Investment Rating - The report rates the commercial aerospace and photovoltaic equipment industry as "Overweight" [4]. Core Insights - The commercial aerospace sector is entering a new phase characterized by large-scale deployment and capability upgrades, leading to increased demand for space photovoltaic systems. The application for over 200,000 satellites in China marks a transition from "thousands" to "tens of thousands" and even "millions" of satellites, indicating a super cycle in satellite manufacturing and launching over the next decade, which will drive long-term, large-scale demand for satellite energy systems, specifically space photovoltaics [4]. - The extreme conditions in space (high radiation, large temperature differences, vacuum) necessitate stringent requirements, leading to continuous iterations in space photovoltaic technology. The current mature solution is gallium arsenide (GaAs) multi-junction cells, which have high conversion efficiency (generally exceeding 30%) and good radiation resistance, but are extremely expensive and have limited production capacity. The short to medium-term scalable path is the HJT (Heterojunction) battery, which is more cost-effective for mass production despite lower absolute efficiency and radiation resistance compared to GaAs. Long-term potential directions include perovskite and tandem batteries, which have high theoretical efficiency limits and lightweight properties, but face challenges in long-term stability [4]. - Key equipment suppliers to focus on include Maiwei Co., Ltd. (HJT production line equipment), High Measurement Co., Ltd. (integrated slicing and processing services), Aotwei (module string welding equipment), and others. Battery module manufacturers include Yunda Co., Ltd. (collaborating on perovskite technology applications) and Trina Solar [4]. Summary by Sections Industry Overview - The commercial aerospace market in China is expected to expand significantly due to the submission of over 200,000 satellite constellation applications, which will stimulate demand across multiple segments including satellite manufacturing and rocket launching [2]. Technology Development - The report highlights the transition from traditional satellite power supply units to essential energy infrastructure for future space economies, driven by advancements in space computing and AI data centers powered by space photovoltaics [4]. Key Companies and Valuations - The report provides a valuation table for key companies in the industry, including Maiwei Co., Ltd. with a market cap of 66.5 billion and projected net profits for 2026 of 970 million, and others like Aotwei and High Measurement with varying financial forecasts [5].

| 证券代码：300776 | 证券简称：帝尔激光 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：123121 | 债券简称：帝尔转债 | | 武汉帝尔激光科技股份有限公司 1、债券代码：123121 2、债券简称：帝尔转债 权利。因此，《武汉帝尔激光科技股份有限公司向不特定对象发行可转换公司债 券募集说明书》约定的"帝尔转债"附加回售条款生效。具体详见公司于 2026 年 1 月 12 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于帝尔转债回售的 第一次提示性公告》（公告编号：2026-004）。 根据《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》 的规定，可转债实施回售的，应当暂停可转债转股。经向深圳证券交易所申请， "帝尔转债"在回售申报期间暂停转股，暂停转股期为五个交易日，即 2026 年 1 月 13 日（星期二）至 2026 年 1 月 19 日（星期一）期间内暂停转股。 根据相关规定，"帝尔转债"将在本次回售申报期结束的次一交易日，即 2026 年 1 月 20 日（星期二）起恢复转股。敬请公司可转债持有人留意。 ...

Group 1 - The A-share market experienced fluctuations on January 19, with the ChiNext New Energy ETF Huaxia (159368) slightly declining by 0.26% in the afternoon [1] - Notable stock performances included Taisheng Wind Power rising by 13.19%, Maiwei Co. increasing by 9.61%, Yingjie Electric gaining 8.07%, and Dier Laser up by 4.91% [1] - The ChiNext New Energy ETF Huaxia (159368) has seen a net inflow of over 51 million yuan in the past five days, with a trading volume of 99.48 million yuan, making it the largest in its category [1] Group 2 - On January 16, six departments, including the Ministry of Industry and Information Technology and the National Development and Reform Commission, released a temporary management measure for the recycling and comprehensive utilization of used power batteries for new energy vehicles, effective from April 1, 2026 [1] - The core of the new regulation emphasizes a "vehicle-battery integrated scrapping" system, aiming to establish a management system covering "all channels, all chains, and all life cycles" and to introduce a "digital identity" for power batteries [1] - According to research institutions, it is estimated that by 2030, the amount of used power batteries generated in China will exceed 1 million tons, highlighting the need for a structured recycling system [1] Group 3 - The ChiNext New Energy ETF Huaxia (159368) is the largest ETF fund tracking the ChiNext New Energy Index, which includes various sectors such as batteries and photovoltaics [2] - The fund has high elasticity, with a potential increase of up to 20%, and the lowest fee rate, with a combined management and custody fee of only 0.2% [2] - As of December 30, 2025, the fund's scale is projected to reach 676 million yuan, with an average daily trading volume of 70.75 million yuan over the past month [2]

