武汉大学破解钙钛矿太阳能电池寿命难题 我国钙钛矿电池领域迎来密集突破。 2月27日早盘，A股光伏设备板块大幅上涨，其中钧达股份、双良节能（维权）、永臻股份涨停，帝尔 激光、中来股份、*ST金刚等涨幅居前，分别上涨4.96%、3.98%、2.69%。 | 代码 名称 | *● | 最新 涨幅%4 | | | | 涨跌 总量 现量 买入价 卖出价 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | BK1031 光伏设备 | | 1650.94 | 1.57 | 25.55 | 2807万 | 112 | - | 1 | | 688503 聚和材料 ■ | | 102.86 | 10.97 | 10.17 | 18.1万 | | 10 102.81 | 102.86 | | 002865 钧达股份圆 # | | 92.94 | 10.00 | 8.45 | 27.5万 | 1 | 92.94 | | | 600481 双良节能 @ * | | 9.57 | 10.00 | 0.87 | 251万 | 278 | 9.57 | - | | ...

Investment Rating - The report maintains a positive outlook on the photovoltaic equipment industry, indicating a recovery and growth trajectory for 2026, driven by space computing applications and increasing overseas ground demand. Core Insights - The photovoltaic equipment sector is characterized by both growth and cyclical attributes, with supply, demand, and technological factors resonating together [2]. - The industry is expected to enter a recovery phase in 2026, following a significant adjustment in 2025, where leading equipment manufacturers have strengthened cash flow management and reduced operational risks [5]. - The emergence of space computing applications is anticipated to expand the long-term growth potential of the photovoltaic sector, transitioning from ground energy to orbital energy systems [5]. - Overseas demand, particularly from the U.S. and the Middle East, is projected to be a significant source of incremental growth in 2026, with U.S. solar installations remaining robust and local manufacturing policies enhancing supply chain security [5]. - A new round of technological iterations is seen as a key variable for capacity reset amid supply-demand imbalances, with advancements in HJT technology expected to drive structural expansion [5]. Summary by Sections Section 1: 2025 Industry Fundamentals and 2026 Outlook - The fundamentals of leading photovoltaic equipment manufacturers are expected to bottom out in 2025, with a positive outlook for 2026 driven by recovery in equipment orders [5]. - The report highlights the importance of cash flow management and risk control among leading manufacturers, with adjustments in payment models to mitigate risks during industry downturns [9][10]. Section 2: Space Computing Applications - The report discusses the significant reduction in launch costs due to advancements in reusable rocket technology, which is expected to facilitate the deployment of space data centers powered by photovoltaic energy [38]. - The U.S. and China are leading in the planning and deployment of space computing capabilities, with ambitious goals for satellite constellations and data centers [41][42]. Section 3: Overseas Ground Demand - The U.S. market is highlighted as a key area for growth, with local manufacturing policies and high installation rates driving demand for photovoltaic equipment [5]. - The report notes that Middle Eastern countries are also increasing their solar installation plans, providing further opportunities for growth [5]. Section 4: Domestic Policy Changes and Technological Iteration - The report emphasizes the need to monitor domestic policy changes and the ongoing technological advancements within the industry, which are crucial for maintaining competitiveness [5]. Section 5: Investment Recommendations - The report recommends focusing on leading companies in the HJT technology space, such as Maiwei Co., Jinsheng Electric, and Aotwei, as well as those specializing in automation and thin silicon wafer cutting equipment [5].

Group 1 - The core view of the report indicates that the photovoltaic equipment sector is expected to recover in 2026, driven by the application of space computing power and growth in overseas ground demand [5][8] - The report highlights that the supply and demand dynamics, along with technological factors, give photovoltaic equipment both growth and cyclical attributes [2] - The report emphasizes that the leading equipment manufacturers have strengthened cash flow management through adjusted payment models, which enhances their risk control capabilities [9][10] Group 2 - The application of space computing power is accelerating, transitioning photovoltaic energy from terrestrial to orbital energy systems, thus opening up long-term growth potential [5][38] - The report notes that overseas ground demand, particularly in the U.S. and the Middle East, is expected to be a significant source of incremental growth in 2026 [5][41] - The report discusses the importance of domestic policy changes and the continuous iteration of new technologies in the photovoltaic equipment industry [5][34] Group 3 - The report suggests that the photovoltaic equipment sector is entering a new structural expansion window driven by technological upgrades, as the industry faces a supply-demand imbalance [5][56] - Investment recommendations include focusing on leading companies in HJT technology, low-oxygen monocrystalline furnaces, and automation equipment [5][34]

