证 券 研 究 报 告 证券分析师：马天一 A0230525040004 李冲 A0230524070001 王艺儒 A0230523110003 刘宏达 A0230524020002 太空能源心脏，开启商业航天万亿蓝海 太空光伏系列报告（一） 2026.3.27 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天已进入规模化、产业化发展的"大航天时代"，在政策、资本与技术共振下，市场规模正朝万亿元 级别迈进。在这一浪潮中，太空光伏（太阳翼） 作为航天器主要可靠的长期能源系统，其需求预计将迎来 爆发式增长，技术路线正从高可靠向高性价比迭代，有望催生新的产业链投资机会。 ◼ 技术格局：太空光伏正沿"砷化镓 → P型HJT晶硅 → 钙钛矿/叠层"三梯队演进：短期三结砷化镓牢牢占据 高轨/深空与高价值任务；中期P型HJT凭借更佳抗辐照与成本优势接棒低轨商业星座；长期钙钛矿叠层凭借 高比功率+低成本，有望在低轨星座、太空算力及空间太阳能电站中成为主力路线。 ◼ 需求与空间：低轨星座+太空算力构成"确定性底盘+高弹性天花板"：2030年前仅低轨卫星光伏市场 约290亿元人民币，而在100G ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Zhejiang Jingsheng Mechanical & Electrical EQUITY: TECHNOLOGY 300316.SZ 300316 CH Upgrade to Buy Space-solar, 8-inch SiC transition trend, and semiconductor process chamber likely to drive growth Unlocking a new growth driver in space-solar Jingsheng Mechanical & Electrical's latest engagement in space‑solar adds an emerging growth driver on top of its mainstream solar equipment business. The company is actively promoting high‑reliability crystal growth equipment that can meet t ...

Group 1: Space Photovoltaics and Computing - The TERAFAB project aims to establish a chip manufacturing facility with a target annual capacity of 1 terawatt (1TW), with 80% of production dedicated to space missions[9] - The demand for solar power is expected to surge due to the deployment of AI satellites and the need for high-efficiency solar systems in space[10] - The transition of space photovoltaics from auxiliary power units to essential energy infrastructure for space computing is anticipated to drive significant growth in this sector[10] Group 2: 3D Printing Advancements - The 3D printing industry is experiencing growth due to improved equipment efficiency and reduced material costs, particularly in aerospace and consumer electronics[11] - Metal 3D printing is becoming a key technology for intelligent manufacturing, with applications expanding in various fields including AI computing and aerospace[11] - The price of titanium alloy powder for 3D printing has halved from 600 yuan/kg to below 300 yuan/kg, opening new application scenarios[33] Group 3: Home Products and AI Integration - Companies like Gujia Home and Mousse are focusing on smart and functional home products, with Gujia's new product line achieving over 15,000 orders within 24 hours of launch[44] - Mousse is collaborating with Huawei to create a comprehensive sleep solution, integrating AI technology into their product offerings[49] - The home furnishings sector is witnessing a shift towards smart, functional products that address consumer pain points, enhancing market competitiveness[44]

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, with a focus on AI and mechanical equipment investment opportunities [1]. Core Insights - The report emphasizes the potential of AI-driven mechanical equipment, particularly in the robotics sector, where companies like Yushu Technology are showing significant growth in revenue and profitability [1]. - The GTC conference highlighted the increasing demand for AI computing power, which is expected to drive growth in PCB and liquid cooling segments [2]. - The solar equipment sector is poised to benefit from Tesla's procurement of photovoltaic equipment and Blue Origin's satellite launch plans, indicating strong demand for leading equipment manufacturers [3]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, Sany Heavy Industry, and Zhongwei Company, among others, across various segments including robotics, AI devices, and solar equipment [1][2][3]. Industry Trends - The robotics industry is experiencing a significant rebound, with Yushu Technology's IPO materials indicating a revenue increase of 335.36% and a net profit increase of 674.29% for 2025 [1]. - The AI device sector is seeing advancements in architecture and cooling solutions, with Nvidia's LPU architecture expected to enhance performance and drive PCB demand [2]. - The solar equipment market is benefiting from increased demand driven by major companies like Tesla and innovative projects like Blue Origin's satellite constellation [3]. Market Dynamics - The oil service equipment sector is facing short-term adjustments due to geopolitical tensions, but long-term demand is expected to rise as oil prices remain high and reconstruction efforts in conflict areas increase [7]. - The mechanical equipment industry is projected to see significant growth opportunities due to China's increasing foreign investments and the global demand for advanced machinery [37].

