Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the lithium battery, sodium battery, wind power, and photovoltaic sectors, highlighting recent developments and future expectations in these industries. Lithium Battery Sector - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces likely to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing with multiple automotive companies for sodium batteries, with expectations for mass production in Q2 [1] - **Investment Focus**: The preferred investment hierarchy includes energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper, and aluminum foil (Nord and Dingsheng) [1] Sodium Battery Sector - **Lithium Carbonate Price Adjustment**: A new round of price increases for lithium carbonate is anticipated following adjustments, with strong downstream purchasing activity observed after recent price drops [2] - **Wind Power Sector Performance**: Recent performance forecasts for the wind power sector have largely fallen short of expectations due to a decline in Q4 shipments and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major engine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Photovoltaic Sector - **Space Photovoltaics**: The application by SpaceX to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high silver prices and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver industrialization [3] - **Investment Focus**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery materials (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] AIDC (Artificial Intelligence Data Center) Sector - **New Bidding Opportunities**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its focus to high-voltage direct current solutions and Nvidia tightening certification for liquid cooling [3] - **Production Increase**: The production capacity of Yingwei's QD is expected to increase by 20 times in Q1, indicating a strong alignment with Nvidia's ecosystem [3]

电新周观点更新：好看太空光伏、储能、锂、钠电 锂电：全国容量电价政策落地，储能爆发确定 #周度变化：1）全国容量电价政策出台，预计储能IRR增加 3%以上，26年会有更多省份储能0-1；2）2月锂电排产 中枢环降10%+，排产淡季不淡；3）钠电宁德开启多个车企冬季测试，Q2有望批量出货。 电新周观点更新：好看太空光伏、储能、锂、钠电 锂电：全国容量电价政策落地，储能爆发确定 #周度变化：1）全国容量电价政策出台，预计储能IRR增加 3%以上，26年会有更多省份储能0-1；2）2月锂电排产 中枢环降10%+，排产淡季不淡；3）钠电宁德开启多个车企冬季测试，Q2有望批量出货。 看好环节排序：储能电芯（鹏辉）＞铁锂正极＞储能集成（海博）＞隔膜（恩捷）、铜铝箔（诺德、鼎胜）、 6F等。 #周度变化：风电板块业绩预告密集落地，受q4出货量下降和年底减值影响，业绩多数不及预期；其中主机板块低 价单已大幅出清，确定性底部已现，预计26Q1毛利率整体开启修复。 看好标的排序：首推金雷股份、大金重工以及主机（金风、三一、运达、明阳）；海风链—塔桩（泰胜、天 顺），海缆（东缆、中天），此外现阶段建议重点关注海力风电。 看好环节排 ...

通过资本与战略的绑定，双方将打造更稳固、透明、高效的供应链协同体系。这不仅保障明阳智能关键原材料的长期稳定供应，更将通过从材料到产品的全 链条成本优化，共同提升应对全球产业链波动的韧性与安全性。 在国际化战略层面，双方将携手以本地化供应链服务全球市场，更敏捷地响应欧洲、中东、非洲等海外客户的需求，共同捕捉全球能源转型，特别是高速增 长的海外海上风电市场机遇。 未来，明阳智能将秉持"技术共生、质量共治、数字共赢"理念，携手振石股份等合作伙伴，推动科技创新与产业创新深度融合，打造全生命周期更优服务及 更具竞争力的度电成本产品，为全球能源绿色转型注入强劲动力。 2026年1月29日，浙江振石新材料股份有限公司(以下简称"振石股份")在上交所上市。全球领先的风机制造商和清洁能源整体解决方案提供商明阳智能 （601615）作为战略配售投资者，获配10,187,512股，占初始发行数量的3.90%，成为本次发行的第一大产业战投。 此次入股标志着明阳智能实现从整机制造向上游核心材料领域的产业升维，通过产业链垂直整合，进一步巩固其在全球风电市场的领军地位。 在风电迈向深远海、风机持续大型化的行业趋势下，叶片的长度与性能直接决 ...

证券研究报告 | 行业专题研究 gszqdatemark 2026 02 01 年 月 日 光伏设备 低轨星座竞赛与太空算力革命，引爆太空光伏需求新周期 卫星部署爆发+太空 AI 算力规划，太空光伏需求激增。全球低轨 卫星部署进入" 资源卡位"关键期的背景下，中美正围绕轨道与频 谱展开激烈博弈。依据 ITU 先申报、限期部署"的规则，中国于 2025 年 12 月底一次性向国际电信联盟提交 20.3 万颗卫星申请， 累计申报量达 25.4 万颗；美国虽累计申报仅约 7-8 万颗，但美国依 托 SpaceX 星链"计划，已发射超过 10000 颗卫星，抢占大量低 轨空间与频段；全球太空竞赛加速。AI 算力爆炸式增长催生" 天基 数据中心"新范式——地面数据中心受限于能耗与散热瓶颈，而太 空中不仅可实现 24 小时日照，还可利用深冷宇宙背景实现近零成 本散热。马斯克提出部署 100–500GW 级太空 AI 计算网络，中国规 划 2035 年前建成 GW 级晨昏轨道算力集群。卫星数量激增使得高 可靠、高比功率的太空光伏系统从 配套组件"升级为 战略基础 设施"，需求呈指数级增长。 技术路线加速迭代，P 型 HJT ...

