Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, targeting various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, aiming to create a more market-oriented and unified system [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 (320Wh/kg) for lightweight drones and Gen2 (380Wh/kg) for eVTOLs, featuring fast charging and high safety standards [2][15][19]. - The company plans to introduce Gen3 batteries with over 400Wh/kg energy density by 2026 and 500Wh/kg full solid-state batteries by 2027 [15][21]. New Energy Generation - The new capacity compensation mechanism expands the scope to include coal and gas power, as well as independent storage resources, promoting a more scientific and market-driven approach [3][38]. - The mechanism aims to unify compensation standards based on actual peak output capabilities rather than installed capacity, enhancing the reliability of power supply [38][39]. Electric Equipment and Industrial Control - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including high-voltage transmission projects [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in major power projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, indicating a significant advancement in commercial aerospace [5]. Market Performance - The report highlights key companies to watch, including Ningde Times, Kodali, and others, as they navigate the current market dynamics [12].

Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]

事件：1 月28 日，经德国哈梅林太阳能研究所（ISFH）权威认证，迈为股份自主研发的异质结(HJT)太 阳能电池，其全面积(210 半片，220.76cm2）光电转换效率达到26.92%，创造了异质结电池技术领域新 的世界纪录，标志着公司在高效异质结电池技术的研发与产业化进程中树立了又一重要里程碑 1 月21 日，经中国计量科学研究院(NIM)权威认证，迈为股份采用自主研发的可量产设备与工艺, 成功 研制的钙钛矿/晶硅异质结叠层电池(G12H, 210mm*105mm), 光电转换效率达到32.38%。此次高效率电 池的制备，深度融合了迈为股份年产能200MW、大尺寸全面积叠层电池整线方案的多项核心技术，此 次商业级电池尺寸效率表现体现出公司叠层电池整线方案的先进性与全面性。 公司半导体设备持续向好，晶圆级混合键合设备实现批量交付。公司在保持太阳能电池生产设备优势的 基础上，立足真空、激光、精密装备三大关键技术平台，秉持以自主研发与 技术创新实现核心设备国 产化的信念，积极拓展新领域，相继研制显示面板核心设备、半导体晶圆、封装核心设备。7 月，公司 自主研发的全自动晶圆级混合键合设备成功交付国内新客户，此次 ...

1月29日，光伏设备龙头迈为股份（300751.SZ）市值蒸发，跌下千亿宝座。截至收盘报收325.73元/股， 总市值910.11亿元。 就在投资者追捧其股价时，1月7日，迈为股份发布公告，实控人周剑、王正根因个人资金需求，计划通 过集中竞价或大宗交易方式减持不超过540万股，占总股本的1.94%。以1月28日收盘价342.22元计算， 此次减持预计套现约18.48亿元。 根据公告，减持股份来源为IPO前取得及定增股份，属于股东常规流动性安排。市场对此存在两种解 读：一方面，真的属于个人资金需求。实控人周剑、王正根合计持股比例达39.35%，减持后仍保持绝 对控股地位，所以此次减持可能涉及家庭资产配置或投资多元化。另一方面，也有部分投资者担忧，太 空光伏目前确实更像一个"远期愿景"而非成熟产业，其价值主要体现在技术探索和概念炒作层面，短期 内难以转化为实际业绩，实控人减持或反映其对公司长期价值的谨慎态度。 迈为股份的异质结（HJT）电池设备技术的实验室效率较PERC电池提升了3%以上，并通过银包铜浆 料、0BB无主栅技术等创新降低银浆成本。但行业竞争日益激烈，通威股份、隆基绿能等巨头加速布局 HJT产线，设备 ...

1月29日，光伏设备龙头迈为股份（300751.SZ）市值蒸发，跌下千亿宝座。截至收盘报收325.73元/股， 总市值910.11亿元。 就在1月27日，迈为股份股价创下362.5元的历史新高，总市值突破千亿元，达到1013亿元，成为继阳光 电源、隆基绿能和特变电工之后，光伏行业第四家千亿市值企业。然而，这一光环还没维持几天，又丢 了。 值得注意的是，迈为股份股价自2025年6月以来累计涨幅超400%，动态市盈率曾达121倍，远高于行业 水平。去年11月25日，迈为股份股价仅为94.01元/股，此后，当市场传言，迈为股份拿到了SpaceX光伏 设备订单，其股价开始走高。 到了今年1月9日，又有市场消息称，SpaceX正式签单采购异质结电池生产线，金额约5亿美元，对应约 7GW年产能。受上述消息影响，该公司股价开挂。叠加太空光伏概念兴起，迈为股份股票于 1月22日、 23 日和 26 日连续三个交易日收盘价格涨幅偏离值，累计涨幅超过30%，顺势突破千亿市值。 业绩面上，迈为股份自上市以来业绩一直呈增长趋势，2020年至2024年公司的营收分别为22.85亿元、 30.95亿元、41.48亿元、80.89亿元、9 ...

