北京市金杜律师事务所上海分所 关于天合光能股份有限公司 "天 23 转债"2026 年第一次债券持有人会议之法律意见书 致：天合光能股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受天合光能股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）等中华人民共和国境内（以下 简称中国境内，为本法律意见书之目的，不包括香港特别行政区、澳门特别行政 区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件和《天合光能 股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称《募集 说明书》）、《天合光能股份有限公司可转换公司债券持有人会议规则》（以下简称 《债券持有人会议规则》）的规定，指派律师对公司于 2026 年 2 月 9 日召开的 天合光能股份有限公司"天 23 转债"2026 年第一次债券持有人（以下简称本次 债券持有人会议）进行见证，并就本次债券持有人会议相关事项出具本法律意见 书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 6. 公司本次债券持有人会议其他会议文件。 1. ...

Core Viewpoint - The space photovoltaic concept has gained significant attention in the capital market, with the Wind space photovoltaic index rising by 5.72% on February 9 and accumulating a 23.33% increase over the past month, driven by news of Elon Musk's team investigating Chinese photovoltaic companies and the acceleration of commercial space development [1] Group 1: Market Performance - The space photovoltaic index has become one of the most watched sectors in the capital market, with notable stock price increases for companies such as Tuojin New Energy (up 70.09%), Zhonglai Co., Mingyang Smart Energy, and Junda Co. (each over 40%) in the past month [1] - Several companies, including JinkoSolar and Trina Solar, have clarified that they have not engaged in any cooperation with Musk's team and that the related business does not materially impact their current performance [1][2] Group 2: Company Responses - JinkoSolar announced that it has not entered into any agreements or orders with Musk's team, despite market rumors [1] - Trina Solar also confirmed that it has no cooperation with SpaceX and has not signed any formal agreements [1] - Other companies like GCL-Poly and Zhongli Group stated that their photovoltaic businesses do not involve space photovoltaic fields and that the concept is still in the early exploration and research stages [2] Group 3: Industry Development - The space photovoltaic technology is still in its early development phase, with significant uncertainties regarding its commercialization path, cost structure, and operational systems [2] - According to the China Photovoltaic Industry Association, gallium arsenide (GaAs) batteries are currently the mainstream choice for commercial space applications due to their high efficiency and radiation resistance, while the heterojunction (HJT) and perovskite technologies are still in experimental stages [3] Group 4: Future Outlook - Some brokerages are optimistic about the long-term prospects of space photovoltaics, predicting exponential growth in demand [4] - CITIC Securities believes that the involvement of Musk in photovoltaic manufacturing could pave the way for new growth opportunities in the industry [4] - According to GF Securities, the demand for energy from space satellites and data centers is expected to drive global photovoltaic demand, with projections of 580 GW of new installations by 2026, representing an 18.6% year-on-year growth [4] - Galaxy Securities forecasts that with decreasing launch costs and breakthroughs in battery technology, space photovoltaics could gradually commercialize over the next 10 to 15 years [4]

Core Viewpoint - The articles highlight the growing interest and investment in space photovoltaic technology among various companies in China, indicating a significant potential for growth in this sector by 2026 as commercialization accelerates. Group 1: Company Overview - Xizi Clean Energy (002534) is a leading clean energy equipment manufacturer in China, focusing on high-performance perovskite photovoltaic technology and aiming to become a core supplier of materials for space photovoltaics by 2026 [1][24]. - Shanghai Port Construction (605598) is a major infrastructure company that is expanding into space photovoltaic systems, leveraging its engineering capabilities to support commercial space projects [2][25]. - TuoRi New Energy (002218) has a long-standing presence in the photovoltaic industry and is optimizing its space photovoltaic products, expecting to increase market share by 2026 [3][26]. - Mingyang Smart Energy (601615) is acquiring technology to enhance its capabilities in space solar cell development, aiming to integrate its wind and solar energy expertise [4][28]. - Woge Optoelectronics (603773) specializes in flexible solar wing materials for satellites, with a focus on high-temperature resistant films, anticipating significant growth in the space photovoltaic sector [5][29]. Group 2: Growth Outlook - Companies are expected to benefit from the rapid commercialization of space photovoltaics, with projections indicating substantial growth opportunities by 2026 [1][2][3][4][5]. - The synergy between commercial aerospace and space photovoltaic industries is anticipated to drive rapid business growth for companies like Shanghai Port Construction and Mingyang Smart Energy [2][4]. - The demand for flexible solar wings and high-efficiency photovoltaic materials is expected to surge, positioning companies like Woge Optoelectronics and TuoRi New Energy as key players in the market [3][5]. Group 3: Technological Advancements - Companies are focusing on developing materials that can withstand extreme space conditions, such as high-performance perovskite and flexible solar films, which are crucial for the success of space photovoltaic applications [1][5][6]. - The integration of advanced technologies, such as N-type solar cells and high-efficiency components, is being prioritized by firms like Junda Co. (002865) and Sanan Optoelectronics (600703) to enhance their competitive edge in the space photovoltaic market [6][10][35]. - The ongoing research and development efforts in high-efficiency solar technologies are expected to yield breakthroughs that will facilitate the commercialization of space photovoltaic solutions by 2026 [3][4][5][6].

