Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The demand for satellite internet networking is urgent, and space computing opens new growth opportunities. The construction of satellite internet networks is driven by strong demand due to the advantages of wide coverage, strong disaster resistance, and rapid deployment. The International Telecommunication Union (ITU) has established principles for satellite frequency and orbit usage, leading to a competitive race for low Earth orbit resources. The construction and launch of satellite constellations in China are accelerating, with a significant gap compared to the US [4][16]. - Space computing is leading to increased demand for satellites. The traditional model of "ground computing" is evolving to "space computing," with satellites equipped with AI chips and edge computing modules to process data in orbit, significantly reducing transmission delays and processing times. Major companies are investing in space computing infrastructure, which is expected to drive the demand for satellites [17][19]. - Solar wings are the only efficient and long-term energy supply solution for near-Earth commercial space. Solar wings account for approximately 12%-24% of the satellite's value, and their area is continuously increasing, which enhances the overall power supply capacity of satellites. The transition from rigid to flexible solar wings is a key trend, with different technological routes being adopted in China and the US [4][28][38]. Summary by Sections Satellite Internet Networking - The urgent need for satellite internet networking is driven by the rapid release of rigid application demands in communication, navigation, and remote sensing. The construction of satellite internet networks is becoming increasingly critical due to limited low Earth orbit resources and the competitive landscape [11][16]. - The ITU's "first come, first served" principle has intensified the competition for satellite orbital resources, with China lagging in the completion rate of its satellite constellations compared to the US [16][18]. Space Computing - Space computing is transforming satellite demand by embedding AI capabilities into satellite systems, allowing for in-orbit data processing and reducing the need for ground-based data transmission. This shift is expected to significantly enhance the capabilities and applications of satellites [19][22]. Solar Wings - Solar wings are essential for providing continuous power to satellites, with their value accounting for a significant portion of the satellite's overall worth. The area of solar wings is increasing, which is expected to enhance the power supply capabilities of satellites [28][30]. - The transition from rigid to flexible solar wings allows for greater power generation efficiency and is particularly suited for high-power and multi-satellite launch scenarios. The flexible solar wings can achieve a higher power-to-weight ratio and better space utilization [38][45]. Technology Routes - There are notable differences in the solar wing battery technology routes between China and the US. The US primarily uses silicon solar cells due to their lower costs and established supply chains, while China is exploring gallium arsenide cells for their higher power-to-weight ratios and efficiency [51][62]. - Gallium arsenide cells are being actively explored for cost reduction, and perovskite cells are emerging as a potential next-generation solution for solar wings due to their low cost and high efficiency [65][69].

Core Viewpoint - The strategic partnership between Dongfang Risen and Shanghai Portwan focuses on the development and application of "perovskite + p-type heterojunction battery stacking technology" in the space energy sector, aiming to respond to national aerospace strategies and seize opportunities in the rapidly growing global commercial space market [1][3]. Group 1: Industry Overview - The global commercial space industry is experiencing explosive growth, with a significant increase in satellite power demands, transitioning from hundreds of watts to tens or even hundreds of kilowatts, and total power for satellite constellations approaching gigawatt levels [3]. - The demand for high-performance, lightweight solar energy systems in space is driven by the need for cost-effective and reliable solutions, as traditional gallium arsenide batteries face challenges such as high costs and production difficulties [3]. Group 2: Company Strengths - Dongfang Risen has established itself as a leader in the renewable energy sector, with significant advancements in p-type heterojunction battery technology, including the development of a 50μm ultra-thin p-type HJT battery that offers lightweight and strong radiation resistance [4]. - Shanghai Portwan's subsidiaries are specialized in different aspects of space energy systems, with Jiangyin Jinghao leading in perovskite photovoltaic flexible components and Fuxi Xinkong focusing on lightweight, low-cost, and high-efficiency space energy systems [5]. Group 3: Collaboration Goals - The partnership aims to tackle core challenges in the development of perovskite and p-type heterojunction space-grade stacking technology, with a focus on enhancing the efficiency and adaptability of solar cells in extreme space conditions, ensuring stable operation for over 7 years [5]. - The collaboration will leverage the complementary strengths of both companies to advance the industrialization and commercialization of stacking technology, expanding diverse applications in space energy and building a mutually beneficial aerospace energy ecosystem [5]. - Both companies are committed to responding to national aerospace strategies and seizing strategic opportunities in the global commercial space development market [5].

