Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 王晓波） 每经AI快讯，乾照光电1月26日晚间发布公告称，公司第六届第十八次董事会会议于2026年1月26日在 公司会议室召开。会议审议了《关于公司使用闲置募集资金进行现金管理的议案》等文件。 ...

乾照光电公告称，公司2026年连续两个交易日收盘价格涨幅累计偏离30.19%，属股票交易异常波动。 公司核实，前期披露信息无需更正补充，经营及内外部环境无重大变化，无应披露未披露重大事项，控 股股东及其一致行动人未买卖公司股票。公司提醒，股价自1月1日以来累计涨幅54.28%，远高于行业 及创业板指数，滚动市盈率、市净率显著高于平均水平，存在炒作风险，26日换手率31.69%高于日 常，投资者需注意交易风险。 ...

关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况 厦门乾照光电股份有限公司（以下简称"公司"）于 2026 年 1 月 23 日、2026 年 1 月 26 日连续两个交易日收盘价格涨幅累计偏离 30.19%，根据深圳证券交易 所的有关规定，属于涨幅偏离值累计超过 30%的股票交易异常波动的情况。 证券代码：300102 证券简称：乾照光电 公告编号：2026-012 厦门乾照光电股份有限公司 （一）公司前期披露的信息不存在需要更正、补充之处。 （二）公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生 较大影响的未公开重大信息。 （三）公司目前的经营情况及内外部经营环境未发生重大变化。 二、公司关注并核实情况说明 针对公司股票异常波动情况，公司董事会对有关事项进行了核实，现就相关 情况说明如下： （四）公司、控股股东不存在关于公司的应披露而未披露的重大事项，或处 于筹划阶段的重大事项。 （五）公司控股股东及其一致行动人在公司股票异常波动期间不存在买卖公 司股票的行为。 三、是否存在应披露而未披露信 ...

证券代码：300102 证券简称：乾照光电 公告编码：2026-011 厦门乾照光电股份有限公司 关于控股子公司完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门乾照光电股份有限公司控股子公司厦门未来显示技术研究院有限公司 于近日完成了工商变更登记手续，并取得了厦门市市场监督管理局下发的新《营 业执照》，变更后相关信息如下： 公司住所：厦门火炬高新区（翔安）产业区翔天路 269 号 2 楼 法定代表人：艾国齐 注册资本：1,055 万人民币 成立日期：2020 年 04 月 15 日 营业期限：2020 年 04 月 15 日至 2060 年 04 月 14 日 经营范围：一般项目：工程和技术研究和试验发展；集成电路设计；新材料 技术推广服务；信息系统集成服务；信息技术咨询服务；专业设计服务；科技中 介服务；半导体分立器件制造；光电子器件制造；其他电子器件制造；光电子器 件销售；金银制品销售；有色金属合金销售；通信设备制造；集成电路制造；电 子元器件与机电组件设备制造；软件开发；知识产权服务（专利代理服务除外）； 汽车零部件及配件制造 ...

Group 1: Industry Overview - The space photovoltaic industry is experiencing significant growth driven by the demand for gallium arsenide batteries and other advanced solar technologies, particularly in high-altitude satellites and deep space exploration [1][2][3] - Musk's 100GW solar power capacity plan is expected to boost the demand for space photovoltaic products, benefiting various companies in the supply chain [1][2][3] Group 2: Key Companies and Their Developments - Qianzhao Optoelectronics (300102) is a leading player in gallium arsenide space batteries with over 60% market share in China, achieving a production efficiency of 35% and an experimental efficiency exceeding 42% [1][12] - Dongfang Risen (300118) has successfully delivered small batches of HJT batteries to SpaceX, with its ultra-thin P-type HJT battery meeting the lightweight requirements for satellites [1][13] - Junda Co., Ltd. (002865) is a global leader in TOPCon batteries, with laboratory conversion efficiency surpassing 33.53%, and is rumored to be a potential supplier for SpaceX's perovskite batteries [1][14] - Yunnan Zhiyuan (002428) is a core supplier of germanium wafers for gallium arsenide space batteries, benefiting from the increasing demand for germanium substrates [1][15] - Sanan Optoelectronics (600703) holds the largest gallium arsenide production capacity globally and is expected to see significant revenue growth from its space photovoltaic applications [1][16] - Maiwei Co., Ltd. (300751) is a leading supplier of HJT production equipment and is well-positioned to benefit from the surge in demand for space photovoltaic manufacturing equipment [1][17] - Saiwu Technology (603212) specializes in photovoltaic packaging materials and is developing radiation-resistant encapsulation films for space applications [1][18][19] - China Satellite (600118) is a key player in satellite platform manufacturing and is expected to benefit from the growth in space photovoltaic systems [1][20] - Aerospace Electronics (600879) provides power systems and communication equipment for satellites, with increasing demand expected due to the growth in space photovoltaic applications [1][21] - Tuojin New Energy (002218) focuses on flexible photovoltaic components suitable for space applications, with expected growth in orders as the market expands [1][22] - Trina Solar (688599) covers multiple technology routes and is positioned to benefit from the expansion of space photovoltaic systems [1][23] - Shanghai Portwan (605598) supplies flexible solar wings and is accelerating the commercialization of perovskite batteries through in-orbit testing services [1][24] - Ruihua Tai (688323) is a leader in CPI film materials, essential for flexible space photovoltaic components, and is expected to see increased demand [1][25] - Jiejia Weichuang (300724) is a leading manufacturer of photovoltaic battery production equipment, poised to benefit from the demand surge in space photovoltaic manufacturing [1][26] - Lens Technology (300433) supplies protective covers for satellite batteries, with expected growth in orders due to the increasing demand for space photovoltaic applications [1][27]

