Group 1 - The core viewpoint of the report indicates that the photovoltaic equipment industry is expected to enter a recovery phase in 2026, following a thorough adjustment in 2025, with leading equipment manufacturers managing cash flow effectively through various collection models [2] - The report highlights that the demand for photovoltaic equipment will be driven by overseas markets, particularly in the U.S. and the Middle East, where local manufacturing policies and resource advantages are expected to enhance production capacity [3] - The transition from high-cost gallium arsenide to more cost-effective silicon-based technologies, particularly HJT, is anticipated to play a crucial role in the industry's growth, especially in the context of space computing applications [2][3] Group 2 - The report emphasizes that the photovoltaic industry is experiencing a supply-demand imbalance, which is prompting a new round of technological iterations as a key variable for capacity reset [3] - HJT technology is noted for its advantages in low labor, electricity, and water consumption, making it well-suited for the U.S. manufacturing environment, while also avoiding patent risks associated with TOPCon technology [3] - The investment recommendation includes focusing on leading companies in HJT technology, low-oxygen single crystal furnaces, automation in components, and ultra-thin silicon wafer cutting equipment [4]

行业供需失衡背景下，新一轮技术迭代成为产能重置关键变量 商业航天运载成本持续下降，中美均规划百GW级太空算力部署能力，太空数据中心对能源系统高度依 赖光伏供电，光伏成为轨道算力体系的核心基础设施。在规模化阶段，能源系统将由高成本砷化镓逐步 转向更具成本优势与可扩展性的硅基技术，HJT薄片化与柔性化特性在减重与卷展式阵列适配方面具备 潜在优势。该行认为，太空算力为光伏设备行业引入"类半导体设备"的长周期成长逻辑。 海外地面需求成为2026年现实增量来源，美国与中东等地共振驱动扩产 美国新增装机保持高景气，本土制造政策强化供应链安全与成本可控，特斯拉规划100GW地面光伏产 能以匹配AI算力电力需求。在高人工、高水电成本背景下，HJT凭借低工序、低用电、低水耗、低人工 优势更契合美国制造环境，且不存在TOPCon在美面临的专利风险，中长期具备竞争优势。与此同时， 中东资源禀赋优势突出，装机规划持续上调，中资主链企业加速本土建厂，国产设备"借船出海"逻辑强 化，海外收入占比提升趋势明确。 智通财经APP获悉，东吴证券发布研报称，2025年光伏基本面已充分出清，2026年设备订单有望进入修 复通道。2025年行业深度 ...