Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]

事件：1 月28 日，经德国哈梅林太阳能研究所（ISFH）权威认证，迈为股份自主研发的异质结(HJT)太 阳能电池，其全面积(210 半片，220.76cm2）光电转换效率达到26.92%，创造了异质结电池技术领域新 的世界纪录，标志着公司在高效异质结电池技术的研发与产业化进程中树立了又一重要里程碑 1 月21 日，经中国计量科学研究院(NIM)权威认证，迈为股份采用自主研发的可量产设备与工艺, 成功 研制的钙钛矿/晶硅异质结叠层电池(G12H, 210mm*105mm), 光电转换效率达到32.38%。此次高效率电 池的制备，深度融合了迈为股份年产能200MW、大尺寸全面积叠层电池整线方案的多项核心技术，此 次商业级电池尺寸效率表现体现出公司叠层电池整线方案的先进性与全面性。 公司半导体设备持续向好，晶圆级混合键合设备实现批量交付。公司在保持太阳能电池生产设备优势的 基础上，立足真空、激光、精密装备三大关键技术平台，秉持以自主研发与 技术创新实现核心设备国 产化的信念，积极拓展新领域，相继研制显示面板核心设备、半导体晶圆、封装核心设备。7 月，公司 自主研发的全自动晶圆级混合键合设备成功交付国内新客户，此次 ...

1月29日，光伏设备龙头迈为股份（300751.SZ）市值蒸发，跌下千亿宝座。截至收盘报收325.73元/股， 总市值910.11亿元。 就在投资者追捧其股价时，1月7日，迈为股份发布公告，实控人周剑、王正根因个人资金需求，计划通 过集中竞价或大宗交易方式减持不超过540万股，占总股本的1.94%。以1月28日收盘价342.22元计算， 此次减持预计套现约18.48亿元。 根据公告，减持股份来源为IPO前取得及定增股份，属于股东常规流动性安排。市场对此存在两种解 读：一方面，真的属于个人资金需求。实控人周剑、王正根合计持股比例达39.35%，减持后仍保持绝 对控股地位，所以此次减持可能涉及家庭资产配置或投资多元化。另一方面，也有部分投资者担忧，太 空光伏目前确实更像一个"远期愿景"而非成熟产业，其价值主要体现在技术探索和概念炒作层面，短期 内难以转化为实际业绩，实控人减持或反映其对公司长期价值的谨慎态度。 迈为股份的异质结（HJT）电池设备技术的实验室效率较PERC电池提升了3%以上，并通过银包铜浆 料、0BB无主栅技术等创新降低银浆成本。但行业竞争日益激烈，通威股份、隆基绿能等巨头加速布局 HJT产线，设备 ...

Core Viewpoint - The stock price of Maiwei Co., Ltd. has experienced significant volatility, dropping from a historical high of 362.5 yuan per share to 325.73 yuan, resulting in a market capitalization decline from over 1,000 billion yuan to 910.11 billion yuan within a few days [1] Group 1: Stock Performance - Maiwei's stock price surged over 400% since June 2025, with a dynamic P/E ratio reaching 121 times, significantly higher than the industry average [1] - The stock price increased by over 30% in a short period due to market speculation regarding a contract with SpaceX for photovoltaic equipment [1] - The company’s market capitalization briefly exceeded 1,000 billion yuan, making it the fourth company in the photovoltaic sector to achieve this milestone [1] Group 2: Financial Performance - Maiwei has shown consistent revenue growth since its IPO, with revenues increasing from 22.85 billion yuan in 2020 to an estimated 98.3 billion yuan in 2024 [2] - However, in the first three quarters of 2025, the company reported a 20.13% decline in revenue to 62.04 billion yuan and a 12.56% drop in net profit to 6.63 billion yuan [2] - Despite the decline in financial performance, the stock price has continued to rise, benefiting shareholders significantly [2] Group 3: Shareholder Actions - The controlling shareholders plan to reduce their holdings by up to 5.4 million shares, representing 1.94% of the total share capital, to meet personal financial needs [2][3] - The reduction in shares is viewed by some as a standard liquidity arrangement, while others interpret it as a cautious stance on the company's long-term value [3] Group 4: Technological Advancements - Maiwei's heterojunction (HJT) solar cell technology has achieved over 26.92% efficiency, setting a new world record in the field [4] - The company has made significant advancements in reducing silver paste costs through innovative technologies, although competition in the HJT sector is intensifying [3][4]

