Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The commercial aerospace sector is experiencing robust growth driven by policy support, indicating a critical turning point in commercialization. Satellite frequency and orbital resources are scarce strategic assets globally, with developed countries like the US leveraging early investments and SpaceX's advantages to secure significant frequency resources. China has recognized commercial aerospace as a vital strategic area, intensifying policy support to accelerate satellite network deployment [3][8] - Solar photovoltaic (PV) technology is the primary long-term energy source for satellites, with current applications focused on communication satellites. The global solar PV market is projected to reach between 80 billion to 120 billion yuan, assuming the price of gallium arsenide batteries is approximately 200,000 yuan per square meter and an annual launch of 4,000 to 6,000 satellites, each with solar wings of 100 square meters. Elon Musk's plan to deploy 100GW of computing power annually by 2030 could transition space PV from "satellite auxiliary power" to "large-scale energy infrastructure," potentially expanding the market from a hundred billion to a trillion yuan scale [4][8][9] Summary by Sections Section 1: Electric New Energy - The solar PV market is set to expand significantly, driven by the unique energy demands of satellites and large-scale space data centers. The technology is evolving from multi-junction gallium arsenide to P-type HJT and perovskite/silicon tandem cells, which are better suited for the harsh conditions of space. P-type HJT batteries offer advantages such as radiation resistance, lightweight, high efficiency, and cost-effectiveness, making them ideal for space applications [9] - The market for HJT technology is expected to grow as it moves away from competitive pressures in the terrestrial PV market, positioning it as a mainstream technology globally [9][10] Section 2: Investment Recommendations - Key companies recommended for investment include Maiwei Co., Jin Feng Technology (H), and Zhongji Anruike. Companies related to equipment such as Jiejia Weichuang and Aotewei are suggested for attention, along with battery and module companies like Dongfang Risheng, Junda Co., Jinko Solar, Trina Solar, and Mingyang Smart Energy. Other companies in the commercial aerospace supply chain include Jin Feng Technology (A), Jiufeng Energy, Xinle Energy, Guoci Materials, Jing Shan Light Machine, Saiwu Technology, Jinjing Technology, and Taisheng Wind Energy [10]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 7.35 yuan, while the current stock price is 6.18 yuan [5]. Core Insights - The company has signed a strategic cooperation agreement with Jingtai Technology to develop AI+robotics high-throughput perovskite solar cell technology, aiming to enhance competitive advantages in photovoltaic products [1][2]. - The perovskite tandem technology is seen as a key direction for the future of the photovoltaic industry, with the company achieving a new breakthrough in conversion efficiency of 34.76% for its TOPCon-based perovskite tandem cells [3]. - The energy storage business is expected to turn profitable soon, with a projected shipment volume of 3.3 GWh in the first three quarters of 2025 and plans for significant growth in 2026 [4]. Summary by Sections Strategic Cooperation - The collaboration aims to create the world's first AI-driven, robot-executed, and data-feedback closed-loop manufacturing line for tandem solar cells, significantly improving research and development efficiency [2]. - The new experimental line is expected to achieve a throughput of 1000 cells per day, enhancing R&D efficiency by a factor of 100 [2]. Technological Advancements - The company has improved its TOPCon cell efficiency to 27.79% and plans to upgrade 40%-50% of its existing capacity by the end of 2025, with mainstream models exceeding 640W [3]. - The strategic partnership is crucial for consolidating the company's long-term technological advantages and capturing the next generation of technology leadership [3]. Energy Storage Business - The company is deepening its strategic layout in the new energy storage sector, with a focus on large-scale and commercial energy storage projects, achieving an international order ratio of approximately 80% [4]. - The energy storage business is anticipated to contribute stable profits starting in 2026, supported by a production capacity of 17 GWh for system integration and 5 GWh for cell self-supply [4]. Financial Projections - The company is projected to have net profits of -4.5 billion yuan in 2025, followed by 2.13 billion yuan in 2026 and 3.57 billion yuan in 2027, indicating a significant turnaround [9]. - The company is compared with peers like Longi Green Energy, JA Solar, and Trina Solar, highlighting its leading position in TOPCon technology and rapid growth in the energy storage sector [9].

