IT之家 1 月 26 日消息，埃隆 · 马斯克阐述了他认为特斯拉和 SpaceX 终将远超竞争对手的原因，指出自动驾驶、机器人技术以及天基能源这三大力量将从根 本上重塑经济规模。 马斯克近期在社交平台 X 上发布了两条推文，称上述两家公司所处的领域，其发展并非呈线性增长，而是指数级增长。 有 X 平台用户指出，SpaceX 的估值已超过美国六大国防公司的总和。马斯克对此回应称，天基产业的经济价值最终将超越地球经济的总价值。他表示，太 空能为人类提供的能源总量约为地球的十万倍，而这些能源仍然不到太阳能量的百万分之一。 IT之家注意到，在后续发布的推文中，马斯克还称："凭借自动驾驶技术，特斯拉的市值已超过其他所有汽车厂商的总和。"他补充称，这一估值还未将特斯 拉的人形机器人"擎天柱"（Optimus）纳入考量。这位首席执行官表示，一旦擎天柱实现规模化量产，有望将全球 GDP 提升一个数量级。 ...

Group 1: AI Industry Insights - Baidu and Tencent are launching cash red envelope promotions to boost AI application usage during the Spring Festival, with Baidu offering 500 million yuan and Tencent 1 billion yuan in total rewards, potentially increasing AI application frequency across the industry [2] - The NAND flash memory prices have surged over 100% in Q1 2026, exceeding market expectations, as Samsung Electronics has completed supply contract negotiations, indicating a strong recovery in the storage industry [3] Group 2: Company Performance Forecasts - Sitway (688213.SH) expects 2025 revenue between 8.8 billion to 9.2 billion yuan, a year-on-year increase of 47% to 54%, with net profit projected at approximately 980 million to 1.03 billion yuan, reflecting a growth of 149% to 162% [4] - Bailong Chuangyuan reported a 2025 revenue of 1.379 billion yuan, up 19.75% year-on-year, and a net profit of 366 million yuan, up 48.94%, driven by product structure optimization and high-margin product prioritization [10] - Qingsong Co. forecasts 2025 revenue of about 2.22 billion yuan, a 14% increase, with net profit expected to grow 1.4 to 2 times, attributed to a strategic focus on high-margin cosmetics ODM business [11] - Rongjie Health anticipates a net profit of 75 to 88 million yuan in 2025, representing a growth of 60% to 88%, driven by the strong performance of health products, particularly high-margin infrared therapy sauna rooms [12]

国泰海通发布研报称，太阳能是商业航天中唯一可靠的能源，并且其光照强度约为地面光伏的5-10倍， 发电量较地面成倍提升。目前海外如SpaceX等企业在火箭发射等方面具备成本优势，催生了低轨卫星 互联网等商用场景的发展，未来太空数据中心等商业模式有望得到大力开发，国内厂商凭借在晶硅和钙 钛矿等技术上的成本和技术优势，将在太空数据中心的能源供应中扮演重要角色。 国泰海通主要观点如下： 发展契机 目前砷化镓是太空能源的主流路线，晶硅和钙钛矿技术的成本和效率正不断提升，砷化镓性价比提升空 间相对有限。太空数据中心未来的需求潜力较大，而砷化镓的成本和供给受到一定的约束，企业已开始 探索使用晶硅和钙钛矿叠层方案，部分晶硅企业已开始成功出货。 技术路线 该行认为，如果发展太空数据中心等商业场景，经济性将成为一个重要的因素，钙钛矿和晶硅凭借较好 的成本优势有机会取得成功。根据Starcloud的白皮书，能源成本是太空数据中心的最大成本变数，根据 该行测算，晶硅组件的供应最成熟，在制造成本端有较为明显的优势，而钙钛矿组件由于质量比功率的 优势，能够显著降低发射成本。 市场前景 马斯克称每年要在太空部署100GW的AI算力，如果马 ...