Group 1 - Tesla plans to procure photovoltaic manufacturing equipment worth $2.9 billion from China, primarily for T-chain ground applications, with negotiations involving multiple TOPCon equipment manufacturers [5] - Key photovoltaic equipment manufacturers include Maiwei, Jiejia Weichuang, Aotewei, and others, while material manufacturers include Tongwei, Daqo Energy, and TCL Zhonghuan [6] - The article lists various companies involved in different segments of the photovoltaic industry, including battery and component manufacturers like Trina Solar and JinkoSolar, as well as inverter and energy storage system companies like Sungrow and GoodWe [6]

Investment Rating - The report suggests a focus on investment opportunities in the mechanical equipment industry, particularly in areas of domestic substitution and AI integration [4]. Core Insights - The "14th Five-Year Plan" emphasizes technological self-reliance and the autonomy of industrial chains, with a focus on key sectors such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [6]. - The report identifies significant growth potential in the domestic production of industrial mother machines and scientific instruments, driven by increased policy support and funding [6][19]. - AI integration into mechanical equipment is highlighted as a major trend, with the industry expected to benefit from AI-driven infrastructure investments [32]. - The report notes the ongoing trend of Chinese engineering machinery companies expanding overseas, transitioning from product exports to capacity exports [4][37]. Summary by Sections 1. Breakthrough in "Choke Point" Areas: Industrial Mother Machines and Scientific Instruments - The report indicates that the domestic substitution process for industrial mother machines and scientific instruments will accelerate, supported by government policies [6]. - The high-end machine tool market remains heavily reliant on imports, with opportunities for domestic manufacturers to increase their market share [7][18]. - The scientific instruments sector is characterized by a high import dependency, with over 70% of instruments imported, indicating a strong potential for domestic manufacturers to fill this gap [22][26]. 2. Deep Integration of AI and Mechanical Equipment - The report highlights that the mechanical equipment industry will benefit from AI-driven infrastructure investments, with significant capital expenditure expected from major cloud service providers [32]. - AI applications, particularly in embodied intelligence, are identified as having substantial growth potential, with various industrial and consumer applications anticipated [38]. 3. Engineering Machinery's Global Expansion - The report notes that the engineering machinery sector is transitioning from product exports to capacity exports, with a focus on high-quality international cooperation [4]. - The export value of China's engineering machinery is projected to reach $60.17 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23% during the "14th Five-Year Plan" period [4]. 4. Investment Recommendations - The report recommends focusing on sectors where domestic substitution is expected to continue, such as industrial mother machines and scientific instruments [4]. - It also suggests monitoring the integration of AI with mechanical equipment and the engineering machinery sector's international expansion [4].

