投资者关系活动类别 □ 特定对象调研 ☑ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他（请文字说明其他活动内容） 参与单位名称及人员姓名 易方达基金管理有限公司 袁方；银华基金管理股份有限公司 方 建；诺安基金管理有限公司 陈衍鹏；湖南八零后资产管理有限 公司 田超平；耕霁（上海）投资管理有限公司 王立；上海禧弘 私募基金管理有限公司 杨莹；国金证券股份有限公司 姚遥；长 江证券股份有限公司 任佳惠；磐泽资产管理（香港）有限公司 李 柏逸；中泰证券股份有限公司 赵宇鹏；摩根士丹利 Reigna Chen；华西证券股份有限公司 刘泽晶；招商基金管理有限公司 陈西中；海通国际证券集团有限公司 徐柏乔；国海证券股份有 限公司 张钰莹；平安证券股份有限公司 张之尧；深圳锦洋投资 基金管理有限公司 刘玉恩；西部证券股份有限公司 李华丰；北 京江亿资本管理有限公司 张翔；中国民生银行股份有限公司 白 宇航；德意志银行 Gary Zhou；中信证券股份有限公司 林劼； 中国国际金融股份有限公司 胡子慧等总计 176 人 时间 2025 年 12 月 30 日 (周二) 下午 ...

Summary of Key Points from the Conference Call on Space Photovoltaics Industry Overview - The conference focuses on the **space photovoltaic industry**, highlighting its strategic importance in global competition among major space-faring nations [13][22]. Core Insights and Arguments 1. **Importance of Developing Space Photovoltaics**: - Space photovoltaics are crucial for powering spacecraft, with energy systems accounting for approximately **22% of costs** and **20-30% of mass** on satellite platforms [15][18]. - The demand for photovoltaic cells is expected to grow rapidly due to the construction of large low-Earth orbit (LEO) satellite constellations driven by military, communication, and commercial applications [15][22]. 2. **Technological Routes for Space Photovoltaics**: - Space photovoltaic technologies can be categorized into three main types: - **Wafer-based cells** (crystalline silicon and III-V semiconductors) - **Commercial thin-film cells** (amorphous silicon, cadmium telluride, and copper indium gallium selenide) - **Emerging thin-film technologies** (perovskite, organic, and quantum dot solar cells) [48][50]. - The **multi-junction gallium arsenide cells** are currently the leading technology, achieving efficiencies over **30%** in orbit [50]. 3. **Market Potential**: - The global gallium arsenide battery market is projected to reach nearly **$3 billion** in 2023, growing from **$214 million** in 2018, with a compound annual growth rate (CAGR) of **13.8%** [75]. - The deployment of large LEO constellations is expected to significantly benefit the space photovoltaic market, with over **100,000 satellites** planned globally [81][90]. - By **2030**, the market for space photovoltaics related to low-Earth satellites is estimated to be around **29.5 billion yuan**, approximately **10 times** the current market size [90]. Additional Important Insights - The **European Space Agency** has initiated the **SOLARIS program**, investing **€60 million** over three years to develop core technologies for solar energy systems in space [30]. - The **Chinese "Zhu Ri Project"** aims to establish a megawatt-level experimental solar power station in geostationary orbit by **2030** and a gigawatt-level commercial station by **2050** [30]. - The **cost of silicon solar cells** has decreased significantly, with prices dropping by **25.7%** for every doubling of production volume, making them competitive again in the space market [60]. Conclusion - The space photovoltaic industry is poised for significant growth driven by technological advancements and increasing demand from satellite constellations. The strategic importance of space energy systems in national security and commercial applications underscores the need for continued investment and innovation in this sector [13][22][90].

中金发布研报称，伴随卫星制造进入"工业化"大规模生产时代，低轨卫星、太空算力的需求增长推动空 间太阳电池阵(太阳翼)降本增效新需求。短期内钙钛矿-晶硅叠层电池模式(与现有电池片联合供电)是太 空应用的主流发展方向。长期看，该行认为钙钛矿技术有望加速向独立太空供电场景转化。此外，近期 国内制造端企业太空光伏场景商业化进展积极。 中金主要观点如下： 行业近况 2025年12月1日至29日，iFinD钙钛矿电池指数(886006.TI)收涨6.6%vs光伏产业指数(931151.CSI)收涨 2.7%;受太空光伏相关概念影响，制造端公司钧达股份（002865）、东方日升（300118）、上海港湾 （605598）同期上涨47.4%、48.1%、49%，涨幅明显。 钙钛矿电池在能质比、柔韧性、抗辐照性等方面适配低轨商业卫星需求 卫星供电技术正在从早期的晶硅(抗辐照、折叠性差)→砷化镓(成本高)→向钙钛矿或晶硅-钙钛矿叠层路 线演进。钙钛矿技术能够适配商业航天的规模化、低成本需求。考虑到当前钙钛矿技术发展阶段，为降 低载荷成本风险，该行认为短期内钙钛矿-晶硅叠层电池模式(与现有电池片联合供电)是太空应用的主流 发展方向 ...

