Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - The importance of aerospace and satellite technology is increasingly recognized, with the acceleration of space infrastructure construction benefiting the related industry chain in the long term [2][12] - The report highlights significant recent developments in the commercial aerospace and satellite industry, including the launch of new satellite networks and rockets, which are expected to enhance the application potential of satellite infrastructure [1][11] - The report suggests focusing on incremental directions in space infrastructure, such as space computing power, 3D printing, terminal direct connection, and inter-satellite connectivity, as well as value-enhancing segments in low Earth orbit satellites [2][12] Summary by Sections Industry Performance - The report indicates that the industry has shown a relative return of 14.7% over the past month, 9.2% over three months, and 23.8% over twelve months, with absolute returns of 16.5%, 11.2%, and 47.4% respectively [6][13] Recent Developments - The report details various recent events, including the launch of the "TeraWave" satellite communication network by Blue Origin, which will consist of 5,408 low Earth orbit satellites, and the successful launch of multiple satellites by different companies [1][11] - It also mentions the approval of policies in Beijing to support the development of commercial satellite remote sensing data resources from 2026 to 2030, indicating a favorable regulatory environment for the industry [1][11] Investment Focus - The report recommends paying attention to companies involved in satellite and space asset management, safety, and applications, as well as those engaged in testing and simulation services [2][12]

财达期货｜股指期货周报 财达期货｜股指期货周报 2026-1-26 姓名：李津文 从业资格号： F0244287 投资咨询号： Z0012495 分化整理，小强大弱 研究员 行情回顾: 上周四个股指期货品种走势以分化整理为主，其中中证 500 和 中证 1000 的涨幅相对较大。四个股指期货品种基差贴水深度大幅 改善，主力合约开启期货升水模式。期指主力合约期货-现货基差， IH 收于 5.61，IF 收于 6.70，IC 收于 68.03，IM 收于 45.86。 上周 A 股市场走出分化整理的行情，沪深两市周线收阳，中小 指数走势偏强，两市日成交额维持在 2.5 万亿之上，周五突破 3 万 亿，资金交投意愿较强，赚钱效应从结构性扩散至全市场。从板块 表现来看，马斯克宣布 SpaceX 与特斯拉三年建 200GW 太空光伏产 能，叠加"十五五"规划支持，太空光伏+商业航天板块热度持续; 受益于央行结构性降息、全球供应链重构及地缘风险，基本金属与 贵金属同步走强;电网设备受益于万亿级投资计划与业绩确定性; 半导体国产替代与技术迭代逻辑未变;资金偏好从低弹性转向高成 长，大金融(银行/保险/券商)全周持续调整;白 ...

IT之家 1 月 26 日消息，埃隆 · 马斯克阐述了他认为特斯拉和 SpaceX 终将远超竞争对手的原因，指出自动驾驶、机器人技术以及天基能源这三大力量将从根 本上重塑经济规模。 马斯克近期在社交平台 X 上发布了两条推文，称上述两家公司所处的领域，其发展并非呈线性增长，而是指数级增长。 有 X 平台用户指出，SpaceX 的估值已超过美国六大国防公司的总和。马斯克对此回应称，天基产业的经济价值最终将超越地球经济的总价值。他表示，太 空能为人类提供的能源总量约为地球的十万倍，而这些能源仍然不到太阳能量的百万分之一。 IT之家注意到，在后续发布的推文中，马斯克还称："凭借自动驾驶技术，特斯拉的市值已超过其他所有汽车厂商的总和。"他补充称，这一估值还未将特斯 拉的人形机器人"擎天柱"（Optimus）纳入考量。这位首席执行官表示，一旦擎天柱实现规模化量产，有望将全球 GDP 提升一个数量级。 ...

Group 1: AI Industry Insights - Baidu and Tencent are launching cash red envelope promotions to boost AI application usage during the Spring Festival, with Baidu offering 500 million yuan and Tencent 1 billion yuan in total rewards, potentially increasing AI application frequency across the industry [2] - The NAND flash memory prices have surged over 100% in Q1 2026, exceeding market expectations, as Samsung Electronics has completed supply contract negotiations, indicating a strong recovery in the storage industry [3] Group 2: Company Performance Forecasts - Sitway (688213.SH) expects 2025 revenue between 8.8 billion to 9.2 billion yuan, a year-on-year increase of 47% to 54%, with net profit projected at approximately 980 million to 1.03 billion yuan, reflecting a growth of 149% to 162% [4] - Bailong Chuangyuan reported a 2025 revenue of 1.379 billion yuan, up 19.75% year-on-year, and a net profit of 366 million yuan, up 48.94%, driven by product structure optimization and high-margin product prioritization [10] - Qingsong Co. forecasts 2025 revenue of about 2.22 billion yuan, a 14% increase, with net profit expected to grow 1.4 to 2 times, attributed to a strategic focus on high-margin cosmetics ODM business [11] - Rongjie Health anticipates a net profit of 75 to 88 million yuan in 2025, representing a growth of 60% to 88%, driven by the strong performance of health products, particularly high-margin infrared therapy sauna rooms [12]