证券研究报告 | 行业专题研究 gszqdatemark 2026 02 01 年 月 日 光伏设备 低轨星座竞赛与太空算力革命，引爆太空光伏需求新周期 卫星部署爆发+太空 AI 算力规划，太空光伏需求激增。全球低轨 卫星部署进入" 资源卡位"关键期的背景下，中美正围绕轨道与频 谱展开激烈博弈。依据 ITU 先申报、限期部署"的规则，中国于 2025 年 12 月底一次性向国际电信联盟提交 20.3 万颗卫星申请， 累计申报量达 25.4 万颗；美国虽累计申报仅约 7-8 万颗，但美国依 托 SpaceX 星链"计划，已发射超过 10000 颗卫星，抢占大量低 轨空间与频段；全球太空竞赛加速。AI 算力爆炸式增长催生" 天基 数据中心"新范式——地面数据中心受限于能耗与散热瓶颈，而太 空中不仅可实现 24 小时日照，还可利用深冷宇宙背景实现近零成 本散热。马斯克提出部署 100–500GW 级太空 AI 计算网络，中国规 划 2035 年前建成 GW 级晨昏轨道算力集群。卫星数量激增使得高 可靠、高比功率的太空光伏系统从 配套组件"升级为 战略基础 设施"，需求呈指数级增长。 技术路线加速迭代，P 型 HJT ...

Core Insights - The "space photovoltaic" concept has gained significant attention in the secondary market, largely influenced by Tesla CEO Elon Musk's endorsements [2] - The Wind Space Photovoltaic Index has risen by 19.83% over the past month, outperforming the Shanghai and Shenzhen 300 Index, which increased by 1.18% [2] - Several photovoltaic companies have experienced substantial stock price increases, with JunDa Co., Ltd. rising by 84.62% and Mingyang Smart Energy increasing by 60.22% in the last 20 days [2] Market Performance - The stock prices of companies like Dongfang Risen and Laplace have shown abnormal fluctuations, with price deviations exceeding 30% over consecutive trading days [3] - The space photovoltaic sector is characterized by its potential to harness solar energy in outer space, providing power to satellites and space stations [3] Industry Challenges - Despite the market enthusiasm, the commercialization of space photovoltaics faces significant uncertainties related to technology maturity and economic viability [4] - Industry insiders indicate that the application scenarios for space photovoltaics are still in the exploratory phase, with many companies not yet supplying products to commercial satellite firms [4] Technological Considerations - Current leading materials for space photovoltaics include gallium arsenide, which is costly at approximately 1000 RMB per watt, and perovskite, which faces stability issues in extreme space conditions [5] - The cost of electricity generated from space photovoltaics is estimated to be 2-3 USD per kilowatt-hour, significantly higher than the ground-based photovoltaic cost of 0.03-0.05 USD per kilowatt-hour [5] Future Outlook - Several A-share listed companies express optimism about the future of space photovoltaics, with potential market size reaching trillions as technology advances [5] - Companies like Trina Solar and HaiMuxing are actively collaborating with leading aerospace institutions to develop practical applications for space solar energy [5] - The commercialization of space photovoltaics is projected to gradually occur over the next 10 to 15 years as launch costs decrease and battery technologies improve [6]

Core Viewpoint - The "space photovoltaic" concept has become a major focus in the secondary market, significantly influenced by Tesla CEO Elon Musk's endorsements, with the relevant index rising 19.83% in the past month, outperforming the CSI 300 index by 18.65% [1] Market Performance - The space photovoltaic concept index has shown strong performance, with notable stock increases: JunDa Co., Ltd. up 84.62%, Mingyang Smart Energy up 60.22%, Jiejia Weichuang up 44.04%, Dier Laser up 41.54%, and Tuori New Energy up 35.94% over the past 20 days [1] - Several photovoltaic companies have experienced significant stock price surges, triggering trading anomalies, such as Dongfang Risheng and Laplace, both exceeding a cumulative price deviation of 30% within a short period [2] Industry Insights - Space photovoltaic energy refers to utilizing solar photovoltaic technology in outer space to generate and supply energy, with the potential to transmit power wirelessly to Earth or supply satellites and space stations [2] - The rationale for space photovoltaics includes abundant sunlight in space and the feasibility of deploying photovoltaic components on satellites, with near-Earth satellites experiencing over 60% sunlight exposure [2] Challenges in Industrialization - Despite the rising stock prices, the industry faces significant uncertainties regarding the industrialization of space photovoltaics, including technological maturity and economic viability for large-scale commercialization [3] - Current applications of space photovoltaics are still exploratory, with many companies in the secondary market not yet supplying products to commercial space satellite companies [3] - Analysts indicate that space photovoltaics are in the early stages of development, requiring validation of technology and economic benefits for large-scale applications [3] Technological Considerations - Gallium arsenide is the mainstream material for space photovoltaics, but its high cost (approximately 1000 RMB per watt) poses challenges for large-scale deployment [4] - Perovskite technology shows promise but has stability concerns in extreme space conditions, necessitating further validation [4] - Multiple technological routes are being explored, with a focus on solving power and cost issues as critical for the commercialization of space energy solutions [4] Cost Analysis - Current estimates suggest that the cost of electricity from space photovoltaics is around $2-3 per kilowatt-hour, compared to $0.03-0.05 per kilowatt-hour for ground-based photovoltaics, indicating a potential cost disparity of up to 100 times [5] - Companies like Trina Solar and HaiMuxing express optimism about the future of space photovoltaics, citing collaborations with leading aerospace institutions and advancements in reusable rocket technology [5] Commercialization Timeline - Predictions indicate that space photovoltaics may gradually commercialize over the next 10 to 15 years, contingent on decreasing launch costs and breakthroughs in battery technology [6]

