其中山西基地自动化程度最高，大幅节约了土地以及人员。 【长江电新】晶科能源：TOPCon龙头设备自动化程度高，全球化优势显著 1、T规划3年内建设100GW光伏产能，近期对光伏产业链进行密集审厂，并在晶科越南以及太原工厂进行了参观交 流。 2、晶科能源是TOPCon龙头公司，累计申请专利数量4400+，获得数3000+，拥有专利数量行业第一。 其中山西基地自动化程度最高，大幅节约了土地以及人员。 售价与成本两端优势明显，26年公司主业向好趋势明确。 5、公司光储一体化企业布局初现，2025年储能出货6GWh，2026年大概率翻倍。 【长江电新】晶科能源：TOPCon龙头设备自动化程度高，全球化优势显著 晶科目前拥有5GWh电芯和17GWh pack产能，25年出货80%在海外，5%在美国。 1、T规划3年内建设100GW光伏产能，近期对光伏产业链进行密集审厂，并在晶科越南以及太原工厂进行了参观交 流。 随着出货规模的增长，公司2026年有望实现储能业务盈利。 3、全球化层面，公司越南一体化成本较国内更优，美国拥有2GW组件产能，海外及北美产能建设及运营经验丰 厚。 25年美国出货占比5%-10%，26年通过多 ...

Core Viewpoint - The photovoltaic industry is moving towards a healthier competitive environment as companies are ending patent disputes, signaling a shift away from "internal competition" and towards collaboration for innovation and market stability [3][5][6]. Group 1: Patent Agreements - Longi Green Energy and JinkoSolar ended all global patent disputes in September 2022, marking a significant shift in the industry [5]. - Aiko Solar and TCL Zhonghuan recently signed a patent licensing agreement worth a total of 1.65 billion yuan, with payments scheduled from 2026 to 2030 [4]. - Aiko Solar will gain access to approximately 1,000 Maxeon patents, allowing for greater focus on development and innovation without the burden of ongoing legal disputes [4][5]. Group 2: Industry Response and Future Outlook - The resolution of patent disputes is seen as a positive response to the "anti-involution" movement within the photovoltaic sector, promoting healthy competition and innovation [5][6]. - Industry leaders have publicly opposed "patent wars," emphasizing the need to focus on technological advancement rather than legal conflicts [6]. - The Ministry of Industry and Information Technology has identified 2026 as a critical year for addressing internal competition in the photovoltaic industry, with a focus on strengthening intellectual property protection [7]. Group 3: Market Dynamics - The ongoing patent disputes had previously caused uncertainty among overseas clients regarding the procurement of ABC components, which is expected to improve following the licensing agreements [5]. - The agreements are anticipated to allow companies to raise prices on battery and component products, with Aiko Solar planning to charge a royalty fee of 0.02 yuan per watt [5]. - The industry is currently facing challenges related to supply-demand mismatches, and the Ministry plans to implement measures to achieve dynamic balance in the market [7].

Core Viewpoint - JinkoSolar's stock experienced a decline of 4.92% on February 10, with a trading volume of 3.526 billion yuan and a market capitalization of 81.242 billion yuan [1] Group 1: Company Developments - The company has begun mass production of high-efficiency N-type TOPCon batteries and is actively developing new technologies and processes, including IBC and perovskite battery technologies [2] - JinkoSolar has a strong technical reserve in the N-type TOPCon field, with clear paths for efficiency improvement and cost reduction, and plans to increase investment to maintain its leadership in the "N-type era" [2] - The company has successfully ramped up production at its 16GW N-type TOPCon battery facilities in Hefei and Haining, with Hefei's factory achieving full production and a testing efficiency of 24.7% [2] Group 2: Financial Performance - For the period from January to September 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a decrease of 422.67% [7][8] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [9] Group 3: Market Position and Shareholder Information - As of September 30, 2025, JinkoSolar had 77,300 shareholders, an increase of 4.14% from the previous period, with an average of 129,456 circulating shares per shareholder, a decrease of 3.97% [7] - Major shareholders include Hong Kong Central Clearing Limited, holding 306 million shares, and various ETFs, which have seen reductions in their holdings [9]

机构持仓方面，截止2025年9月30日，晶科能源十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3.06亿股，相比上期减少1.32亿股。易方达上证科创板50ETF（588080）位居第六大流通 股东，持股1.47亿股，相比上期减少1824.29万股。华夏上证科创板50成份ETF（588000）位居第八大流 通股东，持股1.41亿股，相比上期减少7888.63万股。 资料显示，晶科能源股份有限公司位于上海市闵行区申长路1466弄1号晶科中心，成立日期2006年12月 13日，上市日期2022年1月26日，公司主营业务涉及太阳能光伏组件、电池片、硅片的研发、生产和销 售以及光伏技术的应用和产业化,并以此为基础向全球客户提供高效、高质量的太阳能光伏产品。主营 业务收入构成为：产品销售100.00%。 截至9月30日，晶科能源股东户数7.73万，较上期增加4.14%；人均流通股129456股，较上期减少 3.97%。2025年1月-9月，晶科能源实现营业收入479.86亿元，同比减少33.14%；归母净利润-39.20亿 元，同比减少422.67%。 分红方面，晶科能源A股上市后累计派现33.55亿元。 ...

