Core Viewpoint - The commercial aerospace industry in China is entering a new phase of scaled and commercial development, driving the exploration of space photovoltaics due to the increasing demand from low Earth orbit satellite constellations [1] Market Space - The construction of low Earth orbit satellite constellations has accelerated, with ongoing demand in communication, remote sensing, and navigation applications [2] - The reduction in commercial rocket costs and improvements in launch capabilities have made longer operational times and more complex payloads the norm, highlighting the importance of reliable energy support systems [2] - Space photovoltaics are gaining attention due to their ability to convert solar energy into electricity, offering sustainability, stability, and lightweight advantages, making them the most mature energy form for spacecraft [2] Long-term Potential - Perovskite tandem battery technology holds significant potential in space photovoltaics due to its high theoretical efficiency, lightweight, and flexibility, although it still requires validation in stability, lifespan, and radiation resistance [3] - The replacement cycle for space photovoltaics is generally 5 to 8 years, much shorter than the 25 years or more typical for ground-based solar power plants [3] - From 2025 to 2040, the global annual satellite launch quantity is expected to increase from 5,000 to 50,000, with the total demand for photovoltaic batteries projected to rise from 0.024 GW to 1.8 GW, indicating a market space growth of over 30 times by 2035-2040 [3] Company Layout - A-share listed companies are accelerating their layout in the space photovoltaic field, leveraging their experience in materials, components, and system integration to develop efficient batteries and lightweight components [4] - Recent collaborations, such as the strategic partnership between Aerospace Hongtu Information Technology Co., Ltd. and Wuxi Zhongneng Energy Technology Co., Ltd., focus on new energy technologies for space applications [4] - Companies like Zhonglai Co., Ltd. and Trina Solar have reported ongoing developments in adapting their products for space photovoltaic applications, including perovskite and silicon tandem products [4][5] Industry Opportunities - The explosion of commercial aerospace provides photovoltaic companies with cross-industry opportunities, opening a second growth curve [5] - While space photovoltaics may not replace the scale advantages of ground photovoltaics in the short term, their technological leadership and strategic value are expected to shift the industry focus from price competition to technology competition [5]

Core Viewpoint - The solar energy sector experienced significant gains, driven by Elon Musk's optimistic outlook on solar energy and ambitious production goals discussed at the Davos Forum [1] Group 1: Market Performance - JinkoSolar (JKS.US) surged over 10% in early trading [1] - Canadian Solar (CSIQ.US) rose more than 7% [1] - Sunrun (RUN.US) increased by over 4% [1] - First Solar (FSLR.US) saw a rise of more than 2% [1] Group 2: Key Developments - Elon Musk engaged in discussions with BlackRock CEO Larry Fink at the Davos Forum [1] - Musk reiterated his positive stance on solar energy and space photovoltaics [1] - He proposed a target of establishing 200 GW of solar product capacity annually in the United States [1]

Group 1 - The solar sector experienced a significant surge, with JinkoSolar (JKS.US) rising over 10%, Canadian Solar (CSIQ.US) increasing over 7%, Sunrun (RUN.US) up over 4%, and First Solar (FSLR.US) gaining over 2% [1] - Elon Musk expressed optimism about solar energy and space photovoltaics during a dialogue with BlackRock CEO Larry Fink at the Davos Forum [1] - Musk proposed an ambitious goal of establishing an annual production capacity of 200GW for photovoltaic products in the United States [1]

Core Viewpoint - The solar energy sector experienced significant gains, driven by positive remarks from Elon Musk regarding solar energy and ambitious production goals for photovoltaic products in the U.S. [1] Group 1: Market Performance - JinkoSolar (JKS.US) saw an increase of over 10% in its stock price [1] - Canadian Solar (CSIQ.US) rose by more than 7% [1] - Sunrun (RUN.US) gained over 4% [1] - First Solar (FSLR.US) increased by more than 2% [1] Group 2: Key Developments - Elon Musk attended the Davos Forum and engaged in discussions with BlackRock CEO Larry Fink [1] - Musk reiterated his optimism about solar energy and space photovoltaics during the conversation [1] - He proposed a target of establishing 200 GW of photovoltaic product capacity annually in the U.S. to support his ambitious vision [1]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that SpaceX and Tesla plan to build a total of 200GW of photovoltaic capacity in the U.S. over the next three years, primarily for ground data centers and space AI satellites [6] - The advantages of space computing centers are emphasized, including better convenience and real-time service compared to ground data processing, as well as significant cost reductions in communication infrastructure [6] - The report predicts that global photovoltaic demand will continue to grow, with an expected 580GW of new installations in 2026, representing a year-on-year increase of 6%. The total global photovoltaic demand is projected to reach 645GW, a year-on-year growth of 18.6% [6] Summary by Sections Industry Overview - The report discusses the emergence of new demand in the photovoltaic industry driven by space photovoltaic technology [1] Key Developments - Space photovoltaic technology is being developed in China, with three generations of solar battery technology tailored for different spacecraft, achieving international advanced performance levels [6] - Several domestic companies are accelerating their investments in space photovoltaic technology, including partnerships for the production of combined products [6] Investment Recommendations - The report suggests focusing on companies that have established early advantages in space photovoltaic layouts, such as Junda Co., Oriental Sunrise, JinkoSolar, Longi Green Energy, Foster, and others [6]