Core Viewpoint - Foster (603806.SH) has developed proprietary PI material technology that is currently being commercialized in electronic materials. The company is exploring new requirements for space photovoltaic component packaging materials, which differ from terrestrial photovoltaic materials that primarily focus on moisture barrier performance [1] Group 1 - The company is investigating the unique challenges posed by space photovoltaic packaging materials, which need to address issues such as light radiation, unlike ground photovoltaic materials [1] - The technology accumulated in HJT components, including UV cutoff and UV conversion technologies, may play a role in future space photovoltaic applications [1] - The company's PI material technology is still in the exploratory phase and has not yet reached commercialization [1]

格隆汇12月29日丨福斯特(603806.SH)在互动平台表示，公司有自主研发的PI材料技术，该技术目前在 电子材料当中已经得到商业化的应用。公司目前正在探索太空光伏对组件封装材料的全新要求，相较于 地面光伏封装材料重点需要考虑水汽阻隔的性能，太空光伏的封装材料需要解决的是光照辐射等问题， 公司在HJT组件中积累的紫外截止和紫外转化等技术，以及公司的PI材料技术，未来可能会在太空光伏 中发挥作用，该等技术目前尚处于摸索阶段，尚未达到商业化水平。 ...

2025年12月29日，午后光伏概念震荡走强，异质结、钙钛矿电池方向领涨，光伏ETF华夏 （515370）持仓股迈为股份涨超17%，钧达股份涨超5%，晶科能源涨超3%。资金面上，光伏ETF华夏 （515370）近二十日净流入超12亿元，最新规模达15.6亿元，创历史新高。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息面上，中信建投研报称，太空光伏已从试验阶段迈入商业化加速期，P型HJT和钙钛矿叠层有 望成为短中期太空光伏的主流技术路线。 光伏ETF华夏（515370）跟踪中证光伏产业指数，涉及光伏产业链上、中、下游企业，包括硅片、 多晶硅、电池片、电缆、光伏玻璃、电池组件、逆变器、光伏支架和光伏电站等，能够更好的反映光伏 产业整体表现。 ...

Group 1 - The Hang Seng Index rose by 0.26%, gaining 67 points to close at 25,886 points, while the Hang Seng Tech Index increased by 1.6% with a trading volume of HKD 126.4 billion in the morning session [1] - The establishment of the "Humanoid Robot and Embodied Intelligence Standardization Technical Committee" by the Ministry of Industry and Information Technology led to significant gains in the robotics sector, with MicroPort Robotics-B (02252) rising over 30%, and other companies like Yujia (02432) and UBTECH (09880) increasing by over 12% [1] - JunDa Co., Ltd. (02865) saw a rise of over 19% after signing a strategic cooperation agreement with Shangyi Optoelectronics, with institutions indicating that space photovoltaics remain a strong investment theme [1] Group 2 - Shanghai Fudan (01385) experienced a 9% increase, driven by the commercial aerospace sector's rapid development, particularly in FPGA chips which are standard for space satellites [2] - Goldwind Technology (02208) surged over 15% as the IPO process for commercial rocket companies is expected to accelerate, with the company holding an 8.3% stake in Blue Sword Aerospace [3] - Jiangxi Copper (00358) rose nearly 10% after announcing a cash acquisition of SolGold's entire issued and to be issued share capital for up to GBP 764 million [3] Group 3 - Youjia Innovation (02431) increased over 15% after the lifting of restrictions, as the company was included in the Hang Seng Hong Kong Stock Connect Electronic Theme Index, indicating a potential boom in the unmanned logistics vehicle industry [4] - Policy support for brain-computer interface development led to Heartway Medical-B (06609) rising over 10%, while Brain Motion Aurora-B (06681) increased by 6.7% [5] Group 4 - Jiantao Laminates (01888) rose over 9% after issuing a new price increase notice, with institutions suggesting that the price increase for copper-clad laminates is likely to continue [6] - Airline stocks saw broad gains in the morning session, with China National Airlines (00753) rising by 3.97%, Eastern Airlines (00670) by 2.94%, and Southern Airlines (01055) by 2.3%, as the appreciation of the RMB alleviated exchange rate pressures for airlines [6] - The State Administration for Market Regulation initiated compliance guidance on price competition in the photovoltaic industry, leading to gains in some solar stocks, with New Special Energy (01799) rising over 5% and Xiexin Technology (03800) by 2.75% [6] Group 5 - Leap Motor (09863) saw an early morning increase of over 3% following a strategic investment by China FAW Group, which acquired a 5% stake at a premium [7] - MGM China (02282) fell nearly 13% as it announced that brand usage fees paid to its parent company will double starting next year [8]

