Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Investment Rating - The report suggests focusing on investment opportunities in the photovoltaic industry, particularly those benefiting from supply-side reforms, technological advancements, and changes in demand expectations [3]. Core Insights - The photovoltaic equipment sector index increased by 3.36% during the week of February 2 to February 6, 2026, outperforming the broader market index by 3.53 percentage points [11][14]. - Key companies in the photovoltaic equipment sector that showed significant gains include GCL-Poly Energy, JinkoSolar, and Jinglong Technology, while companies like Sungrow Power and Jinbo Technology experienced notable declines [18][20]. - The report highlights the importance of monitoring policy implementation and technological order fulfillment in the short term, while emphasizing long-term investments in high-efficiency technologies and leading companies [3]. Summary by Sections 1. Market Performance Review - The Shanghai Composite Index decreased by 1.13%, while the power equipment sector index rose by 2.20%, ranking third among 31 industry indices [11]. - The photovoltaic equipment sector index's performance was notably strong, with a 3.36% increase [14]. 2. Industry Chain Price Trends - As of February 4, 2026, the prices for key materials in the photovoltaic industry were as follows: silicon material at 56 CNY/kg (unchanged), silicon wafers at 1.35 CNY/piece (down 0.1 CNY), battery cells at 0.45 CNY/W (unchanged), and modules at 0.82 CNY/W (unchanged) [22]. 3. Industry News - Shanxi Province aims to establish a new energy base in the coal mining subsidence area, with plans for large-scale wind and solar projects [30]. - The utilization rates for wind and solar energy in 2025 were reported at 94.3% and 94.8%, respectively, indicating strong integration of renewable energy [31]. - Concerns were raised about potential negative growth in photovoltaic installations in 2026 due to policy adjustments and market conditions [32].

内容概要：近年来，我国太阳能扩散炉行业市场规模总体呈现上升趋势，2025年中国太阳能扩散炉行业 市场规模达到60.5亿元，同比上涨11%。这一增长主要得益于光伏产业的持续扩张。我国通过出台扶持 政策，如《关于大力实施可再生能源替代行动的指导意见》等，鼓励太阳能产业发展，推动能源结构向 清洁低碳转型。这为扩散炉行业创造了良好的政策环境和市场机遇。此外，行业持续研发新技术，如非 晶硅扩散、蓝宝石基板扩散、等离子体扩散等，这些创新提升了生产效率、降低了成本，为太阳能扩散 炉行业的发展提供了有力支撑。 相关上市企业：北方华创（002371）、捷佳伟创（300724）、晶盛机电（300316）、拉普拉斯 （688726）、阳光电源（300274）、隆基绿能（601012）、特变电工（600089）、通威股份 （600438）、晶科能源（688223）等。 相关企业：株洲众欣科技发展有限责任公司、深圳丰盛装备股份有限公司、青岛赛瑞达电子装备股份有 限公司、北京晶伏华控电子设备有限公司、山东力冠微电子装备有限公司、青岛华旗科技有限公司、青 岛育豪微电子设备有限公司等。 关键词：太阳能扩散炉行业产业链、太阳能扩散炉行业市场规 ...

以上内容基于公开资料整理，不构成投资建议。 股价在传闻刺激下快速冲高后回调。根据内部数据库，晶盛机电股价在2026年2月4日达到65.90元的近 期高点，但近7天(2月5日至12日)区间涨跌幅为12.25%，振幅达50.87%。2月10日主力资金净流出3.22亿 元，2月12日最新股价报52.67元，单日下跌1.39%，资金面显示短期获利了结压力。 经济观察网近7天，晶盛机电（300316）股价主要受市场传闻驱动。2026年2月初，特斯拉首席执行官马 斯克团队来华考察光伏企业的消息引发关注，据新浪财经2月10日报道，传闻涉及晶盛机电，虽未获公 司证实，但被市场解读为潜在合作信号，推动股价在2月初一度暴涨近40%。36氪同日报道指出，此传 闻与马斯克在达沃斯论坛宣布的太空光伏计划相关，加剧了市场预期。 股票近期走势 ...

资金流向方面，主力资金净流出9508.88万元，特大单买入6329.93万元，占比8.88%，卖出9233.56万 元，占比12.95%；大单买入1.39亿元，占比19.49%，卖出2.05亿元，占比28.75%。 晶盛机电今年以来股价涨42.31%，近5个交易日跌6.74%，近20日涨35.56%，近60日涨42.00%。 今年以来晶盛机电已经1次登上龙虎榜，最近一次登上龙虎榜为2月4日。 2月12日，晶盛机电盘中下跌2.08%，截至10:14，报52.30元/股，成交7.13亿元，换手率1.10%，总市值 684.89亿元。 截至9月30日，晶盛机电股东户数8.68万，较上期增加25.88%；人均流通股14189股，较上期减少 20.56%。2025年1月-9月，晶盛机电实现营业收入82.73亿元，同比减少42.86%；归母净利润9.01亿元， 同比减少69.56%。 分红方面，晶盛机电A股上市后累计派现32.41亿元。近三年，累计派现20.27亿元。 机构持仓方面，截止2025年9月30日，晶盛机电十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股4248.66万股，相比上期减少53.84万 ...

