Investment Rating - The industry is rated as "Buy" with an expectation of leading market benchmark returns by over 15% in the next 6-12 months [6]. Core Insights - The commercial aerospace sector has emerged as one of the strongest market themes recently, with space photovoltaics being a core beneficiary [2]. - Recent catalysts in the commercial aerospace sector include the establishment of the Commercial Space Administration and the issuance of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)" [2]. - Elon Musk's announcement at the 2026 Davos World Economic Forum regarding Tesla and SpaceX's plan to build a total of 200GW photovoltaic capacity in the U.S. over the next three years is a key driver for stock price increases in the sector [3]. - The transition from ground-based photovoltaic applications to space photovoltaics represents a significant shift in usage scenarios, driving technological evolution and capacity expansion [4]. Summary by Sections Industry Overview - The commercial aerospace sector is experiencing rapid development due to policy support, increasing demand for low-orbit satellite constellations, and capital market activity [2]. - The demand for space photovoltaics is expected to grow significantly as commercial aerospace scales up [2]. Technological Development - The technology path for space photovoltaics has evolved through several iterations, leading to advancements in gallium arsenide technology and the development of ultra-thin P-type HJT and perovskite tandem technologies [4]. Investment Recommendations - Companies that have strategically positioned themselves in the space photovoltaics sector, such as Junda Co., Dongfang Risheng, JinkoSolar, and Trina Solar, are expected to gain first-mover advantages and valuation premiums [5]. - Continuous growth in demand for new technology production equipment related to space photovoltaics suggests investment opportunities in companies like Maiwei Co., Jiejia Weichuang, Aotwei, and Shuangliang Energy [5].

Core Viewpoint - The photovoltaic (PV) sector in A-shares has seen a significant surge, with multiple stocks experiencing a 20% increase, driven by Elon Musk's endorsement of space photovoltaics at the Davos Forum. However, the industry faces a harsh reality of prolonged losses, overcapacity, and persistent price pressures, with major companies expected to report substantial losses in 2025 [3][4][5]. Group 1: Industry Performance and Financial Outlook - A total of 32 listed PV companies have issued profit warnings, with 23 companies, over 70%, expected to incur losses in 2025 [5]. - Major players like Tongwei Co. are projected to face losses between 9 billion to 10 billion yuan, a significant increase from the previous year's loss of 7.04 billion yuan, marking it as the only company with a projected loss exceeding 10 billion yuan [5][6]. - Trina Solar and JinkoSolar are also expected to report substantial losses, with Trina Solar's losses estimated at 6.5 billion to 7.5 billion yuan, up from 3.44 billion yuan the previous year [5][6]. Group 2: Market Dynamics and Challenges - The PV industry is grappling with a dual weakness in supply and demand, leading to significant price declines across the supply chain, including silicon materials, cells, and modules [8][9]. - The rapid expansion of manufacturing capacity in recent years has coincided with a slowdown in global demand, resulting in severe supply-demand imbalances [9]. - The cost of key raw materials, particularly silver, has surged, further straining the profitability of PV companies. Silver prices have increased by over 118% since October of the previous year, significantly impacting production costs [9][10]. Group 3: Future Industry Prospects - The path to recovery for the PV industry hinges on supply-side reforms, including capacity utilization improvements and the elimination of outdated production capabilities [10]. - The industry must address the current overcapacity and restore a healthy balance between supply and demand to improve product pricing and overall profitability [10].

Core Viewpoint - The A-share photovoltaic sector has experienced a significant surge, with multiple stocks hitting a 20% limit-up, driven by Elon Musk's endorsement of space photovoltaics at the Davos Forum. However, the industry faces a harsh reality of prolonged losses, overcapacity, and persistent price pressure, with major companies expected to report substantial losses in 2025 [1][2]. Group 1: Industry Performance - The photovoltaic industry has seen widespread losses, with 23 out of 32 listed companies expected to report losses in 2025, accounting for over 70% of the sample [2]. - Major players like Tongwei Co. anticipate a net loss of 90 to 100 billion yuan in 2025, up from a loss of 70.39 billion yuan the previous year, marking it as the only company with a projected loss exceeding 100 billion yuan [2]. - Trina Solar and JinkoSolar are also expected to report significant losses, with Trina Solar projecting a loss of 65 to 75 billion yuan, and JinkoSolar estimating a loss of 59 to 69 billion yuan [2][3]. Group 2: Market Dynamics - The photovoltaic supply chain is experiencing intensified losses due to weak terminal demand, overcapacity, and stagnant product prices, which are the main contributors to the industry's financial struggles [2][3]. - Despite some companies like Daqo Energy and Longi Green Energy reducing their losses, the overall trend remains negative, with Daqo Energy expecting a loss of 14.18 to 17.18 billion yuan, a reduction of 52.17% to 63.21% year-on-year [3]. - The industry is facing a dual challenge of weak supply and demand, with overcapacity leading to low prices, which is the primary cause of losses [4][5]. Group 3: Cost Pressures - The rapid increase in raw material prices, particularly silver, has significantly impacted production costs, with silver prices rising over 118% since October of the previous year [6][7]. - The cost of silver paste, a critical material in photovoltaic technology, has surged, further straining the profitability of companies in the sector [6][7]. - Companies are exploring cost-reduction strategies, including substituting silver with copper and aluminum, but the impact of these innovations on profitability remains limited [7]. Group 4: Future Outlook - The industry is expected to undergo structural reforms characterized by capacity utilization improvements, elimination of outdated capacity, and potential mergers and acquisitions, which are essential for recovery [7]. - A return to a healthy supply-demand balance and a restoration of product prices to reasonable levels are crucial for the fundamental improvement of companies' profitability [7].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

