Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - During the 14th Five-Year Plan, the State Grid Corporation of China is expected to invest 4 trillion yuan, a 40% increase compared to the previous plan, to drive high-quality development of the new power system supply chain [39][43] - The report highlights the focus on green transformation and the establishment of a new energy system, aiming for a 25% share of non-fossil energy consumption and 35% of electricity in final energy consumption by 2025 [39][43] - The electric equipment sector has shown strong performance, with the wind power equipment sector rising by 17.61% and the grid equipment sector by 11.91% in the last two weeks [16][17] Summary by Sections Market Review - As of January 15, 2026, the electric equipment industry has increased by 5.06%, outperforming the CSI 300 index by 2.43 percentage points, ranking 12th among 31 industries [11] - The wind power equipment sector has seen a significant increase of 17.61%, while the battery sector has only increased by 0.96% [16][17] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 34.83 times, with sub-sectors like electric motors at 61.47 times and photovoltaic equipment at 31.57 times [23][24] - The report provides a detailed valuation comparison, indicating that the current valuation is above the one-year average for most sub-sectors [24] Industry News - The report discusses the expected investment by the State Grid Corporation and its implications for the electric equipment industry, emphasizing the importance of technological advancements and leading companies in the sector [39][43] - It also mentions the ongoing trends in the photovoltaic market, including price stability and the cautious outlook from upstream and downstream companies [39] Company Announcements - The report includes various company announcements, such as share reductions by major stakeholders and financial forecasts indicating potential losses for some companies [42]

（文章来源：每日经济新闻） 每经AI快讯，1月16日，商业航天概念股盘中震荡回升，城建发展反包涨停，天银机电涨近10%，钧达 股份、信科移动、臻镭科技、昊志机电跟涨。 ...

Group 1 - A total of 30 companies were investigated by institutions on January 15, with 24 companies being surveyed by funds, indicating strong interest from institutional investors [1] - Hai Tian Rui Sheng received the most attention, with 49 funds participating in its survey, followed by Di Ke Co., Ltd. and Jun Da Co., Ltd. with 12 and 9 funds respectively [1] - The surveyed companies belong to various sectors, with the power equipment industry having the highest representation at 4 companies, followed by the automotive and textile industries, each with 2 companies [1] Group 2 - Among the surveyed companies, 2 have a total market capitalization exceeding 500 billion, with Ningbo Bank and SF Holding being over 1 trillion, while 9 companies have a market cap below 100 billion [1] - In terms of market performance, 19 out of the surveyed stocks increased in value over the past 5 days, with Di Ke Co., Ltd. and Hai Tian Rui Sheng leading with gains of 31.28% and 31.12% respectively [1] - Seven stocks experienced net inflows of funds in the past 5 days, with SF Holding attracting the most at 282 million, followed by Ke Shi Da and Jun Da Co., Ltd. with inflows of 206 million and 199 million respectively [2]

Group 1 - The commercial aerospace sector is experiencing a revival, with notable stock price increases for companies such as Asia Pacific Satellite (up 5.26% to HKD 4.4) and Junda Co., Ltd. (up 5.26% to HKD 25.6) [1] - Elon Musk announced that SpaceX aims to launch its Starship more than once an hour within three years, with a long-term goal of producing 10,000 Starships annually [1] - China Aerospace Technology Group Corporation is focusing on major projects like manned lunar landings and deep space exploration, while also emphasizing the development of commercial aerospace and low-altitude economy [1] Group 2 - According to a recent report by Guotai Junan Securities, China's commercial aerospace has established a complete chain covering upstream manufacturing, midstream launching, and downstream applications [2] - State-owned aerospace enterprises have developed platform-based launch capabilities, and the Wenchang commercial launch site has officially commenced operations, enhancing infrastructure capabilities [2] - Private companies are rapidly emerging in areas such as rockets, satellites, and remote sensing terminals, leading to increased synergy and the expansion of vertical scenarios like remote sensing, navigation, and communication [2]

智通财经APP获悉，商业航天概念今早回暖，截至发稿，亚太卫星(01045)涨5.26%，报4.4港元；钧达股 份(02865)涨5.26%，报25.6港元；中国技术集团(01725)涨2.06%，报0.99港元；金风科技(02208)涨 0.99%，报14.35港元。 消息面上，商业航天领域再迎催化。马斯克通过社交平台表示，三年内星舰发射频率将超每小时一次， 明确SpaceX终极目标为每年生产1万艘星舰。此前，SpaceX在星舰基地建造了超大型总装车间 Gigabay，加速星舰的生产。国内方面，中国航天科技集团有限公司1月15日召开2026年度工作会议。会 议提出，2026年要深入推进载人登月、深空探测等重大工程，全力突破重复使用火箭技术；要大力发展 商业航天、低空经济等战新产业，前瞻布局太空数智等未来产业。 国泰海通证券近日研报指出，我国商业航天已形成涵盖"上游制造—中游发射—下游应用"的完整链条， 国有航天企业发射能力平台化，文昌商业发射场正式投运，基础设施能力外溢；民营企业在火箭/卫星/ 遥感终端等环节快速崛起，协同效应增强。遥感、导航、通信等垂直场景快速拓展，数据运营价值加速 释放，产业从单点商业化逐 ...

