国金证券：从高可靠性迈向高性价比，太空光伏超高壁垒铸就蓝海市场

Core Viewpoint - The report from Guojin Securities highlights "space photovoltaics" as one of the strongest new energy themes expected to persist through 2026, driven by solid and urgent investment logic [1] Group 1: Investment Logic - Uniqueness: Photovoltaics are currently the only viable and reliable power supply solution for long-term operation of all spacecraft in orbit, with no alternative technology path available [1] - Urgency: The International Telecommunication Union (ITU) has established a "first come, first served" rule for near-Earth orbit and spectrum resources, making the number of satellite launches and deployment speed critical to national space strategy and commercial initiative, thus driving the urgent demand for high-cost performance and lightweight space solar energy systems [1]