据了解，明阳智能1月23日披露发行股份及支付现金购买资产预案，拟购买中山德华芯片技术有限公司 (以下简称"德华公司")100%股权并募集配套资金，跨界太空光伏。针对此次跨界并购德华公司，上交所 向明阳智能下发了问询函，标的公司亏损、关联交易背景及目的、股价提前大涨等三大问题遭到追问。 北京商报讯(记者马换换李佳雪)1月26日，明阳智能（601615）开盘再度涨停，开于涨停价23.82元/股。 ...

Market Overview - The three major stock indices in A-shares opened higher, with the Shanghai Composite Index up by 0.21%, the Shenzhen Component Index up by 0.37%, and the ChiNext Index up by 0.48% [3][4] - The STAR Market Index saw a slight increase of 0.04% [3][4] Sector Performance - The photovoltaic industry chain showed strong performance, particularly the space photovoltaic concept stocks, which led the gains [3][4] - Notable stocks that hit the daily limit include Mingyang Smart Energy, Tuori New Energy, GCL-Poly Energy, JunDa Co., and Shuangliang Eco-Energy [4] - Other active sectors included gold, lithium mining, humanoid robots, and AI applications, while the commercial aerospace concept stocks experienced a slight pullback [3] Hong Kong Market - The Hang Seng Index opened up by 0.35%, and the Hang Seng Tech Index increased by 0.05% [5][6] - Noteworthy gainers included Pop Mart, which rose over 4%, and Zijin Mining, which increased nearly 3% [5]

格隆汇1月26日｜早盘太空光伏概念继续大幅高开，明阳智能、拓日新能、协鑫集成、钧达股份、双良 节能封涨停，东方日升、欧普泰、奥特维、连城数控高开超10%。消息面上，1月22日，马斯克在达沃 斯宣称，未来三年建设100GW光伏产能，用于地面数据中心与太空AI卫星供能。 ...

Group 1: Company Insights - Huace Testing expects a net profit of 1.013-1.021 billion yuan for 2025, a year-on-year increase of 10%-11% [4] - The company anticipates a Q4 net profit of 201-209 million yuan, reflecting a growth of 15%-20% year-on-year [5] - The company is focusing on strategic mergers and international expansion, which will gradually release growth momentum [5] Group 2: Military Industry Developments - Major military groups in China have held annual meetings to set goals for the 14th Five-Year Plan and outline key tasks for 2026 [7] - China Aerospace Science and Technology Corporation emphasizes breakthroughs in reusable rocket technology and the development of commercial aerospace [8] - China Commercial Aircraft Corporation is advancing the C919 aircraft's certification and commercial operations, with growing interest from Southeast Asian countries [9] Group 3: Cross-Border E-commerce Performance - The global cross-border e-commerce market is projected to reach 551.23 billion USD by 2025, with a compound annual growth rate of 15.44% from 2025 to 2034 [13] - Jihua Co. expects a net profit of 272-291 million yuan for 2025, a significant increase of 50%-60% year-on-year [13] - Huakai Yibai anticipates a net profit of 132-162 million yuan for 2025, with improved inventory management leading to a recovery in gross margin [13] Group 4: Coal Industry Trends - In Q4 2025, coal sector holdings in actively managed funds increased to 0.36%, indicating a low level of crowding and significant value [17] - The coal price is expected to be supported by tight supply and demand conditions, with a potential upward trend in the price center [19] - Major coal companies are initiating buybacks and asset injection plans, reflecting confidence in the sector's growth and stability [20] Group 5: Banking Sector Performance - Industrial Bank expects a revenue growth of 0.24% and a net profit growth of 0.34% for 2025, with asset quality remaining stable [22] - The bank's asset scale is projected to exceed 11 trillion yuan, with a year-on-year growth of 5.57% [23] - The non-performing loan ratio is stable at 1.08%, with significant reductions in new non-performing loans in key sectors [23] Group 6: Renewable Energy and Technology - Mingyang Smart Energy plans to acquire Dehua Chip, a leader in satellite energy systems, to enhance its capabilities in space photovoltaic technology [25] - The space photovoltaic market is expected to grow significantly, with Mingyang's revenue projected to reach 40.879 billion yuan by 2025, reflecting a 51% year-on-year increase [27] - The company aims to leverage its existing technologies to create synergies with Dehua Chip, enhancing its competitive position in the market [27] Group 7: Robotics Industry Developments - Tesla plans to start selling its humanoid robot Optimus by the end of next year, with ongoing testing to ensure reliability and safety [33] - The humanoid robot industry is expected to see significant growth, with over 140 companies and more than 330 products launched in 2025 [40] - Microsoft has launched its first robot-specific AI model, Rho-alpha, which enhances the adaptability and reliability of robots [41]