Core Insights - The space photovoltaic concept has gained significant attention in 2026, with brokerages predicting a "trillion-level market" and companies like JinkoSolar, Trina Solar, and Junda Co. actively disclosing their plans and progress in this field [1][2] - Industry experts highlight the potential of space photovoltaics amid the maturation of commercial space technology and the growing energy demands of AI computing centers, while also acknowledging the challenges of commercialization [1][4] Company Developments - Elon Musk discussed the future of space photovoltaics, emphasizing solar energy as the key to human energy freedom, with plans for 8,000 launches per year to deploy AI satellites that maximize sunlight utilization [2] - JinkoSolar signed a strategic cooperation agreement with Jingtai Technology to establish a joint venture focused on AI-based high-throughput perovskite tandem solar cells [2] - Junda Co. announced an investment of 30 million yuan to acquire a stake in Xingyi Chip Energy, aiming to expand into the space photovoltaic sector [2] Technological Advancements - GCL-Poly's chairman stated plans to collaborate with aerospace research institutions to test perovskite components in thin atmosphere regions, exploring commercial applications [3] - Lightyear Technology has been conducting ground simulations and space environment tests, having already sent perovskite components into orbit for testing [3] - Mingyang Smart Energy, a wind power leader, plans to acquire Dehua Chip, which focuses on space solar cells, indicating a cross-industry move into space photovoltaics [3] Market Potential - The interest in space photovoltaics is driven by the maturation of commercial space technology and the increasing value of the "space economy," which provides a solid foundation for development [4] - The main battery technologies for space photovoltaics include gallium arsenide, crystalline silicon, and perovskite, with perovskite being favored for its high efficiency and potential for lightweight and flexible applications [5][6] Commercialization Challenges - Despite the promising future, the commercialization of space photovoltaics faces significant challenges, including high launch costs and the stability of equipment in extreme space environments [7] - Analysts predict that large-scale commercial power supply from space photovoltaics may not be realized until after 2040, emphasizing the need for phased development and testing [8]

Group 1: Investment Details - The company plans to invest RMB 30 million to acquire 16.6667% equity in Starwing Chip Energy, with a registered capital increase of RMB 46153.9 [2] - The investment agreement was signed on January 13, 2026, and announced on January 14, 2026 [2] Group 2: Collaboration Background - Starwing Chip Energy was established by the founding team of Hangzhou Shangyi Optoelectronics Technology Co., which previously had a strategic partnership with the company [3] - The company is the only external investor in Starwing Chip Energy, which has ties to the Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences [4] Group 3: Future Plans and Market Potential - The joint venture with Starwing Chip Energy aims to leverage opportunities in the low Earth orbit satellite networking and space computing industries [6] - The commercial model of Starwing Chip Energy is still in the R&D phase, with no current orders, indicating some uncertainty in market expansion [5] Group 4: Risk Management - The company acknowledges potential risks including technological uncertainties, contract performance risks, and early investment risks [7] - It emphasizes the importance of enhancing internal collaboration mechanisms and risk management strategies to mitigate these risks [7]

补充资料：Notifiable interest first occurred due to increase in Equity shares.BBPLCs interests in433800shares long and short and BCSLs interests in433800shares short as disclosed at box22pertain to an intragroup hedge between BBPLC and BCSL.Interests arising under the hedge are not double counted at BPLCs level. 香港联交所最新资料显示，1月9日，Barclays PLC增持钧达股份（002865）(02865)298.12万股，每股作 价25.1185港元，总金额约为7488.33万港元。增持后最新持股数目为570.51万股，最新持股比例为 8.99%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月9日，Barclays PLC增持钧达股份(02865)298.12万 股，每股作价25.1185港元，总金额约为7488.33万港元。增持后最新持股数目为570.51万股，最新持股 比例为8.99%。 补充资料：Notifiable interest first occurred due to increase in Equity shares. BBPLCs interests in 433800 shares long and short and BCSLs interests in 433800 shares short as disclosed at box 22 pertain to an intragroup hedge between BBPLC and BCSL. Interests arising under the hedge are not double counted at BPLCs level. ...

Group 1 - The commercial aerospace sector is experiencing heightened interest due to accelerated domestic policies and technological advancements, leading to short-term catalysts in commercial aerospace and space photovoltaics [1] - China has submitted an application for an additional 203,000 satellites to the International Telecommunication Union (ITU), indicating intensified competition for low Earth orbit satellite resources [1] - The long-term demand for space computing power is expected to expand as the global low Earth orbit constellation enters a phase of dense networking [1] Group 2 - JunDa Co., Ltd. has signed an investment agreement to acquire a 16.67% stake in Xingyi Xinneng for 30 million yuan, which will facilitate the establishment of a joint venture for the production of CPI films and their integration with crystalline silicon battery products [2] - The CPI film is anticipated to become one of the flexible packaging solutions for solar wings due to its high transparency, high-temperature resistance, and good mechanical strength [2] Group 3 - Other crystalline silicon manufacturers are also exploring applications for space perovskite, including JinkoSolar and Trina Solar, which are advancing their research and development in this area [3] - JinkoSolar has signed a strategic cooperation agreement with an AI and robotics platform to establish a joint venture for high-throughput perovskite tandem solar cell development [3] - Trina Solar has achieved a world record for the power output of a large-area perovskite/crystalline silicon tandem module, indicating significant advancements in technology [3]