【招商电新】开工大吉 关注叠瓦组件设备、叠瓦粘胶 太空光伏电池片极致减重与柔性的前提下，超薄硅片很脆弱，如采用串焊极易造成硅片碎裂，且硅与焊带膨胀系 数差异大，在轨极端温变情况下，脱焊概率大。 使用叠瓦结构，硅片柔性连接，焊点数量少，机械应力有效分散，隐裂、破碎风险小。 除此之外，叠瓦结构能够实现电池片零间距，相同太阳翼面积下，有效发电面积提升。 【招商电新】开工大吉 关注叠瓦组件设备、叠瓦粘胶 太空光伏电池片极致减重与柔性的前提下，超薄硅片很脆弱，如采用串焊极易造成硅片碎裂，且硅与焊带膨胀系 数差异大，在轨极端温变情况下，脱焊概率大。 使用叠瓦结构，硅片柔性连接，焊点数量少，机械应力有效分散，隐裂、破碎风险小。 建议关注： ➡ST京机：全资子公司晟成光伏组件整线设备领先，在北美光伏组件设备市占率超50%，并已实质供货北美头部 企业 公司叠瓦设备很早就有储备，业界反馈，公司是北美知名公司地面叠瓦整线的独供！ 后续北美地面/太空光伏如果普遍采用叠瓦结构，有望带来较大弹性（价值量为国内2倍，盈利能力5倍以上） ➡帝科股份：光伏银浆领先企业，研发见长；公司与控股子公司索特（原杜邦浆料）有高低温银浆全球核心专利 优势 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院光伏设备行业研究小组发布的《中国光伏设备行业市场前瞻与投 资战略规划分析报告》。 行业主要上市公司：捷佳伟创(300724)、晶盛机电(300316)、迈为股份(300751)、京山轻机(000821)、连 城数控(920368)、北方华创(002371)、奥特维(688516) 金辰股份(603396)、帝尔激光(300776)、罗博特科 (300757)、高测股份(688556)、双良节能(600481) 先导智能(300450)、微导纳米(688147)、大族激光 (002008)、博硕光电(831019)、拉普拉斯(688726)、宇晶股份(002943)、京运通(601908)等 本文核心数据：光伏设备行业企业布局情况;中国光伏设备行业发展历程;中国光伏设备行业规模 光伏设备种类繁多 参考中国光伏行业协会的资料，光伏设备指光伏制造企业用于生产原料、电池及电池组件、零部件等产 品中使用的，并在反复使用中基本保持原有实物形态和功能的机器设备。 光伏设备的种类较多，主要包括硅棒/硅锭制造设备、硅片制造设备、电池片制造设备、晶体硅电池组 件制造设备、薄 ...

张小飞 博士 高工锂电 董事长 蛇年锂电一边火焰一边海水。一边是储能飞黄腾 达,不仅业务越做越大,把电芯也拉扯得越做越大,大 到谁不出更大就不好意思张扬;另一边,动力电池全向 固态看齐,表面大厂与新锐繁花似锦,里子花絮掺杂。 从而,优而秀的电池厂储能订单接到手软,扩产呼 声再起。而上游材料价格趁机强烈回弹,迫使电池企业 利润增速远落后于出货量的批文。热热闹闹到底为了什 么,成了行业留给蛇的疑惑。 窥探马年,又路口就在脚下。一线大厂将在固态技 术拉开身位,而全球电动化节奏的放缓,注定是场寒蝉 效应。好在,储能势头依旧强劲,会是让人歇脚、马进 草的路享。 新春之际,祝各位朋友:技术迭代码不停手,产品 出海一马平川! 日本公 I G高工锂电 G高I咨询 2 Th 国际 高工锂电公众号 高工锂电视频号 高工小锂 王燕清 先导集团 董事长 新春甫至,万象更新,绿色能源的浪潮正重塑世界, 每一份专注与创新都在点亮未来。当前,新能源产业正从 "规模扩张"迈向"极限智造"的新阶段，新的一年，先导期 望成为全球产业进阶的核心引擎,用中国装备重新定义世 界制造的标准。我们愿与行业同行者一道，以"极限智造" 为笔，在不确定的时代中 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Investment Rating - The report suggests focusing on investment opportunities in the photovoltaic industry, particularly those benefiting from supply-side reforms, technological advancements, and changes in demand expectations [3]. Core Insights - The photovoltaic equipment sector index increased by 3.36% during the week of February 2 to February 6, 2026, outperforming the broader market index by 3.53 percentage points [11][14]. - Key companies in the photovoltaic equipment sector that showed significant gains include GCL-Poly Energy, JinkoSolar, and Jinglong Technology, while companies like Sungrow Power and Jinbo Technology experienced notable declines [18][20]. - The report highlights the importance of monitoring policy implementation and technological order fulfillment in the short term, while emphasizing long-term investments in high-efficiency technologies and leading companies [3]. Summary by Sections 1. Market Performance Review - The Shanghai Composite Index decreased by 1.13%, while the power equipment sector index rose by 2.20%, ranking third among 31 industry indices [11]. - The photovoltaic equipment sector index's performance was notably strong, with a 3.36% increase [14]. 2. Industry Chain Price Trends - As of February 4, 2026, the prices for key materials in the photovoltaic industry were as follows: silicon material at 56 CNY/kg (unchanged), silicon wafers at 1.35 CNY/piece (down 0.1 CNY), battery cells at 0.45 CNY/W (unchanged), and modules at 0.82 CNY/W (unchanged) [22]. 3. Industry News - Shanxi Province aims to establish a new energy base in the coal mining subsidence area, with plans for large-scale wind and solar projects [30]. - The utilization rates for wind and solar energy in 2025 were reported at 94.3% and 94.8%, respectively, indicating strong integration of renewable energy [31]. - Concerns were raised about potential negative growth in photovoltaic installations in 2026 due to policy adjustments and market conditions [32].

