Core Viewpoint - The company indicates that the supply-demand mismatch in the industry is not fully alleviated by 2025, despite various policies aimed at stabilizing market expectations and reducing negative sentiment [1] Industry Summary - The implementation of policies to "counteract involution" and regulate market order has had some positive effects on stabilizing market expectations and mitigating overall negative sentiment in the industry [1] - However, there has been no significant increase in equipment demand from downstream enterprises in the short term [1] Company Summary - In the fourth quarter of 2025, prices for key raw materials such as silicon and silver continue to rise, putting pressure on domestic customers due to increased costs and low component prices [1] - The company is facing significant operational pressure and currently has no plans for large-scale capacity expansion [1]

Core Viewpoint - The company acknowledges that its semiconductor business currently represents a relatively small portion of its overall operations, but sees significant growth potential in the semiconductor industry compared to the more mature and supply-demand challenged photovoltaic market [1] Group 1: Semiconductor Business - The semiconductor industry is viewed as a core foundation of modern technology, offering broad market prospects and ongoing technological iteration demands [1] - The company plans to continuously monitor opportunities in the semiconductor sector and adjust its business structure flexibly and prudently based on market demand evolution and its own development stage [1] Group 2: Market Comparison - The photovoltaic market is described as having reached maturity and facing phase-specific supply-demand contradictions, contrasting with the growth potential in the semiconductor industry [1]

证券日报网1月29日讯，连城数控在接受调研者提问时表示，公司深耕光伏及半导体领域多年，不仅与 国内市场的重要客户保持着良好的战略合作关系，也与海外的潜在客户及合作伙伴进行着广泛的沟通交 流。公司通过持续关注新技术与新应用场景的发展动态，深入洞察市场需求，主动开展系统化、前瞻性 的技术积累与创新研究，积极把握国内外市场潜在的应用需求与合作机遇。公司实际业务开展情况以公 开披露的信息为准。 ...

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].

对于本期业绩重大变化的主要原因，连城数控表示，2025年，受光伏行业供需错配问题持续、下游企业 设备需求较弱及内卷式竞争等因素的影响，公司主营的光伏设备业务继续承压，导致报告期内经营业绩 规模出现阶段性下滑。同时，基于谨慎性原则，公司进一步计提了相应减值准备，亦对业绩造成了一定 影响。 北京商报讯（记者 王蔓蕾）1月28日晚间，连城数控（920368）发布2025年年度业绩预告显示，公司预 计全年实现归属净利润6300万—9400万元，上年同期为3.4亿元。 ...

| | 2026-01-27连城数控(920368) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | ਜੇਟ ਹ | 华鑫证券有限责任公司上海苑平南路营业部 | 95192213.34 | 11304518.42 | | 买2 | 光大证券股份有限公司汕头华山路营业部 | 56649631.4 | 3429871.96 | | ग्रें3 | 国信证券股份有限公司深圳互联网分公司 | 39891991.41 | 4751121 36 | | न्द्र 4 | 机构专用 | 33491755.41 | 27936336.61 | | જેટ | 中国国际金融股份有限公司上海分公司 | 25142863.57 | 235902.94 | | 卖T | 机构专用 | 0 | 39374371.3 | | 卖2 | 机构专用 | 33491755.41 | 27936336.61 | | 卖3 | 国金证券股份有限公司深圳分公司 | 23284180.16 | 24944052.35 | | 卖4 | 国信证券股 ...

融资融券数据显示，该股最新（1月26日）两融余额为2.04亿元，其中，融资余额为2.04亿元，融券余额 为14.09万元。近5日融资余额合计增加68.03万元，增幅为0.34%，融券余额合计增加13.09万元，增幅 1317.75%。（数据宝） | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 华鑫证券有限责任公司上海宛平南路营业部 | 9519.22 | 1130.45 | | 买二 | 光大证券股份有限公司汕头华山路营业部 | 5664.96 | 342.99 | | 买三 | 国信证券股份有限公司深圳互联网分公司 | 3989.20 | 475.11 | | 买四 | 机构专用 | 3349.18 | 2793.63 | | 买五 | 中国国际金融股份有限公司上海分公司 | 2514.29 | 23.59 | | 卖一 | 机构专用 | 0.00 | 3937.44 | | 卖二 | 机构专用 | 3349.18 | 2793.63 | | 卖三 | 国金证券股份有限公司深圳分公司 | 2328.42 | 2 ...

据天眼查APP显示，大连连城数控机器股份有限公司成立于2007年09月25日，注册资本23478.044万人 民币。（数据宝） （文章来源：证券时报网） 数据宝统计，截至14:55，连城数控成交额18.05亿元，创上市以来新高。最新股价上涨17.07%，换手率 15.22%。上一交易日该股全天成交额为17.99亿元。 ...

每经讯，2026年1月26日，北交所上市公司连城数控（920368，收盘价：50.31元）登上龙虎榜，交易方式是连续竞价，披露原因 是2026年1月22日至2026年1月26日涨跌幅偏离值累计达到44.38%，成交数量7675.46万股，成交金额35.6亿元。买一席位为国信 证券股份有限公司深圳互联网分公司，买入4929.55万元；卖一席位为国信证券股份有限公司深圳互联网分公司，卖出5895.82万 元。 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 | | 2026-01-26连城数控(920368) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | न्द्र ग | 国信证券股份有限公司深圳互联网分公司 | 49295517.44 | 58958222.55 | | 买2 | 机构专用 | 45284218.16 | 34970094.4 | | 址3 | 华鑫证券有限责任公司上海宛平南路营业部 | 45186164.58 | 0 | ...

Investment Rating - The investment rating for the photovoltaic equipment industry is optimistic (maintained) [1] Core Insights - The photovoltaic sector is entering a silicon era in space applications, driven by the need for cost reduction and efficiency improvement in photovoltaic technology [5][18] - Photovoltaic systems are the most reliable and sustainable power source for spacecraft, providing stable energy supply without the need for fuel resupply [18] - The transition to silicon-based photovoltaic technology in space is being accelerated by the high costs and limitations of III-V multi-junction solar cells, which are currently the most efficient but expensive [64][67] Summary by Sections 1. From Parallel to Convergence: Space Enters the Silicon Era - Photovoltaics are the most important energy supply for spacecraft, providing stable energy without atmospheric interference [18] - Cost reduction and efficiency improvement are the main drivers for the evolution of photovoltaic technology [19] - P-type HJT (Heterojunction Technology) cells show significant advantages in space applications due to their superior radiation resistance [6][69] - Silicon-perovskite tandem cells are expected to become the ultimate solution, breaking the efficiency-cost-radiation resistance triangle [6][68] 2. The Space Race Begins: Photovoltaics Open New Blue Oceans - Low Earth orbit communication satellites are driving the demand for large-scale satellite deployment [7] - The space computing market is expected to release significant potential, with a focus on reliable power supply rather than cost competition [7] 3. Pre-Volume Layout: Equipment Manufacturers Seize Opportunities - Key equipment manufacturers benefiting from the space photovoltaic technology include Maiwei, Jiejia Weichuang, Laplace, and others [8] 4. Competition Among Giants: Leading Manufacturers Tap into Blue Oceans - Major battery manufacturers deeply involved in space photovoltaic technology include Dongfang Risheng, Junda, Trina Solar, and JinkoSolar [8]