（文章来源：证券日报） 证券日报网讯 2月9日，晶盛机电在互动平台回答投资者提问时表示，在光伏板块，公司业务主要覆盖 光伏装备、核心耗材及智能工厂解决方案，不涉及光伏电池片材料的生产，因此没有白银储备计划。 ...

（编辑 丛可心） 证券日报网讯 2月9日，晶盛机电在互动平台回答投资者提问时表示，在芯片制造端，公司12英寸减压 外延设备广泛适用于逻辑芯片、存储芯片、硅光芯片、功率器件中的各项制程。具体业绩信息请关注公 司披露的定期报告。 ...

格隆汇2月9日丨晶盛机电(300316.SZ)在互动平台表示，在光伏板块，公司业务主要覆盖光伏装备、核 心耗材及智能工厂解决方案，不涉及光伏电池片材料的生产，因此没有白银储备计划。 ...

Summary of Conference Call on Space Photovoltaic Equipment Industry Overview - The conference call focuses on the space photovoltaic industry, particularly in the context of China's satellite deployment plans and the evolution of satellite technology, including the Starlink project [1][2]. Key Points and Arguments 1. **China's Satellite Deployment Plans**: - By the end of 2025, China plans to submit approximately 203,000 satellites to the ITU, covering 14 satellite constellations. This includes 96,714 satellites for each of the CTC-1 and CTC-2 constellations, totaling nearly 193,000 satellites [1]. - Operators and commercial satellite companies are advancing medium-scale constellations, with China Mobile applying for 2,520 satellites, Yuanxin Satellite for 1,296, and Guodian Gaoke for 1,132 [1]. - As of December 2025, the overall launch completion rate for major domestic constellations remains low, indicating a "low launch rate and early networking stage" [1]. 2. **Starlink Project Development**: - As of January 25, 2026, Starlink has cumulatively launched approximately 11,034 satellites and applied for about 41,943 [2]. - The annual launch volume has increased from "hundreds" in 2018-2019 to an expected peak of around 3,200 satellites in 2025 [2]. 3. **Cost and Efficiency Dynamics**: - Gallium arsenide (GaAs) remains the mainstream technology for space photovoltaic applications, but it is no longer the only viable option due to high costs. The industry is exploring lower-cost alternatives such as silicon-based and perovskite solar cells [2]. - Starlink's V1-V3 satellites utilize crystalline silicon technology to achieve supply chain scalability and system-level cost reductions, sacrificing some unit efficiency for significant cost advantages [2]. 4. **Future Directions for Starlink**: - Starlink V4 may adopt P-type silicon HJT or P-type silicon HJT-perovskite tandem structures, which are expected to offer better reliability in space environments [3]. 5. **Domestic Space Photovoltaic Developments**: - The core technology remains multi-junction GaAs, but several companies are reporting progress in testing perovskite systems in orbit. For instance, Jiangyin Jinghao has completed over three months of stable operation for perovskite components in orbit as of May 6, 2025 [4]. - The industry outlook is positive, with an upgrade in the rating for the space photovoltaic sector to "recommended" due to accelerated satellite launches and ongoing validation of new photovoltaic technologies [4]. Additional Important Content - **Related Companies**: The call mentions several companies involved in the space photovoltaic sector, including Maiwei Co., Aotewi, High Measurement Co., Jing Sheng Machinery, Jiejia Weichuang, and Shanghai Port [5]. - **Risk Factors**: The report highlights several risks, including uncertainties in technology maturity and reliability, challenges in industrialization and commercialization, early investment and project execution risks, market space and competitive landscape uncertainties, and potential changes in policy and regulatory environments [7].

2月9日，晶盛机电涨5.37%，截至发稿，报58.69元/股，成交13.03亿元，换手率1.84%，总市值768.57亿 元。 资料显示，浙江晶盛机电股份有限公司位于浙江省杭州市临平区顺达路500号，成立日期2006年12月14 日，上市日期2012年5月11日，公司主营业务涉及晶体生长设备及其控制系统的研发、制造和销售。主 营业务收入构成为：设备及其服务70.48%，材料21.18%，其他8.34%。 从基金十大重仓股角度 数据显示，广发基金旗下1只基金重仓晶盛机电。广发中证光伏龙头30ETF（560980）四季度增持18.51 万股，持有股数47.77万股，占基金净值比例为3.65%，位居第八大重仓股。根据测算，今日浮盈赚取约 142.83万元。 广发中证光伏龙头30ETF（560980）成立日期2022年11月16日，最新规模4.81亿。今年以来收益 14.42%，同类排名109/5579；近一年收益70.17%，同类排名203/4289；成立以来亏损18.49%。 广发中证光伏龙头30ETF（560980）基金经理为夏浩洋。 截至发稿，夏浩洋累计任职时间4年267天，现任基金资产总规模199.9亿元， ...