行业供需失衡背景下，新一轮技术迭代成为产能重置关键变量 商业航天运载成本持续下降，中美均规划百GW级太空算力部署能力，太空数据中心对能源系统高度依 赖光伏供电，光伏成为轨道算力体系的核心基础设施。在规模化阶段，能源系统将由高成本砷化镓逐步 转向更具成本优势与可扩展性的硅基技术，HJT薄片化与柔性化特性在减重与卷展式阵列适配方面具备 潜在优势。该行认为，太空算力为光伏设备行业引入"类半导体设备"的长周期成长逻辑。 海外地面需求成为2026年现实增量来源，美国与中东等地共振驱动扩产 美国新增装机保持高景气，本土制造政策强化供应链安全与成本可控，特斯拉规划100GW地面光伏产 能以匹配AI算力电力需求。在高人工、高水电成本背景下，HJT凭借低工序、低用电、低水耗、低人工 优势更契合美国制造环境，且不存在TOPCon在美面临的专利风险，中长期具备竞争优势。与此同时， 中东资源禀赋优势突出，装机规划持续上调，中资主链企业加速本土建厂，国产设备"借船出海"逻辑强 化，海外收入占比提升趋势明确。 智通财经APP获悉，东吴证券发布研报称，2025年光伏基本面已充分出清，2026年设备订单有望进入修 复通道。2025年行业深度 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic equipment industry, indicating a recovery and growth trajectory for 2026, driven by space computing applications and increasing overseas ground demand. Core Insights - The photovoltaic equipment sector is characterized by both growth and cyclical attributes, with supply, demand, and technological factors resonating together [2]. - The industry is expected to enter a recovery phase in 2026, following a significant adjustment in 2025, where leading equipment manufacturers have strengthened cash flow management and reduced operational risks [5]. - The emergence of space computing applications is anticipated to expand the long-term growth potential of the photovoltaic sector, transitioning from ground energy to orbital energy systems [5]. - Overseas demand, particularly from the U.S. and the Middle East, is projected to be a significant source of incremental growth in 2026, with U.S. solar installations remaining robust and local manufacturing policies enhancing supply chain security [5]. - A new round of technological iterations is seen as a key variable for capacity reset amid supply-demand imbalances, with advancements in HJT technology expected to drive structural expansion [5]. Summary by Sections Section 1: 2025 Industry Fundamentals and 2026 Outlook - The fundamentals of leading photovoltaic equipment manufacturers are expected to bottom out in 2025, with a positive outlook for 2026 driven by recovery in equipment orders [5]. - The report highlights the importance of cash flow management and risk control among leading manufacturers, with adjustments in payment models to mitigate risks during industry downturns [9][10]. Section 2: Space Computing Applications - The report discusses the significant reduction in launch costs due to advancements in reusable rocket technology, which is expected to facilitate the deployment of space data centers powered by photovoltaic energy [38]. - The U.S. and China are leading in the planning and deployment of space computing capabilities, with ambitious goals for satellite constellations and data centers [41][42]. Section 3: Overseas Ground Demand - The U.S. market is highlighted as a key area for growth, with local manufacturing policies and high installation rates driving demand for photovoltaic equipment [5]. - The report notes that Middle Eastern countries are also increasing their solar installation plans, providing further opportunities for growth [5]. Section 4: Domestic Policy Changes and Technological Iteration - The report emphasizes the need to monitor domestic policy changes and the ongoing technological advancements within the industry, which are crucial for maintaining competitiveness [5]. Section 5: Investment Recommendations - The report recommends focusing on leading companies in the HJT technology space, such as Maiwei Co., Jinsheng Electric, and Aotwei, as well as those specializing in automation and thin silicon wafer cutting equipment [5].