公司2025年业绩预告显示，预计营收同比下降26.71%-30.50%，归母净利润同比下降55.12%-66.17%。主 要受光伏行业周期性调整影响，设备验收周期延长、毛利下滑及减值计提增加。尽管2026年有股权激励 目标支撑，但市场对业绩实际修复进度存在分歧。 行业板块情况 2026年2月初，光伏板块受"太空光伏"概念推动大幅上涨，奥特维因被市场视为潜在供应链企业而受关 注。但随着公司澄清"太空光伏尚处研发阶段"，概念炒作热度有所减退，资金情绪回归理性。2月13 日，光伏设备板块整体下跌2.33%，行业短期供需格局改善的持续性仍需观察，板块回调对个股形成拖 累。 经济观察网奥特维近期股价出现调整，主要受技术性回调、业绩基本面承压、行业情绪波动及板块整体 表现疲软等多重因素影响。 股票近期走势 截至2026年2月13日，奥特维年初至今涨幅达126.12%，近20日涨幅为57.93%。自2026年1月5日至2月13 日，股价区间振幅达181.79%。在经历快速上涨后，部分资金选择获利了结，导致股价承压。例如，2 月9日至13日连续四个交易日收盘下跌，累计调整幅度超过10%。 公司基本面 以上内容基于公开资料整理 ...

Summary of Key Points from the Conference Call Industry and Company Involvement - The discussion primarily revolves around the solar energy industry, specifically focusing on the advancements in solar module manufacturing techniques, particularly the **Tiling and Stacking (叠瓦)** technology being adopted by companies like **Tesla** and **聚和材料** [1][3][5]. Core Insights and Arguments - **Tesla's Manufacturing Resumption**: Tesla is set to restart its component manufacturing at its Buffalo, New York facility, utilizing the Tiling technology for its solar modules [1]. - **Potential Issues with Space Applications**: During a recent materials exchange meeting, it was noted that components welded in space may lead to micro-cracks, suggesting a possible shift towards Tiling methods to mitigate these risks [2][4]. - **Innovations in Manufacturing Processes**: The Tiling process introduces several new manufacturing steps compared to traditional lines, including: 1. **Slicing and Splitting**: The battery cells are divided into six segments, increasing the slicing and splitting processes [5]. 2. **Welding Method Changes**: A new welding technique using conductive glue is implemented to connect the split battery cells, which adds to the coating and stacking processes [5]. 3. **Layout Adjustments**: The new processes necessitate changes in the layout and busbar welding techniques to accommodate the modified battery cell arrangement [5]. Investment Recommendations - **Inflation Logic in Component Equipment**: The Tiling technology is expected to create inflationary pressures in component equipment, leading to investment recommendations for: - **ST京机**: A supplier of module lamination equipment and automated production lines, which stands to benefit directly from the inflation in component lines [5]. - **奥特维**: This company faces higher requirements for the Tiling components compared to conventional ones, with an anticipated increase in value [5]. - **Material Suppliers**: The primary growth in materials is expected to come from conductive glue, with recommendations for: - **德邦科技**: Recognized as a leader in Tiling conductive glue, supplying major companies like SunPower, 通威, and 阿特斯 [6]. - **聚和材料**: Currently testing silver paste and conductive glue samples with North American clients [7]. Additional Important Content - The emphasis on Tiling technology indicates a significant shift in the solar module manufacturing landscape, with potential implications for both production efficiency and product reliability in various applications, including space [2][4].

