证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or SpaceX Core Insights - SpaceX is recognized as a leading representative in the commercial space industry, with unique advantages such as vertical integration, cost control, and a supportive government-business collaboration model [2][3][4][5][8][12][29] Summary by Sections Vertical Integration and Cost Control - SpaceX's vertical integration allows it to produce 85% of its core components in-house, including engines and electronic systems, which enhances quality control and reduces production costs [3] - The Falcon 9 rocket's reusability has significantly lowered launch costs to $3,000 per kilogram, compared to the global average of $10,000 to $20,000 per kilogram [4] Starlink Project - The Starlink project has created a global broadband network with over 5,000 LEO satellites, generating approximately $4.178 billion in revenue for SpaceX in 2023, making it the largest revenue source for the company [5] Government Support - SpaceX has received over $15 billion in government contracts from NASA and the U.S. Department of Defense from 2006 to 2021, which has been crucial for its technology development and financial stability [8][20] - NASA has provided extensive technical support and access to facilities, which has been vital for SpaceX's rapid development [21][22] Financing Capabilities - SpaceX has raised over $10 billion through diverse financing methods, including equity financing and government contracts, with significant investments from major firms like Sequoia Capital and Google [12][29] Talent Pool - SpaceX employs over 13,000 engineers and high-end manufacturing talent, fostering a culture of rapid technological innovation [14] Replicability of SpaceX's Model - The replicability of SpaceX's business model is constrained by factors such as technological capabilities, policy environments, and the maturity of capital markets [15][16] Challenges in China's Commercial Space Sector - China's commercial space policies have been gradually improving since 2015, but significant barriers remain, particularly in financing and access to key resources [34][41] - The approval process for private enterprises is lengthy and complex, limiting their ability to participate in government contracts and core tasks [35][40]

来源丨 旅界（ID：tourismzonenews） 以下文章来源于旅界 ，作者theodore熙少 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 作者丨 theodore熙少 图源丨Midjourney 这两天，演员黄景瑜要上天的消息引爆了社交媒体网络。 据北京穿越者载人航天科技有限公司披露，该公司的穿越者壹号太空船，可将乘客运送至距离地面高 度 100公里的卡门线，体验3到6分钟的失重，黄景瑜是第009名乘客。 据多家媒体披露，这条太空飞船启动商业化预售后， 2023年售出第一张，目前已预售近20张，预售 船票价格为300万元一张，预付10%即可锁定名额。 首批乘客名单里，除了黄景瑜，还包括穿越者创始人兼 CEO雷诗情、中国工程院院士李立浧、智元 机器人CMO邱恒、探路者创始人王静、啟赋资本董事长兼创始人傅哲宽，甚至还出现了一个叫众擎 PM01的人形机器人。 这组跨越碳基与硅基生命的名单迅速引发了公众对中国首家载人商业航天企业的关注。 而从传播视角来看，考虑到黄景瑜娱乐圈身份，虽然是否为自费游客暂未披露，但这张明星船票更像 是引爆公众关注的角色，而非纯粹购票行为。 伴随着中国太空商业首飞名单公布，热搜上的 ...

1月22日，特斯拉CEO马斯克在达沃斯论坛的一番表态，让沉寂半个多世纪的太空光伏概念瞬间引爆资本市场。他提出，将通过星舰实现年8000次发射， 部署太阳能AI卫星网络，未来三年联合SpaceX建设200GW光伏产能，目标2030年前达成首个100GW太空光伏里程碑。 受此刺激，1月23日A股光伏板块全线飙升，东方日升、晶科能源等20余只个股涨幅超5%，欧普泰、迈为股份等多家公司涨停。1月26日开盘，光伏产业 链再度走强，太空光伏概念股领涨。明阳智能、拓日新能、协鑫集成、钧达股份、双良节能涨停，东方日升、欧普泰、奥特维、连城数控高开超10%。这 场横跨航天与光伏的资本狂欢，究竟是技术革命的前奏，还是新一轮概念炒作？ 不止航天标配！太空光伏的万亿新玩法 太空光伏并非全新概念，其本质是在太空环境部署光伏组件实现发电，核心分为两大层次：狭义上为航天器自身提供电力，这一技术已应用近70年；广义 上则是构建大型太空光伏阵列，通过微波或激光将电能无线传输至地面电网，这仍处于理论探索阶段。1958年，美国"先锋一号"卫星首次搭载光伏电池进 入太空，奠定了其在航天领域的应用基础，如今几乎所有航天器都以光伏为核心供能方式。 与地 ...

