腾讯科技 . 腾讯新闻旗下腾讯科技官方账号，在这里读懂科技！ 以下文章来源于腾讯科技 ，作者值得关注的 "马斯克概念股"指向光伏。 文 ｜ 李海伦 编辑 ｜ 徐青阳 来源｜ 腾讯科技（ID：qqtech） 封面来源 ｜ AI生成 2月4日，有关埃隆·马斯克团队近期到访中国多家光伏企业的传闻，引发市场与投资者的高度关注。 消息传出后，中国光伏板块立即出现明显反应。多家A股与港股光伏相关企业股价短期内获得两位数涨幅，引发市场对潜在合作机会的猜测。 其中，晶科能源股价在消息传出的两个交易日内暴涨36%，2月5日回落6.07%；协鑫集成股价三个交易日累计上涨26%；TCL中环三个交易日累计上涨 16%；晶盛机电在两个交易日内暴涨33%，2月5日回落9.85%。 据《证券时报》报道，2月4日，晶科能源、协鑫集成回应，确认接待了马斯克旗下公司的来访团队，但均未披露具体商业计划或合作协议。企业普遍强 调，这些交流仍停留在技术与行业层面的初步沟通阶段，未与相关团队开展任何合作。 这一动作迅速引发市场热议。有分析人士指出，这不仅是一次普通的企业考察，更反映出全球科技巨头在新能源布局上的前瞻性战略。随着人工智能算力 需求快速增长 ...

行 业 及 产 业 电力设备/ 光伏设备 2026 年 02 月 10 日 爱旭股份与 Maxeon 达成专利许 研究支持 李冲 A0230524070001 lichong@swsresearch.com 联系人 李冲 A0230524070001 lichong@swsresearch.com 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马天一 A0230525040004 maty@swsresearch.com 李冲 A0230524070001 lichong@swsresearch.com 行业点评 ⚫ 事件：爱旭股份与 Maxeon 达成"5 年期 16.5 亿元"的 BC 专利许可，核 心条款为爱旭与 Maxeon 签署 BC 电池与组件专利许可，期限五年、总额 16.5 亿元，许可区域为全球（美国除外），性质为非独家授权，双方同步 撤回相关未决诉讼。该许可协议将推动光伏"反内卷"路径从价格自律转向 知识产权法治化。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bos ...

2026.02. 10 TCL中环子公司Maxeon在BC电池组件等领域具备全球范围内超千项已授权专利，覆盖BC领域的核 心技术和关键环节。 TCL中环认为："本次交易有助于公司协同产业链伙伴共建BC电池技术生态，以差异化产品技术、 优质知识产权助力行业破除内卷式竞争，推动行业健康有序发展。同时也有助于公司推动适度一体化 战略，强化公司在BC电池组件端的市场地位和竞争优势。" 本文字数：1837，阅读时长大约4分钟 作者 | 第一财经 陆如意 光伏"反内卷"持续走向"深水区"，一大信号是光伏公司接连选择结束专利"缠斗"。 继隆基绿能（601012.SH）与晶科能源（688223.SH）于去年9月底宣布结束全球范围内全部专利 纠纷法律程序后，爱旭股份（600732.SH）和TCL中环（002129.SZ）近日也官宣签订《专利许可 协议》，各自撤回或终止所有与许可专利及许可产品相关的、双方之间进行中或未决的法律程序。至 此，这两家公司为期超过两年的专利"缠斗"画上句号。 签订巨额BC专利许可协议 据第一财经记者了解，两家公司的许可费用总计16.5亿元，其中2.50亿元于2026年支付，剩余许可 费分别于2027年 ...

