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].

2026 年第一次临时股东会会议资料 双良节能系统股份有限公司 2026 年第一次临时股东会 会议文件 二〇二六年二月 第 1 页 共 10 页 2026 年第一次临时股东会会议资料 目 录 | 目 录 | -------------------------------------------------------------- 2 | | --- | --- | | 双良节能系统股份有限公司 2026 | 年第一次临时股东会会议须知 ------------ 3 | | 双良节能系统股份有限公司 2026 | 年第一次临时股东会会议议程 ------------ 5 | | 议案一：关于开展期货套期保值业务的议案 | ----------------------------- 6 | 第 2 页 共 10 页 2026 年第一次临时股东会会议资料 双良节能系统股份有限公司 2026 年第一次临时股东会会议须知 为维护广大投资者的合法权益，确保股东在本次股东会期间依法行使权利， 根据《中华人民共和国公司法》、中国证券监督管理委员会《上市公司股东会规 则》和《公司章程》等有关规定，特制定本会议须知： 一、公司 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600481 | 双良节能 | 3.55 Z | 14.26% | -2.48 Z | -9.94% | -1.08 Z | -4.33% | | 300842 | 竞科股份 | 1.67 乙 | 9.36% | -3585.16万 | -2.01% | -1.32 Z | -7.36% | | 688516 | 奥特维 | 1.27亿 | 7.17% | 4353.75万 | 2.46% | -1.70 Z | -9.64% | | 688556 | 高测股份 | 7311.77万 | 5.30% | 2063.30万 | 1.50% | -9375.07万 | -6.80% | | 603185 弘元绿能 | | 6862.19万 | 6.72% | -204.00万 | -0.20% | -6658.19万 | -6.52% | | 920368 连城数控 | ...

三、机构解读 一、行情 1月28日，云计算概念大涨，美利云一字涨停，网宿科技、欧陆通等涨超10%，首都在线等跟涨。 | 股票名称 | 最新价= | 涨跌幅 = | 换手落 | | --- | --- | --- | --- | | 美利云 000815.SZ 扭亏 | | 首板 | | | | 14.28 | +10.02% | 7.80' | | 公司数据中心业务涵盖机架出租、网络接入及机架运行维护等服务 | | 09:44 涨停 | | | 网宿科技 300017.SZ 减持 | | | | | IT基础平台服务提供商;公司提供DC和液冷节能解决方案,子公司绿色云图自主研发的 | | | | | 液冷技术,能够为企业提供更节能、高效的液冷数据中心建设及改造方案,包括微型液冷 | | | | | 数据中心解决方案、中大型数据中心解决方案及集装箱数据中心解决方案;另外,提供托 | 16.04 | +18.46% | 26.14 | | 管空间租用、托管带宽租用、数据中心托管服务及企业级互联网通信整体解决方案;子公 | | | | | 司爱捷云瞄定算力云定位,以统一架构为客户提供从轻量超融合云到大规模全栈企业云 ...

