Company Highlights - Tianfu Communication expects a net profit attributable to shareholders of 1.881 billion to 2.150 billion yuan, representing a year-on-year growth of 40% to 60%, driven by the acceleration of the artificial intelligence industry and global data center construction [10] - Jin'an Guoji anticipates a net profit of 280 million to 360 million yuan for 2025, a significant increase of 655.53% to 871.4% year-on-year, due to improved market conditions for copper-clad laminates and optimized product structure [10] - Juhua Co. forecasts a net profit of 3.54 billion to 3.94 billion yuan for 2025, reflecting an 80% to 101% increase compared to the previous year [10] - Demingli expects a net profit of 650 million to 800 million yuan for 2025, marking an increase of 85.42% to 128.21% year-on-year [10] - Moore Threads anticipates revenue of 1.45 billion to 1.52 billion yuan for 2025, with a growth rate of 230.70% to 246.67% year-on-year, but expects a net loss of 950 million to 1.06 billion yuan, narrowing the loss by 34.50% to 41.30% [11] - Yonghui Supermarket predicts a net loss of 2.14 billion yuan for 2025, compared to a loss of 1.47 billion yuan in the previous year [11] - Tengjing Technology announced a procurement order from a client worth 12.8 million USD (approximately 89.15 million yuan) for a two-dimensional collimator array [11] - Tianhua New Energy is planning to issue shares overseas (H-shares) to accelerate its international strategy [11] - Zhaomi Technology has become a strategic partner for the 2026 Spring Festival Gala of China Central Television [11] - Ubisoft announced significant organizational and operational adjustments, terminating the development of six games and extending the development cycle of seven games, with expected net bookings of approximately 1.5 billion euros for the 2025-26 fiscal year, a reduction of about 330 million euros in gross profit compared to previous guidance [11] - SpaceX is actively pursuing an IPO plan, aiming to complete it by July this year [11] - Nvidia's CEO Jensen Huang plans to visit China to restart the domestic AI chip market, emphasizing the need for substantial infrastructure investment for AI [11] - Apple is accelerating its AI initiatives, developing an AI wearable device called "Pin" and planning significant updates to Siri, transforming it into the company's first AI chatbot [13] Industry Trends - The commercial aerospace sector is experiencing significant growth, with breakthroughs in reusable rocket technology and accelerated development of large satellite constellations, driving new directions like space photovoltaics to become a growth blue ocean [7] - European natural gas prices have surpassed 40 euros per megawatt-hour for the first time since June last year, driven by supply concerns due to unusually cold weather [7] - The autonomous driving sector in Guangdong has introduced policies to promote the application of autonomous driving models and expand testing areas for high-level autonomous driving [7] - The brain-computer interface industry is in a high-growth phase driven by policy support and technological breakthroughs, with Neuralink's production expectations and new ultrasound brain-computer interface technologies marking a shift towards commercialization [7] - The development of 6G technology in China has reached the first phase of technical testing, with over 300 key technology reserves, and the second phase of testing has recently commenced [8]

公司拟将此次配售所得款项净额作如下用途：约45%用于太空光伏电池相关产品的研发与生产；约45% 用于商业航天领域的股权投资与合作，截至目前，除已公告披露的事项外，公司尚未就具体收购或投资 标的订立任何具有约束力的协议或实质性条款，目前正积极寻求合适的投资机会；约10%用于补充公司 营运资金。 人民财讯1月22日电，钧达股份（002865）1月22日早间公告，公司拟根据一般性授权在香港联交所配售 新H股，拟按每股配售价格22港元向符合条件的独立投资者配售公司新增发行的1868.2万股H股。 ...

转自：新华财经 新华财经北京1月22日电 四大证券报内容精华摘要如下： 中国证券报 上海证券报 截至1月21日午间，已有578家A股上市公司发布业绩预告，29家公司发布业绩快报。总体来看，稳增长 态势巩固，产业结构持续优化，新旧动能转换明显提速。产业领域中，半导体、新能源汽车、人工智能 （AI）等新兴产业表现亮眼。相关企业普遍将业绩增长归因于AI加速落地、新能源汽车产业链景气度 提升等，技术创新正成为上市公司高质量发展的核心驱动力。同时，受益于黄金、铜等大宗商品价格上 涨，有色金属板块公司业绩水涨船高；而海外业务的突破性进展，也成为众多公司业绩跃升的重要原 因。 随着业绩预告的逐步披露，不少上市公司因财务指标"亮红灯"提前预警将"披星戴帽"。1月以来，ST赛 为、天箭科技、亿晶光电和华夏幸福等多家公司披露股票交易可能被实施退市风险警示的提示性公告。 其中，天箭科技是因为2025年度业绩"变脸"，导致触及组合式财务类退市"红线"；亿晶光电、华夏幸福 和ST赛为将因资不抵债和业绩预亏而可能被"披星戴帽"。ST新华锦、ST新动力、*ST沐邦、*ST聆达等 都披露了可能或已经被实施退市风险警示的进展。其中，ST新华锦 ...