Core Viewpoint - The patent disputes between Aiko Solar and TCL Zhonghuan's subsidiary Maxeon have concluded, signaling a shift in the photovoltaic industry towards ending internal competition and fostering healthy development [1][3]. Group 1: Patent Licensing Agreement - Aiko Solar and Maxeon signed a patent licensing agreement worth a total of 1.65 billion yuan, with 250 million yuan to be paid in 2026 and the remainder to be paid in installments from 2027 to 2030 [2]. - Aiko Solar will receive approximately 1,000 past and future patents related to BC batteries and components, with no sales limits imposed on Aiko's BC components and batteries by Maxeon [2][3]. - The agreement allows both companies to terminate all pending or potential patent disputes, enabling Aiko Solar to focus on business development and technological innovation [2]. Group 2: Industry Implications - The resolution of patent disputes is expected to eliminate uncertainties that previously affected overseas customers' purchasing decisions regarding ABC components [3]. - Following the agreement, Aiko Solar plans to increase prices for its battery and component products and will charge downstream customers a royalty fee of 0.02 yuan per watt [3]. - The collaboration is seen as a way to promote healthy competition in the photovoltaic industry and to shift the market dynamics towards a more regulated and law-abiding environment [2][3]. Group 3: Industry Trends - The trend of major companies ending patent disputes is viewed as a positive response to the industry's "anti-involution" movement, indicating a shift towards healthier and more orderly development [3][4]. - The Ministry of Industry and Information Technology has emphasized the importance of strengthening intellectual property protection and curbing infringement behaviors as part of the industry's governance efforts [5]. - The industry is currently undergoing a deep adjustment period, with significant challenges remaining in balancing supply and demand, necessitating coordinated efforts to improve market conditions [5].

Core Viewpoint - The exploration of space photovoltaic technology has gained attention, particularly with Elon Musk's proposal to deploy a 100 GW solar energy satellite network annually, which could account for approximately one-sixth of the global new photovoltaic installations [1] Group 1: Space Photovoltaic Technology - Space photovoltaic technology involves equipping spacecraft or satellites with photovoltaic components to convert solar energy into electricity, with the long-term goal of wireless transmission to Earth [1] - The efficiency of solar energy in space can be 7 to 10 times higher than that of ground systems due to constant sunlight and minimal weather interference [1] Group 2: Market Trends and Drivers - The interest in space photovoltaic technology has surged due to advancements in reusable rocket technology, which have lowered launch costs, and the rapid development of the commercial space economy [1] - The increasing demand for electricity and cooling in data centers has highlighted the limitations of ground infrastructure, making space-based solar energy more appealing [1] Group 3: Current Challenges and Economic Viability - Space photovoltaic technology is still in the exploratory phase, with challenges related to technological development and economic feasibility [3] - The current cost of electricity generated from space photovoltaic systems is estimated to be between $2 and $3 per kWh, compared to $0.03 to $0.05 per kWh for ground-based systems, indicating a significant cost disparity [3] Group 4: Advantages of the Chinese Photovoltaic Industry - The Chinese photovoltaic industry has several advantages, including significant advancements in research and development, with a 55% global share of efficiency records during the 14th Five-Year Plan [3] - Manufacturing capacity has increased to 5.5 times that of the previous five-year period, with projections indicating that by 2025, China will account for over 90% of global production [3] - The average cost of electricity from photovoltaic projects has decreased by 80% over the past decade, showcasing China's cost advantages in the sector [3] Group 5: Industry Initiatives - Chinese photovoltaic companies are actively pursuing advancements in space photovoltaic technology, with notable initiatives such as the record-breaking development of perovskite/silicon tandem components by Trina Solar and the establishment of a future energy space laboratory by LONGi Green Energy [4] - JinkoSolar and Jintai Technology are collaborating to promote the research and industrialization of perovskite tandem battery technology [4] - The development of space photovoltaic technology is viewed as a long-term endeavor requiring patience and time [4]

Group 1 - The Xinhua 500 Index (989001) closed at 5321.69 points on February 10, with a slight increase of 0.11% [1] - The index experienced narrow fluctuations during the day, reaching a high of 5331.38 points and a low of 5308.09 points [3] - The total trading volume of constituent stocks for the day was reported at 649.5 billion yuan [3] Group 2 - Wanda Film led the gainers among constituent stocks, hitting the daily limit, while Dongfang Electric, Hengtong Optic-Electric, and Xinlitai also saw significant increases [3] - JinkoSolar experienced the largest decline among constituent stocks, falling by 4.92%, with Shanshan Co. and Mingyang Smart Energy also showing notable decreases [3]

Core Viewpoint - JinkoSolar's stock experienced a decline of 4.92% on February 10, with a trading volume of 3.526 billion yuan and a market capitalization of 81.242 billion yuan [1] Group 1: Company Developments - The company has begun mass production of high-efficiency N-type TOPCon batteries and is actively developing new technologies and processes, including IBC and perovskite battery technologies [2] - JinkoSolar has a strong technical reserve in the N-type TOPCon field, with clear paths for efficiency improvement and cost reduction, and plans to increase investment to maintain its leadership in the "N-type era" [2] - The company has successfully ramped up production at its 16GW N-type TOPCon battery facilities in Hefei and Haining, with Hefei's factory achieving full production and a testing efficiency of 24.7% [2] Group 2: Financial Performance - For the period from January to September 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a decrease of 422.67% [7][8] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [9] Group 3: Market Position and Shareholder Information - As of September 30, 2025, JinkoSolar had 77,300 shareholders, an increase of 4.14% from the previous period, with an average of 129,456 circulating shares per shareholder, a decrease of 3.97% [7] - Major shareholders include Hong Kong Central Clearing Limited, holding 306 million shares, and various ETFs, which have seen reductions in their holdings [9]