Core Viewpoint - The photovoltaic industry is undergoing a deep reform to combat internal competition, with regulatory measures and policy adjustments reflecting a commitment to high-quality development. However, many companies are still facing significant losses, indicating that this battle is not a short-term fix but a necessary step to resolve structural issues within the industry [2][5]. Industry Performance - Major companies like Tongwei Co., Ltd. and LONGi Green Energy are projected to incur substantial losses in 2025, with estimated net losses of 9 to 10 billion yuan and 6 to 6.5 billion yuan respectively. Other companies such as JA Solar, JinkoSolar, and Trina Solar are also expected to report significant losses, highlighting the severe challenges faced by the industry [2][3]. - The average gross margin for the entire industry is only 3.64%, with many companies trapped in a cycle of "production equals loss" due to oversupply and rising raw material costs [3][4]. Causes of Losses - The industry's performance crisis is primarily attributed to excessive homogenous production capacity and fierce price competition, compounded by soaring raw material costs. The supply of silicon materials is projected to exceed global demand by more than double over the next three years, leading to a significant imbalance [3][4]. - The price of silver, a key material in photovoltaic cells, has surged by 231% in 2025, pushing companies to adopt cost-cutting measures at the expense of technological innovation and quality [4][5]. Recommendations for Improvement - Companies must shift their focus from price competition to technological innovation and quality improvement, investing in advanced battery technologies such as TOPCon, BC, and ABC to enhance efficiency and reduce costs [4][6]. - The industry needs to establish self-regulatory standards to combat unfair competition practices, such as selling below cost and misrepresenting product capabilities, while promoting collaboration among companies to consolidate resources [4][6]. Government Role - Government policies and regulatory actions are crucial for supporting the industry's reform efforts. A unified and clear policy direction is necessary to stabilize market expectations and foster industry consensus [5][6]. - Regulatory bodies should enhance oversight on low-price dumping and set higher energy consumption and environmental standards for mature production stages, while also optimizing bidding rules to prioritize technology and quality over price [5][6]. Future Outlook - The photovoltaic industry is at a critical juncture, with the potential for recovery as companies begin to reduce losses and improve profitability. Analysts suggest that the industry may see a turning point in profitability by early 2026 [6][7]. - A collaborative effort between companies and government is essential to ensure that innovation becomes the cornerstone of industry development, allowing China to transition from a manufacturing hub to a center of innovation in the global energy transformation [7].

新华财经北京1月27日电近日，双良节能发布的2025年度业绩预告显示，2025年公司归母净利润为亏损 7.8亿元到10.6亿元，同比2024年大幅减亏。从行业业绩预告整体情况来看，光伏行业多家企业2025年第 四季度出现亏损，业内认为与光伏行业四季度的淡季特征相关。 对比此前已披露业绩预告的光伏行业龙头企业，头部企业亏损额处于40亿至100亿元区间，双良节能同 期亏损规模相对较小，核心原因或是公司硅片业务具备成本竞争优势。公司在零碳园区、核心装备、新 兴赛道布局等领域的突破进展，为长期增长注入了动能，同时，传统光伏板块与绿氢等新兴赛道的协同 发力也进一步巩固了增长基础。 多领域突破注入增长动能 此外，公告显示双良节能在报告期内计提了固定资产减值准备，这可能也是公司四季度出现亏损的重要 因素。在业绩改善的背后，公司在零碳园区、核心装备、新兴赛道布局等领域的突破进展，叠加行业政 策与市场利好，为长期增长注入了动能，也进一步提升了市场信心。 作为数字化驱动的全生命周期碳中和解决方案服务商，双良节能的零碳园区整体解决方案已获得行业认 可。近期，包头稀土高新区国家级零碳园区建设推进会选址双良新能源光伏产业园，标志着公司 ...

企业作为市场主体，是反内卷的核心执行者，其自觉与努力决定着反内卷的实际成效，而当前全行业的 业绩困境，正是低价内卷叠加成本压力的集中恶果。2025年的光伏行业，鲜有企业能独善其身，从头部 龙头到细分领域玩家，业绩预亏成为行业常态，亏损规模与范围均创下历史新高—— 笔者认为，唯有企业筑牢自律自觉的根基，政府打出协同一致的政策组合拳，将反内卷坚持到底，才能 让光伏行业彻底走出低价厮杀的泥潭，回归技术创新与价值创造的核心赛道。 通威股份（600438.SH）预计2025年净亏损90亿~100亿元，隆基绿能（601012.SH）预亏60亿~65亿元， 两大龙头的巨亏直接折射出行业的严峻形势，其中隆基绿能明确提及四季度银浆、硅料成本大幅上涨进 一步推升了产品成本，加剧经营压力；晶澳科技（002459.SZ）、晶科能源（688223.SH）、天合光能 （688599.SH）归母净利润分别预亏45亿~48亿元、59亿~69亿元、超42亿元，组件赛道的价格战厮杀已 到白热化阶段，天合光能更坦言受硅料、银浆等原材料成本上涨影响，组件业务盈利能力同比下滑；硅 料龙头大全能源（688303.SH）持续亏损，虽三季度起硅料价格呈现恢 ...