截至2026年2月10日 09:46，中证光伏产业指数(931151)成分股方面涨跌互现，阳光电源领涨3.37%，协 鑫集成上涨2.78%，德业股份上涨1.90%；奥特维领跌。光伏ETF基金(516180)最新报价0.93元。 光伏板块今日震荡调整，资金持续关注，光伏ETF基金盘中换手3.6%，成交342.38万元。拉长时间看， 截至2月9日，光伏ETF基金近1周日均成交1561.53万元。 中信证券研报称，太空光伏需求有望迎来指数级增长。马斯克下注光伏制造，为轨道算力和AI供电铺 路。中国头部光伏设备厂商具备极强的高效迭代和快速响应能力，有望跻身特斯拉和SpaceX等相关设 备供应链，并收获高额订单，打开全新成长空间。此外，太空光伏设备或具备明显通胀效应，价值量或 将实现跃迁式提升。重点推荐具备技术、产品和份额优势的光伏各环节设备龙头厂商。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金 ...

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [4][15]. Core Insights - North American CSP companies are significantly increasing their capital expenditures, with Meta's Q4 2025 capex reaching $22.14 billion and projected to rise to $115-135 billion in 2026. Microsoft, Amazon, and Google are also increasing their capex, indicating a robust demand for AI training and inference [3][12][13]. - Domestic AI applications are entering a commercialization inflection point, with companies like Tencent and Alibaba launching significant promotional campaigns to stimulate user engagement and application usage [12][13]. - The AI industry is transitioning from a focus on computational power to a collaborative expansion involving infrastructure and application ecosystems, benefiting sectors such as servers, power equipment, data centers, and liquid cooling systems [14]. Summary by Sections Investment Views - The report suggests focusing on the IDC sector, highlighting companies like Kehua Data and Jinpan Technology due to their growth potential. It also recommends monitoring high-voltage circuit breakers and power supply sectors, with specific mentions of companies like Liangxin and Sunshine Power [4][14]. Industry Dynamics - The report notes that the domestic data center sector is beginning to expand and upgrade, with significant opportunities in direct current power supply equipment. The power equipment sector is expected to benefit from these trends [4][17]. - The report highlights that the State Grid's fixed asset investment grew by over 35% year-on-year in January, indicating strong infrastructure investment [18][19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including Kehua Data, Liangxin, and Sunshine Power, with specific EPS and PE ratios outlined for 2024 to 2026 [7][16].

Core Viewpoint - The recent surge in the photovoltaic sector is significantly influenced by Elon Musk's support for space solar power, which has ignited investor interest and led to substantial gains in the A-share photovoltaic market [1][5][12]. Industry Overview - The photovoltaic industry is currently experiencing an oversupply, with the ground-mounted solar segment facing intense competition and a decline in growth prospects. The China Photovoltaic Industry Association projects a decrease in new installed capacity for 2023, estimating between 180-240 GW, a year-on-year decline of 23.81%-42.86% [1][11]. - The emergence of space solar power is seen as a potential solution to the industry's search for new growth avenues, driven by the expanding commercial space market [2][11]. Market Dynamics - Following Musk's endorsement of space solar power, the photovoltaic sector saw a collective market recovery of over 200 billion yuan from January 23 to February 9, with leading companies like GCL-Poly and TCL Zhonghuan experiencing significant stock price increases [1][4][6]. - As of February 9, the photovoltaic equipment sector showed strong performance, with multiple stocks hitting their daily price limits, indicating a clear profit-making trend among investors [4][6]. Corporate Developments - Tesla is reportedly evaluating locations in the U.S. to expand its solar cell manufacturing, which could open opportunities for Chinese equipment manufacturers to enter Tesla and SpaceX's supply chains [5][12]. - Companies like GCL-Poly and Trina Solar have confirmed that they are exploring technologies related to space solar power, although they have not yet secured any related orders [7][9]. Financial Performance - A significant portion of photovoltaic companies are forecasting losses for 2025, with 73.47% of the 49 companies that disclosed earnings predictions expecting net losses. Notable companies like TCL Zhonghuan and Trina Solar are projected to face substantial losses [9][10]. - The total market capitalization of 70 photovoltaic stocks increased from approximately 1.79 trillion yuan to about 1.99 trillion yuan during the recent surge, reflecting strong investor interest [6][9]. Future Outlook - While space solar power presents exciting possibilities, it remains in the early stages of technological exploration and faces challenges related to market conditions, policy, and technological development [2][12][14]. - Experts believe that advancements in commercial space technology and photovoltaic innovations could position space solar power as a new growth driver for the industry [14].

