（来源：淘金ETF） 1、乾照光电（300102） 作为国内砷化镓太空电池绝对龙头，国内市占率超60%，三结砷化镓电池量产效率达35%，实验级效率 突破42%，抗辐射寿命达15-20年，完美适配高轨卫星、深空探测等严苛场景 。产品批量供应中国卫 星、空间站等重大项目，同时切入SpaceX、亚马逊 Kuiper等海外客户供应链，2025年底未交付订单达6- 8亿元 。马斯克100GW太空光伏产能规划落地，将直接带动其砷化镓电池需求爆发，公司凭借技术与产 能优势，成为太空光伏电池核心供应商，充分受益行业景气度提升。 2、东方日升（300118） 国内HJT超薄电池龙头，已实现向SpaceX星链小批量交付HJT电池，产品通过太空环境测试，具备高可 靠性 。公司超薄P型HJT电池厚度仅100μm，适配卫星轻量化需求，同时布局N型HJT技术，转换效率持 续提升 。随着马斯克太空光伏产能扩张，其作为核心供应商，将直接受益于卫星、太空数据中心等场 景需求增长，HJT电池在太空光伏领域的应用前景广阔，推动公司业绩增长。 3、钧达股份（002865） 全球TOPCon电池龙头，通过战略投资尚翼光电布局钙钛矿/晶硅叠层电池技术， ...

| 宁德时代 | -1.43 | -10.26亿元 | 电池 | | --- | --- | --- | --- | | 中国卫通 | -10 | -9.71亿元 | 通信服多 | | 蓝色光标 | 0.92 | -9.28亿元 | 文化传媒 | | 中国长城 | -5.8 | -9.07亿元 | 计算机设 | | 乾照光电 | 8.55 | -8.97亿元 | 光学光电 | | 捷佳伟创 | -1.86 | -8.90亿元 | 光伏设备 | | 航天发展 | -9.99 | -8.86亿元 | 通信设管 | | 铜陵有色 | 10.06 | -7.96亿元 | 有色金属 | | 岩山科技 | -5.04 | -7.68亿元 | 互联网服 | *数据仅供参考，不构成投资建议 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 航天电子 | -9.98 | -38.16亿元 | 航天航空 | | 中国卫星 | -10 | -25.95亿元 | 航天航空 | | 信维通信 | -10.05 | -18.59亿元 | 消费电子 | | 三花智控 ...

光伏设备 《光伏反内卷深度：反内卷持续深化， 关 注 贝 塔 修 复 — 行 业 深 度 报 告 》 -2025.9.3 《光伏技术深度系列（一）：BC 盈利 拐点率先而至，"反内卷"时代未来可 期—行业深度报告》-2025.7.28 太空光伏深度报告：光伏向空，志在星海 ——行业深度报告 2026 年 01 月 26 日 | 殷晟路（分析师） | 周航（联系人） | | --- | --- | | yinshenglu@kysec.cn | zhouhang1@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790125050020 | 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2025-01 2025-05 2025-09 光伏设备 沪深300 相关研究报告 《光伏出口退税将全面取消，倒逼行 业高质量发展 —行业点评报告》 -2026.1.11 太空迈入晶硅时代 太空高能宇宙辐射、±150℃极端温差循环、高真空散热受限等极端环境，对光伏 电池的转换效率、寿命及材料结构提出严苛要求。现阶段 III-V 族多结光伏电 ...

