经济观察网昇辉科技（300423）近期涉及重大资产重组、业绩预亏及股价波动等事件。公司正推进收购 赫普能源85%股权的重大资产重组，旨在拓展新能源业务。同时，公司预计2025年净利润亏损1.16亿至 1.93亿元，但亏损较上年大幅收窄。近期股价波动显著，2月4日涨停，2月11日下跌。 重组进展 公司正在推进发行股份购买赫普能源环境科技股份有限公司85%股权的交易，该交易构成重大资产重 组。截至2025年12月30日，标的资产的审计、评估及尽职调查工作仍在进行中，尚未出现导致交易中止 的重大事项。后续需经董事会、股东大会审议通过，并报深交所审核及证监会注册。此次收购是公 司"智能+双碳"战略转型的一部分，旨在拓展新能源业务。 业绩经营情况 高管变动 2025年12月30日，公司职工代表大会选举张晓艳为职工代表董事，同时董事刘善仕辞任，副总经理崔静 辞去职务但仍任董事，上述变动未影响董事会正常运作。 股票近期走势 2026年2月4日：股价涨停，收盘报9.98元，涨幅19.95%，主力资金净流入2.30亿元，登上龙虎榜。 2026年2月11日：股价下跌2.09%，报收9.36元，主力资金净流出2770.12万元，总 ...

Core Viewpoint - The article discusses the emergence of a new era in satellite technology, emphasizing the urgent need for efficient power supply systems for satellites as China prepares to launch a significant number of satellites by the end of 2025 [6][9]. Group 1: Satellite Launch and Development - By the end of 2025, China plans to submit approximately 203,000 satellites to the ITU, covering 14 satellite constellations, with the Radio Innovation Institute applying for two constellations, each with 96,714 satellites, totaling nearly 193,000 satellites [7][8]. - Major operators and commercial satellite companies are also advancing medium-scale constellations, with China Mobile applying for 2,520 satellites, Yuxin Satellite for 1,296, and Guodian Gaoke for 1,132 [8][10]. - As of December 2025, the overall launch completion rate for major domestic constellations remains low, indicating they are in the early stages of network formation [13]. Group 2: Starlink Program and Launch Trends - The Starlink program exhibits a clear generational rhythm, with cumulative launches reaching approximately 11,034 satellites and applications totaling about 41,943 as of January 2026 [2][16]. - The annual launch volume has increased significantly, with projections for 2025 reaching around 3,200 satellites, reflecting a trend of accelerating deployment [15][20]. - Starlink's V1 to V3 satellites utilize crystalline silicon technology to prioritize supply chain scalability and system-level cost reduction, while V4 may adopt P-type silicon HJT or P-type silicon HJT-perovskite tandem structures [3][4]. Group 3: Photovoltaic Technology in Space - The current mainstream technology for space photovoltaic applications in China is multi-junction gallium arsenide (GaAs), although there is ongoing testing and validation of perovskite systems by various companies [4][26]. - The high unit price of GaAs photovoltaic cells is becoming a significant factor limiting system economics, prompting the industry to explore lower-cost alternatives such as silicon-based and perovskite technologies [21][34]. - The article highlights the unique requirements for photovoltaic cells in space, including radiation resistance, thermal stability, and long-term reliability under extreme conditions [22][25]. Group 4: Industry Outlook and Recommendations - The acceleration of satellite launches and the continuous validation of new photovoltaic technologies indicate a rising industry outlook and long-term growth potential for the space photovoltaic sector [5][6]. - The article recommends a "buy" rating for the space photovoltaic industry, citing key companies such as Maiwei Co., Aotewi, and others as relevant investment targets [5][6].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何昕怡）2月4日，氢能源概念表现强势，晟辉科技持续拉升并封住涨停， 报9.98元/股，上涨19.95%。 消息面上，2月3日，工业和信息化部部长李乐成主持召开党组会议。会议强调，要加强未来产业的科技 供给。发挥新型举国体制优势，深入实施国家科技重大专项、国家重点研发计划，系统布局原创性、引 领性的技术攻关，推动6G、量子科技、生物制造、氢能、脑机接口、具身智能等领域攻关突破。 中信证券日前指出，"十五五"时期，在政策推动下，氢能有望逐步迈入产业化阶段。绿氢及氢基绿色燃 料的市场规模有望逐步扩大、工业领域减碳或衍生出绿氢新的应用场景将带动绿氢产业链和电解槽设备 需求的增长，同时提前布局氢基绿色能源项目的投资方也有望受益产业发展前期的产品溢价。 公开资料显示，晟辉科技近年来持续推进"智能+双碳"战略转型，将以光储充、氢能、火电灵活性改 造、熔盐储能为代表的新型电力系统等业务作为第二增长曲线进行培育。氢能领域，子公司盛氢制氢已 实现制氢设备的市场化交付，子公司昇辉新能源中标智慧综合能源母站项目，参股公司中科清能以国产 氢液化装备为"长征八号"发射供应液氢燃料、 ...

证券之星消息，2月4日电网设备板块较上一交易日上涨0.38%，昇辉科技领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。电网设备板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920046 | 亿能电力 | 28.15 | -4.87% | 16.78万 | 5.08亿 | | 002471 | 中超控股 | 60'6 | -4.01% | 473.06万 | 43.74亿 | | 603556 | 海兴电力 | 38.23 | -3.99% | 7.61万 | 2.92亿 | | 920037 | 广信科技 | 83.05 | -3.04% | 2.07万 | 1.73亿 | | 688663 | 新风光 | 56.05 | -2.69% | 3.98万 | 2.23 Z | | 603829 | ...

