Market Overview - The three major indices narrowed their declines in the afternoon, with the Shanghai Composite Index down 0.64%, the Shenzhen Component down 1.44%, and the ChiNext Index down 1.55% [3] - The total trading volume in the Shanghai and Shenzhen markets was 2.18 trillion yuan, a decrease of 304.8 billion yuan compared to the previous trading day, with over 3,700 stocks declining [4] Sector Performance Consumer Sector - The consumer sector saw significant gains, with food and beverage, retail, film and television, and tourism sectors being particularly active. Notably, Hengdian Film City recorded five consecutive trading days of gains [4][19] - Major stocks in the consumer sector, such as Kweichow Moutai, rose by 1.97%, bringing its market value to 1.95 trillion yuan [19][20] - The hotel and tourism sectors also performed well, with hotel bookings for long-distance travel increasing over 120% year-on-year as the Spring Festival approaches [21] Precious Metals - Precious metals experienced a sharp decline, with silver prices dropping over 16% at one point and gold prices falling over 3%. The precious metals sector fell more than 6%, leading the market decline [7][10] - Key stocks in the precious metals sector, such as Hunan Silver and Sichuan Gold, saw significant drops, with Hunan Silver hitting the daily limit down [9][10] Photovoltaic Sector - The photovoltaic sector opened with a sharp decline, with several leading stocks, including Junda Co. and Shuangliang Energy, hitting their daily limit down [12][14] - Companies like JinkoSolar and High Measurement Co. announced that they had not engaged in any collaboration with Elon Musk's team regarding space photovoltaic projects, which contributed to the sector's volatility [17] Conclusion - The market is currently characterized by significant volatility, particularly in the precious metals and photovoltaic sectors, while the consumer sector shows resilience and growth as the Spring Festival approaches [10][21]

Group 1 - The recent market fluctuations in the space photovoltaic sector were triggered by Elon Musk's visit, leading to significant declines in several stocks, including JunDa Co., Ltd. and others [1] - Companies like GCL-Poly Energy Holdings and GCL-Integrated are experiencing stock price increases following Musk's team's interest in collaboration on silicon and perovskite technologies [1] - Multiple companies, rumored to be visited by Musk, issued announcements regarding their space photovoltaic business operations [1] Group 2 - JinkoSolar stated that space photovoltaic technology is still in the early exploration phase, with no impact on its current business performance as it focuses on terrestrial photovoltaic products [2] - Jingcheng Machinery expressed that the application scenarios for space photovoltaics are still being explored, and the industrialization process faces uncertainties [2] - The China Photovoltaic Industry Association emphasized that space photovoltaic technology is in the initial exploration and verification stage, making it premature to determine a clear technical direction [2] Group 3 - During a seminar held by the China Photovoltaic Industry Association, regulatory authorities reiterated the importance of addressing "involution" within the industry as a key focus for the year [3] - The Ministry of Industry and Information Technology highlighted that the photovoltaic industry is undergoing a significant adjustment period, with unresolved supply-demand mismatches posing challenges for companies [3] - The governance of industry involution is prioritized as a critical task for the current year [3]

Core Viewpoint - The recent interest in space photovoltaic technology has led to significant stock price fluctuations in the solar industry, but many companies have clarified that they have not engaged in any concrete projects with Elon Musk's team, highlighting the uncertainty surrounding the commercialization of space photovoltaic technology [2][4][9]. Group 1: Market Reactions - As of February 5, the Wind Photovoltaic Index fell by 4.56%, with several stocks, including Aotwei and Maiwei, dropping over 10% [2]. - In contrast, the space photovoltaic sector saw a temporary surge, with Jinko Solar hitting a 20% limit-up, alongside TCL Zhonghuan and others [3]. Group 2: Company Announcements - Multiple companies, including Jinko Solar, have issued announcements denying any collaboration with Musk's team, stating that they have not signed any agreements or received orders related to space photovoltaic projects [4][6]. - Dual Energy and Guosheng Technology also clarified that they have not engaged in any space photovoltaic business and that their current operations remain unaffected [5][6]. Group 3: Industry Insights - The space photovoltaic technology is still in the exploratory and verification stages, with significant uncertainties regarding its commercialization [9][10]. - The China Photovoltaic Industry Association emphasized that the development of any technology requires mature manufacturing capabilities and long-term reliability verification [9]. - Current space photovoltaic technologies, such as gallium arsenide (GaAs) and perovskite, face challenges in terms of cost and stability, with GaAs being the mainstream material but prohibitively expensive for large-scale deployment [10]. Group 4: Economic Considerations - The cost of electricity generated from space photovoltaic systems is currently estimated to be 2-3 USD per kilowatt-hour, significantly higher than the 0.03-0.05 USD per kilowatt-hour for ground-based photovoltaic systems [10]. - Without a drastic reduction in launch costs and a doubling of photovoltaic efficiency, the economic viability of space photovoltaic technology remains questionable [10].

