Investment Rating - The report maintains a "Positive" investment rating for the space photovoltaic industry [3]. Core Insights - The space photovoltaic market is projected to reach a trillion-dollar scale, driven by the increasing demand from low Earth orbit (LEO) satellites and advancements in photovoltaic technology [8][41]. - The report highlights the transition from traditional gallium arsenide (GaAs) solar cells to silicon and perovskite technologies, indicating a shift towards cost-effective solutions in space applications [55][64]. Summary by Sections 1. Growth Drivers - The demand for space photovoltaics is significantly driven by communication and computing satellites, with LEO satellites becoming the mainstream development direction due to their lower costs and shorter development cycles [12]. - The Starlink project is expected to generate substantial revenue, with predictions of over 9 million customers by 2025, covering more than 155 countries [17]. 2. Technology Trends - GaAs multi-junction solar cells are currently the mainstream technology for space applications, achieving efficiencies over 30% [45]. - The report anticipates that silicon will become the next-generation technology, while perovskite is expected to emerge as the ultimate solution due to its high power-to-weight ratio and lower production costs [64]. 3. Material Innovations - The satellite power system consists of three main components: power generation units (solar wings), energy storage units (lithium-ion batteries), and control units [71]. - Flexible solar wings are gaining traction, with advancements in materials leading to the development of ultra-thin glass (UTG) and polyimide (PI) films for better performance in harsh space environments [81][84]. 4. Market Potential - The report estimates that the market space for low Earth orbit satellite photovoltaic systems could reach 275 billion yuan, while the market for space computing could exceed 1 trillion yuan by 2030 [41]. - The anticipated peak in satellite launches from 2030 to 2035 is expected to further drive the demand for space photovoltaics, with projections indicating over 18,000 satellites launched annually [23]. 5. Competitive Landscape - The report outlines the competitive landscape, highlighting key players in the space photovoltaic sector and their respective advancements in technology and materials [88].

2026.01.23 本文字数：514，阅读时长大约1分钟 作者 |一财阿驴 09:25 A股开盘丨三大指数集体高开 沪指高开0.18%，深成指高开0.15%，创业板指高开0.16%，科创综指低开0.21%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | WW | 4130.11 | 7.53 | 0.18% | | 399001 | 深证成指 | WW | 14349.01 | 21.97 | 0.15% | | 399006 | 创业板指 | W | 3334.02 | 5.37 | 0.16% | | 000680 | 科创综指 | ww | 1861.44 | -3.90 | -0.21% | 盘面上，贵金属、有色金属板块反弹，超硬材料、光伏、商业航天、AI应用题材走强；半导体、AI算 力产业链回调，存储器、汽车芯片方向领跌。 个股方面，明阳智能复牌涨停，公司筹划购买德华芯片100%股权。 | | 21.65 +1.97 +10.01% | | | | 明阳智能 1 立 ...

（文章来源：每日经济新闻） 每经AI快讯，HIT电池板块领涨，上涨2.92%。其中，迈为股份上涨12.1%，明阳智能上涨10.01%，双良 节能上涨9.94%，东方日升、捷佳伟创、琏升科技涨超4%。 ...