Core Viewpoint - The hydrogen energy sector experienced a significant surge in stock prices, with multiple companies reaching their daily limit up, indicating strong market interest and potential growth in the industry [1]. Group 1: Stock Performance - Companies such as Jingcheng Co., Shenghui Technology, Meijing Energy, Zhiyuan New Energy, and Huadian Technology saw their stock prices increase significantly, with Jingcheng Co. rising by 9.97% to 13.46 and Shenghui Technology increasing by 19.95% to 9.98 [2]. - The trading volume for these stocks was notable, with Jingcheng Co. having a turnover rate of 4.31% and Shenghui Technology at 16.40%, indicating active investor interest [2]. Group 2: Policy and Industry Support - The Ministry of Industry and Information Technology held a meeting on February 3, emphasizing the need to leverage the new national system to promote breakthroughs in hydrogen energy and other fields, aiming for large-scale application demonstrations of new technologies and products [3]. - The National Energy Administration announced plans to enhance policy support and strengthen core technology development for hydrogen energy during the 14th Five-Year Plan period, aiming to establish a robust standard certification system and foster international cooperation [3]. Group 3: Industry Outlook - The hydrogen energy sector is expected to see significant growth during the 14th Five-Year Plan, with renewable energy hydrogen production capacity projected to exceed 250,000 tons per year by the end of 2025, potentially doubling during this period [4]. - By 2050, hydrogen is anticipated to account for approximately 10% of China's energy system, with a demand of nearly 60 million tons and an annual economic output exceeding 10 trillion yuan, alongside the establishment of over 10,000 hydrogen refueling stations [4]. - The transition from technology cost reduction to scale cost reduction is underway, with decreasing costs for green electricity and electrolyzer technology contributing to improved economic viability for hydrogen production [4][5].

Core Viewpoint - The commercial aerospace sector experienced a short-term surge, with several companies reaching new highs and others showing significant gains [1] Group 1: Company Performance - Chunhui Zhikong, Juyi Suoju, and Runbei Hangke achieved new intraday highs [1] - Shenghui Technology and Boyun New Materials hit the daily limit up [1] - Hangfa Control, Shenkai Co., and Shunhao Co. also saw increases in their stock prices [1]

截至2026年1月30日收盘，昇辉科技(300423)报收于8.15元，下跌3.09%，换手率4.56%，成交量15.2万 手，成交额1.25亿元。 当日关注点 交易信息汇总 昇辉科技发布业绩预告，预计2025年全年归属净利润亏损1.16亿元至1.93亿元。昇辉科技发布业绩预 告，预计2025年全年每股收益亏损0.23元至0.39元。昇辉科技发布业绩预告，预计2025年全年扣非后净 利润亏损9921.78万元至1.65亿元。 公司公告汇总 昇辉智能科技股份有限公司预计2025年度归属于上市公司股东的净利润亏损11,592.33万元至19,316.43万 元，上年同期亏损11,996.79万元。扣除非经常性损益后的净利润亏损9,921.78万元至16,532.78万元。业 绩亏损主要受主营业务承压、资产减值计提以及投资公允价值变动损失等因素影响。公司已与会计师事 务所就业绩预告事项进行预沟通，无重大分歧。最终数据以年度审计结果为准。 昇辉智能科技股份有限公司拟通过发行股份方式购买赫普能源环境科技股份有限公司85%的股权，并募 集配套资金。本次交易构成关联交易和重大资产重组，但不构成重组上市。公司已于2025年4 ...

Group 1 - The company Shenghui Technology expects a net loss attributable to shareholders of approximately 116 million to 193 million yuan for 2025, with basic earnings per share loss ranging from 0.23 to 0.39 yuan [1] - In the same period last year, the company reported a net loss of about 120 million yuan, with basic earnings per share loss of 0.24 yuan [1] - The primary reasons for the performance change include a reduction in overall order volume due to changes in the macroeconomic environment, a phase of demand contraction from major clients, and intensified industry competition, leading to a year-on-year decline in operating revenue [1] Group 2 - The company conducted impairment tests on relevant assets at the end of the reporting period based on the principle of prudence, resulting in provisions for credit impairment and asset impairment that directly impacted the current net profit [1] - The valuation of some associated companies decreased due to changes in market and industry conditions, leading to significant fair value loss recognized in the current net profit [1]

证券代码：300423 证券简称：昇辉科技 公告编号：2026-002 昇辉智能科技股份有限公司 关于发行股份购买资产并募集配套资金 暨关联交易事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要风险提示： 一、本次交易概述 公司拟通过发行股份方式购买赫普绿色储能技术（北京）有限公司、赫普蓝 天节能技术服务（北京）有限公司、赫普阳光新能源技术服务（北京）有限公司、 赫普智慧（景宁）能源技术开发有限公司、西子清洁能源装备制造股份有限公司 合计持有赫普能源环境科技股份有限公司 85%的股权，并拟向不超过 35 名符合 条件的特定投资者发行股份募集配套资金（以下简称"本次交易"）。本次交易 预计构成关联交易、重大资产重组，但不构成重组上市。 二、本次交易的历史信息披露情况 1、公司因筹划本次交易事项，经向深圳证券交易所申请，公司股票（证券 简称：昇辉科技，证券代码：300423）自 2025 年 4 月 15 日（星期二）开市起停 牌，停牌时间不超过 10 个交易日，具体内容详见公司于 2025 年 4 月 15 日披露 的《昇辉智能科技股份有限公司 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]