光伏的逆袭：马斯克的光伏第一性原理 20260126 北美地区光伏市场的资本开支需求如何？ 根据马斯克的表态，北美地区地面光伏的资本开支需求达到 100GW。此外， 从多晶硅还原炉、硅片切割、电池片到组件，整个地面光伏部分的资本开支已 经达到千亿级别。未来几年，这一领域将具有非常充足的业绩弹性。 太空光伏技术的发展前景如何？ 太空光伏技术的发展前景广阔，主要体现在两个方面：一是商业航天不断催化 下，对关键资源争夺的紧迫性；二是算力需求持续爆发以及用电供给瓶颈背景 下，太空和地面的用能需求中，光伏作为度电成本最低的能源形式，是最优解。 根据测算，每瓦算力至少需要配比 1.5~2 瓦的光伏发电能力，以马斯克每年 100GW 太空算力需求为例，对应每年 200GW 太空光伏需求。按当前单瓦价 值量 60 元计算，市场空间超过 12 万亿元。 阿特斯、晶科能源、天合光能和隆基股份等中国企业在美国市场具有竞 争优势，已建立本土化产能和品牌优势，有望充分受益于美国光伏市场 需求爆发。 正泰股份、东方日升、上海港湾和铭扬智能等公司在国内太空光伏建设 中值得关注，它们在技术积累、资源优势及前瞻性投入方面具有优势。 马斯克宣布 ...

证券时报·数据宝统计显示，拉普拉斯今日收盘价为57.01元，上涨2.65%，日换手率为22.14%，成交额 为28.42亿元，全天主力资金净流出9711.34万元，近5日该股累计上涨30.46%，近5日资金合计净流出 6791.90万元。 两融数据显示，该股最新融资余额为3.77亿元，近5日增加7438.03万元，增幅为24.56%。 据天眼查APP显示，拉普拉斯新能源科技股份有限公司成立于2016年05月09日，注册资本40532.6189万 人民币。（数据宝） 拉普拉斯1月26日大宗交易平台共发生11笔成交，合计成交量92.80万股，成交金额4591.21万元。以折溢 价进行统计，今日11笔大宗交易成交价相对收盘价均为折价交易。从参与大宗交易营业部来看，机构专 用席位共出现在3笔成交的买方或卖方营业部中，合计成交金额为1401.75万元，净买入1401.75万元。 进一步统计，近3个月内该股累计发生26笔大宗交易，合计成交金额为2.11亿元。 （文章来源：证券时报网） 1月26日拉普拉斯大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | - ...

格隆汇1月26日丨拉普拉斯(688726.SH)公布，公司关注到近期资本市场对"太空光伏"等概念关注度较 高，相关板块二级市场表现较为活跃。目前"太空光伏"尚处技术探索阶段，产业化进程受技术发展、行 业政策、市场环境等多方面因素影响，仍面临较大不确定性。"太空光伏"目前未对公司经营业绩形成实 质影响，相关预期性利好对公司实际经营业绩的影响也具有较大不确定性，请投资者注意理性判断。 ...

拉普拉斯新能源科技股份有限公司（以下简称"公司"或"本公司"） 股票于 2026 年 1 月 22 日、1 月 23 日、1 月 26 日连续三个交易日内日收盘价格 涨幅偏离值累计超过 30%。根据《上海证券交易所交易规则》《上海证券交易所 科创板股票异常交易实时监控细则》等有关规定，属于股票交易异常波动的情形。 经公司自查并向实际控制人核实，截至本公告披露日，公司日常经营情 况正常，未发生重大变化，不存在应披露而未披露的重大信息。 公司关注到近期资本市场对"太空光伏"等概念关注度较高，相关板块 二级市场表现较为活跃。目前"太空光伏"尚处技术探索阶段，产业化进程受技 术发展、行业政策、市场环境等多方面因素影响，仍面临较大不确定性。"太空 光伏"目前未对公司经营业绩形成实质影响，相关预期性利好对公司实际经营业 绩的影响也具有较大不确定性，请投资者注意理性判断。 光伏行业正处于阶段性供需失衡的深度调整期。公司作为光伏电池片核 心设备供应商，订单获取受行业需求与价格趋势、技术发展阶段、政策环境及下 游客户产品竞争力等多方面因素影响，应收款项回款受下游客户财务状况影响， 敬请投资者关注光伏行业深度调整带来的潜在风险。 ...

拉普拉斯公告，公司关注到近期资本市场对"太空光伏"等概念关注度较高，相关板块二级市场表现较为 活跃。目前"太空光伏"尚处技术探索阶段，产业化进程受技术发展、行业政策、市场环境等多方面因素 影响，仍面临较大不确定性。"太空光伏"目前未对公司经营业绩形成实质影响，相关预期性利好对公司 实际经营业绩的影响也具有较大不确定性，请投资者注意理性判断。 ...