我们继续推荐半导体设备，关注华峰测控、强一股份、长川科技、精智达、金海通、矽电股份、精测电子、微导 纳米、迈为股份、帝尔激光等。 #光伏。 【广发机械】专用设备跟踪 #半导体设备。 海力士表示，所有客户需求都无法满足，目前DRAM及NAND库存仅剩约4周，且2026年HBM产能已全面售罄，存 储景气度依旧，价格有望继续上涨；字节的Seedance2.0以及智谱的GLM5，显示国产大模型的进步，同时春节期间 的使用体验凸显了算力的紧缺。 我们继续推荐半导体设备，关注华峰测控、强一股份、长川科技、精智达、金海通、矽电 【广发机械】专用设备跟踪 #半导体设备。 海力士表示，所有客户需求都无法满足，目前DRAM及NAND库存仅剩约4周，且2026年HBM产能已全面售罄，存 储景气度依旧，价格有望继续上涨；字节的Seedance2.0以及智谱的GLM5，显示国产大模型的进步，同时春节期间 的使用体验凸显了算力的紧缺。 聚变方面，关注永鼎股份、王子新材、联创光电、精达股份、合锻智能、国力电子、旭光电子、国光电气等；传 统裂变堆方面，关注中国铀业、江苏神通、应流股份等。 具体细节欢迎交流。 太空光伏，T启动美国太阳能工厂的 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院光伏设备行业研究小组发布的《中国光伏设备行业市场前瞻与投 资战略规划分析报告》。 行业主要上市公司：捷佳伟创(300724)、晶盛机电(300316)、迈为股份(300751)、京山轻机(000821)、连 城数控(920368)、北方华创(002371)、奥特维(688516) 金辰股份(603396)、帝尔激光(300776)、罗博特科 (300757)、高测股份(688556)、双良节能(600481) 先导智能(300450)、微导纳米(688147)、大族激光 (002008)、博硕光电(831019)、拉普拉斯(688726)、宇晶股份(002943)、京运通(601908)等 本文核心数据：光伏设备行业企业布局情况;中国光伏设备行业发展历程;中国光伏设备行业规模 光伏设备种类繁多 参考中国光伏行业协会的资料，光伏设备指光伏制造企业用于生产原料、电池及电池组件、零部件等产 品中使用的，并在反复使用中基本保持原有实物形态和功能的机器设备。 光伏设备的种类较多，主要包括硅棒/硅锭制造设备、硅片制造设备、电池片制造设备、晶体硅电池组 件制造设备、薄 ...

Group 1 - The core point of the article is that the company, 帝尔激光 (Dier Laser), has announced a collaboration with 晶科能源 (JinkoSolar) on an investor interaction platform [1] Group 2 - The collaboration indicates a strategic partnership that may enhance the company's market position and technological capabilities [1] - This partnership could potentially lead to new opportunities in the solar energy sector, aligning with industry trends towards renewable energy solutions [1]

Group 1 - Laplace surged over 10% [1] - Yabo shares achieved four consecutive trading limits [1] - Shuangliang Energy reached the daily limit [1] Group 2 - Companies such as Dier Laser, Weidao Nano, and Juhe Materials also experienced significant gains [1]