Economic Policy - The People's Bank of China will continue to implement a moderately loose monetary policy in 2026, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity [1] - The Ministry of Commerce and nine other departments have issued opinions to promote high-quality development in the pharmaceutical retail industry, supporting mergers and acquisitions among retail pharmacies [1] Capital Market Developments - The People's Bank of China announced a 900 billion yuan MLF operation to maintain liquidity in the banking system, with a one-year term [3] - Public funds have focused on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock, valued at 78.421 billion yuan [3] - The National Development and Reform Commission has allocated 93.6 billion yuan in special bonds to support over 4,500 projects across various sectors, driving total investment exceeding 460 billion yuan [3] Industry Highlights - The commercial aerospace sector is gaining attention, with Blue Arrow Aerospace's IPO status changing to "inquiry" as it aims to become the first commercial aerospace stock [7] - Domestic AI chip company Suiyuan Technology has received approval for its IPO, aiming to raise 6 billion yuan for AI chip development [7] - The human-shaped robot sector remains active, with Zhejiang's innovation center completing a 450 million yuan Pre-A round of financing [7] Company Updates - Zhaoyi Innovation expects a net profit of 1.61 billion yuan for 2025, a year-on-year increase of approximately 46%, benefiting from AI computing demand [8] - ST Biology announced the termination of its major asset restructuring plan to acquire a 51% stake in Hunan Huize Biomedical Technology [9] - Xiaomi Group plans to repurchase up to 2.5 billion Hong Kong dollars of its Class B shares starting January 23 [10] - Alibaba has decided to support its chip subsidiary "Pingtouge" for future independent listing, initiating a restructuring process [11] - Intel reported a fourth-quarter revenue of 13.674 billion dollars, with a net loss of 591 million dollars, while its annual revenue was 52.853 billion dollars [11]

个股方面，明阳智能复牌涨停，公司筹划购买德华芯片100%股权。 | | 21.65 +1.97 +10.01% | | | | 明阳智能 ① 立即 601615 ×8 | | | --- | --- | --- | --- | --- | --- | --- | | | SSE CNY 9:25:04 交易中 查看L2全景 | | | | | 通融 / △ + | | 23MYEB1 | | 0.000(0.00%) CPR:0.00% Wind ESG评级 A | | | | 详情 | | 24MYEB1 | 0.000(0.00%) | CPR:0.00% | रेस | 49.52% 120日 | | 86.96% | | 委比 | 100.00% 委差 | 1483768 | 5日 | 10.01% 250日 | | 106.86% | | 死 | | | 20日 | 49.21% 52周高 | | 19.68 | | 卖山 | | | 60日 | 39.32% 52周低 | | 8.82 | | 卖三 | | | | 2023 2024 | | 2025Q3 | | 卖二 | | | EPS | 0 ...

Monetary Policy - The People's Bank of China, led by Pan Gongsheng, will continue to implement a moderately loose monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery [1] - There is still room for further reductions in reserve requirements and interest rates this year, with an emphasis on maintaining ample liquidity [1] Technology Development - Fudan University researchers have successfully developed "fiber chips," achieving large-scale integrated circuit preparation within flexible polymer fibers, with a transistor density of 100,000 per cm [1] - The technology allows for efficient interconnection of transistors and other electronic components, enabling both digital and analog circuit functions [1] Company News - Blue Arrow Aerospace's IPO review status has changed to "inquired" on the Shanghai Stock Exchange [2] - Yushu Technology clarified that its actual shipment of humanoid robots in 2025 will exceed 5,500 units, with over 6,500 units expected to be produced [3] - The Ministry of Commerce and nine other departments are promoting the participation of retail pharmaceutical companies in centralized drug procurement [3] Individual Company Performance - CATL launched a mass-produced sodium-ion battery for light commercial vehicles, capable of operating in extreme cold conditions [4] - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a 46% increase year-on-year, with revenue projected at 9.203 billion yuan, a 25% increase [4] - Strong One Co. anticipates a net profit increase of 58% to 71% in 2025, driven by strong orders from major clients in the communication network and AI computing sectors [5] - Changda Technology plans to invest 1 billion yuan in a functional IC packaging substrate project to enhance its competitiveness in the high-end integrated circuit field [6] - Founder Technology forecasts a net profit increase of 67% to 98% in 2025, focusing on high-value business orders in AI servers and high-speed optical modules [7]