Group 1: Space Industry Developments - Beijing Chuanweizhe Manned Space Technology Co., Ltd. announced the pre-sale of tickets for its commercial manned spacecraft "Chuanweizhe No. 1" at 3 million yuan each, with over 20 paid tourists already signed up [2] - Elon Musk stated at the World Economic Forum that SpaceX aims to achieve full reusability of its "Starship" technology this year, which could reduce the cost of accessing space by 100 times [3] - China's first complete metal component was manufactured in microgravity conditions using laser additive manufacturing technology aboard the "Lihong No. 1" spacecraft [10] Group 2: Economic and Financial Updates - Shandong Province's GDP surpassed 10 trillion yuan, reaching 10,319.7 billion yuan in 2025, marking a 5.5% increase from the previous year [5] - China Construction Bank (Asia) plans to hire 100 wealth management employees in Hong Kong over the next one to two years, anticipating a 97% increase in private banking clients and a 25% growth in asset management scale by 2025 [6] Group 3: Robotics and AI Innovations - Yushun announced that it expects to ship over 5,500 humanoid robots in 2025, with more than 6,500 units expected to be mass-produced [4] - China's effective number of AI patents ranks among the highest globally, with a total of 2.292 million high-value invention patents reported [4] Group 4: Retail and Consumer Trends - IKEA launched a "seconds delivery" service on JD.com, initially available in 13 stores across nine cities including Beijing and Shanghai [8] - JD's Qixian Xiaochu has expanded rapidly, opening new stores in five cities including Beijing and Shenzhen [9] Group 5: Automotive Industry Insights - Reports indicate that Li Auto plans to close some underperforming retail centers, currently in the evaluation stage [7] - Tesla's market share in California dropped to 9.9% in 2025, down from 11.6% in 2024 [16][17]

旅界 . 富人上天，普通人围观。 文 ｜ theodore熙少 来源｜ 旅界（ID：tourismzonenews） 封面来源 ｜ Pexels 这两天，演员黄景瑜要上天的消息引爆了社交媒体网络。 跟踪时代浪潮，讲述文旅商业好故事。 据北京穿越者载人航天科技有限公司披露，该公司的穿越者壹号太空船，可将乘客运送至距离地面高度100公里的卡门线，体验3到6分钟的失重，黄景瑜是 第009名乘客。 以下文章来源于旅界 ，作者theodore熙少 据多家媒体披露，这条太空飞船启动商业化预售后，2023年售出第一张，目前已预售近20张，预售船票价格为300万元一张，预付10%即可锁定名额。 首批乘客名单里，除了黄景瑜，还包括穿越者创始人兼CEO雷诗情、中国工程院院士李立浧、智元机器人CMO邱恒、探路者创始人王静、啟赋资本董事长 兼创始人傅哲宽，甚至还出现了一个叫众擎PM01的人形机器人。 这组跨越碳基与硅基生命的名单迅速引发了公众对中国首家载人商业航天企业的关注。 而从传播视角来看，考虑到黄景瑜娱乐圈身份，虽然是否为自费游客暂未披露，但这张明星船票更像是引爆公众关注的角色，而非纯粹购票行为。 伴随着中国太空商业首飞名单公 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [1]. Core Insights - The market potential brought by space data centers is enormous, with crystalline silicon and perovskite battery technologies becoming key [2]. - The rapid development of commercial aerospace will benefit space photovoltaics significantly, as solar energy is the only reliable energy source in commercial aerospace, with solar irradiance in space being approximately 5-10 times that of ground photovoltaics [3][7]. Summary by Sections 1. Space Photovoltaics in Commercial Aerospace - Solar energy is a massive energy source, with the sun radiating energy equivalent to 130 trillion tons of coal annually, making it the largest exploitable energy source [7]. - Space photovoltaics are not affected by atmospheric interference, with solar irradiance around 1360 W/m², which is about 1.4 times that of ground photovoltaics [8]. 2. Successful Commercialization of Satellite Internet - Low Earth orbit (LEO) satellites have broad commercial application prospects, characterized by low transmission delays and costs, making them suitable for satellite internet applications [20]. - Companies like SpaceX's Starlink have successfully deployed LEO satellite constellations, enhancing global internet access [22]. 3. Development Opportunities - The mainstream energy solution in space is currently gallium arsenide (GaAs), but crystalline silicon and perovskite technologies are gaining traction due to their cost and efficiency improvements [48]. - The demand for space data centers is expected to grow significantly, with companies exploring the use of crystalline silicon and perovskite layered solutions [5]. 4. Market Outlook - If Elon Musk's goal of deploying 100 GW of AI computing power in space is achieved, it could lead to a demand for 680,000 satellites annually, compared to the current global stock of just over 10,000 satellites [5]. 5. Related Companies - Companies to watch in this sector include Junda Co., JinkoSolar, Trina Solar, Dongfang Risheng, and GCL-Poly Energy [5].

