuan in 2025, 2026, and 2027 respectively, with net profits expected to be -2.6 billion, -1.02 billion, and 660 million yuan [3] - The company is recommended for investment due to its technological advancements and early entry into the space photovoltaic market [3]

Core Viewpoint - The articles highlight the growing interest and investment in space photovoltaic technology among various companies in China, indicating a significant potential for growth in this sector by 2026 as commercialization accelerates. Group 1: Company Overview - Xizi Clean Energy (002534) is a leading clean energy equipment manufacturer in China, focusing on high-performance perovskite photovoltaic technology and aiming to become a core supplier of materials for space photovoltaics by 2026 [1][24]. - Shanghai Port Construction (605598) is a major infrastructure company that is expanding into space photovoltaic systems, leveraging its engineering capabilities to support commercial space projects [2][25]. - TuoRi New Energy (002218) has a long-standing presence in the photovoltaic industry and is optimizing its space photovoltaic products, expecting to increase market share by 2026 [3][26]. - Mingyang Smart Energy (601615) is acquiring technology to enhance its capabilities in space solar cell development, aiming to integrate its wind and solar energy expertise [4][28]. - Woge Optoelectronics (603773) specializes in flexible solar wing materials for satellites, with a focus on high-temperature resistant films, anticipating significant growth in the space photovoltaic sector [5][29]. Group 2: Growth Outlook - Companies are expected to benefit from the rapid commercialization of space photovoltaics, with projections indicating substantial growth opportunities by 2026 [1][2][3][4][5]. - The synergy between commercial aerospace and space photovoltaic industries is anticipated to drive rapid business growth for companies like Shanghai Port Construction and Mingyang Smart Energy [2][4]. - The demand for flexible solar wings and high-efficiency photovoltaic materials is expected to surge, positioning companies like Woge Optoelectronics and TuoRi New Energy as key players in the market [3][5]. Group 3: Technological Advancements - Companies are focusing on developing materials that can withstand extreme space conditions, such as high-performance perovskite and flexible solar films, which are crucial for the success of space photovoltaic applications [1][5][6]. - The integration of advanced technologies, such as N-type solar cells and high-efficiency components, is being prioritized by firms like Junda Co. (002865) and Sanan Optoelectronics (600703) to enhance their competitive edge in the space photovoltaic market [6][10][35]. - The ongoing research and development efforts in high-efficiency solar technologies are expected to yield breakthroughs that will facilitate the commercialization of space photovoltaic solutions by 2026 [3][4][5][6].