Core Viewpoint - JunDa Co., Ltd. (02865) experienced a significant stock price increase, rising over 18% and closing at 42.08 HKD, with a trading volume of 369 million HKD, following the completion of a share placement agreement [1] Group 1: Company Actions - The share placement was completed on February 2, 2026, with all conditions of the placement agreement met [1] - A total of 18.682 million new H-shares were placed at a price of 22.00 HKD per share, resulting in net proceeds of approximately 398 million HKD [1] - The proceeds from the placement are planned to be allocated as follows: 45% for research and production of space photovoltaic battery-related products, 45% for equity investments and collaborations in the commercial aerospace sector, and 10% for working capital [1] Group 2: Industry Insights - The U.S. Federal Communications Commission (FCC) has disclosed that SpaceX is applying to launch and operate a constellation of up to 1 million satellites and build an orbital AI data center network [1] - Guohai Securities believes that global satellite deployment is expected to accelerate, with a shift from communication satellites to computing satellites, leading to sustained high demand for space photovoltaics [1] - CICC suggests that investors should seize the transformative opportunities presented by space photovoltaics across the entire industry chain, with a focus on the manufacturing sector [1]

Group 1 - JunDa Co., Ltd. (002865) experienced a stock price increase of over 18%, closing at 42.08 HKD with a trading volume of 369 million HKD [1] - The company announced the completion of a placement agreement on February 2, 2026, with all conditions met [1] - A total of 18.682 million new H-shares were placed at a price of 22.00 HKD per share, raising approximately 398 million HKD in net proceeds [1] Group 2 - The proceeds from the placement will be allocated as follows: 45% for research and production of space photovoltaic products, 45% for equity investments and collaborations in the commercial aerospace sector, and 10% for working capital [1] - Recent disclosures from the FCC indicate that SpaceX is applying to launch and operate a constellation of up to 1 million satellites and build an orbital AI data center network [1] - Guohai Securities believes that global satellite deployment is expected to accelerate, with a shift from communication satellites to computing satellites, leading to sustained high demand for space photovoltaics [1]

Summary of Company and Industry Insights from Conference Call Company: JunDa Co., Ltd. (钧达股份) Key Points 1. **Completion of H-Share Placement** JunDa Co., Ltd. has completed its H-share placement, raising a net amount of HKD 397 million. Of this, 45% will be allocated to the research and production of space photovoltaic battery-related products, another 45% will be used for equity investments and collaborations in the commercial aerospace sector, and 10% will be used to supplement working capital [1][2]. 2. **Research and Production of Space Photovoltaic Batteries** The research and production of space photovoltaic battery-related products will be led by Jiangxi JunDa Aerospace Space Technology Co., Ltd., in which JunDa holds a 70% stake. The planned production capacity for CPI films is set to reach 400,000 square meters, and the production line for perovskite tandem batteries will also be constructed simultaneously [1][2]. 3. **Strategic Investments in Commercial Aerospace** The company plans to make one or more strategic equity investments in the commercial aerospace sector, which will achieve clear operational or technological synergies with its existing business or strategic layout. This includes providing a platform for the in-orbit verification and application of its space photovoltaic products [1]. 4. **Outlook for Space Photovoltaic Sector** JunDa is expected to continuously catalyze developments in the space photovoltaic field. The CPI film can be utilized in solar wings and some exposed components of satellites, which is anticipated to contribute to performance early on. The perovskite tandem production line is expected to complete construction, sample delivery, and in-orbit verification this year, with mass production to follow [2]. 5. **Expansion of Production Capacity** JunDa's production capacity in Turkey has recently begun contributing to shipments, and there is potential for further collaboration with North American clients in the future [2].

近期，美国联邦通信委员会披露文件显示，SpaceX正在申请发射并运营由至多100万颗卫星组成的星 座，建设轨道AI数据中心网络，太空光伏作为其核心能源供给方式，再次成为行业关注焦点。 太空光伏广义上分为两类，一类是为卫星、空间站等航天器提供电力的在轨太阳能技术，核心原理与地 面光伏一致，但需在极端温差(-150°C至+150°C)、高辐射、高真空环境中稳定运行。开源证券分析师殷 晟路认为，地面光伏赛道已步入极致成本竞争的红海阶段，而太空光伏的商业逻辑与地面场景存在本质 差异，其终端载体为卫星时，核心诉求是供电系统的可靠性，而非单纯的成本压降。以晶硅电池替代砷 化镓电池可大幅降低太阳翼硬件成本，但一旦因电池可靠性不足引发卫星供电故障，造成的整星报废损 失将远超电池采购成本，因此太空光伏摒弃"低价优先"模式，安全性与稳定性是第一优先级。 供给端，全球能源绿色转型进入深水区，地面光伏受昼夜更替、天气变化等制约存在天然理论极限，难 以承载未来全球能源需求与生态压力。需求端，AI算力、全面电气化进程加速催生对持续稳定高密度 基荷能源的需求，低轨卫星互联网、深空探测活动也对在轨能源供给提出硬性要求。结合我国"双碳"目 标 ...