请务必阅读正文之后的免责条款部分 股 票 研 究 SpaceX 与特斯拉规划部署太阳能产能，光伏产业链迎发展新 机遇 机械行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 丁嘉一(分析师) | 021-23187266 | dingjiayi@gtht.com | S0880525080009 | 本报告导读： 上周（2026/1/19-2026/1/23）机械设备指数涨跌幅为+3.19%。SpaceX 与特斯拉三年 内规划年化 100GW 太阳能产能，商业航天产业推进会即将召开。 [Table_Invest] 评级： 增持 行 业 双 投资要点： [Table_Report] 相关报告 机械行业《液态气周均价环比略跌；广钢获 TCL 供气合同、杭氧中标 4 套 10 万空分装置》 2026.01.26 机械行业《韩国扩大聚变研发预算，General Fusion 拟借壳上市》2026 ...

（来源：淘金ETF） 1、乾照光电（300102） 作为国内砷化镓太空电池绝对龙头，国内市占率超60%，三结砷化镓电池量产效率达35%，实验级效率 突破42%，抗辐射寿命达15-20年，完美适配高轨卫星、深空探测等严苛场景 。产品批量供应中国卫 星、空间站等重大项目，同时切入SpaceX、亚马逊 Kuiper等海外客户供应链，2025年底未交付订单达6- 8亿元 。马斯克100GW太空光伏产能规划落地，将直接带动其砷化镓电池需求爆发，公司凭借技术与产 能优势，成为太空光伏电池核心供应商，充分受益行业景气度提升。 2、东方日升（300118） 国内HJT超薄电池龙头，已实现向SpaceX星链小批量交付HJT电池，产品通过太空环境测试，具备高可 靠性 。公司超薄P型HJT电池厚度仅100μm，适配卫星轻量化需求，同时布局N型HJT技术，转换效率持 续提升 。随着马斯克太空光伏产能扩张，其作为核心供应商，将直接受益于卫星、太空数据中心等场 景需求增长，HJT电池在太空光伏领域的应用前景广阔，推动公司业绩增长。 3、钧达股份（002865） 全球TOPCon电池龙头，通过战略投资尚翼光电布局钙钛矿/晶硅叠层电池技术， ...

原标题：中国商业航天深度报告2026：新基建2.0系列之一 近年来我国商业航天发展明显提速。 一是全球航天发射次数再创新高。2025 年全年发射达 337 次，较 2024年的263 次同比增长 28%，创下历史最高纪录。2025年1-11月全球入轨航天器总数 超 4026 颗，全年发射成功率约 97%；中美两国合计发射 283次，占全球总发射次数的84%。 二是运载能力与回收技术迎来双重突破。长征十二号作为首款4米级商业火箭成功首飞，大幅提升低轨运力；朱雀三号完成十公里级垂直起降，标志着民 营可回收技术日趋成熟。 三是卫星互联网与基础设施跨越式发展。2026年1月11日，国际电信联盟正式披露，中国已提交了总计超20.3万颗卫星的频轨资源申请，这一史无前例的 申报规模，标志着中国商业航天已从技术验证阶段正式迈入超大规模组网的实质性抢滩阶段。与此同时，海南商业航天发射场具备高密度发射能力，为大 规模组网提供关键的底座支撑，中国有了第一个真正意义上的商业发射场。 四是商业航天被纳入战略性新兴产业重点发展。2025年3月《政府工作报告》商业航天首次被明确定义为"战略性新兴产业"。2025年11月商业航天司的正 式成 ...