Group 1 - The core view of the report indicates that the photovoltaic equipment sector is expected to recover in 2026, driven by the application of space computing power and growth in overseas ground demand [5][8] - The report highlights that the supply and demand dynamics, along with technological factors, give photovoltaic equipment both growth and cyclical attributes [2] - The report emphasizes that the leading equipment manufacturers have strengthened cash flow management through adjusted payment models, which enhances their risk control capabilities [9][10] Group 2 - The application of space computing power is accelerating, transitioning photovoltaic energy from terrestrial to orbital energy systems, thus opening up long-term growth potential [5][38] - The report notes that overseas ground demand, particularly in the U.S. and the Middle East, is expected to be a significant source of incremental growth in 2026 [5][41] - The report discusses the importance of domestic policy changes and the continuous iteration of new technologies in the photovoltaic equipment industry [5][34] Group 3 - The report suggests that the photovoltaic equipment sector is entering a new structural expansion window driven by technological upgrades, as the industry faces a supply-demand imbalance [5][56] - Investment recommendations include focusing on leading companies in HJT technology, low-oxygen monocrystalline furnaces, and automation equipment [5][34]

截至公告披露日，公司董事、总经理张秀涛持有公司4,195,467股股票，占公司总股本的0.51%。其中，2,000,267 股为公司首次公开发行前取得的股份及资本公积金转增股本取得的股份；2,195,200股为通过限制性股票激励计划归 属所得股份及资本公积金转增股本取得的股份。上述股份均为无限售条件流通股。 中国经济网北京2月24日讯 高测股份(688556.SH)近日披露控股股东、实际控制人、董事及高级管理人员减持股 份计划公告称，公司于近日收到控股股东、实际控制人、董事长张顼及董事、总经理张秀涛，董事李学于和董事、 董事会秘书王目亚出具的《关于股份减持计划的告知函》。 张顼计划自公告披露之日起15个交易日后的3个月内（即2026年3月17日-2026年6月16日）通过集中竞价交易 （含盘后固定价格交易，下同）方式和大宗交易方式减持公司股份数量合计不超过24,923,217股，即不超过公司总股 本的3.0000%。其中，通过集中竞价交易方式减持的，自公告披露之日起15个交易日后的3个月内进行，且在任意连 续90个自然日内减持股份的总数不超过公司股份总数的1%；通过大宗交易方式减持的，自公告披露之日起15个交 ...

（1）近期全球 AI 产业在算力、模型与应用三端协同推进下，正为 AI 视 频生成技术规模化扩张与人形机器人现实落地夯实基础。算力端，AI 龙头 企业提出长期巨额算力支出规划并启动超大规模融资，加速新兴市场基础 设施布局，国内企业亦获得巨额融资与互联网巨头协同支持，显示算力资 源正向资本与生态优势主体集中。模型端，多模态统一建模与高性价比智 能体模型并行演进，推动视频生成能力提升与成本下降，同时强化复杂任 务规划与端侧推理能力，为机器人自主决策与内容工业化生产提供技术支 撑。应用端，AI 视频生成在春晚完成高规格实战检验，人形机器人走向真 实任务验证。整体来看，算力集中与模型效率优化正加速推动 AI 视频内 容工业化与人形机器人场景化落地。 （2）算力与基础设施方面，近期全球 AI 产业出现超大规模资本开支，算 力全球化布局显著提速。海外方面，OpenAI 向投资者更新长期规划，提出 到 2030 年实现约 6000 亿美元算力支出，并启动规模或超 1000 亿美元融 资，且支出目标与未来营收预期直接挂钩，显示模型公司正通过股权融资 与上游芯片及云厂商形成深度绑定，提前锁定算力供给；在印度 AI 影响 峰会上 ...

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 ...

经公司核查，公司目前尚未开展太空光伏相关业务，未与相关团队开展合作，未签署任何框架性协议或 正式协议，未产生相关订单和形成相关收入，未对公司经营业绩造成影响。 2月13日，高测股份(688556)发布公告称，控股股东、实际控制人、董事长张顼计划于3月17日至6月16 日期间，通过集中竞价和大宗交易方式合计减持不超过2492.32万股，占公司总股本的3%。 与此同时，公司董事兼总经理张秀涛、董事李学于、董事兼董事会秘书王目亚分别拟减持不超过104.89 万股、17.34万股和37.56万股，占公司总股本的0.1263%、0.0209%和0.0452%。 值得一提的是，张顼于2025年4月10日通过询价转让减持了2574.13万股，比例达4.71%。截至公告披露 日，张顼持有公司1.87亿股股票，占公司总股本的22.50%。 记者注意到，高测股份日前刚澄清，公司未与马斯克团队合作，未开展太空光伏业务。据2月4日公告， 公司关注到有媒体报道称，公司与马斯克团队有过接触，引起市场关注与讨论。 高测股份表示，2025年，光伏新增装机量虽同比保持增长，但光伏行业阶段性供应过剩问题尚未缓解， 开工率维持低位，光伏企业依然面 ...