Core Viewpoint - The "space photovoltaic" concept has gained significant attention in the secondary market, largely influenced by Tesla CEO Elon Musk's endorsements, with the relevant index rising 19.83% in the past month, outperforming the CSI 300 index by 18.65% [1] Market Performance - The space photovoltaic concept index has seen a notable increase, with specific stocks like JunDa Co., Ltd. rising by 84.62%, Mingyang Smart Energy by 60.22%, and Jiejia Weichuang by 44.04% over the past 20 days [1] - Several photovoltaic companies have experienced stock price surges, triggering trading anomalies, such as Dongfang Risheng and Laplace, which saw price deviations exceeding 30% [3] Technology and Feasibility - Space photovoltaic energy involves utilizing solar photovoltaic technology in outer space to generate and supply energy, with the potential for direct power transmission to Earth [3] - The advantages of space photovoltaic systems include abundant sunlight and reduced atmospheric interference, making them a viable option for satellite power supply [3] Industry Challenges - Despite the market enthusiasm, the space photovoltaic industry faces significant uncertainties regarding technological maturity, long-term reliability, and economic viability for large-scale commercialization [4][5] - Current applications are still in the exploratory phase, with many companies not yet supplying products to commercial space satellite firms [5] Technological Development - Various technological routes are being explored, with gallium arsenide being the mainstream material, but its high cost poses challenges for large-scale deployment [5][6] - The cost of space photovoltaic energy is currently estimated at $2-3 per kilowatt-hour, significantly higher than ground-based photovoltaic costs of $0.03-0.05 per kilowatt-hour, indicating a need for cost reduction and efficiency improvements [6] Future Outlook - Companies like Trina Solar and HaiMuxing express optimism about the future of space photovoltaic technology, citing collaborations with leading aerospace institutions and advancements in reusable rocket technology [6][7] - The commercial viability of space photovoltaic systems is projected to develop over the next 10 to 15 years, contingent on decreasing launch costs and breakthroughs in battery technology [7]

南财投研通数据显示，1月29日，券商给予上市公司目标价共11次，按最新收盘价计算，目标价涨幅排名居前的 公司有宁德时代、中国中铁、上海家化，目标价涨幅分别为75.79%、53.99%、52.17%，分别属于电池、基础建 设、化妆品行业。 | | | 01月29日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 嚴高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 300750 | 宁德时代 | 东吴证券 | 置入 | 601.00 | 75.79 | | 601390 | 中国中铁 | 国泰海通证券 | 增持 | 9.07 | 53.99 | | 600315 | 上海家化 | 华泰证券 | 买入 | 33.34 | 52.17 | | 300115 | 长盈精密 | 国泰海通证券 | 增持 | 54.45 | 41.72 | | 603876 | 鼎胜新材 | 东吴证券 | 派 | 24.00 | 39.29 | | 601138 | 工业富联 | 中国国际金融 | 跑赢 ...

证券研究报告·公司点评报告·风电设备 明阳智能（601615） 2025 年业绩预告点评：Q4 同比转正，收购德 华芯片进军国内卫星电源 Tier1【勘误版】 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 28,124 | 27,158 | 41,215 | 38,616 | 43,200 | | 同比（%） | (8.53) | (3.43) | 51.76 | (6.31) | 11.87 | | 归母净利润（百万元） | 376.72 | 346.11 | 897.66 | 2,113.61 | 3,173.78 | | 同比（%） | (89.06) | (8.12) | 159.35 | 135.46 | 50.16 | | EPS-最新摊薄（元/股） | 0.17 | 0.15 | 0.40 | 0.93 | 1.40 | | P/E（现价&最新摊薄） | 142.69 | 155.31 | 59. ...