证券研究报告 | 浙商早知道 报告日期：2026 年 02 月 26 日 浙商早知道 2026 年 02 月 26 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 【浙商纺服 马莉/詹陆雨/周敏】超盈国际控股（02111）公司深度：弹性化纤面料龙头，东南亚产能拓展加码—— 20260224 【浙商计算机 刘雯蜀/冯翠婷/刘静一/徐紫薇】美图公司（01357）公司深度：再论美图：从"替代担忧"到"赋能 红利" ——20260225 浙商早报 市场总览 重要推荐 重要点评 【浙商机械 邱世梁/王华君/李思扬】机械设备 行业深度：【太空光伏】深度：AI 驱动产业星辰大海，光伏设备+ 材料将受益——20260225 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：2 月 25 日上证指数上涨 0.72%，沪深 300 上涨 0.6%，科创 50 上涨 0.54%，中证 1000 上涨 1.52%，创业板 指上涨 1.41%，恒生指数上涨 0.66%。 行业：2 月 25 日表现最好的行业分 ...

太空光伏星辰大海，光伏设备+材料将受益 20260223 摘要 美国电力供应面临瓶颈，燃气轮机订单已排至 2030 年，小型核电和可 控核聚变进展缓慢，促使马斯克提出太空光伏解决方案，旨在利用太空 算力解决能源问题。 太空光伏优势在于太阳能免费且真空环境冷却效果好，大幅降低能源成 本。马斯克计划未来 3-4 年内通过 SpaceX 和特斯拉实现每年 100GW 级别的光伏组件产能。 太空光伏技术路线包括砷化镓、异质结（HJT）及未来可能的异质结加 钙钛矿叠层技术。HJT 电池因抗辐射能力强、薄片化等优势，更适合太 空环境。 太空算力中心在能源成本上具备显著优势，地面 40MW 数据中心 10 年 运营成本约 1.67 亿美元，而太空同等规模成本仅 800 多万美元，降幅 达 95%。 未来太空光伏市场空间巨大，卫星能源系统成本占比高，AI 算力需求增 加将进一步提升发电需求。多家公司积极布局，行业进入"太空竞赛" 阶段。 预计到 2035-2040 年，太空光伏装机需求有望达到 200GW，短期目 标是到 2030 年 SpaceX 逐步实现 100GW。未来三至五年内，每年上 天装机量有望达到 100GW。 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic equipment industry, indicating a recovery and growth trajectory for 2026, driven by space computing applications and increasing overseas ground demand. Core Insights - The photovoltaic equipment sector is characterized by both growth and cyclical attributes, with supply, demand, and technological factors resonating together [2]. - The industry is expected to enter a recovery phase in 2026, following a significant adjustment in 2025, where leading equipment manufacturers have strengthened cash flow management and reduced operational risks [5]. - The emergence of space computing applications is anticipated to expand the long-term growth potential of the photovoltaic sector, transitioning from ground energy to orbital energy systems [5]. - Overseas demand, particularly from the U.S. and the Middle East, is projected to be a significant source of incremental growth in 2026, with U.S. solar installations remaining robust and local manufacturing policies enhancing supply chain security [5]. - A new round of technological iterations is seen as a key variable for capacity reset amid supply-demand imbalances, with advancements in HJT technology expected to drive structural expansion [5]. Summary by Sections Section 1: 2025 Industry Fundamentals and 2026 Outlook - The fundamentals of leading photovoltaic equipment manufacturers are expected to bottom out in 2025, with a positive outlook for 2026 driven by recovery in equipment orders [5]. - The report highlights the importance of cash flow management and risk control among leading manufacturers, with adjustments in payment models to mitigate risks during industry downturns [9][10]. Section 2: Space Computing Applications - The report discusses the significant reduction in launch costs due to advancements in reusable rocket technology, which is expected to facilitate the deployment of space data centers powered by photovoltaic energy [38]. - The U.S. and China are leading in the planning and deployment of space computing capabilities, with ambitious goals for satellite constellations and data centers [41][42]. Section 3: Overseas Ground Demand - The U.S. market is highlighted as a key area for growth, with local manufacturing policies and high installation rates driving demand for photovoltaic equipment [5]. - The report notes that Middle Eastern countries are also increasing their solar installation plans, providing further opportunities for growth [5]. Section 4: Domestic Policy Changes and Technological Iteration - The report emphasizes the need to monitor domestic policy changes and the ongoing technological advancements within the industry, which are crucial for maintaining competitiveness [5]. Section 5: Investment Recommendations - The report recommends focusing on leading companies in the HJT technology space, such as Maiwei Co., Jinsheng Electric, and Aotwei, as well as those specializing in automation and thin silicon wafer cutting equipment [5].

Group 1 - The core view of the report indicates that the photovoltaic equipment sector is expected to recover in 2026, driven by the application of space computing power and growth in overseas ground demand [5][8] - The report highlights that the supply and demand dynamics, along with technological factors, give photovoltaic equipment both growth and cyclical attributes [2] - The report emphasizes that the leading equipment manufacturers have strengthened cash flow management through adjusted payment models, which enhances their risk control capabilities [9][10] Group 2 - The application of space computing power is accelerating, transitioning photovoltaic energy from terrestrial to orbital energy systems, thus opening up long-term growth potential [5][38] - The report notes that overseas ground demand, particularly in the U.S. and the Middle East, is expected to be a significant source of incremental growth in 2026 [5][41] - The report discusses the importance of domestic policy changes and the continuous iteration of new technologies in the photovoltaic equipment industry [5][34] Group 3 - The report suggests that the photovoltaic equipment sector is entering a new structural expansion window driven by technological upgrades, as the industry faces a supply-demand imbalance [5][56] - Investment recommendations include focusing on leading companies in HJT technology, low-oxygen monocrystalline furnaces, and automation equipment [5][34]

