特别福利 （欢迎加入 材料汇商业航天交流群，并记住加小编微信 ） 延伸阅读 深度｜商业航天新材料全景图：新材料企业的机遇与投资逻辑（附20+报告） 从碳纤维到不锈钢：可回收火箭材料选型变革，揭秘97%降本核心 星链V1–V3： 采用晶硅路线，优先"供应链可扩展+系统级降本"。 星链为支撑高频率、大批量发射与在轨更新，在太阳电池方案上选择晶体硅（Si）路线 而非高成本砷化镓，通过牺牲部分单位效率换取显著成本优势与规模效应，以匹配超大规模部署。 星链V4： 可能走向为"P型硅HJT"或"P型硅HJT-钙钛矿叠层"。 从太空辐照退化机制角度，P型硅相对N型更具在轨可靠性；同时结合星链对"钙钛矿/叠层 方向能力"的人才需求描述，以及从PERC向TOPCon/HJT演进的背景，P型硅HJT或P型硅HJT-钙钛矿叠层是星链BlockV4太阳电池材料的最可能方向。 从价值链到落地：新材料企业切入商业航天的低风险路径 正文 主要内容： 万星时代来临：谁来为卫星持续供电？ 频轨先占，发射滞后： 中国星座进入"时间压力窗口"。 2025年底，中国向ITU一次性申报约20.3万颗卫星、覆盖14个卫星星座；其中无线电创新研究院集 中 ...

建筑、建材 2025Q4 公募基金持仓低位回升， 持仓集中度有所下降 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券研究报告·行业深度报告·建筑材料 建筑材料行业深度报告 ◼ 个股持仓： （1）个股持仓市值：建筑行业本季度公募基金重仓持仓总市值前五的 股票依次是金诚信（27.4 亿元）、中国建筑（19.6 亿元）、鸿路钢构（12.0 亿元）、上海港湾（8.8 亿元）、东方铁塔（7.1 亿元）；建材行业本季度 公募基金重仓持仓总市值前五的股票依次是东方雨虹（22.4 亿元）、三 棵树（20.5 亿元）、中材科技（16.1 亿元）、海螺水泥（13.7 亿元）、华 新建材（11.1 亿元）。 （2）个股持仓变动：建筑行业按基金重仓持股占流通盘比计算，环比 上一季度加仓幅度前五名依次为江河集团（+3.04pct）、上海港湾 （+2.74pct）、金诚信（+2.22pct）、亚翔集成（+2.08pct）、精工钢构 （+1.03pct）；减仓幅度前五名依次为鸿路钢构（-1.17pct）、中国中冶（- 0.21pct）、中国建筑（-0.18pct）、中国中铁（-0.09pct）、隧道股 ...

马斯克看好的太空光伏概念股再度走强。 截至2月3日收盘，光伏ETF（515790.SH）报收1.122，涨幅高达6.05%；个股走势方面，迈为股份（300751.SZ）、钧达股份（002865.SZ）、泽润新能 （301636.SZ）等多只个股涨停，隆基绿能（601012.SH）、通威股份（600438.SH）等多只个股涨幅超4.5%。 消息面上，2月3日，埃隆·马斯克旗下公司展开重大资源整合，正在全力冲刺IPO的太空探索技术公司SpaceX宣布已收购xAI，马斯克还表示在完成收购后， SpaceX将推进在太空部署数据中心的计划。 此前1月份，马斯克在瑞士达沃斯世界经济论坛年会期间，在与贝莱德CEO拉里·芬克的对谈中明确力挺太空光伏，并披露关键产能规划。他表示，SpaceX与 特斯拉正同步推进太阳能产能提升，目标在未来三年内实现每年100GW的太阳能制造能力。 | 序 | 代码 | 名称 | | 最新 | | 涨跌 | 成交量 | 现量 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0 | BK1031 | 光伏设备 | | 1617. ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 78 yuan per share, based on a 9x price-to-book ratio for 2026 [3][8]. Core Insights - The company focuses on geotechnical engineering services and has a strong presence in overseas markets, particularly in Southeast Asia and the Middle East, which are seen as new growth engines [1][16]. - The company has successfully completed over 800 geotechnical projects globally, including significant projects in Indonesia and Saudi Arabia, enhancing its brand influence and market share [16][18]. - The company is investing in satellite energy systems through its subsidiaries, aiming to create a second growth curve in the space photovoltaic sector, which is projected to reach a market size of 600 billion yuan by 2032 [2][3]. Summary by Sections 1. Engineering Business Focused on Overseas Expansion - The company has been deepening its overseas market layout for 17 years, with a focus on sustainable development and expanding its service capabilities globally [16][18]. - It has established a strong foothold in Southeast Asia and the Middle East, with notable projects like the Kalibaru Port Project in Indonesia, valued at 285 million yuan [1][32]. 2. Satellite Energy Business Development - The company is building a satellite energy business matrix through investments in subsidiaries, aiming to leverage its expertise in satellite energy systems and flexible solar wings [3][21]. - The subsidiaries have made significant progress in on-orbit testing of perovskite solar cells, demonstrating stable voltage outputs [3][37]. 3. Financial Performance and Forecast - The company expects steady growth in its main business, with projected net profits of 151 million yuan, 227 million yuan, and 301 million yuan for 2025, 2026, and 2027 respectively [4][29]. - The company’s revenue is forecasted to grow from 1.39 billion yuan in 2025 to 2.28 billion yuan in 2027, reflecting a compound annual growth rate of approximately 28.61% [4][29].

