26 January 2026 | 11:00AM CST Equity Research China Solar: Quick thoughts on potential Space-based Solar Power demand uplift What's new? Share prices for our Solar coverage have rallied by 8%-20% on Jan 23 (vs. largely flat performance of CSI300 and HSI at -0.4%/+0.4%) due to upbeat market expectation of Space-based Solar Power (SBSP) demand that was sparked by the Davos Debut where Elon Musk stated that SpaceX and Tesla each will build 100GW of solar panel capacity in the US in the next three years. Implic ...

性能决定主流选择 成本困局待破 与卓越性能相伴的，是砷化镓电池居高不下的成本。马斯克"星链"项目采用转换效率仅20%左右的晶硅 电池片，核心原因就是成本控制。"三结砷化镓太阳能电池片的转换效率普遍超30%，但成本却是晶硅 电池的数倍。"蔡坤煌表示。 ● 本报记者杨洁 商业航天大幕持续拉开，航天器的"能量心脏"——太空能源系统成为产业链竞争的关键赛道，其中砷化 镓(GaAs)太阳能电池凭借卓越性能目前占据市场主流。砷化镓太阳能电池技术在光电转换效率、极端环 境适应性上远超传统硅基电池，但也由于材料稀缺、制造工艺复杂而成本高昂。近日，中国证券报记者 走进三安光电（600703）砷化镓太阳能电池片产线一线，探寻太空能源核心技术的现状与未来。 "砷化镓是第二代半导体的代表，最显著的优势就是电子迁移率高。"三安光电砷化镓事业部总经理、天 津三安总经理蔡坤煌向记者解释，砷化镓系列材料的禁带宽度能与太阳光谱高度匹配，且作为直接带隙 材料，光子能量可直接激发电子跃迁，能量损耗远低于传统硅基电池。更关键的是，其在高低温交替变 更、强辐射的太空极端环境中能稳定运行，效率衰减慢、使用寿命长，成为航天器能源系统的首选。 作为国内较早 ...

尽管晶硅电池在太空环境中存在耐温性差、衰减快、寿命短等短板，但马斯克通过可重复火箭技术提高 卫星发射频次，尝试弥补这一缺陷。 蔡坤煌表示，航天业界正从全产业链角度系统性考量成本优化。柔性电池技术成为重要突破方向——该 技术可大幅减少航天器太阳翼的体积与重量，进而降低发射端成本。 "砷化镓是第二代半导体的代表，最显著的优势就是电子迁移率高。"三安光电砷化镓事业部总经理、天 津三安总经理蔡坤煌向记者解释，砷化镓系列材料的禁带宽度能与太阳光谱高度匹配，且作为直接带隙 材料，光子能量可直接激发电子跃迁，能量损耗远低于传统硅基电池。更关键的是，其在高低温交替变 更、强辐射的太空极端环境中能稳定运行，效率衰减慢、使用寿命长，成为航天器能源系统的首选。 作为国内较早布局砷化镓多结太阳能电池片研发与生产的企业，三安光电的技术迭代轨迹印证了行业发 展方向。2014年，公司正式推出三结锗基刚性砷化镓太阳能电池外延片，转换效率达30%；2015年实现 批量供货；2017年转换效率提升至31.5%。"2023年、2025年我们又相继研发出四结、五结刚性电池 片，转换效率进一步突破至34.5%。"蔡坤煌坦言，尽管多结技术能持续提升效率 ...

