东兴首席周观点：2026年第7周

Investment Rating - The industry investment rating is "看好" (positive outlook), indicating a relative performance stronger than the market benchmark index by over 5% [21]. Core Insights - The global rubidium salt market is entering a new structural expansion cycle, driven by the increasing penetration of perovskite batteries, which may lead to a compound annual growth rate (CAGR) of 115% in rubidium salt demand over the next five years [1][6]. - The penetration rate of perovskite solar cells is expected to rise significantly, from approximately 1.3% in 2025 to 30% by 2030 in the photovoltaic market, driven by their low cost and high efficiency [2][6]. - The flexible perovskite solar cells are anticipated to find applications in various fields, including building-integrated photovoltaics (BIPV), wearable devices, and vehicle power generation, enhancing industry expansion [3][5]. Summary by Sections Rubidium Salt Demand - The demand for rubidium salt is projected to increase from 37 tons in 2025 to 1696 tons by 2030, with a CAGR of 115%, driven by the growth in perovskite solar cell production [6][7]. - The perovskite battery industry is expected to see a significant increase in installed capacity, from 20 GW in 2026 to 281.7 GW by 2030, leading to a corresponding rise in rubidium salt demand from 146.7 tons to 2065.7 tons, with a CAGR of 94% [7][8]. Perovskite Battery Characteristics - Perovskite solar cells have achieved efficiencies exceeding 25%, significantly higher than other flexible solar cells, and maintain high performance under low light conditions, making them suitable for various applications [4][5]. - The lightweight and flexible nature of perovskite solar panels allows for seamless integration with building materials, positioning them as a mainstream choice in the BIPV sector [5]. Market Growth Projections - The global BIPV market is expected to grow from $16.66 billion in 2026 to $47.02 billion by 2031, with a CAGR of 23.06%, as perovskite solar cells continue to evolve and gain market share [5]. - The demand for perovskite batteries in emerging applications is projected to account for approximately 20% of total demand by 2024, driven by their unique advantages [4].