反内卷趋势无忧，太空光伏产业提速

Investment Rating - The report maintains a "Recommended" rating for the electric equipment industry [1] Core Insights - The report highlights that the trend of anti-involution is not a concern, and the space photovoltaic industry is accelerating [1] - The report discusses the recent regulatory actions in the photovoltaic sector, emphasizing the prohibition of monopolistic behaviors such as price and capacity coordination, while allowing compliance with cost-based sales and technology standard improvements [4] - The report notes a continued upward trend in industry prices, with expectations for profit recovery in 2026 as terminal demand gradually improves [4] - The rise of commercial space ventures is accelerating the development of space photovoltaic technology, with significant plans for satellite energy networks and high-efficiency energy generation [4] Summary by Sections Regulatory Environment - The market regulatory authority has halted self-regulatory actions related to the photovoltaic industry's silicon material integration platform, citing monopolistic concerns [4] - A collaborative governance framework is being established among enterprises, power generation entities, and associations to ensure compliance and quality standards [4] Industry Price Trends - The average transaction price for N-type silicon material has increased to 59,200 CNY per ton, reflecting a week-on-week increase of 9.83% [4] - Prices for N-type silicon wafers and battery cells have also seen upward adjustments, indicating a recovery in the industry [4] Space Photovoltaic Development - Elon Musk has announced plans to deploy a 100GW solar-powered satellite energy network annually, while China aims to establish gigawatt-level space data centers by 2035 [4] - Space photovoltaic technology is expected to achieve commercial viability within the next 10-15 years, driven by advancements in battery technology and reduced launch costs [4] Investment Recommendations - The report suggests focusing on companies with technological reserves in space photovoltaic, such as Junda Co., JinkoSolar, Trina Solar, and others [4] - It also recommends monitoring leading companies with strong advantages in new technologies, as well as those benefiting from anti-involution policies in the silicon material segment [4]