日前，风电巨头明阳智慧能源集团股份公司（下称"明阳智能"，601615.SH）发布公告，拟通过发行股份及支付现金方式，收购中山德华芯片技术有限 公司（下称"德华公司"）的控制权。公司股票自1月13日起停牌，预计停牌时间不超过10个交易日。 值得注意的是，因交易对方为公司董事张超全资持有，且张超为公司实际控制人近亲属，故本次交易构成关联交易。 另外，在公告发布当天，明阳智能股价涨停收盘于19.68元/股，创下近一年多新高。拉长时间看，1月6日至12日的5个交易日内，其股价区间累计涨幅 高达33.6%，这种明显的"抢跑"行情，引发了市场对信息保密度的关注。 关联交易 就本次的收购标的来看，德华公司成立于2015年8月，注册资本9432万元。其经营范围覆盖半导体外延片、芯片、组件、系统及相关产品的设计、研 发、生产、销售及技术服务。 不过，公司并非传统意义上的通用芯片企业，而是一家专注于高端化合物半导体光电芯片的"专精特新"企业，其核心业务与当前资本市场热点"太空光 伏"概念高度契合。 事实上，德华公司并非一家完全独立的第三方公司，其诞生与"明阳系"资本密切相关。 资料显示，德华公司最初是由明阳智能与其控股股东明阳 ...

Company Dynamics - Mingyang Smart Energy Group Co., Ltd. plans to acquire all shares of Zhongshan Dehua Chip Technology Co., Ltd. to enter the emerging field of "space photovoltaics" [2] - The acquisition will be financed through a combination of share issuance and cash payment, involving nine parties including Guangdong Mingyang Ruide Venture Capital Co., Ltd. [2] - Dehua Chip, established in August 2015 with a registered capital of 94 million RMB, specializes in the R&D and manufacturing of semiconductor epitaxial wafers and chips, primarily for space solar cells and flexible solar cells [2] Market Reaction - Following the announcement, Mingyang Smart's stock price surged, hitting the daily limit with a closing price of 21.65 RMB and a total market capitalization nearing 50 billion RMB [2] Regulatory Scrutiny - The Shanghai Stock Exchange issued an inquiry to Mingyang Smart regarding the acquisition, questioning the target company's continuous losses, the rationale behind the related-party transaction, and the unusual stock price fluctuations [3] - The inquiry specifically requests details on Dehua Chip's profitability, industry position, competitive advantages, and the necessity of acquiring a loss-making entity [3] Business Strategy - Mingyang Smart believes that the acquisition will add a high-tech, high-growth business segment, optimizing its overall business structure and creating new performance growth points [4] - The company aims to leverage collaborative R&D in energy management systems to validate and commercialize more application scenarios [4] Financial Performance - Mingyang Smart's financial performance has been declining due to intensified competition in the wind power industry, with revenues projected to decrease from 30.75 billion RMB in 2022 to 27.16 billion RMB in 2024 [4] - The net profit for the same period is expected to drop significantly, from 3.45 billion RMB in 2022 to 346 million RMB in 2024 [4] - The company attributes negative cash flow in recent reporting periods to cyclical fluctuations in the wind power industry and assures investors of sufficient liquidity and financing channels [4]

在A股商业航天概念火热之际，主营风电等业务的明阳智慧能源集团股份公司（证券简称：明阳智能 （601615）；601615.SH）抛出一份跨界"太空光伏"的收购预案。 涨停当晚被上交所问询 1月22日晚，明阳智能发布公告称，公司拟通过发行股份及支付现金的方式向广东明阳瑞德创业投资有 限公司（下称"瑞德创业"）等9名交易对方购买其合计持有的中山德华芯片技术有限公司（下称"德华芯 片"）100%股权，并向不超过35名符合条件的特定投资者发行股份，募集配套资金。 公开资料显示，成立于2015年8月的德华芯片，注册资本0.94亿元，主要业务是半导体外延片、芯片等 产品的研发和制造，应用于空间太阳电池、柔性太阳电池等产品。近期，市场对商业航天概念持续追 捧，太空光伏作为其中重要领域亦受到广泛关注。 对于这笔交易，明阳智能在交易预案中称，标的公司主要产品为半导体外延片、芯片、电源系统等，该 领域具备较强的抗周期属性。本次交易完成后，上市公司将新增一个高壁垒、高成长性的新兴业务板 块，这将优化上市公司整体的业务结构，为上市公司贡献新的、长期的业绩增长点，为全体股东创造长 远、可持续的回报。本次交易完成后，双方可在能源管理系统 ...

