智通财经APP获悉，中银国际发布研报称，马斯克再次表示将建设100GW光伏产能，其产能规划可能往 上游硅料、硅片延伸，硅料、硅片、电池、组件核心设备受益，长期看材料企业具备市场扩大空间。我 国工信部明确光伏"反内卷"主线，预计行业大概率自发限产，电池、组件格局优化。我国太空光伏加快 产业化，短期内多种技术路线将会呈现齐头并进态势，始终围绕设备、材料、电池。在具体细分方向 上，在海外厂商技术方向确定之后，相关设备、材料有望脱颖而出。 中银国际主要观点如下： 工信部再次明确光伏"反内卷"主线，重点梳理产业链价格 根据工信微报报道，2026年1月28日，国家工信部部长召开光伏行业企业家座谈会，国家发改委、市监 总局、光伏行业重点企业、行业协会负责人参会。会议明确，"反内卷"是光伏行业规范治理的主要矛 盾；并提出将综合运用产能调控、防范垄断风险、知识产权保护、促进技术进步等手段，以市场化、法 治化手段共同推动光伏行业回归良性竞争、理性发展的轨道。在"防范垄断风险"、"产能调控"精神下， 行业大概率自发限产。 最终推动产业链价格理顺，不能出现单一环节暴利、其他环节亏损的现象。整体上看，本次开会为年终 总结、来年展望，预 ...

Group 1 - The core viewpoint is that Musk plans to build 100GW of photovoltaic capacity, which may extend upstream to silicon materials and wafers, benefiting core equipment in silicon materials, wafers, batteries, and modules, with long-term market expansion potential for material companies [1][4] - The Ministry of Industry and Information Technology (MIIT) of China has reiterated the "anti-involution" theme in the photovoltaic industry, indicating a high probability of self-imposed production limits, which will optimize the battery and module landscape [1][4] - The meeting held by MIIT on January 28, 2026, emphasized the need for market-based and legal measures to promote healthy competition and rational development in the photovoltaic industry, aiming to prevent monopolistic risks and ensure price rationalization across the industry chain [1][3] Group 2 - Musk's announcement of expanding photovoltaic capacity is not limited to batteries and modules but may also include upstream silicon materials and wafers, which could lead to increased orders for domestic photovoltaic equipment manufacturers [2][4] - China's space photovoltaic industry is accelerating its commercialization, with various technological routes such as gallium arsenide, crystalline silicon, and perovskite being explored, indicating a diverse development landscape [3] - The report recommends several companies, including Foster, JinkoSolar, and LONGi Green Energy, as potential beneficiaries of the expanding photovoltaic market, while also suggesting to pay attention to other companies like Aotaiwei and Shuangliang Energy [4]

证券研究报告——晨会聚焦 2026 年 1 月 30 日 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 4157.98 | 0.16 | | 深证成指 | 14300.08 | (0.30) | | 沪深 300 | 4753.87 | 0.76 | | 中小 100 | 8663.51 | (0.91) | | 创业板指 | 3304.51 | (0.57) | 资料来源：同花顺，中银证券 中银晨会聚焦-20260130 ■重点关注 【电力设备】光伏行业动态点评—国内反内卷+马斯克太空光伏扩产共振， 关键仍在设备、材料*武佳雄 顾真 产品组 证券分析师：王军 (8621)20328310 jun.wang_sh@bocichina.com 证券投资咨询业务证书编号：S1300511070001 重点关注 【电力设备】光伏行业动态点评—国内反内卷+马斯克太空光伏扩产共振，关键仍在设备、材料 武佳雄 顾真 马斯克再次表示将建设 100GW 光伏产能，其产能规划可能往上游硅料、硅片延伸，硅料、硅片、电池、组件核心设 备受益，长期看材料 ...

Investment Rating - The report maintains an "Outperform" rating for the photovoltaic industry, indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Insights - The report highlights that Elon Musk has announced plans to build 100GW of photovoltaic capacity, which may extend upstream to silicon materials and wafers, benefiting core equipment in silicon materials, wafers, batteries, and modules. Long-term, material companies are expected to have market expansion opportunities [1][3]. - The Ministry of Industry and Information Technology of China has clarified the "anti-involution" theme for the photovoltaic industry, suggesting that the industry is likely to self-limit production, optimizing the battery and module landscape [1][3]. - The acceleration of the industrialization of space photovoltaic technology in China is noted, with multiple technological routes progressing simultaneously [1][3]. Summary by Sections Industry Dynamics - The report discusses the "anti-involution" strategy as a key theme for the photovoltaic industry, aiming to prevent monopolistic risks and promote rational development through capacity control and market-oriented measures. This is expected to lead to a self-limiting production scenario within the industry [5]. - The potential for Musk's integrated photovoltaic capacity expansion is emphasized, with expectations for increased orders for domestic photovoltaic equipment manufacturers as overseas manufacturers clarify their expansion plans [5]. Investment Recommendations - The report recommends several companies for investment, including Foster, JinkoSolar, JinDa Co., Maiwei, and others, while suggesting to pay attention to companies like Aotewi, Shuangliang Energy, and Dongfang Risen [3].