Summary of the Conference Call on the Space Photovoltaics Industry Industry Overview - **Industry Focus**: Space Photovoltaics - **Key Players**: SpaceX, Amazon, Chinese satellite companies - **Market Potential**: Estimated to reach a trillion-dollar market Core Insights and Arguments 1. **Cost Reduction through Reusable Technology**: The advent of reusable rocket technology has significantly lowered launch costs, creating a golden opportunity for space photovoltaics. The successful exploration of reusable rockets by companies like SpaceX has led to a rapid decrease in launch costs, making commercial space activities more frequent [5][23][24] 2. **US-China Competition in Commercial Space**: The competition between the US and China in commercial space is accelerating, particularly in low Earth orbit (LEO) communications satellites, which is expected to drive demand for solar wings. The US currently leads in LEO satellite deployment, with China planning to submit applications for 203,000 satellites to the International Telecommunication Union (ITU) by December 2025, aiming to secure valuable orbital resources [5][44][46] 3. **AI and Space Computing**: The concept of deploying AI data centers in space is gaining traction among tech giants. Space-based computing, or "computing in space," is seen as a solution to energy and space limitations. The cost of deploying a 40MW AI data center in space is estimated at $8.2 million, significantly lower than ground deployment costs [5][52][53] 4. **Technological Developments in Photovoltaics**: - **Gallium Arsenide (GaAs)** is currently the mainstream choice for space photovoltaics due to its excellent performance, though it is costly and has material sourcing limitations. - **Heterojunction (HJT)** technology is expected to be a significant choice for large-scale industrialization due to its efficiency and simpler manufacturing process. - **Perovskite technology** shows promise but lacks sufficient empirical data for large-scale application in the short term [5][64] 5. **Investment Recommendations**: The space photovoltaics sector is entering an active exploration phase, with equipment manufacturers poised to benefit. Key companies to watch include: - **HJT/Perovskite Equipment Suppliers**: Maiwei Co., Aotwei, and Jiejia Weichuang - **Comprehensive Photovoltaic Companies**: Jing Sheng Mechanical and Gao Ce Co. [5][5] Additional Important Content 1. **Risks**: Potential risks include slower-than-expected development of the commercial space industry, uncertainties in the technological pathways for space photovoltaics, and lower-than-expected investment and application demand for space computing [5][5] 2. **Market Dynamics**: The global satellite launch frequency has increased significantly since 2020, with projections indicating around 4,000 launches annually by 2025, marking a growth rate exceeding 50% [5][38] 3. **Future Projections**: The estimated demand for space photovoltaics from existing satellite plans could reach nearly 10GW in the near term, with significant growth expected as more satellites are deployed [5][46][62] 4. **Cost Comparisons**: The Levelized Cost of Energy (LCOE) for space photovoltaics is projected to decrease significantly due to reduced launch costs and advancements in technology, potentially reaching $0.04/kWh by 2050 [5][33][34] 5. **Global Competition**: The competition for orbital resources is intensifying, with the US and China leading the charge in satellite deployments, highlighting the strategic importance of space resources [5][42][43] This summary encapsulates the key points discussed in the conference call regarding the space photovoltaics industry, emphasizing the technological advancements, market dynamics, and investment opportunities within this rapidly evolving sector.

2026 年 1 月 25 日 行业研究 商业航天赋能，太空光伏开启成长新篇 ——碳中和领域动态追踪（一百六十九） 要点 事件：马斯克在 2026 年达沃斯世界经济论坛上宣布，特斯拉与 SpaceX 计划未 来三年在美国建设总计 200GW 光伏产能（各 100GW），主要用于地面数据中 心与太空 AI 卫星供能。 商业航天已成为市场近期最强主线之一，太空光伏为核心受益赛道。 近期商业航天板块催化频出：政策端，从国家航天局商业航天司正式设立到《国 家航天局推进商业航天高质量安全发展行动计划（2025-2027 年）》正式印发， 行业发展迎来顶层保障；需求端，低轨卫星星座规模化组网稳步推进，低轨频轨 资源"先占先得"的全球竞争格局加速，行业正从"0 到 1"突破迈入"1 到 N" 放量；资本端，蓝箭航天、中科宇航、星河动力、天兵科技、星际荣耀等五家主 营运载火箭的企业均已启动 IPO 进程，刺激资本市场提升板块估值与流动性。 在政策、需求、资本的多重催化下，商业航天已成为市场近期的最强主线之一； 而商业航天的低轨卫星组网、太空算力落地等场景的规模化发展则为太空光伏打 开了广阔的需求空间，其作为商业航天规模化、商 ...