[Table_Date] 2026 年 1 月 25 日 [Table_Title] 太空光伏开辟增量空间，看好产业链发展机遇 [Table_Title2] 电力设备与新能源行业周观察 证券研究报告|行业研究周报 [Table_Summary] 报告摘要 海内外人形机器人产业化加速，有望迎来量产落地时点。在降本 需求的驱动下，人形机器人核心零部件的国产替代需求凸显，持 续看好后续在精密传动件、电子皮肤等核心环节具备卡位优势的 国内供应商。 2. 新能源汽车 宁德时代发布首款轻商量产钠电池 我们认为，钠电兼具成本和性能优势。根据 SMM 数据，1 月 23 日，国产电池级碳酸锂（99.5%）日均价为 17.10 万元，同比 （2025 年 1 月 23 日 7.79 万元）增长 119.5%。由于碳酸锂在锂 电池成本中的比重较高，假设 1GWh 锂电池需要 600 吨碳酸锂计 算，碳酸锂价格上涨 10 万元，将带来锂电池成本增加 0.06 元， 因此碳酸锂价格的明显上涨将带来锂电池成本的提升。而钠元 素凭借资源禀赋优势，相比之下性价比优势突显。根据 SMM 数 据，1 月 23 日，电池级碳酸钠（99.5%）平 ...

行业周报 | 电力设备 马斯克公布 200GW 光伏计划，Optimus 预计 2027 年公开销售 证券研究报告 电新行业周报 20260119-20260125 核心结论 马斯克公布 200GW 光伏计划剑指太空 AI，明阳智能收购中山德华 100%股权。马斯克 在达沃斯世界经济论坛宣布 SpaceX 与特斯拉三年内将在美实现 200GW 光伏产能。近 期，明阳智能发布公告，拟通过发行股份及支付现金方式收购德华芯片 100%股权。商业 航天板块景气度持续，推荐福斯特、迈为股份、明阳智能、金风科技，建议关注华菱线 缆、琏升科技、东方日升、泰胜风能、钧达股份、海优新材、赛伍技术、宇晶股份、永 贵电器、天合光能。固态电池板块推荐当升科技，建议关注先惠技术、先导智能、纳科 诺尔、宏工科技。光伏板块推荐标的：爱旭股份，建议关注帝科股份、聚和材料。 AWS 上调 GPU 价格推动算力价值重估，反映全球高性能 GPU 资源持续稀缺。AI 算力 数据中心配套推荐思源电气、东方电气、四方股份、伊戈尔，建议关注联德股份、西子 洁能、科士达。 马斯克预计 Optimus 机器人将于 2027 年底上市公开销售。1 月 22 日 ...

风电整机商明阳智能（601615）跨界太空光伏一事遭到上交所关注。针对此次跨界并购中山德华芯片技术有限公司（以下简称"德华公司"），上交所向明阳 智能下发了问询函，标的公司亏损、关联交易背景及目的、股价提前大涨等三大问题遭到追问，这也让明阳智能1月26日股价表现引发市场关注。筹划重组 背后，明阳智能净利2023年、2024年连续下滑，2025年前三季度净利同比下滑5.29%。 据悉，明阳智能于2019年登陆A股市场，从事的业务包括风电机组制造、新能源电站发电与售电业务、新能源电站产品销售。除以上主营业务外，公司围绕 新能源专精特新领域进行了相关的拓展，包含光伏产业、电力电子与储能产业、氢能产业、智慧能源与数字能源产业等。 跨界并购遭三问 据了解，明阳智能1月23日披露发行股份及支付现金购买资产预案，拟购买德华公司100%股权并募集配套资金。公司股票于1月23日复牌。不过，公司股票 复牌首日晚间，明阳智能便收到了上交所下发的问询函。 根据预案披露，标的公司于2015年8月成立，2023年、2024年和2025年1—9月分别实现净利润215.55万元、-4257.5万元和-2022.62万元，处于微利或亏损状 态 ...