Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [7] Core Views - The approval of Blue Arrow's IPO indicates increased support from the capital market for the commercial aerospace industry, which is expected to accelerate industry implementation [1] - The commercial aerospace sector shows promising prospects, with China completing 19 satellite constellation tasks in 2025, while the US completed 129 tasks, highlighting the growing market space for rocket launches and satellite industries [2] - 3D printing technology is revolutionizing rocket propulsion, with companies like SpaceX and Blue Arrow utilizing this technology to reduce manufacturing costs and improve efficiency [2] - The solar wing technology, featuring high-efficiency solar cells, is set to empower space computing, with flexible solar wings becoming a core infrastructure for high-power satellites [3] Summary by Sections Commercial Aerospace - Blue Arrow's IPO application was accepted, aiming to raise 7.5 billion yuan, marking a significant step for the domestic commercial aerospace sector [1] - The successful launch of Blue Arrow's Zhuque-3 rocket, which is the first domestic attempt at first-stage recovery, signifies advancements in reusable rocket technology [1] Satellite Launches - In 2025, China completed 19 satellite constellation tasks, with a total of 136 satellites in orbit for the GW constellation and 108 for the Qianfan constellation [2] - The US completed 129 satellite launches, with the Starlink program accounting for 122 of these, indicating a competitive landscape in satellite deployment [2] 3D Printing in Rocket Manufacturing - SpaceX's use of 3D laser printing technology has significantly lowered rocket launch costs by enabling continuous manufacturing of engine combustion chambers [2] - Blue Arrow's Tianque series rocket engines also employ 3D printing, achieving a thrust adjustment range of 40% to 110% and shortening component manufacturing time [2] Solar Power in Space - Flexible solar wings equipped with high-efficiency solar cells are becoming essential for satellites, with materials like flexible thin-film gallium arsenide and perovskite showing great potential for future applications [3] Investment Recommendations - Recommended companies include Jiangshun Technology, Bolite, and Huashu Gaoke for 3D printing; Maiwei Co., Jiejia Weichuang, and Jingshan Light Machine for perovskite and crystalline silicon photovoltaic equipment; and Junda Co. and Dongfang Risen for photovoltaic cell components and power manufacturing [4]

每经AI快讯，京山轻机（000821.SZ）12月31日在投资者互动平台表示，在钙钛矿领域，公司目前主要 为客户提供钙钛矿设备及解决方案，并不直接生产柔性钙钛矿材料。钙钛矿钙材料的应用范围较为广 泛，包括您所提及的前沿应用，公司对此类新兴应用方向始终保持着高度的关注和重视。 我们也注意 到，当前国内已有部分企业和研究机构正在积极探索钙钛矿技术在相关领域的布局。作为产业链的设备 供应商，公司未来的业务发展与技术演进，将在很大程度上依托于下游客户及终端市场的具体需求与技 术路线选择。我们将持续跟进钙钛矿技术的多元化发展路径，不断提升设备工艺水平，以支持下游客户 在各个潜力方向上的探索与创新。 （文章来源：每日经济新闻） ...

2025 年12 月21 日，公司与尚翼光电签署《战略合作框架协议》，双方拟围绕"面向太空算力与空间能 源应用的柔性钙钛矿技术研发与产业化"展开合作，合作内容包括双方共同对太空钙钛矿产品进行联合 研发、公司拟作为战略股东对尚翼光电进行投资以及未来进行太空钙钛矿产品产业化落地。 投资要点 合作尚翼光电，共探太空光伏 钙钛矿电池凭借超轻量化、低成本、高抗辐照性及可柔性卷展等优势，有望成为突破太空能源瓶颈的关 键路径之一。 公司深耕光伏电池技术研发，并在下一代钙钛矿领域提前布局，已与仁烁、中科院、苏州大学等机构开 展合作研发，实现多项技术突破。目前，公司钙钛矿叠层电池实验室效率已达32.08%，处于行业领先 地位；并于2025 年11 月成功下线首片产业化N 型+钙钛矿叠层电池，已具备叠层工艺研发与小规模生产 能力，正稳步推进钙钛矿及钙钛矿叠层电池的商业化应用。合作方尚翼光电是国内稀缺的卫星电池生产 商，其核心团队长期专注钙钛矿航天应用，致力于柔性钙钛矿光伏技术在太空场景的落地。 此次战略合作将充分整合双方在光伏产业化能力、钙钛矿技术积累、太空场景适配及航天资源整合等方 面的核心优势，实现优势互补，卡位太空光伏产业 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1]. Core Insights - The launch of the carbon-based high-performance materials demonstration project by China Chemical signifies the first industrial application of graphene continuous gas-phase synthesis technology in China [1]. - Clearon Technology has completed a multi-million angel round financing to expand production lines and develop core equipment for high-performance composite dielectric films [3]. - Guangyin Technology has secured a significant A+ round financing to accelerate the industrialization of perovskite technology and expand into consumer electronics and IoT applications [4]. Summary by Sections Industry Development Dynamics - The carbon-based high-performance materials demonstration project in Hefei covers an area of 49.43 acres and includes a production line for 200 tons/year of gas-phase synthesized graphene powder and 4000 tons/year of graphene functional slurry [1]. Investment and Financing Dynamics - Clearon Technology, founded in September 2024, focuses on high-performance composite dielectric materials and has completed a multi-million angel round financing led by Zhongke Chuangxing [3]. - Guangyin Technology, established in 2022, aims to commercialize perovskite technology and has received funding to enhance its production capacity and market reach [4]. Market Performance - The Wande New Materials Index rose by 7.03% in the week from December 22 to December 26, while the CSI 300 Index increased by 1.95% during the same period [6].

