商业航天产业趋势已来，关注太空光伏新技术方向

Investment Rating - The industry investment rating is "In line with the market" and the rating has been maintained [2][8]. Core Insights - The report highlights that the profitability pressure in the photovoltaic equipment sector remains significant, but there are signs of operational improvement [3][8]. - The commercial aerospace industry is experiencing a trend that is expected to benefit space photovoltaic technologies, driven by increased satellite launches and technological advancements [5][7]. - The report emphasizes the potential for new photovoltaic technologies, such as HJT and perovskite solar cells, to gain traction in the commercial aerospace sector [8]. Summary by Sections - Industry Performance: The photovoltaic equipment sector has shown a 12.22% increase over 1 month, 14.66% over 3 months, and 44.01% over 12 months, outperforming the CSI 300 index [6]. - Commercial Aerospace Developments: China has submitted applications for 203,000 satellites, marking the largest frequency and orbital resource application to date, which is expected to activate the entire satellite manufacturing, launching, and operation industry chain [7]. - Investment Recommendations: The report suggests focusing on equipment manufacturers, material suppliers, and producers with strong technological reserves in the context of accelerating commercialization in the aerospace industry [8].