国泰海通发布研报称，太阳能是商业航天中唯一可靠的能源，并且其光照强度约为地面光伏的5-10倍， 发电量较地面成倍提升。目前海外如SpaceX等企业在火箭发射等方面具备成本优势，催生了低轨卫星 互联网等商用场景的发展，未来太空数据中心等商业模式有望得到大力开发，国内厂商凭借在晶硅和钙 钛矿等技术上的成本和技术优势，将在太空数据中心的能源供应中扮演重要角色。 国泰海通主要观点如下： 发展契机 目前砷化镓是太空能源的主流路线，晶硅和钙钛矿技术的成本和效率正不断提升，砷化镓性价比提升空 间相对有限。太空数据中心未来的需求潜力较大，而砷化镓的成本和供给受到一定的约束，企业已开始 探索使用晶硅和钙钛矿叠层方案，部分晶硅企业已开始成功出货。 技术路线 该行认为，如果发展太空数据中心等商业场景，经济性将成为一个重要的因素，钙钛矿和晶硅凭借较好 的成本优势有机会取得成功。根据Starcloud的白皮书，能源成本是太空数据中心的最大成本变数，根据 该行测算，晶硅组件的供应最成熟，在制造成本端有较为明显的优势，而钙钛矿组件由于质量比功率的 优势，能够显著降低发射成本。 市场前景 马斯克称每年要在太空部署100GW的AI算力，如果马 ...

Investment Rating - The investment rating for the photovoltaic equipment industry is optimistic (maintained) [1] Core Insights - The photovoltaic sector is entering a silicon era in space applications, driven by the need for cost reduction and efficiency improvement in photovoltaic technology [5][18] - Photovoltaic systems are the most reliable and sustainable power source for spacecraft, providing stable energy supply without the need for fuel resupply [18] - The transition to silicon-based photovoltaic technology in space is being accelerated by the high costs and limitations of III-V multi-junction solar cells, which are currently the most efficient but expensive [64][67] Summary by Sections 1. From Parallel to Convergence: Space Enters the Silicon Era - Photovoltaics are the most important energy supply for spacecraft, providing stable energy without atmospheric interference [18] - Cost reduction and efficiency improvement are the main drivers for the evolution of photovoltaic technology [19] - P-type HJT (Heterojunction Technology) cells show significant advantages in space applications due to their superior radiation resistance [6][69] - Silicon-perovskite tandem cells are expected to become the ultimate solution, breaking the efficiency-cost-radiation resistance triangle [6][68] 2. The Space Race Begins: Photovoltaics Open New Blue Oceans - Low Earth orbit communication satellites are driving the demand for large-scale satellite deployment [7] - The space computing market is expected to release significant potential, with a focus on reliable power supply rather than cost competition [7] 3. Pre-Volume Layout: Equipment Manufacturers Seize Opportunities - Key equipment manufacturers benefiting from the space photovoltaic technology include Maiwei, Jiejia Weichuang, Laplace, and others [8] 4. Competition Among Giants: Leading Manufacturers Tap into Blue Oceans - Major battery manufacturers deeply involved in space photovoltaic technology include Dongfang Risheng, Junda, Trina Solar, and JinkoSolar [8]

Core Viewpoint - Elon Musk predicts that space-based industries will surpass the value of all terrestrial industries combined, emphasizing the vast potential of harnessing solar energy from space [2]. Group 1: Space Industry Valuation - Musk stated that SpaceX is more valuable than all six major US defense companies combined, highlighting the growing significance of the space sector [2]. - He believes that space-based industries could reach a total valuation of $100 trillion, with plans for lunar factories and orbital data centers for AI [3]. Group 2: Energy Potential - Musk argues that even if humanity could harness 100,000 times more solar energy than what is available on Earth, it would still represent less than a millionth of the Sun's total energy output, indicating the immense energy potential in space [2]. Group 3: Criticism and Market Sentiment - James Chanos, a notable short-seller, criticized Musk's comments, suggesting that the total addressable market (TAM) for space companies is theoretically infinite, which he views with skepticism [4].