港股恒生指数涨0.26%，涨67点，报25886点；恒生科技指数涨1.6%。港股早盘成交1264亿港元。 江西铜业股份（00358）涨近10%。公司公告拟以不超7.64亿英镑现金，收购SolGold全部已发行及将要 发行股本。 佑驾创新(02431)解禁后涨超15%，公司入选恒生港股通电子主题指数，无人物流车行业将迎爆发期。 政策支持脑机接口发展。心玮医疗-B(06609)涨超10%，脑动极光-B(06681)涨6.7%。 建滔积层板(01888)涨超9%，公司再发涨价通知，机构称覆铜板涨价有望持续。 航空股早盘普涨，人民币汇率升值下航司汇兑压力缓解，航空将迎来假期催化。中国国航(00753)涨 3.97%；东方航空(00670)涨2.94%；南方航空(01055)涨2.3%。 12月27日，工业和信息化部"人形机器人与具身智能标准化技术委员会"在京正式成立，机器人板块大 涨。微创机器人-B（02252）涨超30%；越疆（02432）涨超12%；优必选（09880）涨超12%；小鹏汽 车-W（09868）涨超6%。 钧达股份(02865)涨超19%，与尚翼光电签署战略合作协议，机构指太空光伏仍是最强主线。 上 ...

客户端 钧达股份（02865）盘中大涨超25%，截至发稿，股价上涨23.06%，现报20.92港元，成交额1.43亿港 元。 12月23日，钧达股份披露投资者关系活动记录表，其中提到，公司近日与尚翼光电正式签署战略合作协 议，将以战略股东身份对尚翼光电进行股权投资，双方将深度整合产业与场景资源，围绕钙钛矿电池技 术在太空能源的应用展开合作，在技术研发、在轨验证、产业化落地及应用场景拓展等方面建立协同机 制。国金证券研报指出，重申看好太空光伏成为当前以及未来一年内的最强主线，后续来自火箭试射、 企业上市、产业链内生/外延动作落地、产品验证/供货进展等相关催化仍将密集释放，核心光伏相关标 的股价空间仍然巨大。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 钧达股份（02865）盘中大涨超25%，截至发稿，股价上涨23.06%，现报20.92港元，成交额1.43亿港 元。 12月23日，钧达股份披露投资者关系活动记录表，其中提到，公司近日与尚翼光电正式签署战略合作协 议，将以战略股东身份对尚翼光电进行股 ...

智通财经APP获悉，钧达股份(02865)大涨超25%，截至发稿，涨24.47%，报21.16港元，成交额1.16亿港 元。 消息面上，12月23日，钧达股份披露投资者关系活动记录表，其中提到，公司近日与尚翼光电正式签署 战略合作协议，将以战略股东身份对尚翼光电进行股权投资，双方将深度整合产业与场景资源，围绕钙 钛矿电池技术在太空能源的应用展开合作，在技术研发、在轨验证、产业化落地及应用场景拓展等方面 建立协同机制。国金证券研报指出，重申看好太空光伏成为当前以及未来一年内的最强主线，后续来自 火箭试射、企业上市、产业链内生/外延动作落地、产品验证/供货进展等相关催化仍将密集释放，核心 光伏相关标的股价空间仍然巨大。 值得一提的是，近期商业航天催化密集。据最新报道，12月26日，上海证券交易所制定了《上海证券交 易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》，现予以发布， 并自发布之日起施行。《指引》共十四条，对商业火箭企业适用科创板第五套上市标准作出了细化规 定。开源证券认为，随着商业火箭企业第五套上市标准要求的细化以及商业航天资本化进程全面提速， 中国商业航天产业已进入"资本赋 ...