中银国际：国内反内卷叠加马斯克太空光伏扩产共振 光伏设备、材料有望受益

Core Viewpoint - The report from Zhongyin International highlights Elon Musk's plan to build 100GW of photovoltaic capacity, which may extend upstream to silicon materials and wafers, benefiting core equipment in silicon materials, wafers, batteries, and modules. Long-term, material companies have market expansion potential [1]. Industry Insights - The Ministry of Industry and Information Technology (MIIT) of China has reiterated the "anti-involution" theme in the photovoltaic industry, indicating a high probability of self-imposed production limits within the industry. This is aimed at preventing monopolistic risks and promoting rational development through market-oriented and legal means [1][2]. - The meeting held on January 28, 2026, emphasized the need to rectify the pricing structure across the industry chain to avoid scenarios where one segment profits excessively while others incur losses. The "anti-involution" strategy is expected to remain a key theme in 2026 [2]. Technological Developments - Musk's commitment to increasing investment in ground and space photovoltaic capacity suggests that the expansion may not be limited to batteries and modules but will also include upstream silicon materials and wafers, potentially leading to a complete photovoltaic supply chain [3]. - China is accelerating the commercialization of space photovoltaic technology, with various technical routes such as gallium arsenide, crystalline silicon, and perovskite being explored. The industry is still in its early development stages, and multiple technical paths are expected to progress simultaneously [4]. Investment Recommendations - Recommended stocks include Foster (603806.SH), Jiejia Weichuang (300724.SZ), Junda Co., Ltd. (002865.SZ), Maiwei Co., Ltd. (300751.SZ), JinkoSolar (688223.SH), Trina Solar (688599.SH), Longi Green Energy (601012.SH), and Haiyou New Materials (688680.SH). Companies to watch include Aotwei (688516.SH), Shuangliang Energy (600481.SH), Dongfang Risheng (300118.SZ), Shanghai Portwan (605598.SH), and Jing Shan Light Machinery (000821.SZ) [5].