Summary of Silicon Carbide Industry Conference Call Industry Overview - The conference call focuses on the silicon carbide (SiC) industry, highlighting its transition from "electric scenarios" to "computing/optical scenarios" driven by AI computing power and advanced packaging heat dissipation substrates [1][2]. Key Insights and Arguments - **Market Dynamics**: The SiC substrate price for 12-inch wafers is approximately $3,000. If CoWoS packaging achieves a 30% replacement, it could generate an additional market of $900 million, with full replacement potentially exceeding $3 billion [1][11][12]. - **Supply Chain Changes**: The industry is witnessing a supply-side clearing signal, with the bankruptcy restructuring of overseas leader Wolfspeed and domestic substrate prices stabilizing. Chinese manufacturers have made breakthroughs in 12-inch technology [1][15][16]. - **Demand Recovery**: Traditional power semiconductor demand is recovering, with companies like Silan Micro and Yangjie Technology issuing price increase notices. The overseas high-end demand is benefiting domestic manufacturers [1][17]. - **New Application Spaces**: The new computing space is expected to be 2-3 times larger than the traditional automotive market, with a focus on companies like Tianyue Advanced, Jingcheng Machinery, and Sanan Optoelectronics [1][2]. Additional Important Points - **AI Chip Power Management**: AI chip power density is increasing, with Nvidia GPUs potentially reaching a TDP of 2000W, making thermal management a critical bottleneck. SiC's thermal conductivity is 3-4 times that of silicon, making it a viable solution [1][5]. - **Interposer Material Replacement**: The current interposer material, silicon, has limitations in thermal conductivity. Alternatives like glass, diamond, and SiC are being considered, with SiC being favored due to its balance of performance and manufacturability [6][7]. - **Market Size Projections**: The global SiC substrate market is projected to be around $1-1.3 billion by 2025, with device market size around $4.4 billion. The potential for growth is significant, especially with the shift towards computing applications [9][10]. - **Supply Chain Restructuring**: The SiC industry is undergoing a restructuring phase, with domestic players gaining ground over traditional overseas leaders. This shift is expected to enhance the competitive landscape and stabilize supply [15][16]. Conclusion - The SiC industry is at a pivotal moment, transitioning towards new applications driven by AI and advanced packaging needs. The market is expected to grow significantly, with domestic manufacturers poised to benefit from this shift. Key companies to watch include Tianyue Advanced, Jingcheng Machinery, and Sanan Optoelectronics, as they are well-positioned to capitalize on the emerging opportunities in the SiC space [17].

Core Insights - The diamond industry is experiencing rapid growth driven by advancements in synthetic diamond technology and increasing demand in high-performance applications such as AI cooling and semiconductor devices [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21] Group 1: Industry Overview - The global superhard materials industry is led by companies specializing in synthetic diamond research, production, and sales, with applications in cutting, grinding, and thermal management [2][3][4] - The demand for industrial-grade diamonds is rapidly increasing due to the commercialization of diamond cooling technologies by major companies like AMD and NVIDIA [1][2][4] - The market for cultivated diamonds is expanding, supported by government policies favoring advanced materials and the cultivation industry [2][5][6][10] Group 2: Company Highlights - Huanghe Xuanfeng (600172) is a leading player in the synthetic diamond sector, leveraging high-temperature and high-pressure technology to produce high-quality diamond single crystals [2] - Lili Diamond (301071) focuses on diamond single crystals and cultivated diamonds, benefiting from cost and quality advantages in industrial materials [3] - Wald (688028) has made significant technological breakthroughs in diamond cooling products, targeting the AI server cooling market [4] - Guoji Precision (002046) has developed high-end diamond products for defense and aerospace applications, capitalizing on its unique competitive advantages [5] - Hengsheng Energy (605580) is exploring applications for diamond materials in energy and semiconductor sectors, supported by strong policy backing [6] - Zhongbing Hongjian (000519) has a leading position in the superhard materials market, with stable cash flow from military applications [13] - Jing Sheng Electromechanical (300316) has successfully developed diamond growth equipment, enhancing its position in the semiconductor and AI cooling markets [15] - China Gold (600916) is leveraging its brand influence in the jewelry sector to promote cultivated diamonds, enhancing market penetration [16]

Core Viewpoint - Silicon Carbide (SiC) is emerging as a critical wide-bandgap semiconductor material, playing a vital role in modern technology, particularly in enhancing energy efficiency and promoting sustainable development [4][10]. Group 1: Industry Dynamics - The SiC industry is experiencing rapid growth, characterized by accelerated industrial scaling, with substrate sizes transitioning from 6/8 inches to 12 inches, leading to significant increases in single-chip output and reductions in unit costs [5]. - The demand for SiC is driven by applications in electric vehicles (800V platforms) and upgrades in photovoltaic energy storage, indicating a shift from high-end applications to mass commercialization [5]. Group 2: Material Properties - SiC has a bandgap of approximately 3.26 eV, significantly higher than silicon's 1.12 eV, allowing it to operate stably under high temperature, high pressure, and high frequency conditions [7]. - The material exhibits high thermal conductivity (about 4.9 W/cm·K), high breakdown field strength (approximately 3 MV/cm), and high saturated electron drift velocity, making it suitable for various demanding applications [7]. Group 3: Manufacturing Processes - SiC can be produced through various methods, including traditional carbothermal reduction, Acheson process, and advanced techniques like chemical vapor deposition (CVD) and molecular beam epitaxy (MBE) [11][12][18]. - The growth of single crystals is primarily achieved through physical vapor transport (PVT), which is the most common method for producing high-purity SiC substrates [12]. Group 4: Applications - SiC is widely used in semiconductor devices, including power devices like MOSFETs and IGBTs, which are essential for high-voltage and high-frequency applications [19]. - In renewable energy, SiC enhances the efficiency of inverters in photovoltaic systems and supports smart grid technologies [17]. - The material is also critical in thermal management applications, serving as heat sinks for power modules, LEDs, and AI servers [21]. Group 5: Domestic Company Developments - Tianyu Advanced plans to launch the world's first 12-inch conductive substrate in November 2024 and aims to establish a full product matrix of 6/8/12 inches by 2025 [24]. - Nankai Crystal has showcased its 8-inch N-type SiC substrate at the ICSCRM exhibition in September 2025, indicating advancements in production capabilities [26]. - Lusheng Technology has achieved stable mass production of 6-inch SiC substrates with a yield rate of 95% and is progressing towards 8-inch substrate production [27].

