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]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.78%, closing at 1553.71 points, with a total trading volume of 6.727 billion shares and a turnover of 334.942 billion yuan, resulting in a weighted average turnover rate of 3.42% [1] - Among the tradable stocks on the STAR Market, 481 stocks closed higher, with 27 stocks experiencing a rise of over 10%, including Ruihua Technology, Laplace, and Zhenlei Technology, which hit the daily limit [1] - The turnover rate distribution shows that 2 stocks had a turnover rate exceeding 20%, 39 stocks between 10% and 20%, 114 stocks between 5% and 10%, 133 stocks between 3% and 5%, 247 stocks between 1% and 3%, and 65 stocks with a turnover rate below 1% [1] Individual Stock Highlights - Aerospace Huanyu had the highest turnover rate at 22.28%, closing up by 13.27% with a trading volume of 1.499 billion yuan [1] - Qingyun Technology closed down by 1.03% with a turnover rate of 20.25%, and a trading volume of 733 million yuan [1] - Other notable stocks with high turnover rates include Gaocai Co., Shengke Nano, and Haohan Depth, with turnover rates of 18.50%, 18.45%, and 18.10% respectively [1] Sector Analysis - The electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 47 stocks, followed by the power equipment and computer sectors with 25 and 20 stocks respectively [2] - In terms of capital flow, 91 stocks with high turnover rates saw net inflows from main funds, with Zhenlei Technology, Jinko Solar, and Xinke Mobile receiving the highest net inflows of 585 million yuan, 445 million yuan, and 436 million yuan respectively [2] - Conversely, stocks with significant net outflows included Lankai Technology, Baiwei Storage, and Tengjing Technology, with net outflows of 932 million yuan, 876 million yuan, and 272 million yuan respectively [2] Leverage Fund Movements - A total of 76 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for Zhongkong Technology, Baiwei Storage, and Godewei, which increased by 521 million yuan, 507 million yuan, and 263 million yuan respectively [2] - Stocks with significant decreases in financing balances included Lankai Technology, Moer Thread, and Huafeng Technology, which decreased by 287 million yuan, 189 million yuan, and 188 million yuan respectively [2]

资金面上，高测股份上一交易日主力资金净流入4543.60万元，近5日净流出3570.05万元。 融资融券数据显示，该股最新（1月22日）两融余额为6.06亿元，其中，融资余额为6.05亿元，较上一个 交易日减少3378.35万元，降幅为5.29%；融券余额为102.75万元，较上一个交易日增加6.02万元，增幅 为6.22%。近10日两融余额合计减少1.16亿元，降幅为16.09%，其间融资余额下降16.14%，融券余额增 长24.36%。（数据宝） （文章来源：证券时报网） 1月23日盘中科创板股高测股份涨停，截至14:22，股价报17.84元，成交24.86亿元，换手率17.75%，振 幅13.32%。 科创板个股中，截至发稿上涨的共有465只，涨幅在10%以上的共有26只，除高测股份之外，涨停的还 有瑞华泰、拉普拉斯、臻镭科技等，下跌的有129只，跌幅较大的有海天瑞声、南亚新材、航亚科技， 分别下跌8.08%、6.70%、6.68%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the space photovoltaic industry [3]. Core Insights - The space photovoltaic market is projected to reach a trillion-dollar scale, driven by the increasing demand from low Earth orbit (LEO) satellites and advancements in photovoltaic technology [8][41]. - The report highlights the transition from traditional gallium arsenide (GaAs) solar cells to silicon and perovskite technologies, indicating a shift towards cost-effective solutions in space applications [55][64]. Summary by Sections 1. Growth Drivers - The demand for space photovoltaics is significantly driven by communication and computing satellites, with LEO satellites becoming the mainstream development direction due to their lower costs and shorter development cycles [12]. - The Starlink project is expected to generate substantial revenue, with predictions of over 9 million customers by 2025, covering more than 155 countries [17]. 2. Technology Trends - GaAs multi-junction solar cells are currently the mainstream technology for space applications, achieving efficiencies over 30% [45]. - The report anticipates that silicon will become the next-generation technology, while perovskite is expected to emerge as the ultimate solution due to its high power-to-weight ratio and lower production costs [64]. 3. Material Innovations - The satellite power system consists of three main components: power generation units (solar wings), energy storage units (lithium-ion batteries), and control units [71]. - Flexible solar wings are gaining traction, with advancements in materials leading to the development of ultra-thin glass (UTG) and polyimide (PI) films for better performance in harsh space environments [81][84]. 4. Market Potential - The report estimates that the market space for low Earth orbit satellite photovoltaic systems could reach 275 billion yuan, while the market for space computing could exceed 1 trillion yuan by 2030 [41]. - The anticipated peak in satellite launches from 2030 to 2035 is expected to further drive the demand for space photovoltaics, with projections indicating over 18,000 satellites launched annually [23]. 5. Competitive Landscape - The report outlines the competitive landscape, highlighting key players in the space photovoltaic sector and their respective advancements in technology and materials [88].