消息面上，近期钠电&固态等产业化进展积极。钠电方面，2月5日，全球首款钠电池量产车型亮相，并 将在2026年中上市。固态电池方面，2月7-8日 第三届中国全固态电池创新发展高峰论坛在北京召开， 会议对全固态电池研发进展、关键技术问题展开深度研讨，明确了2026-2027年的产品定型到装车示范 等核心人物。头部几家电池企业有望在26Q1陆续进行产线招标；太空等场景快速发展有望打开固态电 池新应用领域。 有机构指出，（1）供给端：锂电排产环比有望进入显著提升通道：2月份受日历效应和春节假期影响， 锂电池排产环比回落13%左右，但同比增长近30%、淡季表现依旧亮眼。3月排产预计环比显著向好， 部分企业环比提升幅度有望达到15%-20%、部分企业有望创单月新高。（2）政策端：政策明朗下需求 有望快速释放：1月30日，发改委&能源局下发关于完善发电侧容量电价机制的通知，明确建立电网侧 独立新型储能容量电价机制。政策助推下国内储能、特别是长时储能有望获得更快发展。26年1月底2月 初以来，北京&上海&天津&江苏等各地陆续下发2026年汽车以旧换新补贴实施细则，助推政策快速落 地与实施。（3）容量电价补贴叠加锂盐价格波动回 ...

科创新能源ETF紧密跟踪上证科创板新能源指数，上证科创板新能源指数从科创板市场中选取50只市值 较大的光伏、风电以及新能源车等领域的上市公司证券作为指数样本，以反映科创板市场代表性新能源 产业上市公司证券的整体表现。 数据显示，截至2026年1月30日，上证科创板新能源指数(000692)前十大权重股分别为天合光能、晶科 能源、阿特斯、奥特维、厦钨新能、大全能源、容百科技、嘉元科技、固德威、天奈科技，前十大权重 股合计占比46.03%。 科创新能源ETF（588830）、创业板新能源ETF鹏华（159261）、光伏ETF鹏华（159863） 光伏概念表现活跃，消息面上，特斯拉正评估美国多个选址，计划扩大太阳能电池制造业务，目标在未 来三年内实现每年100吉瓦的太阳能制造能力。特斯拉副总裁邦妮·埃格尔斯顿、太阳能产品工程高级经 理塞思·温格相继在领英发布岗位，面向全球招募制造工程师与材料科学家，直言要"以极限速度解决规 模化制造难题，助力美国可再生能源突破"。官网招聘更给出明确时间表：2028年底前，在美国本土实 现从原材料端起的100GW一体化光伏制造。兑现马斯克的Tesla的100GW产能，预计第一期10G ...

| W > | 太空光伏指数[8841929] | | | | | --- | --- | --- | --- | --- | | | 4161.33 289.97 7.49% | | | | | | | | | | | 资料 | 成分 | 资讯 | 相关基金 | 月度 | | 名称 | | | 现价 | | | 杰普特 | | | 212.75 | | | 688025.SH | | | | | | 晶科能源 | | | 9.21 | | | 688223.SH | | | | | | 杭萧钢构 | | | 4.14 | | | 600477.SH | | | | | | 金晶科技 | | | 7.45 | | | 600586.SH | | | | | | 西子洁能 | | | 19.54 | | | 002534.SZ | | | | | | 拓日新能 | | | 7.96 | | | 002218.SZ | | | | | | 中来股份 | | | 11.00 | | | 300393.SZ | | | | | | 帝尔激光 | 92.86 | | --- | --- | | 300776.SZ | ...