Core Insights - The professional engineering sector experienced a slight increase of 0.08% on January 19, with Hongsheng Huayuan leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up by 0.29%, while the Shenzhen Component Index closed at 14294.05, up by 0.09% [1] Stock Performance - The following stocks in the professional engineering sector showed significant declines: - Yaxiang Integration (603929) decreased by 10.00% to a closing price of 147.11, with a trading volume of 67,800 shares and a transaction value of 1.032 billion [1] - Hangxiao Steel Structure (600477) fell by 6.93% to 3.36, with a trading volume of 3,472,400 shares and a transaction value of 1.151 billion [1] - Shenghui Sun Cheng (603163) dropped by 4.91% to 86.67, with a trading volume of 103,400 shares and a transaction value of 908 million [1] Capital Flow - The professional engineering sector saw a net outflow of 182 million from institutional investors, while retail investors contributed a net inflow of 107 million [3] - Notable capital flows included: - Hongsheng Huayuan (601096) had a net inflow of 89.03 million from institutional investors, but a net outflow of 61.33 million from retail investors [3] - Lixiangte (605167) experienced a net inflow of 57.38 million from institutional investors and a net inflow of 57.46 million from retail investors [3]

Core Viewpoint - The collaboration between Dongfang Risen and Shanghai Port Bay focuses on the development and industrial application of "perovskite + p-type heterojunction battery stacking technology" in the space energy sector, responding to national strategies and seizing opportunities in the rapidly growing commercial aerospace market [1][3]. Group 1: Company Collaboration - Dongfang Risen and Shanghai Port Bay will conduct joint research on key technologies to enhance the efficiency and adaptability of stacked solar cells in extreme space conditions, aiming for a stable operational lifespan of over 7 years [3]. - The partnership aims to leverage complementary technological and resource advantages to promote the industrialization and commercialization of stacking technology, expanding diverse applications in space energy [3]. Group 2: Technological Advancements - Dongfang Risen has established a strong industrial barrier in p-type heterojunction battery technology, with its self-developed 50μm ultra-thin p-type HJT battery demonstrating superior performance and adaptability for commercial aerospace applications [1][4]. - The perovskite solar cells developed by Shanghai Port Bay have successfully passed in-orbit verification, showcasing their excellent adaptability to space environments [2]. Group 3: Market Opportunities - The commercial aerospace market is rapidly expanding, with significant growth potential for companies with technological barriers and practical application capabilities, such as Dongfang Risen [5]. - The collaboration aligns with national strategies to accelerate the development of a strong aerospace nation, tapping into the trillion-level market of commercial aerospace [5].

Summary of Conference Call on Perovskite Solar Cells and Space Industry Industry Overview - The focus is on the perovskite solar cell industry, particularly its application in space technology and its potential to replace traditional gallium arsenide solar cells in low Earth orbit satellites [1][3][5]. Key Insights and Arguments - **Expansion of Perovskite Applications**: It is anticipated that from 2026 to 2027, perovskite technology will transition from ground applications to space applications, becoming a major investment theme [1][3]. - **Cost Reduction**: The cost of perovskite solar cells for space applications is significantly lower, with prices expected to drop from at least 200,000 yuan per square meter for gallium arsenide to between 10,000 to 20,000 yuan per square meter for perovskite [1][5]. - **Market Demand**: The demand for low-cost solar cells in the low Earth orbit satellite market is increasing, driven by the need for cost control in commercial space ventures [1][5]. - **Domestic Competitiveness**: Shanghai Port Bay has successfully launched pure single-junction space components into low Earth orbit, demonstrating the competitiveness of domestic components in the space application field [2][5]. Future Projections - **Ground Perovskite Development**: The bidding volume for ground perovskite solar cells is expected to exceed 3 to 4 GW in 2026, indicating a significant improvement from 2025 [1][3]. - **Technological Advancements**: The industry is moving from the initial development phase (0 to 1) to a more advanced stage (0.8), with improvements in large-area, high-efficiency, and stability issues being gradually resolved [3][4]. Equipment and Supplier Recommendations - **Key Equipment Suppliers**: The report recommends focusing on companies such as Maiwei Co., Ltd., and also highlights Otovi, Jiejia Weichuang, and High Measurement Co., Ltd. as companies to watch [1][4]. - **Potential Market Opportunities**: If SpaceX adopts P-type heterojunction technology, there will be increased demand for heterojunction equipment, crystalline silicon thin-film equipment, and related components, benefiting domestic suppliers [4][5]. Additional Important Points - **Catalytic Effects**: T Company's ground photovoltaic projects may also provide potential catalytic effects in the market [4]. - **Long-term Recommendations**: The report suggests a long-term investment in Shanghai Port Bay and Maiwei Co., Ltd., while also advising attention to other mentioned companies [4].