又一光伏龙头交出2025年度"成绩单"预告！ 1月21日晚间，晶科能源披露2025年度业绩预告，预计2025年归母净利润亏损59亿元至69亿元。公司表示，报告期内，全球光伏产业链价格波动加剧，光 伏组件一体化各环节的盈利水平总体承压。展望2026年，行业将迈向以技术和质量为核心的高质量发展阶段，行业供需关系有望加速平衡。 据统计，截至发稿，晶科能源、天合光能、隆基绿能等多家头部光伏企业已相继交出年度"成绩单"预告。从整体业绩表现来看，光伏产业链各环节企业延 续了此前的亏损态势。 中国光伏行业协会咨询专家吕锦标在接受上海证券报记者采访时分析称："行业亏损的核心原因，在于产品价格反弹至成本线仍需一定周期，叠加企业低 负荷生产推高了单位成本，这其中又以折旧及费用摊销的影响最为显著。" 在普遍亏损的背景下，一部分企业实现了显著减亏。弘元绿能、亿晶光电、爱旭股份、大全能源等企业的减亏幅度位居前列，最高同比减亏达109.27%、 78.47%、77.44%、63.21%，均超六成。 谈及业绩变动原因，大全能源表示，报告期内公司持续深化精细化管理，推进技术工艺创新，有效降低了生产成本、提升了运营效率，为盈利水平改善提 供了 ...

Core Viewpoint - The rapid development of the commercial aerospace industry is driving the growth of space photovoltaic technology, which is expected to become a new growth area in the photovoltaic industry due to its unique advantages in energy generation efficiency in space [1][6]. Group 1: Space Photovoltaic Technology - Space photovoltaic technology utilizes satellites to collect solar energy in space and convert it into electricity, achieving 2-3 times the efficiency compared to ground-based systems due to continuous sunlight in geostationary orbit [2][3]. - The solar irradiance in space is approximately 1367 W/m², which is over 30% higher than the ground standard of 1000 W/m², significantly enhancing photovoltaic cell efficiency [2]. Group 2: Market Demand and Growth Drivers - The demand for space photovoltaic technology is driven by the increasing number of satellites launched in the commercial aerospace era, with individual satellite constellations planning thousands of satellites, leading to a substantial increase in demand for photovoltaic cells [3]. - The complexity and power requirements of future communication satellites will further increase the demand for space photovoltaic power supply, as these satellites will have more advanced functionalities [3]. Group 3: Current Industry Status - The space photovoltaic industry in China is currently in its introduction phase, with technology solutions not yet standardized and the core barriers mainly at the channel level [4]. - The extreme conditions of space require photovoltaic materials to meet higher performance standards, leading to a differentiation among companies in the photovoltaic supply chain [4]. Group 4: Investment Opportunities - The rapid growth of satellite numbers and the demand for in-orbit data and space-based computing capabilities highlight investment opportunities in the space photovoltaic sector, particularly in P-type ultra-thin HJT and perovskite photovoltaic products [5][6]. - Companies that can effectively integrate new technologies with application scenarios, as well as those leading in layered equipment and key material supply, are expected to benefit significantly from the growth of the space photovoltaic market [5].

Core Viewpoint - The commercial aerospace industry in China is experiencing rapid growth, particularly in the space photovoltaic sector, driven by advancements in reusable rocket technology and large satellite constellation networks [1][2]. Group 1: Industry Growth and Demand - The space photovoltaic sector has seen a significant increase in demand due to the scaling of satellite networks and the upgrade of onboard equipment, which enhances energy supply efficiency [1][3]. - The commercial aerospace era has shifted satellite launches from dozens to potentially thousands per constellation, significantly increasing the demand for space photovoltaic cells [3][4]. - The efficiency of solar power generation in space is 2-3 times higher than on Earth due to continuous sunlight availability in geostationary orbit [2][3]. Group 2: Technological Advancements - Current space photovoltaic technology utilizes solar energy collected in space, which is then transmitted to Earth as microwaves or lasers, achieving high conversion efficiency [2][3]. - Emerging technologies such as P-type HJT and perovskite solar cells are expected to become viable alternatives to traditional gallium arsenide cells, potentially lowering costs and enhancing performance [3][6]. Group 3: Market Dynamics and Investment Opportunities - The space photovoltaic industry is currently in its introduction phase, with a focus on developing supply capabilities and addressing the unique challenges posed by the space environment [4][5]. - Companies that establish a foothold in the space photovoltaic market can benefit from high profit margins due to the low sensitivity to costs in space applications [5][6]. - Investment opportunities are expected to arise in segments such as thin-film HJT and perovskite solar products, which are anticipated to capture larger market shares as commercial aerospace expands [6][7]. Group 4: Future Outlook - The rapid development of the commercial aerospace industry is expected to create a new growth area for space photovoltaics, with long-term investment value becoming increasingly apparent as technology matures [7]. - The differentiation among companies in the supply chain will likely intensify, providing varied growth opportunities as the industry evolves [7].