朱雀恒心一年持有（011531）基金经理为梁跃军、王一昊。 截至发稿，梁跃军累计任职时间5年256天，现任基金资产总规模51.81亿元，任职期间最佳基金回报 27.49%， 任职期间最差基金回报-41.55%。 王一昊累计任职时间4年361天，现任基金资产总规模31亿元，任职期间最佳基金回报2.91%， 任职期间 最差基金回报-26.22%。 2月12日，帝尔激光涨5.44%，截至发稿，报91.85元/股，成交7.36亿元，换手率4.95%，总市值251.67亿 元。 资料显示，武汉帝尔激光科技股份有限公司位于湖北省武汉东湖新技术开发区九龙湖街88号，成立日期 2008年4月25日，上市日期2019年5月17日，公司主营业务涉及精密激光加工解决方案的设计及其配套设 备的研发、生产和销售。主营业务收入构成为：太阳能电池激光加工设备98.79%，配件、维修及技术 服务费1.21%。 从帝尔激光十大流通股东角度 数据显示，朱雀基金旗下1只基金位居帝尔激光十大流通股东。朱雀恒心一年持有（011531）三季度减 持75.97万股，持有股数315.4万股，占流通股的比例为1.88%。根据测算，今日浮盈赚取约1494.99 ...

Summary of the Conference Call on 帝尔激光 (Dier Laser) Industry and Company Overview - The conference call discusses the solar energy industry, specifically focusing on 帝尔激光 (Dier Laser) and its role in the photovoltaic (PV) sector, particularly in the BC (Bifacial Cell) technology segment [1]. Core Points and Arguments - **Patent Licensing Agreement**: 爱旭股份 (Aixu Co.) has signed a patent licensing agreement with Maxeon Solar, which eliminates uncertainties related to potential patent disputes. This agreement facilitates smoother entry of BC products into global markets outside the United States, leveraging cost advantages associated with low-silver and silver-free technologies to expand sales [1]. - **BC Technology Value**: 帝尔激光's value in the BC cell segment is estimated at 0.6-0.8 billion CNY per GW, while the module segment is valued at 0.3-0.4 billion CNY per GW. The total value per GW reaches the billion CNY level. The company holds a 100% market share in the mass production of BC technology, benefiting from the expansion of BC production and the increase in value [1]. - **Non-Solar Business Growth**: The advanced packaging sectors, including TGV (Through Glass Via), PCB (Printed Circuit Board) ultra-fast laser drilling, and semiconductor applications, are expected to reach a turning point in growth. Orders for 2026 are projected to reach around 1 billion CNY, creating a second growth curve while continuously optimizing the profit structure [1]. - **Profit Forecast**: The expected performance for 2026 and 2027 is projected to be 700 million CNY and 900 million CNY, respectively, corresponding to price-to-earnings (PE) ratios of 35X and 27X [1]. Other Important Insights - The call emphasizes the strengthening of the photovoltaic core business as it emerges from a low point, indicating a positive outlook for the sector [1]. - The focus on non-photovoltaic business segments highlights the company's strategy to diversify and enhance its revenue streams, which may mitigate risks associated with reliance on a single industry [1].

Summary of Conference Call Notes Company and Industry Involved - The conference call discusses **Aixu Co., Ltd.** and its collaboration with **Maxeon Solar** in the **photovoltaic (PV) industry** [1] Core Points and Arguments - **Patent License Agreement**: Aixu Co., Ltd. signed a patent license agreement with Maxeon Solar, which eliminates uncertainties related to potential patent disputes. This agreement facilitates smoother entry of BC products into global markets outside the United States, leveraging cost advantages associated with low-silver and silver-free technologies [1] - **BC Product Value**: The value of BC battery cells is estimated at **0.6-0.8 billion CNY per GW**, while the value of components is around **0.3-0.4 billion CNY per GW**. The total value per GW reaches the billion CNY level. Aixu Co., Ltd. holds a **100% market share** in the mass production of BC products, benefiting from the expansion of BC production and the increase in value [1] - **Non-PV Business Growth**: The advanced packaging sectors, including TGV/PCB ultra-fast laser drilling and semiconductors, are approaching a growth inflection point. Orders for 2026 are expected to reach the **10 billion CNY** level, contributing to the establishment of a second growth curve while continuously optimizing the profit structure [1] Other Important but Possibly Overlooked Content - The emphasis on the **cost advantages** of low-silver and silver-free technologies indicates a strategic focus on reducing production costs, which may enhance competitive positioning in the global market [1] - The mention of **non-PV business** growth highlights the company's diversification strategy, which may mitigate risks associated with reliance on the PV sector alone [1]