证券代码：605598 证券简称：上海港湾 公告编号：2026-001 上海港湾基础建设（集团）股份有限公司 股票交易异常波动公告 二、公司关注并核实的相关情况 (一) 生产经营情况 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。 重要内容提示： 上海港湾基础建设（集团）股份有限公司（以下简称"公司"）股票于 2026 年 1 月 13 日、1 月 14 日、1 月 15 日连续 3 个交易日收盘价格跌幅偏离值 累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易 异常波动情形。 经公司自查，并书面问询公司控股股东及实际控制人，截至本公告披露 日，公司、控股股东及实际控制人不存在应披露而未披露的重大信息。 一、股票交易异常波动的具体情况 公司股票于 2026 年 1 月 13 日、1 月 14 日、1 月 15 日连续 3 个交易日收盘 价格跌幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 经公司自查，公司目前生产经营活动正常，日常经营情况未发生重大变化。 ...

Summary of Key Points from Conference Call Records Industry and Company Overview - **Industry Focus**: The conference call primarily discusses the express delivery and real estate sectors in Hong Kong, highlighting investment opportunities for 2026. - **Key Companies Mentioned**: - Zhongtong Express (中通快递) - SF Holding (顺丰控股) - JD Logistics (京东物流) - SF Same City (顺丰同城) - YTO Express (圆通速递) - Roman Technology (罗曼股份) - Shanghai Port Bay (上海港湾) - New World Development (新鸿基地产) - Henderson Land Development (恒基地产) - Sino Land (信和置业) Core Insights and Arguments - **Zhongtong Express**: Benefiting from market share growth and a clear trend of differentiation, it is positioned as a key investment in the e-commerce delivery sector with significant valuation recovery potential [1][2]. - **SF Holding and JD Logistics**: Both companies are expected to see performance recovery through cost reduction and efficiency improvements, as well as tightening of loss-making operations, enhancing their operational flexibility [1][3]. - **SF Same City**: Positioned as an independent third-party instant delivery service provider, it is expected to achieve high growth and profit increases due to the development of instant retail [1][3]. - **Roman Technology**: In the AI infrastructure sector, it has a large order scale and strong policy support, with high certainty of performance growth expected in 2025-2026 [1][4]. - **Shanghai Port Bay**: Entering the satellite energy system sector through acquisitions, it stands to benefit from the accelerated development of commercial aerospace and the adoption of perovskite technology, enhancing future demand [1][4]. - **Hong Kong Real Estate Market**: The market is experiencing a recovery in transaction volume and prices, with new home transaction volume expected to reach a 20-year high in 2025 and second-hand home prices rebounding by 8% since April of the previous year [1][5]. - **Interest Rate Expectations**: Anticipated declines in USD interest rates are expected to lower Hong Kong mortgage rates, benefiting major Hong Kong real estate companies such as New World Development, Henderson Land Development, and Sino Land, improving rental income and stabilizing dividends [1][5][6]. Additional Important Insights - **Investment Opportunities in Express Delivery**: The express delivery sector in 2026 presents multiple investment opportunities, particularly in companies like Jitu Express, SF Same City, Zhongtong Express, YTO Express, SF Holding, and JD Logistics [2]. - **Focus on Growth Stocks**: Jitu Express is highlighted as a growth stock with high growth potential in Southeast Asia and Latin America, with upcoming quarterly reports expected to catalyze market performance [3]. - **Real Estate Sector Dynamics**: The attractiveness of Hong Kong real estate stocks is underpinned by the recovery of the real estate market, with stable dividends and improved valuations for companies with strong land reserves and rental income [6]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the investment landscape in the express delivery and real estate sectors for 2026.