南方财经1月23日电，光伏设备板块高开，钧达股份、双良节能涨停，迈为股份涨超10%，奥特维、连 城数控、高测股份、琏升科技、拉普拉斯跟涨。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that the development of reusable rocket technology has significantly reduced launch costs, creating a golden opportunity for space photovoltaics [5] - The competition in commercial space between China and the US is accelerating, with low Earth orbit (LEO) communication satellites driving short-term demand for solar wings [5] - AI giants are increasingly recognizing the potential of deploying computing power in space, which is expected to benefit space photovoltaics [5] - The report emphasizes the importance of gallium arsenide as the current mainstream technology for space photovoltaics, while also highlighting the potential of silicon-based batteries and perovskite technology in the long term [5] - Investment recommendations include focusing on HJT/perovskite equipment suppliers and companies covering various segments of the photovoltaic supply chain [5] Summary by Sections 1. Space Photovoltaics: The Main Energy Source in Space - Space photovoltaics convert solar energy into electrical energy in space environments, which are harsher than ground conditions [12][13] - Solar panels are the core component of spacecraft power systems, essential for converting solar energy into the electricity needed for satellite operations [12][13] 2. Downstream Scenarios: Commercial Space Boom Leading to a Trillion-Dollar Market - The report notes a significant increase in global satellite launches since 2020, with a projected 4000 launches by 2025, driven by reduced costs from reusable rockets [38] - The US currently dominates the satellite market, with 11,688 satellites in orbit, while China and Russia lag behind [38] - The competition for orbital resources is intensifying, with both the US and China making substantial satellite deployment plans [44][45] 3. Technology Pathways: Gallium Arsenide as the Current Mainstream, with Potential for Silicon-Based Batteries and Perovskite Breakthroughs - Gallium arsenide solar cells are currently the most efficient option for space applications, with over 30% efficiency [65] - The report discusses the evolution of solar cell technologies, including silicon and multi-junction cells, and the potential for future advancements in perovskite technology [65] 4. Investment Recommendations: Focus on HJT/Perovskite Core Equipment Suppliers - Companies such as Maiwei, Aotwei, and Jiejia Weichuang are highlighted as key players in the HJT/perovskite equipment supply chain [5] - The report suggests monitoring companies that cover the entire photovoltaic supply chain, including polysilicon, batteries, and modules [5]

Group 1 - The core viewpoint is that the industry has a vast long-term market space due to the active layout of space computing by China and the US, combined with the cost and performance advantages of space computing itself [3][4] - Space computing is transitioning from a "ground-based calculation" model to a "space-based calculation" model, allowing for direct data processing in space [1][3] Group 2 - Space computing has operational cost advantages, with a significant focus on marginal energy costs, which are the core factor in overall operational expenses [2] - For example, a single space-based 40MW computing cluster can operate for 10 years at a total cost of $8.2 million, saving approximately $159 million compared to traditional computing clusters, with over $130 million saved in marginal energy costs [2] Group 3 - The demand for solar wings is expected to increase due to the expansion of power and area requirements driven by space computing, leading to the adoption of flexible technology routes [4] - Flexible solar wings can achieve a weight reduction of 20%-40%, a storage volume reduction of over 60%, and improved performance, making them a key component in the power system [4] Group 4 - Investment recommendations include focusing on companies related to space photovoltaics, such as: - Maiwei Co., Ltd. (300751.SZ), which is expected to become a core equipment supplier for space computing photovoltaic segments [5] - Gaomei Co., Ltd. (688556.SH), which aligns with the cost reduction route for space photovoltaics [5] - Jiejia Weichuang (300724.SZ), which is positioned to benefit from the expansion of flexible solar wings in the space computing sector [5]