Group 1: Industry Overview - The diamond industry is experiencing rapid growth driven by advancements in AI cooling technology and the increasing demand for synthetic diamonds in both industrial and consumer markets [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] - The market for industrial-grade diamonds is entering a phase of rapid growth, particularly with the commercialization of diamond cooling technologies by major companies like AMD and NVIDIA [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] Group 2: Company Highlights - Sifangda (300179) focuses on CVD diamond technology and has established a complete technical barrier in the ultra-hard materials sector, benefiting from the domestic advantages in synthetic diamonds [1] - Huanghe Xuanfeng (600172) is a leading global player in synthetic diamonds, leveraging its mature high-temperature and high-pressure technology to produce high-quality diamond monocrystals [2] - Liliang Diamond (301071) maintains a diversified product strategy, focusing on both industrial and consumer markets, and is well-positioned to benefit from the growing demand for AI cooling solutions [3] - World (688028) specializes in ultra-hard materials and has made significant technological breakthroughs in diamond products for AI server cooling applications [4] - Guoji Precision (002046) has developed high-end diamond products for defense and aerospace applications, benefiting from national support for advanced materials [5] - Hengsheng Energy (605580) has achieved breakthroughs in CVD diamond technology and is expanding its applications in cooling and semiconductor fields [6] - Inno Laser (301021) focuses on high-end laser equipment and has established a stable competitive advantage in diamond processing equipment [7] - Chuangjiang New Materials (002171) is expanding its upstream carbon material business to support the growing demand for synthetic diamonds [8] - Boyun New Materials (002297) is entering the diamond production supply chain, benefiting from the rapid growth in demand for industrial diamonds [9] - Huifeng Diamond (920725) specializes in diamond micro-powder and single crystal products, maintaining a strong market position through technological barriers [10] - Henglin Co., Ltd. (603661) is diversifying into synthetic diamonds and large-size diamond single crystal business, leveraging its home furnishing resources [11] - Yuyuan Co., Ltd. (600655) is rapidly penetrating the synthetic diamond market through established retail channels and brand influence [12] - Chaohongji (002345) is actively launching synthetic diamond products targeting the young consumer market, supported by a strong retail network [13] - Zhongbing Hongjian (000519) has a leading capacity in ultra-hard materials and is benefiting from the dual demand for industrial and synthetic diamonds [14] - Jingsheng Electromechanical (300316) has developed diamond growth equipment and is well-positioned in the semiconductor and cooling markets [15] - China Gold (600916) is leveraging its brand influence to promote synthetic diamonds, enhancing consumer acceptance [16] - Guangpu Co., Ltd. (300632) is entering the high-end thermal management market with diamond cooling solutions [17] - Benlang New Materials (920807) is focusing on diamond tools and materials for precision processing, with a strong market presence [18] - Zhongshi Technology (300684) is advancing diamond-based thermal materials for AI server applications, benefiting from industry growth [19] - Guoli Electronics (688103) is supporting diamond growth equipment through electronic vacuum devices, positioning itself in the semiconductor sector [20] - ST Yazhen (603389) is focusing on high-purity and large-size diamond projects, adapting to market demands for both industrial and consumer applications [21]