Market Overview - The professional engineering sector experienced a decline of 0.68% on January 13, with Shanghai Port leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable gainers in the professional engineering sector included: - Hangxiao Steel Structure (600477) with a closing price of 4.36, up 10.10% and a trading volume of 3.74 million shares, totaling 1.63 billion yuan [1] - Southeast Network Framework (002135) closed at 5.63, up 9.96% with a trading volume of 691,800 shares, totaling 375 million yuan [1] - Zhonghua Rock and Soil (002542) closed at 3.86, up 4.89% with a trading volume of 1.62 million shares, totaling 611 million yuan [1] Capital Flow - The professional engineering sector saw a net outflow of 91.25 million yuan from institutional investors, while retail investors had a net inflow of 172 million yuan [2] - The capital flow for specific stocks showed: - Southeast Network Framework (002135) had a net inflow of 67.09 million yuan from institutional investors, but a net outflow of 39.71 million yuan from retail investors [3] - Zhonghua Rock and Soil (002542) recorded a net inflow of 50.80 million yuan from institutional investors, with a net outflow of 27.88 million yuan from retail investors [3]

Core Viewpoint - Shanghai Port Bay has experienced a significant drop in stock price, with a trading volume of 532 million yuan and a market capitalization of 16.681 billion yuan, indicating potential volatility in the market [1] Group 1: Company Overview - Shanghai Port Bay Infrastructure (Group) Co., Ltd. focuses on geotechnical engineering, with its main business segments including foundation treatment (64.93%), pile foundation engineering (19.49%), and others (15.58%) [9] - The company has established a subsidiary, Shanghai Fuxi Xinkong Technology Co., Ltd., which specializes in lightweight, low-cost, and high-performance space energy systems for satellites and space vehicles [4][3] - The company has successfully supported the launch of 15 satellites and has over 40 satellite power systems and solar sails in stable operation [4][3] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.13 billion yuan, representing a year-on-year growth of 19.64%, while the net profit attributable to shareholders decreased by 27.25% to 79.203 million yuan [9] - The company's overseas revenue accounts for 83.01%, benefiting from the depreciation of the yuan [5] Group 3: Market Position and Trends - The company is actively involved in the Belt and Road Initiative, having completed over 20 projects related to soft soil foundation treatment in coastal provinces and Southeast Asian countries [4] - The energy system products have been validated for reliability and stability, with a robust customer base including over 20 satellite organizations and industry leaders [3][4]

Summary of Shanghai Port Bay Conference Call Industry and Company Overview - **Company**: Shanghai Port Bay - **Industry**: Satellite Energy Management and Soft Soil Foundation Treatment - **Key Focus**: Development of satellite energy management systems, particularly gallium-based batteries and emerging perovskite battery technology [2][5][6] Core Points and Arguments - **Low Earth Orbit Satellite Network**: China is systematically advancing its low Earth orbit satellite network, with over 100 satellite constellation plans expected by 2025, aiming for more than 60,000 satellites in orbit [4] - **Recyclable Rocket Development**: More than 10 recyclable rockets are under development, including vertical recovery and sea landing methods, with recent experiments on the Zhuque 3 and Long March 12 rockets [4] - **Foundation Treatment Technology**: Shanghai Port Bay specializes in soft soil foundation treatment, which is crucial for high-water-content and easily settling foundations, with applications in notable projects like Dubai Palm Island and Shanghai Airport [7] - **Market Expansion Opportunities**: The company sees significant growth potential in coastal and riverine areas, particularly in Southeast Asia and the Middle East, with projects like the relocation of Indonesia's capital and Saudi Arabia's The Line [7] Additional Important Insights - **Battery Technology Development**: The company is transitioning from high-cost gallium-based batteries to more cost-effective perovskite batteries, which are currently in testing and validation stages [5][6] - **Strategic Shift**: Shanghai Port Bay aims to leverage its commercial space business to offset pressures on its core operations, focusing on innovative energy management systems to enhance market competitiveness and achieve growth [8]