证券日报网讯 1月23日，晶科能源在互动平台回答投资者提问时表示，欧洲地区是公司深耕的重点市场 之一。2024年欧洲地区业务收入占公司整体营收约15%，针对不同类型客户，公司采用直销和经销两种 模式。 （编辑 任世碧） ...

Group 1 - Jinko Solar (Haining) Co., Ltd. has obtained a patent for "Perovskite Solar Cells and Their Preparation Methods, Stacked Cells, and Photovoltaic Modules" with authorization announcement number CN120826095B, applied on September 2025 [1] - Jinko Solar (Haining) Co., Ltd. was established in 2017 and is located in Jiaxing City, primarily engaged in the production and supply of electricity and heat [1] - The company has a registered capital of 357 million RMB and has participated in 56 bidding projects, holds 924 patent information, and possesses 72 administrative licenses according to Tianyancha data analysis [1]

证券日报网讯 1月23日，晶科能源在互动平台回答投资者提问时表示，二级市场股价受到宏观经济、资 本市场资金、市场情绪、行业变化等多方面因素影响。公司对光伏行业的长期发展保持乐观态度，积极 推进高功率TOPCon新产品和储能业务发展，努力夯实公司基本面，以更好地回报公司全体股东。 （文章来源：证券日报） ...

Core Insights - Zhejiang Jinko Solar Co., Ltd. has obtained a patent for "solar cells and their manufacturing methods, stacked batteries, and photovoltaic modules" with the authorization announcement number CN120813116B, applied on September 2025 [1] - The company was established in 2006 and is located in Jiaxing City, primarily engaged in the manufacturing of electrical machinery and equipment [1] - The registered capital of Zhejiang Jinko Solar is approximately 2.71 billion RMB [1] Company Overview - Zhejiang Jinko Solar has invested in 9 companies and participated in 97 bidding projects [1] - The company holds a total of 2,671 patent records and has 35 administrative licenses [1]

Core Viewpoint - JinkoSolar is expected to report a significant net loss for the year 2025, with projections indicating a loss between 59 billion to 69 billion yuan, marking a substantial decline from a profit of 0.99 billion yuan in the previous year [1][2]. Financial Performance - For the first three quarters of 2025, JinkoSolar reported a total revenue of 479.86 billion yuan, a decrease of 33.14% year-on-year [1]. - The net loss for the same period reached 39.2 billion yuan, representing a staggering decline of 422.67% compared to the previous year [1][2]. - The company's total assets as of September 30, 2025, amounted to 1,171.98 billion yuan, with total liabilities of 872.93 billion yuan, resulting in a debt-to-asset ratio of approximately 74.48% [1]. Market Conditions - The global photovoltaic industry is experiencing increased price volatility, compounded by trade protection policies in overseas markets, which have pressured profit margins across the solar component supply chain [3]. - JinkoSolar's high-power product shipments are relatively low, contributing to the overall decline in profitability [3]. - The competitive landscape in the photovoltaic sector remains intense, with many companies facing losses for nine consecutive quarters due to a temporary supply-demand imbalance [3]. Industry Outlook - The solar industry has been characterized by severe overcapacity since 2024, leading to continuous price declines and persistent losses among companies [4]. - A cautious outlook for 2026 suggests potential negative growth in new photovoltaic installations in China, following a surge in demand earlier in 2025 [7]. Credit Rating - Oriental Jincheng maintains JinkoSolar's credit rating at AA+ with a stable outlook, acknowledging the pressures from intense price competition and the company's significant exposure to foreign currency transactions [3]. Stock Performance - As of the latest trading session, JinkoSolar's stock reached a limit-up price of 6.9 yuan, with a trading volume of 37.68 billion yuan and a turnover rate of 5.75% [7].