证券研究报告 商业航天规模化在即， 太空光伏打开成长空间 ——商业航天&太空光伏系列深度（一） 行业投资评级：强于大市|维持 中邮证券研究所 电新团队 中邮证券 1 1 发布时间：2026-02-24 投资要点 请参阅附注免责声明 2 卫星需求拉动太空光伏市场空间：卫星互联网应用场景打开+战略布局+太空算力，低轨卫星需求将 快速提升。太空光伏是卫星能源供应唯一供给方案，受益于卫星数量+单星功率提升。 太阳翼向柔性演进：单星功率提升要求太阳翼向轻量化、柔性化发展。 技术路线迭代带来新机遇：砷化镓-HJT-钙钛矿叠层演进。（1）砷化镓为目前主流技术路线，可靠性 高但成本高昂。（2）p-HJT方案依托于成熟的晶硅产业，较砷化镓方案大幅降本，且异质结作为向钙钛 矿叠层方案发展的基础，预计在短中期有较大发展空间。（3）钙钛矿叠层方案目前仍处于起步研究阶段， 存在光照或高温环境下稳定性不足、寿命短等问题亟待突破，随技术成熟产能增加叠加降本，预计中长期 将有较大发展空间。 投资建议：建议关注迈为股份、东方日升、钧达股份。 风险提示：商业火箭发射降本、卫星发射频次不及预期，技术迭代、产业落地不及预期，国际技术标准 与规则竞争 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院光伏设备行业研究小组发布的《中国光伏设备行业市场前瞻与投 资战略规划分析报告》。 行业主要上市公司：捷佳伟创(300724)、晶盛机电(300316)、迈为股份(300751)、京山轻机(000821)、连 城数控(920368)、北方华创(002371)、奥特维(688516) 金辰股份(603396)、帝尔激光(300776)、罗博特科 (300757)、高测股份(688556)、双良节能(600481) 先导智能(300450)、微导纳米(688147)、大族激光 (002008)、博硕光电(831019)、拉普拉斯(688726)、宇晶股份(002943)、京运通(601908)等 本文核心数据：光伏设备行业企业布局情况;中国光伏设备行业发展历程;中国光伏设备行业规模 光伏设备种类繁多 参考中国光伏行业协会的资料，光伏设备指光伏制造企业用于生产原料、电池及电池组件、零部件等产 品中使用的，并在反复使用中基本保持原有实物形态和功能的机器设备。 光伏设备的种类较多，主要包括硅棒/硅锭制造设备、硅片制造设备、电池片制造设备、晶体硅电池组 件制造设备、薄 ...

证券之星消息，根据企查查数据显示迈为股份（300751）公布了一项国际专利申请，专利名为"载板的 实时可清洗次数、镀膜次数的计算方法及系统"，专利申请号为PCT/CN2025/071843，国际公布日为 2026年2月19日。 图片来源：世界知识产权组织（WIPO） 今年以来迈为股份已公布的国际专利申请3个，与去年同期持平。结合公司2025年中报财务数据，2025 上半年公司在研发方面投入了4.63亿元，同比增10.38%。 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 专利详情如下： ...

Group 1 - The core viewpoint of the news highlights that the solar equipment leader, Maiwei Co., has seen significant stock price appreciation due to the "space photovoltaic" concept, leading to substantial share reductions by its chairman and general manager, totaling approximately 17.26 billion yuan in just 15 days [1][2][3] - Maiwei Co.'s stock price has increased by 285.60% from November 2025 to the present, with a peak price of 373.00 yuan per share on January 26, 2026, pushing its market capitalization above 100 billion yuan [1] - The share reduction involved the company's major shareholders, Zhou Jian and Wang Zhenggen, who sold approximately 539.99 million shares, representing about 1.93% of the total share capital, at an average price of 319.73 yuan per share [3] Group 2 - The "space photovoltaic" concept gained traction following a rumor about a 500 million USD contract between SpaceX and Maiwei Co., which has not been officially confirmed by the company [2] - The market has increasingly viewed Maiwei Co. as a key player in the "space photovoltaic" sector due to its leadership in heterojunction equipment, contributing to the stock's speculative rise [2]