Market Performance - The three major indices opened higher, with the Shanghai Composite Index up by 0.70%, the Shenzhen Component Index up by 1.18%, and the ChiNext Index up by 1.65% [1] - The Shanghai Composite Index closed at 4043.91 points, the Shenzhen Component Index at 13986.89 points, and the ChiNext Index at 3318.06 points, reflecting increases in trading volume and market capitalization [2] External Market - The US stock market showed stable performance amid a calming sell-off in precious metals and cryptocurrencies, with the S&P 500 up by 0.54%, the Nasdaq Composite up by 0.56%, and the Dow Jones Industrial Average up by 1.05% [3] - Chinese concept stocks exhibited mixed results, with the Nasdaq Golden Dragon China Index down by 0.65%, and notable movements in individual stocks such as Alibaba down by 0.69% and Pinduoduo up by 2.38% [3] Industry Insights - CICC suggests capitalizing on the transformative potential of space photovoltaic technology within the commercial aerospace sector, emphasizing the importance of manufacturing industry developments [4] - CITIC Securities indicates that the white liquor sector is approaching a turning point, presenting a cyclical bottom configuration opportunity as various market factors align ahead of the Spring Festival [5] - Huatai Securities recommends focusing on stable high-dividend stocks with defensive attributes, as the high-dividend sector is expected to perform better amid increasing market volatility [6]

每经AI快讯，2月3日，中金公司（601995）研报指出，商业航天蓬勃发展背景下，太空光伏作为其电 源系统升级的核心方向，在星座批量组网的牵引下正迈向技术路线升级与产业化交付的新阶段。随着我 国低轨星座进入密集部署期、单星功率持续上行叠加太空算力等新应用场景推进探索，建议把握太空光 伏带来的全产业链变革，持续关注制造产业端落地密集催化。 ...

Core Viewpoint - The rapid development of commercial aerospace is driving the evolution of space photovoltaics as a core direction for power system upgrades, with a focus on the transformation of the entire industry chain and the manufacturing sector's intensive delivery [1][2]. Group 1: Commercial Aerospace and Market Dynamics - The space economy has become a core competitive arena in technology, with photovoltaics being the preferred energy source in space environments [2]. - The global low Earth orbit (LEO) satellite layout is accelerating, driven by the increasing number of satellites and the expansion of single-satellite power consumption [2][3]. - The demand for space solar arrays is being driven by the need for cost reduction and efficiency improvements in the context of satellite manufacturing entering an industrialized production era [2][3]. Group 2: Technological Evolution and Market Potential - The technology routes for space photovoltaics are diversifying, with a market potential expected to reach hundreds of billions by 2025-2030, primarily serving traditional low Earth orbit applications [2][3]. - The evolution of solar cell technology is moving from silicon to gallium arsenide and high-efficiency heterojunction (HJT) and perovskite solutions, indicating a broad market space [2][3][26]. Group 3: Industry Chain and Competitive Landscape - The space photovoltaic industry chain includes manufacturing, launching, and operational services, with a focus on the verification cycles provided by actual satellite windows [3][5]. - Companies with the capability for in-orbit verification and production line implementation are expected to gain a first-mover advantage in the market [3][39]. - The competitive landscape is characterized by the need for space environment testing capabilities and collaboration with satellite constellation projects [39]. Group 4: Emerging Applications and Demand Forecast - The demand for space photovoltaics is projected to grow significantly, particularly with the rise of space computing applications, which will further expand the power consumption needs of satellites [2][10]. - The market for space photovoltaics is expected to see a stepwise increase post-2030, contingent on optimistic deployment scenarios for space computing [2][38]. Group 5: Technological Routes and Innovations - Various technological routes are emerging in space photovoltaics, including multi-junction gallium arsenide, HJT, and perovskite technologies, each with distinct advantages and challenges [26][30][36]. - The focus on energy quality ratio, flexibility, and cost-effectiveness is driving innovation in solar cell technologies suitable for space applications [26][30].

【 策略 】大跌之后：良机就在眼前 【光伏设备 】SpaceX 申请百万卫星布局轨道 AI 数据中心，太空光伏与设备环节有望率先受益 大跌之后：市场有望逐步企稳，投资良机就在眼前。 近期中国市场波动较大，全A平均股价调整达到6%，上证指数跌至临近4000点，并在午后出现恐慌性抛 售。市场下跌由多因素耦合：1）预期层面，市场正快速评估新提名美联储主席凯文·沃什的政策主张，其"降息+缩表"的倾向引起金融条件紧缩的担心；2） 微观交易，黄金/白银等商品价格剧烈波动，以及前期A股权重ETF持续被抛售，叠加临近春节长假观望情绪升温，内外交织之下中国市场出现大跌。国泰海通 策略认为，大跌之后，市场有望逐步企稳，在春节前重拾上升势头，坚定看好中国股市：第一，全球市场正快速计入美联储潜在的鹰派货币立场，但从路径角 度沃什的降息立场更鸽派和确定；第二，中国政府政策重心正转向内需主导，并作为首要任务，有望提振中国经济前景与资产回报；第三，中国证监会近期再 次强调"全力巩固资本市场稳中向好势头"，并推出中长期资金入市新政。市场的无差别恐慌抛售令交易加快出清，投资中国的良机就在眼前。 市场快速计价美国"缩表"风险，但沃什的降息立场更 ...