Core Viewpoint - The company plans to utilize idle raised funds for cash management, with a maximum amount of 700 million yuan allocated for this purpose [1] Group 1: Financial Management - The company will use idle raised funds for cash management, specifically for purchasing short-term principal-protected financial products [1] - The investment will focus on high-security, high-liquidity products such as structured deposits, time deposits, notice deposits, large certificates of deposit, and income certificates [1] - The effective period for this cash management initiative is 12 months from the date of approval by the shareholders' meeting [1] Group 2: Operational Impact - The use of these funds will not affect the progress of the investment projects funded by the raised capital or the company's normal production and operations [1]

中信证券股份有限公司 关于厦门乾照光电股份有限公司 使用闲置募集资金进行现金管理的核查意见 1 单位：万元 | 序号 | 项目名称 | 项目投资金额 | 募集资金投入额 | | --- | --- | --- | --- | | 1 | Mini/Micro、高光效 LED 芯片研发及制造项目 | 141,375.48 | 54,600.00 | | 2 | 海信乾照江西半导体基地项目（一期） | 43,851.83 | 40,000.00 | | 3 | 砷化镓芯片扩产项目 | 24,231.39 | 20,400.00 | | 4 | 补充流动资金 | 35,000.00 | 35,000.00 | | | 合计 | 176,375.48 | 150,000.00 | 注：1、公司于 2023 年 9 月 6 日召开第五届董事会第二十一次会议和第五届监事会第十七次 会议，并于 2023 年 9 月 22 日召开 2023 年第三次临时股东大会，会议审议通过了《关于变 更部分募集资金投资项目用途及新增募投项目的议案》，同意公司调整募集资金投资项目 "Mini/Micro、高光效 LED 芯片研发及制造项目" ...

证券代码：300102 证券简称：乾照光电 公告编号：2026-009 厦门乾照光电股份有限公司 关于公司使用闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门乾照光电股份有限公司（以下简称 "公司"）于 2026 年 1 月 26 日召 开第六届董事会第十八次会议审议通过了《关于公司使用闲置募集资金进行现金 管理的议案》，同意公司拟使用最高额度不超过人民币 70,000 万元（含本数） 闲置募集资金购买短期（不超过十二个月）保本型理财产品，不包括《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（以下简称 "《规范运作》"）中涉及的风险投资品种。上述额度内资金可以滚动使用，投 资期限为自公司股东会审议通过之日起 12 个月内有效。公司剩余闲置募集资金 可以协定存款方式存放于公司开立的募集资金专户，如短期（不超过十二个月） 保本型理财产品到期后无其他现金管理计划，则募集资金专户中所有资金将作为 协定存款计息。公司董事会提请公司股东会授权公司董事长在上述额度及决议有 效期内决定投资具体事项并签署相关合同 ...

一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 证券代码：300102 证券简称：乾照光电 公告编号：2026-010 厦门乾照光电股份有限公司 关于召开 2026 年第一次临时股东会通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 3、本次会议的召集、召开符合《中华人民共和国公司法》（以下简称"《公 司法》"）、《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号—创业板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《厦门乾照光电股份有限公司章程》（以下简称"《公司章程》"）的 有关规定。 4、会议时间： （1）现场会议时间：2026 年 2 月 12 日 16:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 2 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为 2026 年 2 月 12 日 9:15 至 15:00 的任意时间。 ...