证券日报网讯 1月29日，上海港湾（605598）在互动平台回答投资者提问时表示，公司主营业务为岩土 工程综合服务，专注为全球港口、机场、公路、铁路等重大基建领域提供勘察、设计、施工、监测一体 化的整体解决方案，主营业务未发生变化。公司发展坚定奉行"基建主业+航天新业"双轮驱动战略，致 力于成为全球地空双轨基建与能源解决方案的引领者。一方面，公司持续夯实岩土工程核心竞争力，聚 焦东南亚、中东等核心海外市场，全力推进优质项目落地，稳固主业经营基本面；另一方面，通过控股 子公司伏曦炘空、江阴晶晧重点布局商业航天空间电源系统、太空光伏赛道，将其作为公司第二增长曲 线重点培育。目前该板块营收占比较低，处于快速成长阶段。除钙钛矿电池、柔性太阳能板产品外，公 司及下属子公司围绕岩土工程主业、商业航天能源系统技术迭代、钙钛矿的技术升级等方向，持续推进 研发攻关与技术优化工作。未来，公司将始终坚守岩土工程主业根基，同时加速推动商业航天、太空光 伏等新兴业务的技术突破、产品迭代与市场拓展，持续提升公司核心竞争力与长期价值创造能力，切实 回报广大投资者。 ...

未来，公司将始终坚守岩土工程主业根基，同时加速推动商业航天、太空光伏等新兴业务的技术突破、 产品迭代与市场拓展，持续提升公司核心竞争力与长期价值创造能力，切实回报广大投资者。 格隆汇1月29日丨上海港湾(605598.SH)在投资者互动平台表示，公司主营业务为岩土工程综合服务，专 注为全球港口、机场、公路、铁路等重大基建领域提供勘察、设计、施工、监测一体化的整体解决方 案，主营业务未发生变化。公司发展坚定奉行"基建主业 + 航天新业"双轮驱动战略，致力于成为全球地 空双轨基建与能源解决方案的引领者。一方面，公司持续夯实岩土工程核心竞争力，聚焦东南亚、中东 等核心海外市场，全力推进优质项目落地，稳固主业经营基本面；另一方面，通过控股子公司伏曦炘 空、江阴晶晧重点布局商业航天空间电源系统、太空光伏赛道，将其作为公司第二增长曲线重点培育。 目前该板块营收占比较低，处于快速成长阶段。除钙钛矿电池、柔性太阳能板产品外，公司及下属子公 司围绕岩土工程主业、商业航天能源系统技术迭代、钙钛矿的技术升级等方向，持续推进研发攻关与技 术优化工作。 ...

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].

智通财经APP获悉，国泰海通发布研报称，太空光伏领域获关注，"人工智能+"被写入国家规划，各地 政策密集出台。深城交(301091.SZ)、苏交科(300284.SZ)等公司围绕交通治理与低空场景，华设集团 (603018.SH)、设计总院(603357.SH)针对工程设计领域，均加速自研AI应用落地，推动行业效率提升与 智能化转型。 (1)深城交构建"多模式AI调控业务引擎"，支撑城市级交通智能治理转型和一体化服务升级，已在深圳 市实现交通融合规划评估、大型枢纽运力优化等领域试点。2025年12月公告拟增募资不超过18亿元，用 于交通大模型与生态应用、具身智能交通设备等方向。(2)苏交科自主研发"无人机自主运维与智能管控 一体化低空AI综合巡检平台"，构建"任务管理-航线规划-飞行监控-智能识别-数据归档"全流程智能闭环 系统，全面满足复杂场景下无人化巡检作业需求。2025年10月，苏交科与中移上研院、长智云签署合作 协议，推动构建"AI+通信+基建"的战略协同生态。 华设集团与设计总院围绕工程设计场景推进垂直AI应用研发 (1)华设集团子公司狄诺尼发布自主研发的AiRoad道路快速方案设计系统，可将方案设 ...