Core Viewpoint - The "space photovoltaic" concept has significantly boosted the wealth creation potential in the secondary market, as evidenced by the substantial share reduction announcement from leading photovoltaic equipment company Maiwei Co., Ltd. (300751.SZ), indicating a daily profit potential of 1 billion yuan [1][10]. Share Reduction Announcement - On February 13, Maiwei Co., Ltd. announced that its controlling shareholders, Zhou Jian and Wang Zhenggen, reduced their holdings by approximately 5.4 million shares, accounting for about 1.93% of the total share capital, between January 29 and February 12, 2026 [1][2]. - Zhou Jian sold 2.7 million shares at an average price of 318.75 yuan per share, cashing out approximately 860 million yuan, while Wang Zhenggen sold 2.699 million shares at an average price of 320.71 yuan per share, totaling around 866 million yuan [1][2]. Stock Performance - Since November 2025, Maiwei Co., Ltd. has seen its stock price increase by 285.60%, with a peak price of 373.00 yuan per share on January 26, 2026, leading to a market capitalization exceeding 100 billion yuan [3][12]. - However, as of February 13, 2026, the stock price closed at 284.47 yuan per share, reflecting a decline of over 20% since January 28, 2026 [9][18]. "Space Photovoltaic" Concept - The inclusion of Maiwei Co., Ltd. in the "space photovoltaic" concept stock list originated from a rumor about a $500 million contract with SpaceX for HJT equipment, which led to a stock price surge [5][14]. - The "space photovoltaic" technology is categorized into three main types: gallium arsenide batteries, which are currently the mainstream technology with over 30% efficiency; thin-film and heterojunction silicon technologies, which are gradually increasing their penetration in space; and perovskite batteries, which have a theoretical efficiency close to 45% and could dominate low Earth orbit and deep space missions post-2028 if stability issues are resolved [5][14]. Technological Advancements - On January 21, 2026, Maiwei Co., Ltd. announced a breakthrough in G12H perovskite/silicon heterojunction batteries with a certified efficiency of 32.38%, and on January 28, it achieved a new world record for heterojunction solar cells with a conversion efficiency of 26.92% [7][16]. - The company emphasizes that heterojunction batteries are becoming a competitive technology in the space energy sector due to their high efficiency, stability, and lightweight characteristics [7][16]. Financial Performance - For the first three quarters of 2025, Maiwei Co., Ltd. reported revenues of 6.204 billion yuan, a year-on-year decline of 20.13%, and a net profit of 663 million yuan, down 12.56% year-on-year [8][16]. - Despite the downturn in the photovoltaic industry, Maiwei Co., Ltd. has maintained profitability and is expanding its business beyond photovoltaic equipment into the heterojunction battery sector and the semiconductor field [8][16]. Investment Activities - Recently, Maiwei Co., Ltd. has been actively investing in professional investment funds, including a 10 million yuan commitment to a fund focused on industrial internet and a 90 million yuan investment in a fund targeting hard technology and high-end manufacturing [17].