Summary of Key Points Company Overview - **Company**: 高测股份 (Gaoce Co., Ltd.) - **Industry**: Photovoltaic and Aerospace Core Insights and Arguments - 高测股份 has successfully launched a 50μm ultra-thin silicon wafer at its Yibin base, addressing the critical need for lightweight power systems in commercial aerospace [1] - The investment value of this breakthrough lies in its technological leadership, which is not merely an equipment advantage but is built on a self-developed closed-loop system integrating "equipment + consumables + processes" [1] - This development provides a significant competitive edge, especially as the fundamentals of the photovoltaic industry are reversing, allowing 高测股份 to enter the high-value space photovoltaic sector with a certain degree of alpha [1] Additional Important Content - The focus on lightweight power systems indicates a strategic alignment with emerging trends in commercial aerospace, highlighting the potential for future growth in this niche market [1] - The mention of a self-developed closed-loop system suggests a strong emphasis on innovation and sustainability, which could attract investors looking for long-term value [1]

Investment Rating - The report rates the commercial aerospace and photovoltaic equipment industry as "Overweight" [4]. Core Insights - The commercial aerospace sector is entering a new phase characterized by large-scale deployment and capability upgrades, leading to increased demand for space photovoltaic systems. The application for over 200,000 satellites in China marks a transition from "thousands" to "tens of thousands" and even "millions" of satellites, indicating a super cycle in satellite manufacturing and launching over the next decade, which will drive long-term, large-scale demand for satellite energy systems, specifically space photovoltaics [4]. - The extreme conditions in space (high radiation, large temperature differences, vacuum) necessitate stringent requirements, leading to continuous iterations in space photovoltaic technology. The current mature solution is gallium arsenide (GaAs) multi-junction cells, which have high conversion efficiency (generally exceeding 30%) and good radiation resistance, but are extremely expensive and have limited production capacity. The short to medium-term scalable path is the HJT (Heterojunction) battery, which is more cost-effective for mass production despite lower absolute efficiency and radiation resistance compared to GaAs. Long-term potential directions include perovskite and tandem batteries, which have high theoretical efficiency limits and lightweight properties, but face challenges in long-term stability [4]. - Key equipment suppliers to focus on include Maiwei Co., Ltd. (HJT production line equipment), High Measurement Co., Ltd. (integrated slicing and processing services), Aotwei (module string welding equipment), and others. Battery module manufacturers include Yunda Co., Ltd. (collaborating on perovskite technology applications) and Trina Solar [4]. Summary by Sections Industry Overview - The commercial aerospace market in China is expected to expand significantly due to the submission of over 200,000 satellite constellation applications, which will stimulate demand across multiple segments including satellite manufacturing and rocket launching [2]. Technology Development - The report highlights the transition from traditional satellite power supply units to essential energy infrastructure for future space economies, driven by advancements in space computing and AI data centers powered by space photovoltaics [4]. Key Companies and Valuations - The report provides a valuation table for key companies in the industry, including Maiwei Co., Ltd. with a market cap of 66.5 billion and projected net profits for 2026 of 970 million, and others like Aotwei and High Measurement with varying financial forecasts [5].

Group 1 - The photovoltaic equipment sector saw a slight increase of 0.03% on January 15, with Aotwei leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Notable gainers in the photovoltaic equipment sector included Aotwei, which rose by 8.15% to a closing price of 59.88, and Jinheng Materials, which increased by 7.54% to 79.46 [1] Group 2 - The photovoltaic equipment sector experienced a net outflow of 460 million yuan from institutional investors, while retail investors saw a net inflow of 506 million yuan [3][4] - Key stocks with significant net inflows from retail investors included Aerospace Electromechanical, which had a net inflow of 10.12 million yuan, and Saiwu Technology, with a net inflow of 1.16 million yuan [4] - Conversely, major stocks like Yijing Photovoltaic and Ban Sheng Technology faced declines of 9.88% and 4.74%, respectively [3]