Summary of the Conference Call on Space-Based Solar Power Industry Overview - The focus of the conference call is on the emerging theme of space-based solar power, particularly its potential to power commercial satellites and orbital AI data centers (AIDCs) [2][11] - The global solar market is expected to cool down in 2026, but space solar is emerging as a new demand driver [11] Key Insights and Projections - Space-based solar installations are projected to grow significantly, with estimates of 9GW by 2030, 86GW by 2035, and 171GW by 2040 [3][44] - By 2035, space solar could account for 9% of global solar demand and represent 69% of the global solar market value [3][58] - The annual market size for space solar is estimated to reach USD20 billion in 2030 and USD64 billion in 2035 [3][58] Technological and Economic Drivers - The development of next-gen solar cells and advancements in commercial satellite technology are crucial for the growth of space solar [4][11] - The cost of launching and operating solar panels in space is significantly higher than terrestrial options, but the potential for higher efficiency and utilization hours makes it attractive [20][22] - The economic viability of space AIDCs is contingent on technological advancements and cost reductions in satellite launches [19][27] Milestones and Catalysts - Key technological breakthroughs and upcoming IPOs in the commercial space sector are expected to support investor sentiment [4][67] - Notable projects include SpaceX's Starlink V3 and Google's Project Suncatcher, which aim to enhance satellite capabilities and test AIDC technologies [70] Relevant Stocks - GCL Tech (3800 HK) is highlighted as a key player in the space solar market, being the largest producer of perovskite solar cells, which are expected to be the next generation for space applications [5][73] - Other notable companies include Drinda, Jinko Solar, and Risen Energy, which are exploring opportunities in space solar technology [73][75] Market Dynamics - The commercial space sector is expected to see a surge in satellite launches, with a projected 49% CAGR from 2026 to 2030 [36][38] - China and the US are in a race to secure orbital resources, with both countries applying for large numbers of satellites to enhance their space capabilities [34][35] Future Outlook - The roadmap for space-based AIDCs is divided into four phases, with significant milestones expected between 2026 and 2040 [24][53] - The transition from pilot projects to full-scale commercial operations is anticipated to occur by 2040, aligning with Elon Musk's prediction of 100GW capacity [24][41] Conclusion - Space-based solar power presents a significant long-term opportunity for the solar market, with the potential to become a major segment by 2035 [50][51] - The success of this sector will depend on overcoming technical, economic, and competitive challenges in both space and terrestrial energy markets [23][50]

Core Viewpoint - Yunnan Zhenye (002428) has confirmed that its subsidiary produces photovoltaic-grade germanium products, specifically germanium monocrystals used in solar cell production, which are characterized by high photoelectric conversion efficiency and stable performance, primarily utilized in space vehicles such as satellites [1] Group 1 - The company’s subsidiary specializes in the production of photovoltaic-grade germanium products [1] - The germanium monocrystals are mainly used in the manufacturing of solar germanium batteries [1] - Solar germanium batteries are noted for their high photoelectric conversion efficiency and stable performance [1] Group 2 - The applications of solar germanium batteries include use in space vehicles, such as satellites [1]

【迈为股份：公司在光伏行业的主要产品为太阳能电池丝网印刷设备等光伏电池生产设备】智通财经1 月26日电，迈为股份(300751.SZ)公告称，公司股票连续三个交易日收盘价格涨幅偏离值累计超过30%， 属于股票交易异常波动的情况。近期资本市场对"太空光伏"等概念板块的关注度持续攀升，相关板块呈 现出较高的市场热度。公司在光伏行业的主要产品为太阳能电池丝网印刷设备、太阳能异质结电池整线 设备等光伏电池生产设备。随着市场对光伏领域的关注度不断提高，可能会间接影响投资者对公司未来 业务拓展的预期。 转自：智通财经 ...

迈为股份公告，近期资本市场对"太空光伏"等概念板块的关注度持续攀升，相关板块呈现出较高的市场 热度。公司在光伏行业的主要产品为太阳能电池丝网印刷设备、太阳能异质结电池整线设备等光伏电池 生产设备。随着市场对光伏领域的关注度不断提高，可能会间接影响投资者对公司未来业务拓展的预 期。公司董事会特此提醒广大投资者，应充分认识股票市场的风险以及公司所披露的各项风险提示，切 勿盲目追逐市场热点，避免因概念炒作而引发投资风险，切实强化风险意识，审慎作出决策、理性开展 投资。 ...

（编辑 任世碧） 证券日报网讯 1月26日，奕帆传动在互动平台回答投资者提问时表示，目前公司太阳能回转电机应用于 地面光伏板回转支架上，可以应对地面高温、严寒等极端天气，品质稳定。但太空环境具有极端高低 温、高辐射、真空等特殊条件，对电机性能要求远超地面应用，目前公司电机尚未应用于此等场景。 ...

Group 1 - The company Yunnan Zhenye (002428.SZ) has products applicable in the space photovoltaic sector, specifically solar-grade germanium products used for solar cell production [2] - The solar germanium batteries produced by the company's subsidiary are characterized by high photoelectric conversion efficiency and stable performance, making them suitable for use in spacecraft such as satellites [2]

Group 1 - The core point of the article is that Maiwei Co., Ltd. has filed an international patent application for a vacuum cavity and solar cell processing equipment, with the application number PCT/CN2025/096207, and the international publication date set for January 15, 2026 [1] Group 2 - In 2023, Maiwei Co., Ltd. has announced one international patent application, which is consistent with the same period last year [4] - According to the company's mid-year financial data for 2025, it invested 463 million yuan in research and development in the first half of the year, representing a year-on-year increase of 10.38% [4]