1月23日，双良节能系统股份有限公司发布2025年度业绩预告，公司整体亏损幅度显著收窄。从行业业 绩预告整体情况来看，光伏行业多家企业2025年第四季度出现亏损，业内认为应与光伏行业四季度的淡 季特征相关。对比此前已披露业绩预告的光伏行业龙头企业，头部企业亏损额处于40亿至100亿元区 间，双良节能同期亏损规模相对较小，核心原因应是公司硅片业务具备成本竞争优势。此外，公告显示 双良节能在报告期内计提了固定资产减值准备，此举充分体现公司财务操作的谨慎性原则，而该项计提 也应是公司四季度出现亏损的重要因素。在业绩改善的背后，公司在零碳园区、核心装备、新兴赛道布 局等领域的突破进展，叠加行业政策与市场利好，正为长期增长注入强劲动能，进一步提升了市场信 心。 转自：新华财经 作为数字化驱动的全生命周期碳中和解决方案服务商，双良节能的零碳园区整体解决方案已获得行业高 度认可。近期，包头稀土高新区国家级零碳园区建设推进会选址双良新能源光伏产业园，标志着公司在 国家级零碳园区建设中的重要地位。该产业园已建成 24MW 屋顶光伏绿电直联项目并成功并网， 30MW绿电直联项目及600MW国电风光储绿电直供项目预计2026年实现 ...

光伏设备 《光伏反内卷深度：反内卷持续深化， 关 注 贝 塔 修 复 — 行 业 深 度 报 告 》 -2025.9.3 《光伏技术深度系列（一）：BC 盈利 拐点率先而至，"反内卷"时代未来可 期—行业深度报告》-2025.7.28 太空光伏深度报告：光伏向空，志在星海 ——行业深度报告 2026 年 01 月 26 日 | 殷晟路（分析师） | 周航（联系人） | | --- | --- | | yinshenglu@kysec.cn | zhouhang1@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790125050020 | 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2025-01 2025-05 2025-09 光伏设备 沪深300 相关研究报告 《光伏出口退税将全面取消，倒逼行 业高质量发展 —行业点评报告》 -2026.1.11 太空迈入晶硅时代 太空高能宇宙辐射、±150℃极端温差循环、高真空散热受限等极端环境，对光伏 电池的转换效率、寿命及材料结构提出严苛要求。现阶段 III-V 族多结光伏电 ...

现在的市场进入到一种奇葩行情中，指数给人一种"压不住"的感觉，蹭蹭蹭往上涨，但是看看个股情绪已经连续一周多不温不火，甚至有表现出收盘跌多涨 少的态势，这就说明市场热度在明显降温。这个位置暂时不要去考虑指数突破前高，关键还是要注意监管力度、题材热度、两市成交量，即使连续20多个交 易日维持在2万亿元之上，这其中还有主力资金减持宽基ETF的成交量，其实是有水分的，仍然还是震荡行情思路对待，最终要看的是："你赚钱了吗？" 骑牛看熊发现近期贵金属板块大涨并非单一因素驱动，而是金融属性强化、工业需求共振、资金面助推三大核心逻辑叠加，叠加地缘与政策周期红利形成的 趋势性行情，黄金与白银的上涨主线各有侧重，金融属性强势回归。美元全球支付与外汇储备占比稳步下滑，而全球央行黄金储备占比升至2026年1月的 25.94%，多国央行连续15年净购金，中国央行更是连续14个月增持，黄金作为"超主权信用资产" 的替代价值凸显。同时，美联储降息预期升温，市场预判 2026 年将降息2-4 次，实际利率下行降低黄金持有成本，叠加美联储扩表压制短端利率，西方投资者持续买入黄金 ETF，形成交易盘与配置盘的共振。 创业板指数周一高开低走，早盘 ...