Group 1: Industry Overview - The space photovoltaic industry is experiencing significant growth driven by the demand for gallium arsenide batteries and other advanced solar technologies, particularly in high-altitude satellites and deep space exploration [1][2][3] - Musk's 100GW solar power capacity plan is expected to boost the demand for space photovoltaic products, benefiting various companies in the supply chain [1][2][3] Group 2: Key Companies and Their Developments - Qianzhao Optoelectronics (300102) is a leading player in gallium arsenide space batteries with over 60% market share in China, achieving a production efficiency of 35% and an experimental efficiency exceeding 42% [1][12] - Dongfang Risen (300118) has successfully delivered small batches of HJT batteries to SpaceX, with its ultra-thin P-type HJT battery meeting the lightweight requirements for satellites [1][13] - Junda Co., Ltd. (002865) is a global leader in TOPCon batteries, with laboratory conversion efficiency surpassing 33.53%, and is rumored to be a potential supplier for SpaceX's perovskite batteries [1][14] - Yunnan Zhiyuan (002428) is a core supplier of germanium wafers for gallium arsenide space batteries, benefiting from the increasing demand for germanium substrates [1][15] - Sanan Optoelectronics (600703) holds the largest gallium arsenide production capacity globally and is expected to see significant revenue growth from its space photovoltaic applications [1][16] - Maiwei Co., Ltd. (300751) is a leading supplier of HJT production equipment and is well-positioned to benefit from the surge in demand for space photovoltaic manufacturing equipment [1][17] - Saiwu Technology (603212) specializes in photovoltaic packaging materials and is developing radiation-resistant encapsulation films for space applications [1][18][19] - China Satellite (600118) is a key player in satellite platform manufacturing and is expected to benefit from the growth in space photovoltaic systems [1][20] - Aerospace Electronics (600879) provides power systems and communication equipment for satellites, with increasing demand expected due to the growth in space photovoltaic applications [1][21] - Tuojin New Energy (002218) focuses on flexible photovoltaic components suitable for space applications, with expected growth in orders as the market expands [1][22] - Trina Solar (688599) covers multiple technology routes and is positioned to benefit from the expansion of space photovoltaic systems [1][23] - Shanghai Portwan (605598) supplies flexible solar wings and is accelerating the commercialization of perovskite batteries through in-orbit testing services [1][24] - Ruihua Tai (688323) is a leader in CPI film materials, essential for flexible space photovoltaic components, and is expected to see increased demand [1][25] - Jiejia Weichuang (300724) is a leading manufacturer of photovoltaic battery production equipment, poised to benefit from the demand surge in space photovoltaic manufacturing [1][26] - Lens Technology (300433) supplies protective covers for satellite batteries, with expected growth in orders due to the increasing demand for space photovoltaic applications [1][27]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605598 证券简称：上海港湾 公告编号：2026-002 上海港湾基础建设（集团）股份有限公司 第三届董事会第十七次临时会议决议公告 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法律责任。 一、董事会会议召开情况 上海港湾基础建设（集团）股份有限公司（以下简称"公司"、"上海港湾"）第三届董事会第十七次临时 会议于2026年1月23日以通讯表决的方式召开，本次会议通知已于2026年1月19日以电子邮件形式发出。 会议应出席董事8名，实际出席董事8名，公司部分高级管理人员列席本次会议。本次会议的召集、召开 程序符合《公司法》和《公司章程》等的相关规定。董事长徐士龙先生主持本次会议。 (一)审议并通过《关于回购注销限制性股票的议案》 经审核，董事会认为：部分激励对象因离职已不符合激励条件，且公司2025年度业绩无法达到2023年限 制性股票激励计划设定的第三个解除限售期解锁标准。基于上述情形，相关激励对象已获授但尚未解除 限售的限制性股票不得解锁，公司将对该部分股票依法依规进 ...