Market Overview - The A-share market experienced a correction today, with the Shanghai Composite Index falling by 2.48% to close at 4015.75 points, and the Shenzhen Component Index dropping by 2.69% to 13824.35 points. Most sectors declined, with the precious metals sector nearly hitting the limit down, while only the food and beverage industry saw a slight increase. The market is currently in a deleveraging phase, indicating potential for further pullback, but as valuation pressures ease, new investment opportunities may gradually emerge [1] Solar Industry - The solar sector showed strong performance in the morning, with the solar industry index rising over 2% at one point, although it later retreated but still outperformed the broader market. Tesla CEO Elon Musk's recent proposal for "space solar" has opened new imaginative possibilities for the industry. Additionally, the Ministry of Industry and Information Technology held a meeting to address "involution" in the solar industry, emphasizing mergers and acquisitions and standard-setting to eliminate excessive competition. With the implementation of "anti-involution" policies and a surge in energy demand, the solar industry is expected to enter a recovery cycle characterized by simultaneous growth in volume and profit. For investors optimistic about energy transition and industry recovery, this may be an opportune time to consider the Guotai Solar ETF (159864) [1] Pharmaceutical and Biotech Sector - The pharmaceutical and biotech sector has demonstrated strong capital attraction recently, with market sentiment significantly improving. The investment rationale for the sector is primarily supported by "innovation realization" and "valuation recovery." Domestic innovative drugs are entering a phase of commercial explosion and internationalization. Furthermore, supportive policies from the Ministry of Commerce and other departments have been released to promote mergers and high-quality development in the pharmaceutical retail industry. The Biopharmaceutical ETF (512290) closely tracks the CSI Biopharmaceutical Index, encompassing both the growth potential of innovative drugs and the stability of medical device performance. This ETF's focus on leading companies and comprehensive industry coverage makes it a representative of core assets in China's biopharmaceutical industry, warranting investor attention [2] Electric Grid Sector - The Electric Grid ETF (561380) rose by 1.06% today. In terms of domestic demand, reports indicate that transformer factories in Guangdong and Jiangsu are operating at full capacity, with some orders for data center business extending to 2027. During the 14th Five-Year Plan, the State Grid Corporation's fixed asset investment is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan. Additionally, the ongoing global energy transition is driving demand for new energy integration. The sector benefits from a combination of "order explosion, increased domestic investment, and overseas demand potential," supported by strong performance from leading grid equipment companies, making it a sector to watch for investors [2] Precious Metals Sector - The precious metals sector continued to experience significant adjustments today. Concerns over tightening U.S. monetary policy have heightened market sensitivity to negative news, leading to sharp corrections as a result of emotional and trading structure responses. However, long-term expectations regarding potential interest rate cuts by the Federal Reserve have not fundamentally changed, and geopolitical risks continue to provide long-term support for gold prices. In the short term, after the release of concentrated selling pressure, there may be a rebound and recovery window. In the medium to long term, the logic supporting gold prices remains intact, driven by the "Federal Reserve's rate cut cycle, increasing overseas uncertainties, and the global trend of de-dollarization." Investors are encouraged to monitor investment opportunities in the Guotai Gold ETF (518800) and Gold Stock ETF (517400) [3]

证券研究报告 SpaceX：从"变革"中崛起的"星际先行者" 东吴证券研究所所长助理、计算机首席分析师 王紫敬 执业证书编号：S0600521080005 联系邮箱：wangzj@dwzq.com.cn 2026年2月2日 核心观点 ◆ 1. 传统主业：由"星链"与"火箭发射"构筑的万亿航天基本盘 ◆ SpaceX已通过技术代差重塑了航天经济学，其核心收入来源由星链（Starlink）和火箭发射业务组成 。星链已从早期的空间互联网集群进化为全球维度的数字资 产，截至2026年1月，在轨卫星已超9500颗，全球活跃用户达900万，Payload Space预计2025年星链将贡献公司约70%的收入 。特别是通过收购频谱许可证和部署 DTC（手机直连）技术，星链正转型为全球移动运营商，消除通信盲区 。火箭发射则是其物理支撑，猎鹰9号作为世界上最成功的商业复用火箭，已将发射成本 压低至传统火箭的十分之一 。这种强大的发射能力不仅支撑了星链的快速组网，更确立了SpaceX在全球商业发射市场近乎垄断的地位 。 ◆ 2. 太空算力：从地球代偿到构建"在轨智能"的生态闭环 ◆ 随着星舰带来的发射成本大幅下行，每一枚卫星正在 ...