Summary of Conference Call Notes Industry Overview - The focus is on the application of **tandem solar cells** in **space photovoltaic** systems, highlighting the challenges and advancements in technology related to lightweight and flexible solar panels [1][2]. Key Points and Arguments 1. **Challenges with Thin Silicon Cells**: - Space photovoltaic cells require extreme weight reduction and flexibility, making ultra-thin silicon cells very fragile. The use of string welding can lead to mechanical stress and high-temperature welding issues, increasing the risk of silicon cell breakage and detachment under extreme temperature variations in space [1][2]. 2. **Advantages of Tandem Structure**: - The tandem structure allows for flexible connections of silicon cells, reducing the number of solder joints. This effectively disperses mechanical stress, minimizing the risks of hidden cracks and breakage [1][2]. 3. **Increased Effective Power Generation**: - The tandem structure can achieve zero spacing between solar cells, which enhances the effective power generation area for the same solar wing size [3]. 4. **Historical Context**: - The application of tandem structures in space photovoltaics is well-established, with the "Shijian-1" satellite launched in 1971 being an early example of a solar panel using a "comb-type" structure designed in China [4]. 5. **Industry Feedback**: - Leading North American renewable energy companies are currently using tandem solutions for ground photovoltaic modules. The production line for tandem components is reported to be more than twice the cost of conventional string welding lines, indicating significant market interest [4]. Company Highlights 1. **ST Jingji**: - The wholly-owned subsidiary, Shengcheng Photovoltaics, possesses competitive manufacturing technology for tandem components. It is noted for being the sole supplier of ground tandem production lines to a well-known North American company and has also supplied coating equipment to overseas space perovskite enterprises. The company holds a significant market share in North America, estimated to exceed 50% [4]. 2. **Dike Co., Ltd.**: - A leading company in photovoltaic silver paste, known for its R&D capabilities. It has nearly 100% market share in North America and has been promoting tandem adhesive products since 2019, leveraging its core patent advantages in conductive paste solutions [5]. 3. **Debang Technology**: - A core supplier of tandem conductive adhesives, with products widely used in leading photovoltaic companies such as Tongwei, Canadian Solar, and major North American renewable energy firms, holding a strong competitive position in the market [5]. 4. **Juhe Materials**: - A leading company in photovoltaic silver paste, developing copper paste products suitable for photovoltaic cells, currently undergoing testing with major clients and expected to benefit from the adoption of high/pure copper paste materials [5]. 5. **Aotewei**: - A leading company in photovoltaic component equipment, with key products including string welding machines and silicon wafer sorting machines. The company has also made advancements in tandem equipment, achieving high precision and yield rates [6]. Additional Important Insights - The integration of semiconductor material assets by companies is seen as a solution to domestic supply chain issues, addressing critical bottlenecks in the industry [5][6].

Investment Rating - The report maintains a strong recommendation for companies such as 帝科股份 (Dike Co., Ltd.) and 聚和材料 (Juhua Materials) [3][4] - ST 京机 (ST Jingji) and 德邦科技 (Debang Technology) are not rated [3] Core Insights - The report highlights the potential application of the tile structure in space photovoltaic systems, which can reduce the risk of damage to solar cells and improve power output per unit area [1][7] - The use of tile structures is expected to create new demand scenarios for conductive adhesives and related equipment, benefiting companies involved in these technologies [1][7] Industry Overview - The industry consists of 308 listed companies with a total market capitalization of 792.4 billion and a circulating market value of 693.8 billion [4] - The industry has shown strong performance with absolute returns of 63.1% over 12 months [6] Key Companies - **ST 京机 (ST Jingji)**: A leader in automated manufacturing technology for photovoltaic modules, with a significant market share and established partnerships in tile technology [8] - **帝科股份 (Dike Co., Ltd.)**: A leading company in photovoltaic silver paste, with a strong market position and potential for growth in space photovoltaic applications [9] - **德邦科技 (Debang Technology)**: A core supplier of conductive adhesives for tile photovoltaic cells, with a strong competitive advantage [10] - **聚和材料 (Juhua Materials)**: A leading company in photovoltaic silver paste, developing copper paste products and addressing domestic supply chain issues [11] - **奥特维 (Aotewi)**: A prominent manufacturer of photovoltaic equipment, with deep reserves in tile technology and a comprehensive solution for vacuum process equipment [12]

股票简称：奥特维 股票代码：688516.SH 债券简称：奥维转债 债券代码：118042.SH 无锡奥特维科技股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2026 年度） 受托管理人：平安证券股份有限公司 重要声明 本报告依据《公司债券发行与交易管理办法》《无锡奥特维科技股份有限公 司向不特定对象发行可转换公司债券受托管理协议》（以下简称《受托管理协议》） 《无锡奥特维科技股份有限公司向不特定对象发行可转换公司债券募集说明书》 （以下简称《募集说明书》）等相关规定，以及无锡奥特维科技股份有限公司（以 下简称公司、奥特维或发行人）出具的相关说明文件以及提供的相关资料等，由 本次债券受托管理人平安证券股份有限公司（以下简称平安证券）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为平安证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告 作为投资行为依据。 平安证券作为奥特维向不特定对象发行可转换公司债券（债券简称：奥维转 债，债券代码：118042.SH，以下简称本次 ...