可以看出，若不能提高光伏产品价格以弥补出口退税政策调整的影响，光伏厂商业绩或将受到冲击。 据了解，2025年上半年，晶科能源海外业务占比超六成。其表示，公司凭借前瞻性的全球布局战略，不 仅深耕海外传统光伏市场，更敏锐捕捉海外高增长市场，实现2025年上半年逾六成的海外出货。公司在 日本光伏组件市场多年保持出货冠军，在沙特地区的市场份额大幅高于同业，在中东、东南亚、拉美区 域的多个光伏新兴市场实现市占率领跑。2025年上半年，公司在巴基斯坦的组件出货量便已达到2024年 全年的出货水平。 2025年上半年，晶科能源应收出口退税款期末账面价值为9.13亿元。 同期，天合光能境外业务收入为147.67亿元，占营收比例约为48%。2025年上半年，天合光能应收增值 税出口退税期初账面价值为0.21亿元。关于期末账面价值，天合光能并未列明。 晶澳科技境外业务占比同样接近五成。据2025年半年报，其境外业务收入118.42亿元，占比约为 49.54%。2025年上半年，晶澳科技应收出口退税款期初账面价值为0.18亿元，期末账面价值为0.25亿 元。 同期，隆基绿能光伏产品分部中，境外业务收入为123.68亿元，占光伏产品 ...

Group 1 - The Ministry of Finance and the State Taxation Administration announced the cancellation of the export VAT rebate for photovoltaic products starting April 1, 2026, reducing the rebate rate from 9% to 0% [1] - In the first ten months of 2025, photovoltaic exports reached $24.42 billion, which would result in a loss of approximately $2.2 billion (around 15.3 billion RMB) in rebates for large exporting companies [1] - If companies cannot raise prices to offset the impact of the export tax policy adjustment, their performance may be adversely affected [1] Group 2 - JinkoSolar's overseas business accounted for over 60% of its total shipments in the first half of 2025, maintaining a leading position in various international markets [2] - Trina Solar reported overseas revenue of 14.767 billion RMB, making up about 48% of its total revenue in the same period [2] - JA Solar's overseas business revenue was approximately 11.842 billion RMB, accounting for about 49.54% of its total revenue [2] Group 3 - Among the four major photovoltaic manufacturers, JinkoSolar has the highest proportion of overseas business, followed by Trina Solar and JA Solar, with LONGi Green Energy having the lowest [3] - Trina Solar's energy storage segment has made significant progress in expanding overseas markets, with a successful shipment of a 1.2 GWh energy storage system to Chile in July 2025 [3] - The export VAT rebate for battery products will be reduced from 9% to 6% starting April 1, 2026, and will be completely eliminated by January 1, 2027, providing a longer buffer period compared to photovoltaic products [3] Group 4 - The cancellation of export rebates may benefit manufacturers with a higher proportion of overseas production capacity [3] - Companies are increasingly establishing overseas production facilities, with JinkoSolar actively promoting global production and sales, including setting up factories in Southeast Asia and the U.S. [5]

Core Viewpoint - JinkoSolar has announced a strategic partnership with Jingta Technology to establish a joint venture focused on the research and development of AI-based high-throughput perovskite tandem solar cells, aiming to innovate photovoltaic technology through "AI + robotics" [1] Group 1: Stock Performance - Jingta Holdings (02228) saw its stock price increase by over 7%, reaching HKD 12.16, with a trading volume of HKD 813 million [1] Group 2: Strategic Partnership - JinkoSolar and Jingta Technology have signed a strategic cooperation agreement to collaborate on next-generation photovoltaic technologies, specifically in perovskite tandem solar cells [1] - The partnership aims to accelerate the research and industrialization of disruptive technologies in the solar energy sector [1] Group 3: Financial Actions - Jingta Holdings proposed to issue HKD 28.66 billion in zero-coupon convertible bonds maturing in 2027, with an initial conversion price of HKD 13.85, representing a 20% premium over the closing price on January 7 [1] - The proceeds from the bond issuance are intended to enhance the company's domestic and international R&D capabilities, commercial capabilities, and expand its business development and marketing teams [1]