Core Viewpoint - The announcement details the share reduction plans of the controlling shareholder, actual controller, and senior management of Qingdao High Measurement Technology Co., Ltd, indicating a planned reduction of shares within a specified timeframe and under certain conditions [4][6][16]. Shareholding Status - As of the announcement date, the controlling shareholder and actual controller, Mr. Zhang Xu, holds 186,898,472 shares, accounting for 22.50% of the total share capital. This includes 146,102,095 shares obtained before the IPO and 40,796,377 shares from a specific issuance [2]. - Mr. Zhang Xiutao, the general manager, holds 4,195,467 shares, representing 0.51% of the total share capital [2]. - Other board members, including Mr. Li Xueyu and Mr. Wang Muya, hold 693,683 shares (0.08%) and 1,502,395 shares (0.18%) respectively [3]. Reduction Plan Details - Mr. Zhang Xu plans to reduce up to 24,923,217 shares (3.00% of total share capital) from March 17, 2026, to June 16, 2026, through centralized bidding and block trading [4]. - Mr. Zhang Xiutao intends to reduce up to 1,048,866 shares (0.1263% of total share capital) during the same period [4]. - Mr. Li Xueyu and Mr. Wang Muya plan to reduce up to 173,420 shares (0.0209%) and 375,598 shares (0.0452%) respectively [5]. Price Determination and Adjustments - The reduction price will be determined based on the market price at the time of reduction. Any corporate actions such as dividends or stock splits during the reduction period will lead to adjustments in the reduction quantities [6]. Past Reduction Activities - The announcement notes that the mentioned shareholders have not reduced their holdings since the company's listing, with specific details available in previous disclosures [7]. Commitments and Compliance - The controlling shareholder and senior management have made commitments regarding their shareholding and reduction intentions, including adherence to legal and regulatory requirements [8][10][12]. - They have also committed to not transferring shares within specified lock-up periods and to ensure that any reduction complies with relevant laws and regulations [9][11][13].

Core Viewpoint - On February 13, there were no announcements of share buybacks, but several companies announced share reductions, indicating a trend of selling among major stakeholders [1][3]. Group 1: Companies Announcing Share Reductions - Zhaolong Interconnect: Directors Song Hongxia and Deputy General Manager Shen Fuliang plan to reduce their holdings by 0.0110% [2][4]. - Gaoc测股份: The controlling shareholder and three directors plan to collectively reduce their holdings by up to 3.19% [2][4]. - ST Yigou: Shareholder Hangzhou Haoyue intends to reduce holdings by no more than 2.5% [2][4]. - Xiandao Jidian: Shareholder Sanlin Wanye plans to reduce holdings by up to 2.05% [2][4]. - Guanghuan Xinwang: The controlling shareholder Baihuida intends to reduce holdings by up to 3% [2][4]. - Chunqiu Electronics: The controlling shareholder Xue Gewen plans to reduce holdings by up to 2% [2][4]. - New Coordinates: Shareholders plan to collectively reduce holdings by up to 0.0795% [2][4]. - Zejing Pharmaceutical: Shareholders plan to collectively reduce holdings by up to 1.0385% [2][4].

高测股份2月13日公告，公司控股股东、实际控制人、董事长张顼计划自公告披露之日起15个交易日后 的3个月内，通过集中竞价交易和大宗交易方式减持公司股份不超过2492.32万股，即不超过公司总股本 的3%。减持价格将根据减持时的市场价格确定，减持原因为个人资金需求。同时，公司董事、总经理 张秀涛计划减持不超过104.89万股，即不超过公司总股本的0.1263%；董事李学于计划减持不超过17.34 万股，即不超过公司总股本的0.0209%；董事、董事会秘书王目亚计划减持不超过37.56万股，即不超过 公司总股本的0.0452%。上述减持计划均自公告披露之日起15个交易日后的3个月内实施，减持原因为 股权激励取得股票需要缴纳个人所得税及其他个人资金需求。 ...