Summary of Key Points from Conference Call Records Industry Overview - The commercial aerospace sector is experiencing rapid growth, with a significant increase in private enterprises since 2015 when China allowed private capital participation in the aerospace industry. Key players include Galaxy Power, Wiener Technology, and Blue Arrow Technology [8] - The global satellite services and ground equipment market has reached a scale of over 100 billion USD, with China having a clear latecomer advantage [8] Core Insights and Arguments - The commercial aerospace sector has seen a cumulative increase of approximately 60% in the Wande Commercial Aerospace Index from March 2025 to the present, which is lower compared to the 120% increase in the robotics and low-altitude economy sectors [5] - SpaceX's success is attributed to its ability to seize commercialization opportunities, technological innovation, and cost reduction through vertical recovery and in-house manufacturing of over 70% of its rocket systems [6][7] - The spring market rally is supported by improved economic expectations and liquidity, with macro-level liquidity constraints easing, which positively impacts market sentiment towards commercial aerospace themes [2] Key Companies and Materials - Companies benefiting from the demand for high-temperature alloys and precision ceramic packaging include Zhenhua Co., Srey New Materials, and Guoci Materials [8][9] - Guoci Materials is actively developing solid-state batteries and electrolytes, positioning itself to benefit from the rapid emergence of new demands in the energy materials sector [10] - Srey New Materials has upgraded its polyimide film (PI film) to transparent PI film (CPI), which can be applied in satellite solar wing deployment and flexible solar cell carrier membranes [11] Emerging Technologies and Trends - The development of perovskite technology in space photovoltaics is gaining attention, with potential cost reductions making it a viable alternative to traditional gallium arsenide technology [14][15] - The space computing sector is highlighted as a significant growth area, with major players like SpaceX and Google investing heavily in space computing capabilities [23] - The domestic aerospace industry is focusing on the development of large satellites and mobile direct connection solutions to reduce power requirements, increasing the value of solar cells and phased array TR components [32] Investment Opportunities - Key investment themes for 2025 include humanoid robots, controllable nuclear fusion, quantum computing devices, and solid-state battery equipment [18] - For 2026, there is a focus on the incremental investment opportunities related to space perovskite technology, with companies like Maiwei Co. and Shanghai Port Bay being highlighted for their potential [21] - The domestic recoverable rocket sector is currently benchmarking against SpaceX's Falcon 9, with significant cost components attributed to rocket engines and high-temperature alloys [31] Conclusion - The commercial aerospace industry is poised for significant growth, driven by technological advancements and increasing private sector participation. Key materials and companies are well-positioned to capitalize on emerging trends, making this sector an attractive area for investment.

证券日报网12月23日讯钧达股份在12月22日回答调研者提问时表示，公司多年专注于光伏电池技术研 发，已在钙钛矿技术领域取得关键突破；尚翼光电是国内稀缺的卫星电池生产商，核心团队深耕钙钛矿 航天应用多年。公司本次与尚翼光电进行战略合作，从地面光伏领域向太空光伏高价值赛道衍生，是为 了锚定国家战略需求，助力航天强国建设目标，把握全球太空能源技术变革与商业航天产业爆发的机 遇。合作双方核心团队分别深耕光伏与钙钛矿航天应用领域，积淀了深厚的技术储备与资源优势，本次 双方达成战略合作，有助于充分发挥双方在光伏产业化能力、钙钛矿技术积淀、太空场景适配能力及航 天资源整合领域的核心优势，充分实现优势互补、互惠共赢，符合公司长期战略投资规划，进一步提升 公司核心竞争力与长期盈利水平。 （文章来源：证券日报） ...

证券日报网12月23日讯 钧达股份（002865）在12月22日回答调研者提问时表示，公司深耕光伏电池技 术研发，在下一代钙钛矿技术领域布局深远，已与仁烁、中国科学院、苏州大学等单位开展研究，已实 现关键突破：钙钛矿叠层电池实验室效率达32.08%，居于行业领先水平；2025年11月完成首片产业化N 型+钙钛矿叠层电池下线，攻克底电池结构优化、高效介质钝化膜沉积等核心技术，具备独立开展叠层 工艺研发与小规模生产的能力，正积极推进钙钛矿及钙钛矿叠层电池的商业化应用。 ...