双良节能将于2026年2月5日召开2026年第一次临时股东会，采用现场与网络投票结合方式，股权登记日 为2026年1月28日。会议将审议期货套期保值业务相关议案，中小投资者单独计票。 公司中标宁夏电投石嘴山2×660MW超超临界热电项目表凝式自然通风间接空冷系统，中标金额23,568 万元，占公司2024年度经审计营业收入的1.81%。项目由公司作为联合体牵头人，联合中建研科技股份 有限公司、中国化学工程第三建设有限公司共同中标。目前尚未签署正式合同，条款及收入分配存在不 确定性。 截至2026年1月23日收盘，双良节能（600481）报收于7.85元，较上周的7.1元上涨10.56%。本周，双良 节能1月23日盘中最高价报7.85元，股价触及近一年最高点。1月22日盘中最低价报6.8元。本周共计1次 涨停收盘，无跌停收盘情况。双良节能当前最新总市值147.09亿元，在光伏设备板块市值排名35/64， 在两市A股市值排名1476/5182。 本周关注点 业绩披露要点 双良节能发布2025年度业绩预告，预计归属于上市公司股东的净利润为-106,000万元至-78,000万元，扣 除非经常性损益后的净利润为-11 ...

双良节能表示，光伏全产业链价格依旧承压，叠加原材料成本变化及部分固定资产减值计提的影响，公 司2025年度经营业绩将继续亏损。 北京商报讯(记者马换换李佳雪)1月23日晚间，双良节能（600481）披露公告称，公司预计2025年度实 现归属净利润为-10.6亿元到-7.8亿元，上年同期亏损约为21.34亿元。 ...

每经AI快讯，1月23日，双良节能(600481.SH)公告，预计2025年度归属于上市公司股东的净利润为-7.8 亿元到-10.6亿元。报告期内光伏新增装机规模虽同比有所增长，但仍处于阶段性调整过程。光伏全产 业链价格依旧承压，叠加原材料成本变化及部分固定资产减值计提的影响，公司2025年度经营业绩将继 续亏损。 （文章来源：每日经济新闻） ...

人民财讯1月23日电，双良节能（600481）1月23日发布业绩预告，预计2025年度实现归属于上市公司股 东净利润为亏损7.8亿元—10.6亿元，上年同期净利润为亏损21.34亿元。报告期内光伏新增装机规模虽 同比有所增长，但仍处于阶段性调整过程。光伏全产业链价格依旧承压，叠加原材料成本变化及部分固 定资产减值计提的影响，公司2025年度经营业绩将继续亏损。 ...

● 本次业绩预告的具体适用情形：净利润为负值。 ● 双良节能系统股份有限公司（以下简称"公司"）预计 2025 年度实现归 属于上市公司股东净利润为-106,000 万元到-78,000 万元。 | 证券代码：600481 | 证券简称：双良节能 | 编号：2026-007 | | --- | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | | 双良节能系统股份有限公司 2025年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 预计 2025 年度实现归属于上市公司股东的扣除非经常性损益的净利润 为-115,000 万元到-80,000 万元。 ● 公司本次预计业绩数据未经注册会计师审计。预告数据仅为公司财务部 门初步核算数据，具体准确的财务数据以公司正式披露的 2025 年度报告为准， 敬请广大投资者注意投资风险。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经公司财 ...

格隆汇1月23日丨双良节能(600481.SH)公布，经公司财务部门初步测算，预计2025年度实现归属于上市 公司股东净利润为-106,000万元到-78,000万元。预计2025年度实现归属于上市公司股东的扣除非经常性 损益的净利润为-115,000万元到-80,000万元。 报告期内光伏新增装机规模虽同比有所增长，但仍处于阶段性调整过程。光伏全产业链价格依旧承压， 叠加原材料成本变化及部分固定资产减值计提的影响，公司2025年度经营业绩将继续亏损。2026年作 为"十五五"开局之年，将成为光伏产业从调整期迈入高质量发展期的转折点，供需格局将持续改善。公 司将保持精益经营，在节能节水及新能源装备业务做好"业绩压舱石"的基础上双轮驱动发展，光伏业务 板块将持续发挥自身的技术、装备、规模及数智化等优势不断开拓市场、降本增效，努力提升2026年度 经营业绩。 ...