Group 1 - The stock price of Maiwei Co., Ltd. dropped by 5.44% on January 30, reaching 308.02 CNY per share, with a trading volume of 1.152 billion CNY and a turnover rate of 1.88%, resulting in a total market capitalization of 86.062 billion CNY [1] - Maiwei Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on September 8, 2010. The company went public on November 9, 2018, and specializes in the design, research and development, production, and sales of high-end intelligent manufacturing equipment [1] - The main revenue composition of Maiwei Co., Ltd. includes 75.00% from solar cell complete production equipment, 18.10% from single machines, and 6.90% from accessories and others [1] Group 2 - According to data, one fund under China International Capital Corporation (CICC) holds a significant position in Maiwei Co., Ltd. The CICC Huazheng Clean Energy Index Initiation A fund (016915) held 3,800 shares in the fourth quarter, accounting for 3.11% of the fund's net value, making it the eighth largest holding [2] - The CICC Huazheng Clean Energy Index Initiation A fund was established on October 27, 2022, with a latest scale of 11.5149 million CNY. Year-to-date, it has achieved a return of 13.2%, ranking 667 out of 5,557 in its category; over the past year, it has returned 55%, ranking 1,049 out of 4,285 [2] - The fund manager, Liu Chongjin, has been in the position for 8 years and 184 days, with the total asset scale of the fund at 2.314 billion CNY. The best return during his tenure was 33.91%, while the worst was -26.57% [2]

Core Viewpoint - Maiwei Co., Ltd. experienced a 5.01% decline in stock price, closing at 325.07 CNY per share, with a trading volume of 4.807 billion CNY and a turnover rate of 7.41%, resulting in a total market capitalization of 90.826 billion CNY [1] Company Overview - Maiwei Co., Ltd. is located in Suzhou, Jiangsu Province, China, and was established on September 8, 2010, with its IPO on November 9, 2018 [1] - The company specializes in the design, research and development, production, and sales of high-end intelligent manufacturing equipment [1] - The revenue composition of the company includes 75.00% from complete solar cell production equipment, 18.10% from single machines, and 6.90% from parts and others [1] Shareholder Analysis - E Fund's Chuangye ETF (159915) is among the top ten circulating shareholders of Maiwei Co., Ltd., having reduced its holdings by 541,400 shares in the third quarter, now holding 3,224,300 shares, which accounts for 1.67% of circulating shares [2] - The estimated floating loss for E Fund's Chuangye ETF today is approximately 55.2973 million CNY [2] - The fund was established on September 20, 2011, with a current size of 100.446 billion CNY, yielding 3.85% year-to-date and 63.48% over the past year [2] Fund Performance - E Fund's Zhongzheng Photovoltaic Industry ETF (562970) holds 88,800 shares of Maiwei Co., Ltd., representing 3.01% of the fund's net value, ranking as the sixth-largest holding [4] - The estimated floating loss for this fund today is around 152,330 CNY [4] - The fund was established on October 30, 2024, with a current size of 608 million CNY, achieving a year-to-date return of 14.81% and a one-year return of 56.95% [4]

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].

证券研究报告 | 公司点评 | 光伏设备 迈为股份(300751) 报告日期：2026 年 01 月 28 日 太空 HJT 光伏星辰大海，半导体设备成长曲线加速 ——迈为股份点评报告 投资要点 ❑ 光伏设备：HJT+钙钛矿设备多轮驱动，受益地面+太空光伏新需求 公司主要产品包括：HJT 异质结电池生产线+钙钛矿叠层设备。我们认为：在白 银价格大幅上涨、及 P 型 HJT 在太空光伏的应用潜力，未来公司 HJT 设备在地面 +太空领域有望齐发力，龙头公司成长空间大。 1）光伏 HJT 设备—— 预 计 公 司 2025-2027 年 归 母 净 利 润 为 7.8/10.1/11.3 亿 元 ， 同 比 变 化 - 16%/+30%/+12%；对应 PE 为 123/95/85 倍。维持"买入"评级。 ❑ 风险提示：光伏行业技术迭代风险、半导体设备研发不及预期风险。 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 9830 | 7223 | 8593 ...

证券研究报告 | 公司点评 | 光伏设备 ——迈为股份点评报告 投资要点 ❑ 光伏设备：HJT+钙钛矿设备多轮驱动，受益地面+太空光伏新需求 公司主要产品包括：HJT 异质结电池生产线+钙钛矿叠层设备。我们认为：在白 银价格大幅上涨、及 P 型 HJT 在太空光伏的应用潜力，未来公司 HJT 设备在地面 +太空领域有望齐发力，龙头公司成长空间大。 1）光伏 HJT 设备—— （4）生产线配套设备：包括自动上下片机、转接机、烧结炉/干燥炉/固化炉/ 烘干炉、检测测试分选机等，确保生产线的高效运作。 2）光伏 HJT+钙钛矿叠层设备—— 据公司官方微信公众号，2025 年 12 月成功取得公司在叠层电池领域的首个商业 化整线订单。此次合作将助力客户建成业内领先的 G12H 全面积钙钛矿/硅异质 结叠层电池量产线。兼具高材料利用率与高生产节拍的喷墨打印技术，以及高 效率且高生产节拍的板式时间型原子层沉积(ALD)技术等。 迈为股份(300751) 报告日期：2026 年 01 月 28 日 太空 HJT 光伏星辰大海，半导体设备成长曲线加速 （2）MiniLED 领域：晶圆隐切、裂片、刺晶巨转、激光键合等全套设备； ...