科创50指数今日下跌1.35%，报收1532.80点，科创板全日成交量72.88亿股，成交额3449.46亿元，加权 平均换手率为3.70%。 证券时报·数据宝统计显示，今日可交易科创板股中，109只股收盘上涨，涨幅超过10%的有9只，其 中，之江生物、优刻得、瑞华泰等4股涨停，涨幅在5%至10%的有21只，收盘下跌的有488只，跌幅超 10%的有9只。 科创板股换手率区间分布显示，换手率超过20%的有4只，换手率10%~20%的有28只，换手率5%~10% 的142只，换手率3%~5%的149只，换手率1%~3%的240只，换手率不足1%的有37只。 1月26日科创板换手率居前个股 | 代码 | 简称 | 最新收盘价 | 日涨跌幅（%） | 日换手率（%） | 资金净流入（万元） | | --- | --- | --- | --- | --- | --- | | 688158 | 优刻得 | 39.13 | 19.99 | 30.41 | 67945.51 | | 688316 | 青云科技 | 81.49 | 7.11 | 24.00 | 6612.83 | | 688726 | 拉普拉斯 | 57.01 ...

1月26日，拉普拉斯大宗交易成交92.8万股，成交额4591.21万元，占当日总成交额的1.59%，成交均价49.47元，较市场收盘价57.01元折价13.22%，其中最高 成交价56.15元，最低成交价47.89元。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) | 成交金额(万元) | 成交量(*) | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-26 | 拉普拉斯 | 688726 | 47.89 | 220.29 | 4.6 | 公司南京的公司 | | | 2026-01-26 | 拉普拉斯 | 688726 | 47.89 | 220.29 | 4.6 | | | | 2026-01-26 | 拉普拉斯 | 688726 | 47.89 | 220.29 | 4.6 | | | | 2026-01-26 | 拉普拉斯 | 688726 | 47.89 | 220.29 | 4.6 | | | | 2026-01-26 | 拉普拉斯 | 688726 | 47.89 | 220.2 ...

Investment Rating - The industry investment rating is "Overweight" (Maintain) [2] Core Viewpoints - The global computing power construction is accelerating, leading to a rapid increase in photovoltaic demand. Elon Musk announced plans for SpaceX and Tesla to achieve a combined photovoltaic capacity of approximately 200GW in the U.S. within three years [3][4] - The photovoltaic technology routes for ground and space applications are diversifying, with TOPCon, HJT, and perovskite technologies expected to grow in parallel. The report is optimistic about the development potential of these technologies in the context of large-scale overseas photovoltaic capacity construction [3][4][6] - The energy supply for AI applications is currently a bottleneck, with AI chip production growing exponentially while power supply only increases by 4% annually. Photovoltaics are seen as a key solution to this energy bottleneck, with the potential for hundreds of terawatts of power generation from space photovoltaics in the future [4] Summary by Sections Section: Ground and Space Computing Power - Ground computing power is expected to add 97GW capacity globally between 2025 and 2030, driven by the expansion of large-scale cloud services and AI demand, resulting in a CAGR of 14%. This will increase total capacity to over 200GW and raise electricity demand from data centers significantly [5] - Space computing power is becoming more economically viable due to the long-term decline in commercial space launch costs. Plans for space data centers are being developed, with significant capacity expected in the coming years [5] Section: Photovoltaic Technology Routes - In space photovoltaics, gallium arsenide batteries are currently the mainstream technology due to their high efficiency and radiation resistance, but their high cost limits their use in large-scale satellite networks. Perovskite and P-type HJT batteries show promise for space applications due to their better performance and lower manufacturing costs [6] - Ground photovoltaic technologies like TOPCon are expected to maintain a leading market share due to their good low-irradiation performance and commercial maturity [6] Section: Equipment Companies - Companies involved in photovoltaic equipment are likely to see an increase in orders due to Musk's plans for photovoltaic capacity. Key players include: - Maiwei Co., a leader in HJT equipment benefiting from P-type HJT and perovskite applications in space - Aotwei, which provides equipment for both space and ground photovoltaic capacity - Gaoce Co., a leader in wafer cutting technology, expected to benefit from the trend towards thinner solar cells in space applications [7]

Core Viewpoint - The space photovoltaic equipment industry is entering a new phase, with p-type HJT solar cells being identified as the most suitable technology for space applications due to their superior radiation resistance and other advantages [1][2]. Group 1: Technological Advancements - P-type silicon solar cells exhibit significantly better radiation resistance compared to n-type cells, making p-type HJT cells the optimal choice for space scenarios [2]. - HJT cells offer benefits such as thin-film design, low silver consumption, low degradation, and low temperature coefficient, which enhance their suitability for space applications [2]. - The perovskite technology has achieved GW-level production capacity, with a clear industrialization path, positioning it as a potential ultimate solution for space photovoltaics [2]. Group 2: Market Opportunities - The extreme conditions in space, including high-energy cosmic radiation and temperature fluctuations, impose strict requirements on photovoltaic cells, creating a market for advanced solar technologies [1]. - The planned deployment of 100GW solar AI satellites by SpaceX within five years indicates a significant growth opportunity in the space photovoltaic sector, driven by the high value of space solar cells [3]. - The combination of a burgeoning 100GW space computing market and the high unit value of space photovoltaic batteries is expected to open new growth avenues for the photovoltaic industry [3]. Group 3: Beneficiary Companies - Key equipment manufacturers benefiting from advancements in space photovoltaic technology include Maiwei Co., Ltd. (300751.SZ), Jiejia Weichuang (300724.SZ), and Laplace (688726.SH) [4]. - Battery manufacturers with a strong focus on space photovoltaic technology include Dongfang Risen (300118.SZ), Junda Co., Ltd. (002865.SZ), and Trina Solar (688599.SH) [4].

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]