[Table_Date] 2026 年 1 月 25 日 [Table_Title] 太空光伏开辟增量空间，看好产业链发展机遇 [Table_Title2] 电力设备与新能源行业周观察 证券研究报告|行业研究周报 [Table_Summary] 报告摘要 海内外人形机器人产业化加速，有望迎来量产落地时点。在降本 需求的驱动下，人形机器人核心零部件的国产替代需求凸显，持 续看好后续在精密传动件、电子皮肤等核心环节具备卡位优势的 国内供应商。 2. 新能源汽车 宁德时代发布首款轻商量产钠电池 我们认为，钠电兼具成本和性能优势。根据 SMM 数据，1 月 23 日，国产电池级碳酸锂（99.5%）日均价为 17.10 万元，同比 （2025 年 1 月 23 日 7.79 万元）增长 119.5%。由于碳酸锂在锂 电池成本中的比重较高，假设 1GWh 锂电池需要 600 吨碳酸锂计 算，碳酸锂价格上涨 10 万元，将带来锂电池成本增加 0.06 元， 因此碳酸锂价格的明显上涨将带来锂电池成本的提升。而钠元 素凭借资源禀赋优势，相比之下性价比优势突显。根据 SMM 数 据，1 月 23 日，电池级碳酸钠（99.5%）平 ...

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]

证券研究报告·行业点评报告·光伏设备 光伏设备行业点评报告 马斯克规划 100GW 光伏产能，设备商有望 充分受益于海外地面+太空光伏双重机遇 增持（维持） [投资要点 Table_Summary] 2026 年 01 月 25 日 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 行业走势 -16% -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 2025/1/24 2025/5/25 2025/9/23 2026/1/22 光伏设备 沪深300 《光伏设备行业深度：太空算力中心 具备颠覆性优势，HJT 或为能源系统 最优解》 相关研究 2026-01-08 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 事件：1 月 22 日，马斯克于达沃斯世界经济论坛（WEF）发 言，特斯拉地面光伏和 SpaceX 太空光伏将分别建设 100GW 产 能，预计 2028 年 ...

从盘面上看，昨日个股层面表现活跃，全市场超3900只个股收盘飘红，超120只个股收获涨停。在消息 面的集中催化下，商业航天、太空光伏等航天相关题材掀涨停潮，成为活跃资金追逐的焦点。 商业航天概念在今年1月初连续大涨，随后在1月中旬出现高位回落。自1月22日开始，国内外商业航天 相关消息密集落地，带动航天题材再度走强，昨日个股再掀涨停潮。截至收盘，乾照光电、飞沃科技、 臻镭科技、德恩精工等多股收获20%幅度涨停；其中，飞沃科技、臻镭科技等股价再创历史新高。 消息面上，蓝箭航天的科创板IPO进程火速推进。继2025年12月31日IPO申请获受理后，1月22日晚间， 上交所官网显示，蓝箭航天科创板IPO审核状态变更为"已问询"。蓝箭航天是国内领先的商业航天企 业，公司此次采用科创板第五套标准申报上市，这意味着科创板第五套上市标准正式扩大至商业航天领 域。 海外方面，当地时间1月21日，SpaceX首席执行官埃隆·马斯克表示，SpaceX将在2027年前推出其第二代 蜂窝式"星链"系统。另一家美国私人航天公司蓝色起源则宣布，将布局由5408颗卫星组成的TeraWave卫 星通信网络，服务于企业、数据中心和政府用户，其 ...

1月23日，市场交投氛围活跃，日成交额重返3万亿元上方，近4000只个股收涨。航空航天、营销服务、电源设备领涨，大消费依旧疲软。微盘股与蓝筹股 分化明显，主要指数涨幅温和，北证50却飙升近4%。 受访人士表示，风险偏好持续修复，资金"弃高就低"轮动。权重股暂歇，中小盘及高景气细分赛道成主攻方向。被套投资者应结合板块属性与基本面，差 异化操作，忌一刀切加仓或割肉；新资金宜逢回调分批建仓，谨慎追高，聚焦估值与业绩匹配的品种。 量能放大逾4000亿元 1月23日，市场喜气洋洋，指数、板块、个股上涨居多，量能放大逾4000亿元，日成交额跃升至3.12万亿元。杠杆资金持续回流，截至1月22日，沪深京两 融余额已升至2.72万亿元。 盘面来看，指数全天走高，但涨幅温和：沪指收报4136.16点，涨0.33%；创业板指报3349.5点，涨0.63%；深证成指涨0.79%。沪深300、上证50微跌，科 创50微涨，北证50收涨3.82%。 盘面上分化明显，天基互联、BC电池、HIT电池、卫星应用大涨，电源设备、营销服务也表现不错。算力概念、天然气、CPO概念、英伟达概念、F5G概 念、光通信模块、航空机场下跌。 | 名称 | ...