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, with room for further cuts in reserve requirement ratios and interest rates to maintain ample liquidity [3] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support approximately 4,500 projects in various sectors, expected to drive total investment exceeding 460 billion yuan [4] - The People's Bank of China will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [4] Consumer and Investment Trends - State-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates in the "2%" range, lower than current housing loan rates [3] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [3] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [6] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, and net inflows from southbound funds amounting to 5.166 billion HKD [6] Corporate Developments - Alibaba Group has decided to support its chip company "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [7] - Xiaomi Group has initiated a stock repurchase plan of up to 2.5 billion HKD [9] - Nanjing Bank reported a net profit growth of 8.08% year-on-year for 2025 [9] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger between two gas companies [10] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [10] Economic Indicators - The unemployment rate for urban labor aged 16-24 was reported at 16.5% in December 2025, while the rate for those aged 25-29 was 6.9% [5] - The National Bureau of Statistics reported a 28.1% year-on-year increase in sales revenue for the smart device manufacturing industry in 2025 [10]

明阳集团信阳基地风电主机生产车间。 郝光 摄 域。"华阳长青总经理马军说。 大别腹地，山峦起伏，一排排白色风车缓缓转动，上演"驭风化电"的绿能故事。 "我们生产的风车机组服务老区能源结构转型的同时，还广泛用于国内市场。"1月20日，河南明阳智慧能源有 限公司总经理李健自豪地说。该公司生产的108米风电叶片是目前全球最长的陆上风电叶片，叶轮直径为223 米，年产能达520台（套）。 大寒遇大雪。尽管气温骤降，位于信阳高新技术产业开发区的河南明阳叶片生产基地依然热潮涌动，一片片 巨大的风力发电叶片有序下线，整装待发奔赴"绿电"世界。"现在订单不发愁，车间满负荷生产，一季度有望 实现150台（套）产能，产值达20亿元。"李健说。 新年伊始，河南明阳发展形势喜人，既有订单"开门红"，更有加快扩产能。与公司叶片生产基地一墙之隔的 二期生产基地，4.5万平方米的厂房已经建好，引进的新项目将于今年下半年投产；明阳集团所有的电缆订 单，也全部放在信阳基地生产。此外，河南明阳投资4亿元新成立了中部物流公司，将成为公司发展一个新的 增长点。 信阳市"绿电"充沛、碳汇充裕，绿色发展空间巨大。近年来，信阳市不断放大"绿水青山"生态优 ...

Group 1 - The core announcement is that Mingyang Smart Energy (601615) will resume trading on January 23, 2026, after being suspended since January 13, 2026, due to a planned acquisition of control over Dehua Company by issuing shares and cash payments [2][3] - The acquisition involves purchasing 100% of Dehua Chip's equity, with a share issuance price set at 14.46 yuan per share, which is not less than 80% of the average stock price over the previous 120 trading days [4] - This transaction is expected to enhance Mingyang's strategic development in the energy sector, strengthen industry chain synergy, accelerate photovoltaic business integration, and optimize business structure [4] Group 2 - Dehua Company, established in 2015, specializes in the design, research, and manufacturing of semiconductor epitaxial wafers and chips, and has capabilities in providing energy system solutions for space vehicles [5] - The establishment of the Commercial Space Administration by the National Space Administration in November 2025 and the related action plan for high-quality development in commercial space have increased market attention on the commercial space sector [6] - Mingyang Smart Energy reported a revenue of 26.304 billion yuan for the first three quarters of 2025, a year-on-year increase of 29.98%, while the net profit attributable to shareholders decreased by 5.29% to 766 million yuan [8]

每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 （记者 曾健辉） 每经AI快讯，明阳智能1月22日晚间发布公告称，2026年1月22日，公司召开第三届董事会第三十次会 议，审议通过了《关于 <明阳智慧能源集团股份公司发行股份及支付现金购买> 资产并募集配套资金暨 关联交易预案>及其摘要的议案》等与本次交易相关的议案，具体内容详见与本公告同时披露的相关公 告及文件。经向上海证券交易所申请，公司股票将于2026年1月23日（星期五）开市起 复牌。 ...