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

| 证券代码：300776 | 证券简称：帝尔激光 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：123121 | 债券简称：帝尔转债 | | 6、回售申报期内"帝尔转债"暂停转股。 7、"帝尔转债"持有人有权选择是否进行回售，本次回售不具有强制性。 武汉帝尔激光科技股份有限公司 关于帝尔转债回售的第三次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、回售价格：101.103 元/张（含息、税） 2、回售申报期：2026 年 1 月 13 日至 2026 年 1 月 19 日 3、发行人资金到账日：2026 年 1 月 22 日 4、回售款划拨日：2026 年 1 月 23 日 5、投资者回售款到账日：2026 年 1 月 26 日 8、在回售资金到账日之前，如持有的本期债券发生司法冻结或划扣等情形， 债券持有人本次回售申报业务失效。 9、风险提示：投资者选择回售等同于以 101.103 元/张（含息、税）卖出持 有的"帝尔转债"。截至目前，"帝尔转债"的收盘价格高于本次回售价格，投 资者 ...

每经AI快讯，1月14日，帝尔激光（300776）在互动平台表示，公司的TGV激光微孔设备，通过精密控 制系统及激光改质技术，实现对不同材质的玻璃基板进行微孔、微槽加工，为后续的金属化工艺实现提 供条件，可应用于半导体芯片封装、显示芯片封装等相关领域。目前公司已经完成面板级玻璃基板通孔 设备的出货，实现了晶圆级和面板级TGV封装激光技术的全面覆盖。 ...

格隆汇1月14日丨帝尔激光(300776.SZ)在投资者互动平台表示，公司的TGV激光微孔设备，通过精密控 制系统及激光改质技术，实现对不同材质的玻璃基板进行微孔、微槽加工，为后续的金属化工艺实现提 供条件，可应用于半导体芯片封装、显示芯片封装等相关领域。目前公司已经完成面板级玻璃基板通孔 设备的出货，实现了晶圆级和面板级TGV封装激光技术的全面覆盖。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 | 证券代码：300776 | 证券简称：帝尔激光 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：123121 | 债券简称：帝尔转债 | | 武汉帝尔激光科技股份有限公司 关于帝尔转债回售的第二次提示性公告 特别提示： 1、回售价格：101.103 元/张（含息、税） 2、回售申报期：2026 年 1 月 13 日至 2026 年 1 月 19 日 3、发行人资金到账日：2026 年 1 月 22 日 4、回售款划拨日：2026 年 1 月 23 日 5、投资者回售款到账日：2026 年 1 月 26 日 6、回售申报期内"帝尔转债"暂停转股。 7、"帝尔转债"持有人有权选择是否进行回售，本次回售不具有强制性。 8、在回售资金到账日之前，如持有的本期债券发生司法冻结或划扣等情形， 债券持有人本次回售申报业务失效。 9、风险提示：投资者选择回售等同于以 101.103 元/张（含息、税）卖出持 有的"帝尔转债"。截至目前，"帝尔转债"的收盘价格高于本次回售价格，投 资者 ...

| 证券代码：300776 | 证券简称：帝尔激光 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：123121 | 债券简称：帝尔转债 | | 武汉帝尔激光科技股份有限公司 关于回售期间帝尔转债暂停转股的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 经中国证券监督管理委员会"证监许可[2021]2379 号"文核准，武汉帝尔激 光科技股份有限公司（以下简称"公司"）于 2021 年 8 月 5 日向不特定对象发 行了 840 万张可转换公司债券（以下简称"可转债"），每张面值 100 元，发行 总额 84,000.00 万元。经深圳证券交易所同意，公司 84,000.00 万元可转债于 2021 年 8 月 27 日在深圳证券交易所挂牌交易，债券简称"帝尔转债"，债券代码 "123121"。 根据《武汉帝尔激光科技股份有限公司向不特定对象发行可转换公司债券募 集说明书》（以下简称《募集说明书》）的约定，"帝尔转债"转股期自可转债 发行结束之日（2021 年 8 月 11 日）起满六个月后的第 ...

| 证券代码：300776 | 证券简称：帝尔激光 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：123121 | 债券简称：帝尔转债 | | 武汉帝尔激光科技股份有限公司 关于帝尔转债回售的第一次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、回售价格：101.103 元/张（含息、税） 3、发行人资金到账日：2026 年 1 月 22 日 4、回售款划拨日：2026 年 1 月 23 日 5、投资者回售款到账日：2026 年 1 月 26 日 6、回售申报期内"帝尔转债"暂停转股。 7、"帝尔转债"持有人有权选择是否进行回售，本次回售不具有强制性。 8、在回售资金到账日之前，如持有的本期债券发生司法冻结或划扣等情形， 债券持有人本次回售申报业务失效。 9、风险提示：投资者选择回售等同于以 101.103 元/张（含息、税）卖出持 有的"帝尔转债"。截至目前，"帝尔转债"的收盘价格高于本次回售价格，投 资者选择回售可能会带来损失，敬请投资者注意风险。 武汉帝尔激光科技股份有限公司（以下简 ...