1月26日，太空光伏概念股再度走高。截至上午收盘，明阳智能（601615）、拓日新能（002218）、协 鑫集成（002506）等个股强势封板；双良节能（600481）、钧达股份（002865）等多股涨幅居前。 消息面上，当地时间1月22日，特斯拉CEO埃隆·马斯克在瑞士达沃斯世界经济论坛年会期间，在与贝莱 德CEO拉里·芬克的对谈中明确力挺太空光伏，并披露关键产能规划。他表示，SpaceX与特斯拉正同步 推进太阳能产能提升，目标在未来三年内实现每年100GW的太阳能制造能力，用于地面数据中心与太 空AI卫星供能。 阿特斯虽未大规模投入，但强调其在HJT和钙钛矿叠层技术方面具备批量化生产能力，将持续跟踪商业 航天机遇。鹿山新材（603051）则深耕太空光伏封装多年，已提出三种专用封装方案，并申请多项专 利，明确表态将"配合国家航天战略发展需求"。海目星正与头部光伏企业联合研发钙钛矿叠层电池，目 标直指低轨卫星及太空算力发电。中来股份（300393）也在开发适配太空环境的背板产品，并推进钙钛 矿晶硅叠层技术研发。此外，奥特维、晶盛机电（300316）等设备厂商也表示正积极拓展太空光伏相关 设备与技术边界。 钧达 ...

Group 1 - SpaceX plans to launch the second generation of its Starlink satellite communication system in 2027, with overall capacity expected to increase by over 100 times and data throughput capability to improve by more than 20 times compared to the first generation [2][12] - The global rocket launch service market reached USD 16.45 billion in 2023 and is projected to exceed USD 50 billion by 2032, with a compound annual growth rate (CAGR) of 13% from 2023 to 2032 [2][25] - The upstream materials and core components account for 85%-90% of the total cost of rockets, with liquid engine manufacturing constituting approximately 50% of the total cost [2][18] Group 2 - The North Exchange technology growth stocks saw a median price change of +1.25% from January 19 to January 23, 2026, with 108 companies (71%) experiencing an increase [2][44] - The median price-to-earnings (P/E) ratio for the information technology industry increased by 7.40% to 83.6X, while the median market capitalization rose from CNY 2.68 billion to CNY 2.77 billion [2][50] - The North Exchange electronic equipment industry saw its median P/E ratio rise from 62.3X to 65.8X, with the total market capitalization increasing from CNY 148.39 billion to CNY 153.9 billion [2][52] Group 3 - The North Exchange rocket industry chain includes six companies: Xingtou Measurement and Control, Minshida, Suzhou Axis, Xingchen Technology, Kelong New Materials, and KQ Co., Ltd [2][40] - The average launch cost for China's satellite launches is expected to reach CNY 45,000 per kilogram by 2029, while SpaceX's Falcon 9 has a launch cost of CNY 20,000 per kilogram [2][38][37] - The commercial space market in China is projected to grow at an annual rate of over 20%, potentially reaching CNY 9 trillion by 2030 [2][24]

中国工程院院士李立浧、智元机器人CMO邱恒、演员黄景瑜、探路者品牌创始人王静、啟赋资本董事 长傅哲宽等业界名流，甚至还有硅基生物众擎机器人PM01，即将成为国内首批太空游客。 而将前述游客送"上天"的创业者，正是90后湘妹子、穿越者创始人兼CEO——雷诗情。 1月22日，雷诗情身着干练西装，亮相穿越者太空旅游全球发布会，向外界公布了穿越者的商业载人航 天产品线规划。 按照穿越者规划的蓝图，其将在2028年前后实现首飞，将游客送至距地面100公里的"卡门线"；2032年 挺进距地400公里的轨道；2038年进一步突破至月球轨道，开启地月空间探索之旅。 目前，穿越者公布了其三步走的技术路线。第一步在第3-4年，实现亚轨道可重复使用商业载人飞船 （CYZ1）研制，2028年实现中国乃至亚洲的太空旅游，开启普通人、商业载荷低成本、常态化上太空 新纪元。 第二步是在第6-10年，实现入轨级可重复使用商业载人飞船（CYZ2）研制和目标飞行器交会对接，以 及点对点运输，实现普通人、商业载荷上太空的层次升级，为国家送人送货，开展太空酒店常态化运 营，开启太空商业综合体建设，全球1小时到达洲际运输，颠覆长旅行交通运输方式。 第 ...