Core Viewpoint - The "space photovoltaic" concept has significantly boosted the wealth generation potential in the secondary market, as evidenced by the substantial share reduction by the major shareholders of Maiwei Co., Ltd. [1][4] Group 1: Shareholder Reduction - Maiwei Co., Ltd. announced a share reduction by its major shareholders, with a total of approximately 5.4 million shares sold, accounting for about 1.93% of the total share capital [2][4] - The chairman, Zhou Jian, sold 2.7 million shares at an average price of 318.75 yuan per share, raising approximately 8.60 billion yuan, while the general manager, Wang Zhenggen, sold 2.699 million shares at an average price of 320.71 yuan per share, raising about 8.66 billion yuan [1][2] Group 2: Stock Performance - Since November 2025, the stock price of Maiwei Co., Ltd. has seen a maximum increase of 285.60%, with the stock reaching a peak of 373.00 yuan per share on January 26, 2026, and the market capitalization exceeding 100 billion yuan [4][6] - The recent surge in stock price is attributed to the hype surrounding the "space photovoltaic" concept, which has positioned Maiwei as a key beneficiary in this market trend [6][7] Group 3: Technological Developments - The "space photovoltaic" technology is categorized into three main types: gallium arsenide batteries, thin-film and heterojunction silicon technologies, and perovskite batteries, with the latter being seen as a potential game-changer due to its theoretical efficiency of nearly 45% [6][7] - Maiwei Co., Ltd. has made significant advancements in heterojunction technology, achieving a record efficiency of 32.38% for G12H perovskite/silicon heterojunction batteries and 26.92% for its self-developed heterojunction solar cells [7] Group 4: Financial Performance - For the first three quarters of 2025, Maiwei Co., Ltd. reported revenues of 6.204 billion yuan, a year-on-year decline of 20.13%, and a net profit of 663 million yuan, down 12.56% year-on-year [8] - Despite the downturn in the photovoltaic industry, Maiwei has maintained profitability and is expanding its business beyond just photovoltaic equipment into the semiconductor sector [8][9] Group 5: Investment Activities - Recently, Maiwei Co., Ltd. has engaged in multiple investments in professional funds, indicating a strategic shift towards becoming an investor in addition to its core business [9] - The company has committed 10 million yuan to a venture capital fund focused on industrial internet and 90 million yuan to another fund targeting hard technology and high-end manufacturing [9]

证券代码：300751 证券名称：迈为股份 公告编号：2026-012 苏州迈为科技股份有限公司 关于与专业投资机构共同投资的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 统一社会信用代码：91320509MAK7F2867J 执行事务合伙人：苏州鑫睿创业投资合伙企业（有限合伙） 成立日期：2026 年 2 月 12 日 出资额：20000 万元整 主要经营场所：苏州市吴江区江陵街道柳胥路 99 号智能创新港服务中心三 层 303-4-b 室； 一般项目：创业投资（限投资未上市企业）（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）。 一、与专业投资机构共同投资概述 苏州迈为科技股份有限公司（以下简称"公司"）拟与专业投资机构苏州鑫 睿创业投资合伙企业（有限合伙）进行合作，公司拟作为有限合伙人以自有资金 认缴出资 9,000 万元，参与认购苏州鑫为二期创业投资合伙企业（有限合伙）（以 下简称"本基金"）的基金份额。本次交易事项无需提交公司董事会及股东会审 议。具体内容详见公司于 2026 年 2 月 10 日在创业板信息披露网站巨潮资讯网 ...

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]

Group 1 - The Xinhua 500 Index (989001) closed at 5266.19 points on February 13, with a decline of 1.28% [1] - The index experienced fluctuations, reaching a high of 5316.72 points and a low of 5263.41 points during the trading session [3] - The total trading volume of constituent stocks for the day was reported at 662.6 billion yuan [3] Group 2 - Among the constituent stocks, Hangfa Power reached the daily limit increase, while Hangfa Control and Enjie shares also saw significant gains [3] - Conversely, Zhongyuan Marine Energy led the decline with a drop of 9.50%, followed by Maiwei Shares and Hengtong Optic-Electric, which also experienced notable decreases [3]

Group 1 - The photovoltaic concept stocks have declined, with Maiwei Co., Ltd. dropping over 7%, and Sunshine Power, TCL Zhonghuan, and Jiejia Weichuang falling over 3% [1] - Related photovoltaic ETFs have also decreased by more than 2% [1] Group 2 - Specific ETF performance includes: - Guotai Photovoltaic ETF at 0.715, down 2.59% - Photovoltaic ETF Index Fund at 0.869, down 2.58% - Photovoltaic ETF at 1.098, down 2.66% - Other ETFs also show similar declines ranging from 2.21% to 2.66% [2] Group 3 - Some brokerages indicate that the current valuation of the photovoltaic industry remains historically low [2] - Future prospects include measures to address product sales prices, mergers and acquisitions among companies, increased industry entry barriers, and improved product quality standards, which are expected to be implemented [2] - The competitive landscape and industrial chain ecology of the photovoltaic industry are anticipated to optimize, presenting opportunities for valuation recovery [2]