Core Viewpoint - Multiple companies have denied the existence of executable projects in collaboration with Elon Musk's team, indicating significant uncertainty in the industrialization process of "space photovoltaics" [1][2][3][4][5][6] Company Responses - JinkoSolar (688223.SH) announced that it has not engaged in any cooperation with Musk's team and has no existing orders related to "space photovoltaics," emphasizing that the technology is still in the preliminary exploration stage [2] - Shuangliang Energy (600481.SH) stated that it has not confirmed any revenue related to commercial space projects in the past two years and that the development of related business faces uncertainty [2] - Guosheng Technology (603778.SH) clarified that it does not provide "space photovoltaic" systems and that its products are primarily used in terrestrial power plants [2] - High Measurement Technology (688556.SH) confirmed it has not engaged in any "space photovoltaic" business or collaborations [3] - Jingcheng Machinery (300316.SZ) reiterated that the application scenarios for "space photovoltaics" are still in the exploratory phase, with significant uncertainty in the industrialization process [4] Industry Insights - The "space photovoltaic" technology is still in the early stages of exploration and verification, according to industry experts [5][6] - The mainstream material for space photovoltaics remains gallium arsenide (GaAs), which, despite its high cost, has undergone long-term in-orbit verification [5][6] - Current cost estimates for space photovoltaics are significantly higher than terrestrial photovoltaics, with estimates of $2-3 per kilowatt-hour compared to $0.03-0.05 for ground-based systems [6]

Group 1 - The photovoltaic equipment sector experienced a decline, with significant drops in stock prices [1] - Aotaiwei saw a decrease of over 10%, while Junda shares approached the daily limit down [1] - Other companies such as Jincheng shares, Maiwei shares, and Dongfang Risheng also followed the downward trend [1]

苏州迈为科技股份有限公司 简式权益变动报告书 上市公司名称：苏州迈为科技股份有限公司 上市地点：深圳证券交易所 股票简称：迈为股份 股票代码：300751 信息披露义务人（一）：周剑 权益变动性质：股份减少以及被动稀释 签署日期：2026 年 2 月 4 日 信息披露义务人声明 一、本报告书依据《中华人民共和国证券法》《上市公司收购管理办法》 《公开发行证券公司信息披露内容与格式准则第 15 号—权益变动报告书》及 相关的法律、法规和规范性文件编写； 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人章程或内部规则中的任何条款，或与之相冲突； 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发 行证券公司信息披露内容与格式准则第 15 号—权益变动报告书》的规定，本 报告书已全面披露信息披露义务人在苏州迈为科技股份有限公司（以下简称"迈 为股份"、"公司"）中拥有权益的股份变动情况； 通讯地址：江苏省苏州市吴江区大兢路 8 号 信息披露义务人（二）：王正根 通讯地址：江苏省苏州市吴江区大兢路 8 号 信息披露义务人之一致行动人：苏州迈拓创业投资合伙企业（有限合伙 ...