Core Viewpoint - The company is in the research and development phase for perovskite solar cells, leveraging its core coating technology from traditional business, but has not yet achieved large-scale production [1] Group 1 - The company has a strong foundation in coating technology, which is being applied to the development of perovskite products [1] - Current research on perovskite solar cells is at the technical reserve stage, indicating potential future growth [1] - There is no large-scale production of perovskite solar cells yet, highlighting the early stage of development [1]

Core Viewpoint - JunDa Co., Ltd. has entered a strategic partnership with Hangzhou Shangyi Optoelectronics Technology Co., Ltd. to invest in perovskite battery technology for space energy applications, marking a significant step in the aerospace sector and aligning with national space strategies [1][2]. Group 1: Strategic Partnership - The collaboration combines the strengths of a satellite battery manufacturer and a photovoltaic battery specialist, enhancing the development of perovskite space energy solutions [2]. - JunDa Co. aims to leverage its leadership in photovoltaic technology to become a global leader in space photovoltaic applications [1][2]. Group 2: Technological Advancements - JunDa Co. has achieved a laboratory efficiency of 32.08% for its perovskite tandem batteries, positioning itself at the forefront of the industry [2]. - The partnership will focus on research and development tailored to the unique demands of space environments, including material systems and structural design [3]. Group 3: Market Potential - The space economy is transitioning from exploration to industrialization, with a projected market size for space computing reaching 100 GW annually, highlighting the growing demand for stable and adaptable energy solutions [4][5]. - Perovskite technology offers advantages such as lightweight, high energy density, and cost-effectiveness, making it suitable for the rigorous requirements of space applications [5][6]. Group 4: Future Growth Opportunities - The partnership is expected to enhance JunDa Co.'s capabilities in high-demand applications, contributing to the national goal of becoming a space power and supporting global energy transitions [7]. - The collaboration is seen as a strategic move to capitalize on the historical opportunity presented by the booming space economy [7].

Summary of the Conference Call on JunDa Co., Ltd. and ShangYi Optoelectronics Strategic Cooperation Industry and Company Overview - **Industry**: Space photovoltaic energy solutions, focusing on low Earth orbit (LEO) satellite applications - **Companies**: - **JunDa Co., Ltd.**: A leading photovoltaic battery manufacturer, recognized for its N-type battery technology and breakthroughs in perovskite technology - **ShangYi Optoelectronics**: Originating from the Shanghai Institute of Optics and Fine Mechanics, specializing in flexible perovskite photovoltaic technology for space applications Core Points and Arguments 1. **Strategic Cooperation**: JunDa and ShangYi have formed a strategic partnership to explore next-generation space energy solutions, particularly in response to the growing demand for energy in LEO satellite deployments, which have surpassed 100,000 planned satellites [1][3] 2. **Market Potential**: The space photovoltaic market is projected to reach trillions of yuan by 2030, significantly exceeding the terrestrial market, driven by the need for energy solutions in space data centers [1][5] 3. **Technological Advancements**: ShangYi has developed a third-generation flexible solar cell with a power-to-weight ratio of 10 watts per gram, and a perovskite-silicon tandem cell that matches the efficiency of gallium arsenide while being significantly cheaper [2][11] 4. **Joint R&D Initiatives**: The companies will establish a joint research platform to tackle key technical challenges such as radiation resistance and temperature stability, and will collaborate on industry standards and national projects [4][18] 5. **Cost Efficiency**: ShangYi emphasizes the importance of low-cost solutions in commercial space, with their products designed to be 1/4 to 1/5 the cost of gallium arsenide cells, which are currently dominant in the market [5][20] Additional Important Insights 1. **Performance Testing**: ShangYi's perovskite cells have undergone extensive testing, showing over 90% efficiency retention after 4,000 temperature cycles, indicating strong potential for long-term space applications [19][25] 2. **Future Plans**: JunDa plans to launch power satellites by 2026, with a focus on integrating perovskite technology as a primary energy source, while also preparing for mass production to meet the anticipated demand for thousands of satellite launches [21][22] 3. **Market Strategy**: JunDa aims to increase its overseas market share, with 60% of sales currently coming from international markets, and is optimistic about the commercialization of space photovoltaics [35] 4. **Unique Advantages**: ShangYi's team possesses unique capabilities in developing materials that withstand extreme space conditions, which are critical for the reliability of their solar cells in orbit [10][14] This summary encapsulates the key discussions and insights from the conference call regarding the strategic partnership between JunDa Co., Ltd. and ShangYi Optoelectronics, highlighting the potential of space photovoltaic solutions in the rapidly evolving commercial space industry.