Group 1 - The Ministry of Industry and Information Technology has approved solid-state battery testing, with industrialization expected to occur soon, targeting an energy density of over 400Wh/kg by 2026-2027, focusing on electrolyte and negative electrode collector materials [1] - Solid-state batteries are anticipated to see a bidding catalyst in 2025, with high certainty in equipment and significant flexibility in materials, offering a unit value five times that of liquid batteries [1] - JinkoSolar may collaborate with SpaceX to resolve TOPCon patent issues within the equipment chain, with auxiliary materials and flexibility being maximized, and the semiconductor and copper paste business valued at 80 billion [1] Group 2 - As of February 9, 09:43, the Kexin New Energy ETF (588830.SH) rose by 3.97%, with its related index Kexin New Energy (000692.SH) increasing by 3.89%; major constituent stocks included JinkoSolar up 10.44%, Juhua Materials up 20.00%, Rongbai Technology up 9.61%, Trina Solar up 4.15%, and Aotewi up 3.06% [1] - Guosen Securities highlights the promising prospects of space photovoltaics in the new energy power equipment sector, with global tech giants continuously expanding AI capital expenditures, leading to "outperform" ratings for certain storage equipment sector stocks [1] - Great Wall Securities believes that solid-state battery technology is entering a golden development period, with a combination of cold isostatic pressing and warm isostatic pressing processes offering efficiency and cost advantages in large-scale production, driving technological innovation in the equipment sector [1]

2月9日，天合光能涨5.35%，截至发稿，报21.85元/股，成交5.81亿元，换手率1.16%，总市值511.85亿 元。 资料显示，天合光能股份有限公司位于江苏省常州市新北区天合光伏产业园天合路2号，成立日期1997 年12月26日，上市日期2020年6月10日，公司主营业务涉及光伏产品、光伏系统、智慧能源三大板块。 光伏产品包括单、多晶的硅基光伏组件的研发、生产和销售;光伏系统包括电站业务及系统产品业务;智 慧能源包括光伏发电及运维服务、智能微网及多能系统的开发和销售以及能源云平台运营等业务。主营 业务收入构成为：光伏产品64.66%，系统解决方案21.23%，其他(补充)5.54%，数字能源服务4.42%，储 能业务4.14%。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓天合光能。易方达上证科创板新能源ETF（589960）四季度持 有股数90.79万股，占基金净值比例为6.05%，位居第三大重仓股。根据测算，今日浮盈赚取约100.78万 元。 易方达上证科创板新能源ETF（589960）成立日期2025年9月10日，最新规模2.49亿。今年以来收益 15.71%，同类排名66/557 ...

Group 1 - The photovoltaic sector showed active performance on February 9, with Jin Jing Technology (600586) hitting the daily limit up [1] - Xiexin Integration (002506) increased by over 9% [1] - Other companies such as Juhe Materials, Yamaton (002623), TCL Zhonghuan (002129), Trina Solar, and Yicheng New Energy (300080) also experienced gains [1]

光伏和太空的结合早有渊源。1958年，人们在卫星上首次使用太阳电池；十几年后，中国制造的第二颗 人造卫星也使用了太阳电池。 为什么这两年市场对太空光伏的关注度持续攀升？一方面，火箭可复用技术降低了发射成本，全球商业 航天提速发展，太空经济逐步走向现实。另一方面，数据中心等加快建设，对电力供应和冷却的综合需 求提升，地面基础设施或难以跟上，而太空环境下光伏发电效率远高于地面。 来源：人民日报经济社会 最近，马斯克团队考察中国光伏产业链的消息引发关注。马斯克此前提出，计划每年向太空部署100吉 瓦太阳能AI卫星能源网络，这相当于全球新增光伏装机的约1/6，让"太空光伏"概念火出了圈。 太空光伏是否可行？中国光伏产业链能否在这片蓝海中抢抓机遇？ 先看太空光伏是啥。这是一种在航天器或卫星上搭载光伏组件，将太阳能转化为电能，为航天器供电的 技术，远期目标是实现"太空发电—以微波或激光等形式无线传输—地面接收"。其优势在于太空光照强 度高、无昼夜与天气影响，能量密度可达地面系统的7—10倍。 更关键的是经济账：根据机构测算，当前太空光伏的度电成本约为2—3美元，而地面光伏的度电成本已 降至0.03—0.05美元，两者相差 ...