智通财经APP讯，钧达股份(02865)发布公告，于2026年1月21日，公司与配售代理订立配售协议，配售 代理已有条件同意尽最大努力促使不少于六名承配人购买最多合共1868.2万股配售股份，配售价为每股 配售股份22.00港元，较于2026年1月21日在联交所所报收市价每股H股22.24港元折让约1.08%。假设配 售股份悉数获配售，配售股份占经配发及发行配售股份扩大后现有已发行H股数目约22.75%及现有已发 行股份数目约6.04%。 假设配售股份悉数获配售，配售事项的估计所得款项总额及所得款项净额预期分别为约4.11亿港元及约 3.98亿港元，经扣除该等费用、成本及开支后的估计净配售价约为每股配售股份21.29港元。配售事项所 得款项净额拟用于以下各项：约45%用于太空光伏电池相关产品的研发与生产;约45%用于商业航天领域 的股权投资与合作;及约10%用于补充公司营运资金。 ...

配售价为每股配售股份22.00港元，较于2026年1月21日(即配售协议日期)在联交所所报收市价每股H股 22.24港元折让约1.08%；假设配售股份悉数获配售，配售股份占于本公告日期现有已发行H股数目约 29.45%及现有已发行股份数目(不包括库存股份)约6.42%，以及经配发及发行配售股份扩大后现有已发 行H股数目约22.75%及现有已发行股份数目(不包括库存股份)约6.04%(假设除配发及发行配售股份外， 公司已发行股本自本公告日期起至配售事项完成止并无变动)。 假设配售股份悉数获配售，配售事项的估计所得款项总额及所得款项净额(经扣除公司就配售事项产生 的所有费用、成本及开支，包括佣金及徵费)预期分别为约411.0百万港元及约397.7百万港元，经扣除该 等费用、成本及开支后的估计净配售价约为每股配售股份21.29港元。配售事项所得款项净额拟用于以 下各项：(i)约45%用于太空光伏电池相关产品的研发与生产；(ii)约45%用于商业航天领域的股权投资与 合作；(iii)约10%用于补充公司营运资金。 格隆汇1月21日丨钧达股份(02865.HK)公告，于2026年1月21日，公司与配售代理订立配售协议， ...

Group 1 - The A-share market continues its upward trend, with the ChiNext New Energy ETF (Hua Xia, 159368) rising by 1.05%, reaching a total increase of 1.11% and a trading volume exceeding 792.4 million yuan, indicating significant trading activity [1] - Notable stocks include Robotech, which surged by 15.07% to reach a historical high, and other companies like Feirongda and Tianhua New Energy, which increased by 6.61% and 6.49% respectively, while Hunan Youneng and Dier Laser also saw gains exceeding 5% [1] - The ChiNext New Energy ETF has attracted substantial capital, with a net inflow of over 144 million yuan in the past five days, reflecting strong investor interest [1] Group 2 - Guojin Securities expresses optimism about "space photovoltaics" as a key investment theme for the near future, potentially extending throughout 2026, highlighting its unique and urgent investment logic [2] - The urgency is driven by the International Telecommunication Union's (ITU) rules on near-Earth orbit and spectrum resource allocation, which emphasize the need for high-performance, lightweight solar energy systems for satellites, thus increasing demand in the satellite market [2] - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF tracking the ChiNext New Energy Index, which encompasses various sectors including batteries and photovoltaics, with a total scale of 676 million yuan as of December 30, 2025, and a monthly average trading volume of 70.75 million yuan [2]

Group 1 - The photovoltaic sector is experiencing significant activity, with the photovoltaic ETF (159857) achieving a trading volume exceeding 170 million yuan, making it the top product in the Shenzhen market for similar assets [1] - As of January 16, the ETF has a circulating share of 2.234 billion shares and a market size of 2.004 billion yuan, with a net subscription of 64 million shares reported [1] - The National Bureau of Statistics reported that the industrial power generation volume in December 2025 reached 858.6 billion kilowatt-hours, showing a year-on-year growth of 0.1% [1] Group 2 - By category, coal power generation in December 2025 decreased by 3.2% year-on-year, while hydropower, nuclear power, wind power, and solar power generation increased by 4.1%, 3.1%, 8.9%, and 18.2% respectively [1] - Zheshang Securities believes that technological breakthroughs are addressing the core contradiction of "efficiency-stability" in flexible tandem solar cells, achieving an efficiency of 33.6% along with excellent bending and light stability [1] - Dongxing Securities suggests that space photovoltaics may become the second growth curve for the photovoltaic industry, driven by the demand explosion from low-orbit satellite networks [1]