Group 1 - The core viewpoint of the article highlights the strong performance of the technology sector, particularly in the 0-1 stage themes such as quantum computing, nuclear fusion, and commercial aerospace, with significant attention on the commercial aerospace sector and its related industries [1] - The article notes that the ChiNext 50 ETF (159375) rose over 1.7%, reflecting the overall positive sentiment in the technology and emerging industries, which include electric equipment, new energy, pharmaceuticals, and computers [1] - The report emphasizes the importance of theme investments, recommending a focus on the space photovoltaic industry and AI application sectors, particularly the industrialization process of SpaceX's space photovoltaic initiatives and the deepening development of AI applications [1] Group 2 - The article mentions that the ChiNext 50 Index (399673) tracks the performance of 50 securities with high trading volumes in the ChiNext market, which are characterized by high growth potential and liquidity [1] - It is indicated that the sectors expected to perform well in the first half of the year include technology (0-1 technology themes and overseas computing/optical communication) and anti-involution sectors such as lithium batteries, chemicals, and non-ferrous metals, while advanced manufacturing and cyclical sectors are to be monitored in the second half [1]

Group 1 - The report highlights a strong start for the North Exchange in 2026, with the North Exchange 50 index rising by 5.82% and daily trading volume increasing by 34.58% [9][14][25] - Key sectors showing significant growth include aerospace, TMT (Technology, Media, and Telecommunications), and pharmaceuticals, with notable performances from companies in the rocket and satellite industry and the space photovoltaic sector [9][10] - The report emphasizes the importance of thematic investments, particularly in the spring season, focusing on the "15th Five-Year Plan" and future industries within the North Exchange [9][10] Group 2 - The North Exchange saw 261 stocks rise and 26 fall, resulting in a rise-to-fall ratio of 10.04, with top performers including BeiYikang and ZhongCheng Technology [34] - The average PE (TTM) for the North Exchange is reported at 86.55 times, with a median of 42.05 times, indicating a favorable valuation compared to other exchanges [22][24] - The report notes that the North Exchange's financing balance increased to 8.383 billion yuan, reflecting a positive trend in market liquidity [26][14] Group 3 - The report outlines upcoming IPOs and approvals, including the subscription of Kema Materials and the upcoming subscription of Aisheren, along with three companies scheduled for review [27][31] - The new three-board market saw five new listings and five delistings, with planned financing of 221 million yuan and completed financing of 83 million yuan [47][49] - The report identifies key companies to watch in the space photovoltaic and AI application sectors, including Liancheng CNC and Optech, as well as others involved in humanoid robotics and advanced packaging [10][10]

Core Viewpoint - JunDa Co., Ltd. has signed a strategic cooperation agreement with Shangyi Optoelectronics to invest as a strategic shareholder, focusing on the application of perovskite battery technology in space energy [1] Group 1: Company Developments - JunDa Co., Ltd. opened over 4% higher, currently trading at 18.8 HKD with a transaction volume of 1.5322 million HKD [1] - The company has been deeply involved in photovoltaic battery technology for nearly 20 years, evolving through various technological iterations including BSF, PERC, and TOPCon [1] - The collaboration with Shangyi Optoelectronics aims to enhance JunDa's research and development in perovskite and stacked batteries for different space scenarios, potentially enabling industrialization and mass production [1] Group 2: Strategic Partnership - The partnership will integrate industry and scenario resources, focusing on technical research, in-orbit verification, and application scenario expansion [1] - Shangyi Optoelectronics has a core team with extensive experience in perovskite applications in aerospace, having completed the first principle verification of perovskite materials in space environments [1] - The laboratory efficiency of the perovskite stacked battery developed in collaboration with external institutions has reached 32.08%, positioning the company at the forefront of the industry [1]

Core Viewpoint - JunDa Co., Ltd. has signed a strategic cooperation agreement with Shangyi Optoelectronics to invest as a strategic shareholder, focusing on the application of perovskite battery technology in space energy [1] Group 1: Company Developments - JunDa Co., Ltd. opened over 4% higher, currently up 4.39% at HKD 18.8, with a trading volume of HKD 1.5322 million [1] - The company has been deeply involved in photovoltaic battery technology for nearly 20 years, evolving through various battery technology iterations including BSF, PERC, and TOPCon [1] Group 2: Strategic Partnership - The partnership with Shangyi Optoelectronics aims to integrate industry and scenario resources, focusing on technical research and development, in-orbit verification, industrialization, and application scenario expansion [1] - Shangyi Optoelectronics has a core team with extensive experience in perovskite applications in aerospace, having completed the first principle verification of perovskite materials in space environments [1] Group 3: Technological Advancements - JunDa Co., Ltd. has achieved a laboratory efficiency of 32.08% for perovskite tandem batteries in collaboration with external institutions, positioning itself at the forefront of the industry [1] - The collaboration is expected to enhance the company's research accumulation on perovskite and tandem batteries in various space scenarios, potentially enabling industrialization and mass production [1]