Core Viewpoint - The recent surge in the photovoltaic sector is significantly influenced by Elon Musk's support for space solar power, which has ignited interest and investment in this area, leading to substantial market movements in A-share photovoltaic stocks [1][4][5]. Industry Overview - The photovoltaic industry is currently experiencing an oversupply of capacity, with intense competition leading to a decline in future growth prospects. The China Photovoltaic Industry Association predicts a decrease in new installed capacity in 2026, estimating a range of 180-240 GW, which represents a year-on-year decline of 23.81%-42.86% [1][12]. - The emergence of space solar power is seen as a potential solution to the industry's search for new growth avenues, driven by the expanding demand from commercial space ventures [2][12]. Market Dynamics - Following Musk's endorsement of space solar power, the photovoltaic sector saw a significant market rally, with the total market capitalization of A-share photovoltaic stocks recovering over 200 billion yuan within a short period [3][5]. - On February 9, 2023, leading photovoltaic stocks such as Xiexin Integrated and TCL Zhonghuan reached their daily price limits, reflecting strong investor sentiment and profit-taking opportunities [3][5]. Technological and Developmental Insights - Space solar power involves deploying large solar power stations in space to convert solar energy into electricity, which can then be transmitted back to Earth or used to power satellites and space stations. This technology offers advantages over ground-based solar power, such as uninterrupted sunlight and higher intensity [4][12]. - However, the development of space solar power is still in its early exploratory stages, with various factors such as technological advancements, industry policies, and market conditions influencing its commercialization [2][12]. Company Responses and Market Sentiment - Several leading photovoltaic companies have issued statements regarding their current lack of involvement in space solar power projects, emphasizing that their primary business remains focused on ground-based solar power [9][10]. - Despite the excitement surrounding space solar power, companies express caution regarding the sustainability of stock price increases without corresponding improvements in operational performance [10][11]. Future Outlook - The potential for space solar power to become a significant component of the future energy system is acknowledged, with experts suggesting that it is moving beyond mere concept to the brink of large-scale deployment [13][14]. - The growth of space solar power is contingent upon advancements in technology, cost reductions, and the successful integration of commercial applications, which will require time to validate [14].

Core Viewpoint - The recent surge in the photovoltaic sector is significantly influenced by Elon Musk's support for space photovoltaic technology, which has ignited interest and investment in the Chinese capital market [1][2]. Group 1: Market Dynamics - From January 23 to February 9, the A-share photovoltaic sector regained over 200 billion yuan in market value [2][13]. - On February 9, the photovoltaic sector saw a substantial increase, with companies like GCL-Poly and TCL Zhonghuan hitting their daily price limits [4][11]. - The total market capitalization of 70 photovoltaic stocks reached approximately 1,994.06 billion yuan, up from about 1,791.88 billion yuan on January 22 [12][13]. Group 2: Industry Challenges and Opportunities - The photovoltaic industry is currently facing an oversupply situation, with a projected decline in new installations in 2026 by 23.81% to 42.86% compared to previous years [2][20]. - Space photovoltaic technology is emerging as a potential solution to the industry's growth challenges, driven by the increasing demand from commercial space ventures [2][20]. - Despite the excitement around space photovoltaic technology, it remains in the early stages of exploration, with various factors influencing its industrialization process [2][21]. Group 3: Corporate Developments - Tesla is reportedly evaluating locations in the U.S. to expand its solar battery manufacturing business, which could create opportunities for Chinese photovoltaic companies to enter its supply chain [5][6]. - Companies like GCL-Poly and Trina Solar have confirmed that they are exploring the space photovoltaic sector, although they currently do not have related orders impacting their financial performance [15][16]. - Many photovoltaic companies are cautious about the rapid stock price increases, with some issuing risk warnings to investors [14][15]. Group 4: Future Outlook - The Chinese Photovoltaic Industry Association forecasts that the domestic photovoltaic installation scale will rebound after a short-term adjustment, with a projected range of 180 to 240 GW in 2026 [20]. - The development of space photovoltaic technology is seen as a potential new growth area for the industry, although it requires time for technological validation and market acceptance [21][22]. - The successful deployment of low-orbit satellite constellations and advancements in launch capabilities are critical for the growth of space photovoltaic applications [22].

中金公司研报指出，晶科能源近期引入外部企业合作布局AI+技术发展，认为2026年公司高功率组件出 货比例上升有望助力业绩加速转正，储能业务逐步放量有望贡献业绩，公司具备困境反转机会。考虑目 前行业仍在周期底部，公司成本上行且高功率产品尚未形成规模化占比与充分体现溢价，将公司2025盈 利预测从-40.68亿元下调至-66.47亿元，下调2026年盈利预测60.8%至6.20亿元。考虑行业逐步复苏市场 交易远期估值，切换2027年估值，引入2027年盈利预测24.59亿元，对应当前估值33.9倍市盈率。上调公 司目标价42.9%至10元，对应2027年40.7倍市盈率，较当前股价有20%的上行空间。 ...