光伏设备 《光伏反内卷深度：反内卷持续深化， 关 注 贝 塔 修 复 — 行 业 深 度 报 告 》 -2025.9.3 《光伏技术深度系列（一）：BC 盈利 拐点率先而至，"反内卷"时代未来可 期—行业深度报告》-2025.7.28 太空光伏深度报告：光伏向空，志在星海 ——行业深度报告 2026 年 01 月 26 日 | 殷晟路（分析师） | 周航（联系人） | | --- | --- | | yinshenglu@kysec.cn | zhouhang1@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790125050020 | 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2025-01 2025-05 2025-09 光伏设备 沪深300 相关研究报告 《光伏出口退税将全面取消，倒逼行 业高质量发展 —行业点评报告》 -2026.1.11 太空迈入晶硅时代 太空高能宇宙辐射、±150℃极端温差循环、高真空散热受限等极端环境，对光伏 电池的转换效率、寿命及材料结构提出严苛要求。现阶段 III-V 族多结光伏电 ...

Core Viewpoint - Elon Musk predicts that space-based industries will surpass the value of all terrestrial industries combined, emphasizing the vast potential of harnessing solar energy from space [2]. Group 1: Space Industry Valuation - Musk stated that SpaceX is more valuable than all six major US defense companies combined, highlighting the growing significance of the space sector [2]. - He believes that space-based industries could reach a total valuation of $100 trillion, with plans for lunar factories and orbital data centers for AI [3]. Group 2: Energy Potential - Musk argues that even if humanity could harness 100,000 times more solar energy than what is available on Earth, it would still represent less than a millionth of the Sun's total energy output, indicating the immense energy potential in space [2]. Group 3: Criticism and Market Sentiment - James Chanos, a notable short-seller, criticized Musk's comments, suggesting that the total addressable market (TAM) for space companies is theoretically infinite, which he views with skepticism [4].

1月26日，太空光伏概念股再度走高。截至上午收盘，明阳智能（601615）、拓日新能（002218）、协 鑫集成（002506）等个股强势封板；双良节能（600481）、钧达股份（002865）等多股涨幅居前。 消息面上，当地时间1月22日，特斯拉CEO埃隆·马斯克在瑞士达沃斯世界经济论坛年会期间，在与贝莱 德CEO拉里·芬克的对谈中明确力挺太空光伏，并披露关键产能规划。他表示，SpaceX与特斯拉正同步 推进太阳能产能提升，目标在未来三年内实现每年100GW的太阳能制造能力，用于地面数据中心与太 空AI卫星供能。 阿特斯虽未大规模投入，但强调其在HJT和钙钛矿叠层技术方面具备批量化生产能力，将持续跟踪商业 航天机遇。鹿山新材（603051）则深耕太空光伏封装多年，已提出三种专用封装方案，并申请多项专 利，明确表态将"配合国家航天战略发展需求"。海目星正与头部光伏企业联合研发钙钛矿叠层电池，目 标直指低轨卫星及太空算力发电。中来股份（300393）也在开发适配太空环境的背板产品，并推进钙钛 矿晶硅叠层技术研发。此外，奥特维、晶盛机电（300316）等设备厂商也表示正积极拓展太空光伏相关 设备与技术边界。 钧达 ...

证券研究报告 联系人 蓝箭航天 IPO 审核状态变更为"已问询"，中科宇航已完成 IPO 辅导。近期，我国多家火箭产业链企业 IPO 进程出现新的进展。2026 年 1 月 22 日晚间，蓝箭航天空间科技股份有限公司科创板 IPO 审核状态 变更为"已问询"；商业航天公司中科宇航近日已完成 IPO 辅导，该公司于 1 月 16 日进入辅导验收流程。 根据券商中国公众号，马斯克旗下 SpaceX（太空探索技术公司）计划在 2027 年推出第二代蜂窝式"星 链"卫星通信系统，新一代系统的整体容量将较第一代卫星网络提升超 100 倍，数据吞吐能力提高 20 倍 以上。根据航天情报局公众号和你好太空公众号信息，火箭产业链上游原材料与核心部件占火箭总成本 的 85%-90%，可以分为发动机系统制造、箭体结构制造、电气系统及软件、地面试验和燃料等。根据 Precedence Research 和蓝箭航天招股书信息，2023 年全球火箭发射服务市场规模已达 164.5 亿美元。 基于星链、一网、中国星网等大型星座组网建设的市场发展趋势，到 2032 年该市场规模或将突破 500 亿 美元，预计 2023-2032 年复合年 ...