1、本次权益变动触及5%整数倍的主要原因：公司于2021年1月21日披露了 《详式权益变动报告书》，控股股东、实际控制人周剑、王正根及其一致行动人 苏州迈拓创业投资合伙企业（有限合伙）（以下简称"苏州迈拓"，与周剑、王 正根统称为"信息披露义务人"）持股比例变更为46.02%；之后因公司向特定对 象发行股份、股权激励行权导致总股本增加被动稀释持股比例，苏州迈拓询价转 让股份减少持股比例以及本次周剑、王正根减持股份导致持股比例发生下降。本 次权益变动后，信息披露义务人持有公司股份占公司总股本比例由46.02%降至 40.00%（占剔除已回购股份后总股本的比例降至40.14%），权益变动比例触及 5%的整数倍。 证券代码：300751 证券名称：迈为股份 公告编号：2026-004 苏州迈为科技股份有限公司 关于控股股东及其一致行动人权益变动触及5%整数倍暨披露简 式权益变动报告书的提示性公告 控股股东周剑、王正根及一致行动人苏州迈拓创业投资合伙企业（有限合伙 ）保证向苏州迈为科技股份有限公司（以下简称"迈为股份"或"公司"）提供 的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准 确性和完整 ...

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

Core Viewpoint - Elon Musk's SpaceX has completed the acquisition of AI startup xAI, marking a significant step in the integration of aerospace and artificial intelligence, while also increasing interest in solar energy projects in the context of space applications [1][11]. Group 1: Acquisition and Strategic Moves - The acquisition of xAI is seen as part of Musk's strategy to enhance capabilities in the "aerospace + AI" sector [1][11]. - Musk's plans for a solar AI data center and a 200GW photovoltaic capacity have sparked heightened attention in the domestic solar market [1][11]. Group 2: Engagement with Chinese Solar Companies - Musk's team has reportedly visited several Chinese solar companies to assess technologies related to equipment, silicon wafers, and battery components, focusing on heterojunction (HJT) and perovskite technologies [1][4][11]. - A representative from a solar company confirmed contact with Musk's team, although details of the discussions remain confidential [2][12]. Group 3: Technology Insights and Market Dynamics - The primary focus of space photovoltaics differs from terrestrial photovoltaics, emphasizing reliability over cost efficiency, with three main technology pathways identified: gallium arsenide, HJT, and perovskite [6][16]. - Gallium arsenide offers superior performance but is costly, priced between 200,000 to 300,000 yuan per square meter, leading to increased interest in HJT and perovskite technologies [7][17]. Group 4: Market Speculation and Company Responses - There are rumors of a potential procurement of HJT production lines by Musk's team, as these lines are highly automated and require less labor, making them suitable for production in the U.S. [4][14]. - Various solar companies have responded to inquiries about their involvement with SpaceX, with some denying any direct engagement while others indicated ongoing research and development [19][20]. Group 5: Investment Trends and Market Reactions - The "space photovoltaic" concept has gained significant traction in the market, with companies like Maiwei leading the surge in stock prices, despite uncertainties regarding actual contracts with SpaceX [10][20]. - Analysts caution that the current market enthusiasm may be speculative, as terrestrial solar components are not applicable in space, highlighting a disconnect between stock performance and fundamental realities [10][20].

谈沂鑫 东吴证券机械分析师: 各位领导晚上好，我是东吴机械的谭艺馨。今天和各位领导更新一下太空光伏深度，然后 再深度梳理一下各环节的一个推荐标的。最近整个太空光伏板块，它的催化还是非常多的 马斯克在这个达沃斯论坛上，明确了 SpaceX 和特斯拉会在 3 年内分别建设 100 吉瓦的 太空，还有地面的这个光伏产能。然后最近特斯拉和 SpaceX 的团队，也在国内的各大设 设备商进行了技术交流。然后订单，近期是有望加速落地的。然后在今，就在今天，马斯 克这边也是公布了 SpaceX 他会将收购这个 XAI 的这个 AI 公司。 形成它这个太空和 AI 算力的一个联动。所以我们认为，在 6 月 SpaceX 上市前，其实市 场的这个催化会一直不断。然后我们也是持续看好太空光伏设备这个板块的标的这样一个 可持续性。下面我们就汇报下报告，然后最后在报告的后面，我们再跟各位领导深深度的 梳理一下。每一个环节的这个标的。对于光伏设备来说，其实你真正要放量，还是要看太 空算力。因为你平时的这些通信或者传感的卫星，你的用量对于光伏的用量是没有那么大 的。所以我们这个报告也是围绕着太空算率去展开。 太空数据中心其实也很好理解， ...