Core Viewpoint - Efort plans to acquire 100% of Shanghai Shengpu Fluid Equipment Co., Ltd. to strengthen its capabilities in adhesive processes, which are currently a weak point in its industrial robot product line [2][4][15]. Group 1: Acquisition Details - The acquisition will be executed in two steps: first, Efort will acquire 95.97% of Shengpu's shares through a combination of issuing shares and cash payments; second, it will purchase the remaining 4.03% in cash [2][4][15]. - The estimated valuation for the acquisition is between 1 billion to 1.2 billion yuan [4][15]. Group 2: Strategic Importance - This acquisition aims to enhance Efort's product offerings in adhesive processes, which are widely used in the industrial robot market, thereby addressing a critical gap in its technology portfolio [4][15]. - The target company has a strong market share in adhesive equipment for the photovoltaic and power battery sectors, with established relationships with leading clients, which will benefit Efort post-acquisition [4][16]. Group 3: Financial Performance of Target Company - Shengpu's projected revenues for 2023, 2024, and the first nine months of 2025 are 418 million yuan, 325 million yuan, and 256 million yuan, respectively, with corresponding net profits of 84.58 million yuan, 60.08 million yuan, and 40.86 million yuan [5][16]. - The total assets of Shengpu as of September 30, 2025, are estimated at 936.50 million yuan, with total liabilities of 495.78 million yuan and equity of 440.72 million yuan [17]. Group 4: Efort's Financial Challenges - Efort has faced continuous losses since its listing in 2020, with a projected net loss for 2025 expected to widen to between 450 million to 550 million yuan, representing a year-on-year increase of 186.34% to 249.97% [10][21]. - The company's revenue for the first nine months of 2025 is reported at 702.04 million yuan, with a net profit attributable to shareholders of -200.28 million yuan [22].

机构持仓方面，截止2025年9月30日，晶科能源十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3.06亿股，相比上期减少1.32亿股。易方达上证科创板50ETF（588080）位居第六大流通 股东，持股1.47亿股，相比上期减少1824.29万股。华夏上证科创板50成份ETF（588000）位居第八大流 通股东，持股1.41亿股，相比上期减少7888.63万股。 资料显示，晶科能源股份有限公司位于上海市闵行区申长路1466弄1号晶科中心，成立日期2006年12月 13日，上市日期2022年1月26日，公司主营业务涉及太阳能光伏组件、电池片、硅片的研发、生产和销 售以及光伏技术的应用和产业化,并以此为基础向全球客户提供高效、高质量的太阳能光伏产品。主营 业务收入构成为：产品销售100.00%。 截至9月30日，晶科能源股东户数7.73万，较上期增加4.14%；人均流通股129456股，较上期减少 3.97%。2025年1月-9月，晶科能源实现营业收入479.86亿元，同比减少33.14%；归母净利润-39.20亿 元，同比减少422.67%。 分红方面，晶科能源A股上市后累计派现33.55亿元。 ...

Group 1 - The photovoltaic sector is experiencing a decline, with the photovoltaic ETF (159857) index dropping by 1.67% during trading, and key stocks such as Aotewi, Robotech, and Maiwei falling over 5% [1] - The photovoltaic ETF (159857) has seen a net inflow of 144 million yuan over the last ten trading days, reaching a new high of 2.41 billion yuan as of February 9, 2026, making it the largest in the Shenzhen market [1] - The ETF tracks the photovoltaic industry index, covering the entire industry chain from silicon materials to solar power station operations, reflecting the core competitiveness of China's photovoltaic industry [1] Group 2 - Elon Musk announced that SpaceX and Tesla will each establish 100 GW of annual photovoltaic capacity, with some dedicated to space data centers and Starlink satellites [2] - The cancellation of export tax rebates for photovoltaic products in April is expected to trigger a rush in exports, with component production in February projected to increase by nearly 30% month-on-month [2] - Leading companies like Trina Solar have raised component prices to 0.88-0.92 yuan/W, indicating price stabilization in the industry [2]