中国工程院院士李立浧、智元机器人CMO邱恒、演员黄景瑜、探路者品牌创始人王静、啟赋资本董事 长傅哲宽等业界名流，甚至还有硅基生物众擎机器人PM01，即将成为国内首批太空游客。 而将前述游客送"上天"的创业者，正是90后湘妹子、穿越者创始人兼CEO——雷诗情。 1月22日，雷诗情身着干练西装，亮相穿越者太空旅游全球发布会，向外界公布了穿越者的商业载人航 天产品线规划。 按照穿越者规划的蓝图，其将在2028年前后实现首飞，将游客送至距地面100公里的"卡门线"；2032年 挺进距地400公里的轨道；2038年进一步突破至月球轨道，开启地月空间探索之旅。 目前，穿越者公布了其三步走的技术路线。第一步在第3-4年，实现亚轨道可重复使用商业载人飞船 （CYZ1）研制，2028年实现中国乃至亚洲的太空旅游，开启普通人、商业载荷低成本、常态化上太空 新纪元。 第二步是在第6-10年，实现入轨级可重复使用商业载人飞船（CYZ2）研制和目标飞行器交会对接，以 及点对点运输，实现普通人、商业载荷上太空的层次升级，为国家送人送货，开展太空酒店常态化运 营，开启太空商业综合体建设，全球1小时到达洲际运输，颠覆长旅行交通运输方式。 第 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [34]. Core Insights - The commercial aerospace sector is experiencing a surge in favorable news, with the industry expected to enter a high prosperity cycle. Key developments include the acceleration of national aerospace strategies and breakthroughs in commercial aerospace experiments [3][10]. - High-level autonomous driving is at a critical stage of commercialization, with domestic high-performance chips and leading algorithm companies expected to gain advantages in the upcoming urban NOA (Navigation on Autopilot) rollout in 2026 [3][19]. - The Robotaxi sector is on the verge of large-scale operations, presenting significant commercialization opportunities for related companies [3][19]. Summary by Sections Commercial Aerospace - The commercial aerospace sector is witnessing multiple positive developments, including the inclusion of the goal to "accelerate the construction of a space power" in the national five-year plan. The first domestic offshore liquid rocket launch recovery test platform is under construction, and a mainstream commercial liquid rocket is set for launch and recovery tests [10][12]. - SpaceX is expected to initiate its IPO process soon, with plans to complete it by July [11][12]. High-Level Autonomous Driving - Chery has invested in a chip company, New Chip Navigation, to enhance its capabilities in high-level autonomous driving. The company has launched a high-performance chip, BMC X7, with a computing power of 272 TOPS, which meets the full scene requirements for urban NOA [15][16][18]. - The partnership with Momenta aims to combine chip and algorithm capabilities, positioning New Chip Navigation favorably for the 2026 urban NOA rollout [17][18]. Robotaxi Development - Cao Cao Mobility plans to deploy 100,000 fully customized Robotaxis by 2030, marking a significant step towards global commercialization. The company is enhancing its automated fleet operations and developing a remote safety service platform [19][20][21]. - The collaboration with Abu Dhabi's investment office aims to establish a local operational center and promote autonomous driving and green travel technology trials [20][21].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [1]. Core Insights - The offshore wind tendering in overseas markets remains robust, with significant capacity awarded in recent auctions, reflecting strong demand [6][11]. - Elon Musk announced a plan to establish 200GW of solar manufacturing capacity in the U.S. within three years, which is expected to boost the solar industry significantly [6][11]. - The global household energy storage market is projected to grow nearly 50% in 2025, with key markets like Germany, the U.S., Australia, and Japan dominating the landscape [7][11]. Summary by Sections Wind Power - Recent overseas offshore wind tenders show high activity, with the UK awarding 8.4GW in its latest auction, marking the largest in Europe [11][26]. - The wind power index increased by 5.16% in the week of January 19-23, outperforming the CSI 300 index by 5.78 percentage points, with a current PE_TTM of approximately 29.34 times [12][11]. - The report highlights the potential for investment opportunities in the offshore wind supply chain as demand continues to rise [11]. Solar Power - Elon Musk's announcement at the World Economic Forum regarding the 200GW solar capacity plan is expected to create significant market enthusiasm, particularly for suppliers in the solar equipment sector [6][11]. - The solar sector's current PE_TTM is around 51.85 times, with various indices showing substantial weekly gains [4][11]. Energy Storage & Hydrogen - The global household energy storage system shipment is expected to reach approximately 35GWh in 2025, with a year-on-year growth of nearly 50% [7][11]. - The report recommends investments in domestic and international large-scale storage companies and highlights the potential for distributed storage in emerging markets [7][11].