晶泰科技与晶科能源此次携手合作，将通过AI+机器人的智能化研发范式，以具有竞争力的光伏产品为 目标，共建下一代光伏实验室。双方将结合晶科的产业经验数据、晶泰的文献挖掘数据与自动化实验平 台生成的高精度数据，首次将上百种钙钛矿材料配方与复杂的薄膜制备工艺参数编码化，为项目建立专 属化的钙钛矿-晶硅叠层实验数据库。基于数据库中的材料结构、配方、工艺、表征、器件性能等关键 参数，晶泰科技将开发专属小模型与大语言模型驱动的AI研发引擎，整合多任务的深度学习模型与物 理约束(Physics-informed)的机器学习模型，实现多模态AI推理和进化迭代循环。这一AI引擎将专注于叠 层结构设计、材料筛选、电学与光学性能预测、工艺参数优化等关键任务，持续迭代出更优越的钙钛矿 叠层电池设计。 此次合作还将构建业内首条千平米级AI高通量叠层太阳能电池实验线，实验通量预计将达到1000片/ 天，带来实验通量的百倍级提升，驱动算法设计到实验验证的极速迭代。机器人工作站可自动执行前驱 体合成、薄膜制备与原位表征等关键步骤，生成的实验数据经编码化后再实时反馈给专属数据库与AI 引擎，以"设计-实验-反馈-优化"的闭环机制，一站式完成材 ...

来源：新浪证券-红岸工作室 1月8日，晶科能源涨5.27%，成交额16.13亿元。两融数据显示，当日晶科能源获融资买入额1.85亿元， 融资偿还1.56亿元，融资净买入2929.09万元。截至1月8日，晶科能源融资融券余额合计11.14亿元。 融资方面，晶科能源当日融资买入1.85亿元。当前融资余额11.09亿元，占流通市值的1.73%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，晶科能源1月8日融券偿还6.79万股，融券卖出16.36万股，按当日收盘价计算，卖出金额 104.53万元；融券余量72.73万股，融券余额464.72万元，超过近一年90%分位水平，处于高位。 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 ...

国家知识产权局信息显示，晶科能源股份有限公司取得一项名为"一种光伏层压机及光伏组件电注入方 法"的专利，授权公告号CN118472108B，申请日期为2024年5月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，晶科能源股份有限公司，成立于2006年，位于上饶市，是一家以从事电气机械和器材 制造业为主的企业。企业注册资本1000520.2678万人民币。通过天眼查大数据分析，晶科能源股份有限 公司共对外投资了53家企业，参与招投标项目1646次，财产线索方面有商标信息746条，专利信息2901 条，此外企业还拥有行政许可70个。 晶科能源（海宁）有限公司，成立于2017年，位于嘉兴市，是一家以从事电力、热力生产和供应业为主 的企业。企业注册资本357000万人民币。通过天眼查大数据分析，晶科能源（海宁）有限公司参与招投 标项目56次，专利信息909条，此外企业还拥有行政许可72个。 ...

Group 1 - The photovoltaic equipment sector is experiencing localized weakness, with significant declines in stock prices [1] - Hongyuan Green Energy has hit the daily limit down, while Daqo Energy has dropped over 6% [1] - Other companies such as Aotwei, Tongwei Co., and JinkoSolar are also seeing declines in their stock prices [1]

Core Viewpoint - JinkoSolar has announced a strategic partnership with Jingtai Technology to establish a joint venture focused on the research and development of AI-based high-throughput perovskite tandem solar cells, marking a significant collaboration in next-generation photovoltaic technology [1] Group 1: Strategic Partnership - JinkoSolar and Jingtai Technology will collaborate to advance the development of perovskite tandem solar cells using AI technology [1] - The partnership aims to reshape the photovoltaic research paradigm through "AI + robotics," accelerating the development and commercialization of disruptive technologies [1] Group 2: Financial Developments - JinkoSolar plans to issue zero-coupon convertible bonds worth 28.66 billion HKD, maturing in 2027, with an initial conversion price of 13.85 HKD per share, representing a 20% premium over the closing price of 11.54 HKD on January 7 [1] - The proceeds from the bond issuance will be used to enhance the company's domestic and international R&D capabilities, improve commercialization efforts, expand business development and marketing teams, and build facilities to increase delivery and R&D capabilities [1]