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Core Insights - The Chinese photovoltaic equipment industry has evolved from reliance on imports to self-innovation and now leads globally, undergoing several stages including technological exploration, domestic breakthroughs, and high-quality leadership [7]. Industry Overview - The photovoltaic equipment industry includes various types of equipment used in the production of raw materials, batteries, and components, categorized into five main types: silicon rod/ingot manufacturing equipment, wafer manufacturing equipment, cell manufacturing equipment, crystalline silicon module manufacturing equipment, and thin-film module manufacturing equipment [1][12]. Company Landscape - Key companies in the silicon rod/ingot manufacturing segment include Jingcheng Machinery (晶盛机电), Liancheng CNC (连城数控), Robotech (罗博特科), and Shuangliang Energy (双良节能) [3][6]. - In the wafer manufacturing segment, notable companies are Jingcheng Machinery, Jincheng Co. (金辰股份), and Dier Laser (帝尔激光) [4][6]. - For cell manufacturing, leading firms include Jiejia Weichuang (捷佳伟创), Jingcheng Machinery, and Liancheng CNC [4][6]. - In the module manufacturing segment, key players are Jingcheng Machinery, Jincheng Co., and Xian Dao Intelligent (先导智能) [4][6]. Industry Development - The industry has achieved a complete supply capability, covering the entire photovoltaic production chain from silicon material production to module manufacturing, including water purification, environmental treatment, and related testing equipment [9][11]. - High domestic substitution rates have been observed in products such as cleaning equipment, texturing machines, diffusion furnaces, and various automation devices, with some products already exported [11]. Market Size - Since 2018, the scale of the Chinese photovoltaic equipment industry has been on a continuous rise, projected to exceed 130 billion yuan in 2024, reflecting an 18.2% year-on-year growth [12].

Investment Rating - The report assigns an "Overweight" rating for the industry [6]. Core Insights - The successful demonstration of the Long March 10 rocket system and the crewed Dream Chaser spacecraft marks a significant breakthrough in China's manned lunar exploration program, with commercial aerospace applications expected to expand rapidly [3][6]. - The Long March 10 rocket's controlled splashdown indicates a potential breakthrough in rocket payload capacity, enhancing expectations for industry growth and satellite manufacturing [3][6]. Summary by Sections Event Overview - On February 11, 2026, the Long March 10 rocket system successfully completed a low-altitude demonstration and the maximum dynamic pressure escape flight test of the Dream Chaser crewed spacecraft, marking a critical milestone in China's manned lunar exploration efforts [6]. - This test is notable as it is the first maximum dynamic pressure escape test for a Chinese spacecraft and the first time a crewed spacecraft's return capsule has splashed down at sea [6]. Investment Highlights - The successful test of the Long March 10 rocket is expected to increase demand for rocket launches, benefiting leading commercial rocket companies with "high payload + reusable" technology, such as Plutotech and other key component suppliers [6]. - The report suggests focusing on satellite manufacturing companies capable of large-scale, low-cost production, as well as core component suppliers like Zhenlei Technology and ST Chengchang [6]. - The ongoing lunar exploration program is anticipated to create more opportunities for space photovoltaic applications, with recommended companies including Maiwei Technology and Jiejia Weichuang [6]. Profit Forecasts for Related Companies - The report includes a profit forecast table for key companies in the satellite manufacturing and rocket launch sectors, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 to 2027 [7].

Group 1 - The core point of the article is that the company, 帝尔激光 (Dier Laser), has announced a collaboration with 晶科能源 (JinkoSolar) on an investor interaction platform [1] Group 2 - The collaboration indicates a strategic partnership that may enhance the company's market position and technological capabilities [1] - This partnership could potentially lead to new opportunities in the solar energy sector, aligning with industry trends towards renewable energy solutions [1]

Group 1 - Laplace surged over 10% [1] - Yabo shares achieved four consecutive trading limits [1] - Shuangliang Energy reached the daily limit [1] Group 2 - Companies such as Dier Laser, Weidao Nano, and Juhe Materials also experienced significant gains [1]

朱雀恒心一年持有（011531）基金经理为梁跃军、王一昊。 截至发稿，梁跃军累计任职时间5年256天，现任基金资产总规模51.81亿元，任职期间最佳基金回报 27.49%， 任职期间最差基金回报-41.55%。 王一昊累计任职时间4年361天，现任基金资产总规模31亿元，任职期间最佳基金回报2.91%， 任职期间 最差基金回报-26.22%。 2月12日，帝尔激光涨5.44%，截至发稿，报91.85元/股，成交7.36亿元，换手率4.95%，总市值251.67亿 元。 资料显示，武汉帝尔激光科技股份有限公司位于湖北省武汉东湖新技术开发区九龙湖街88号，成立日期 2008年4月25日，上市日期2019年5月17日，公司主营业务涉及精密激光加工解决方案的设计及其配套设 备的研发、生产和销售。主营业务收入构成为：太阳能电池激光加工设备98.79%，配件、维修及技术 服务费1.21%。 从帝尔激光十大流通股东角度 数据显示，朱雀基金旗下1只基金位居帝尔激光十大流通股东。朱雀恒心一年持有（011531）三季度减 持75.97万股，持有股数315.4万股，占流通股的比例为1.88%。根据测算，今日浮盈赚取约1494.99 ...