Group 1 - The stock price of Maiwei Co., Ltd. dropped by 5.44% on January 30, reaching 308.02 CNY per share, with a trading volume of 1.152 billion CNY and a turnover rate of 1.88%, resulting in a total market capitalization of 86.062 billion CNY [1] - Maiwei Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on September 8, 2010. The company went public on November 9, 2018, and specializes in the design, research and development, production, and sales of high-end intelligent manufacturing equipment [1] - The main revenue composition of Maiwei Co., Ltd. includes 75.00% from solar cell complete production equipment, 18.10% from single machines, and 6.90% from accessories and others [1] Group 2 - According to data, one fund under China International Capital Corporation (CICC) holds a significant position in Maiwei Co., Ltd. The CICC Huazheng Clean Energy Index Initiation A fund (016915) held 3,800 shares in the fourth quarter, accounting for 3.11% of the fund's net value, making it the eighth largest holding [2] - The CICC Huazheng Clean Energy Index Initiation A fund was established on October 27, 2022, with a latest scale of 11.5149 million CNY. Year-to-date, it has achieved a return of 13.2%, ranking 667 out of 5,557 in its category; over the past year, it has returned 55%, ranking 1,049 out of 4,285 [2] - The fund manager, Liu Chongjin, has been in the position for 8 years and 184 days, with the total asset scale of the fund at 2.314 billion CNY. The best return during his tenure was 33.91%, while the worst was -26.57% [2]

Core Viewpoint - Maiwei Co., Ltd. experienced a 5.01% decline in stock price, closing at 325.07 CNY per share, with a trading volume of 4.807 billion CNY and a turnover rate of 7.41%, resulting in a total market capitalization of 90.826 billion CNY [1] Company Overview - Maiwei Co., Ltd. is located in Suzhou, Jiangsu Province, China, and was established on September 8, 2010, with its IPO on November 9, 2018 [1] - The company specializes in the design, research and development, production, and sales of high-end intelligent manufacturing equipment [1] - The revenue composition of the company includes 75.00% from complete solar cell production equipment, 18.10% from single machines, and 6.90% from parts and others [1] Shareholder Analysis - E Fund's Chuangye ETF (159915) is among the top ten circulating shareholders of Maiwei Co., Ltd., having reduced its holdings by 541,400 shares in the third quarter, now holding 3,224,300 shares, which accounts for 1.67% of circulating shares [2] - The estimated floating loss for E Fund's Chuangye ETF today is approximately 55.2973 million CNY [2] - The fund was established on September 20, 2011, with a current size of 100.446 billion CNY, yielding 3.85% year-to-date and 63.48% over the past year [2] Fund Performance - E Fund's Zhongzheng Photovoltaic Industry ETF (562970) holds 88,800 shares of Maiwei Co., Ltd., representing 3.01% of the fund's net value, ranking as the sixth-largest holding [4] - The estimated floating loss for this fund today is around 152,330 CNY [4] - The fund was established on October 30, 2024, with a current size of 608 million CNY, achieving a year-to-date return of 14.81% and a one-year return of 56.95% [4]

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

证券研究报告 | 公司点评 | 光伏设备 迈为股份(300751) 报告日期：2026 年 01 月 28 日 太空 HJT 光伏星辰大海，半导体设备成长曲线加速 ——迈为股份点评报告 投资要点 ❑ 光伏设备：HJT+钙钛矿设备多轮驱动，受益地面+太空光伏新需求 公司主要产品包括：HJT 异质结电池生产线+钙钛矿叠层设备。我们认为：在白 银价格大幅上涨、及 P 型 HJT 在太空光伏的应用潜力，未来公司 HJT 设备在地面 +太空领域有望齐发力，龙头公司成长空间大。 1）光伏 HJT 设备—— 预 计 公 司 2025-2027 年 归 母 净 利 润 为 7.8/10.1/11.3 亿 元 ， 同 比 变 化 - 16%/+30%/+12%；对应 PE 为 123/95/85 倍。维持"买入"评级。 ❑ 风险提示：光伏行业技术迭代风险、半导体设备研发不及预期风险。 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 9830 | 7223 | 8593 ...

证券研究报告 | 公司点评 | 光伏设备 ——迈为股份点评报告 投资要点 ❑ 光伏设备：HJT+钙钛矿设备多轮驱动，受益地面+太空光伏新需求 公司主要产品包括：HJT 异质结电池生产线+钙钛矿叠层设备。我们认为：在白 银价格大幅上涨、及 P 型 HJT 在太空光伏的应用潜力，未来公司 HJT 设备在地面 +太空领域有望齐发力，龙头公司成长空间大。 1）光伏 HJT 设备—— （4）生产线配套设备：包括自动上下片机、转接机、烧结炉/干燥炉/固化炉/ 烘干炉、检测测试分选机等，确保生产线的高效运作。 2）光伏 HJT+钙钛矿叠层设备—— 据公司官方微信公众号，2025 年 12 月成功取得公司在叠层电池领域的首个商业 化整线订单。此次合作将助力客户建成业内领先的 G12H 全面积钙钛矿/硅异质 结叠层电池量产线。兼具高材料利用率与高生产节拍的喷墨打印技术，以及高 效率且高生产节拍的板式时间型原子层沉积(ALD)技术等。 迈为股份(300751) 报告日期：2026 年 01 月 28 日 太空 HJT 光伏星辰大海，半导体设备成长曲线加速 （2）MiniLED 领域：晶圆隐切、裂片、刺晶巨转、激光键合等全套设备； ...

Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]