证券代码：002565 证券简称：顺灏股份 上海顺灏新材料科技股份有限公司投资者关系活动记录表 编号：2026-002 | 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 中信证券会议 | | | 中信证券 陈明蔚；高毅资产 陈俊斌；永赢基金 曹永毅；瀚亚投 | | 参与单位名称与姓名 | 资香港 翁睛晶；农银汇理基金 魏刚、李蕾；中信股衍 潘曦明； | | | 中银基金 张响东；长江证券 万延燊；陆家嘴国泰人寿 李晟；华 | | | 夏基金 吕佳玮；南方基金 邹承原；健顺投资 邵伟；太平养老 张 | | | 凯；万家基金 陈飞达；瀛赐私募 龚文路；唐臣投资 徐行余 | | 时间 | 2026 年 1 月 27 日（星期二）9:00-11:00 | | 地点 | 上海金茂君悦大酒店 | | 上市公司接待人员姓 | 董事会秘书兼副总裁：杜云波先生 | | 名 | 证券事务代表：周晓峰先生 问答环节： | | | Q1：公司为什么看好太空算力行业？ 答：太空算 ...

《聚力整船出海助力大湾区轨道交通产业迈向全球》的提案旨在推动粤港澳大湾区轨道交通产业"整船 出海"。陈娇建议通过组建产业联盟、整合全产业链资源，提供从规划设计到运营维护的一站式"湾区方 案"；加快智慧化、绿色化技术及标准输出，提升国际竞争力；并优先布局东盟、中东等重点市场，深 化与国际龙头企业合作，共同拓展海外业务，以应对国际竞争与风险，助力大湾区轨交产业走向全球。 本报讯 （记者丁蓉）1月24日，出席广东省十四届人大五次会议的代表和省政协十三届四次会议的委员 陆续抵达广州驻地报到，标志着广东正式进入"两会时间"。代表委员们精神饱满，怀揣推动高质量发 展、增进民生福祉的履职之心，将在会议期间积极建言献策，共绘"十五五"发展蓝图。 广东省政协常委、佳都科技集团股份有限公司（以下简称"佳都科技"）董事长兼执行总裁陈娇今年带来 多份提案，包括《创新制度供给激活产业生态建设具有全球竞争力的科创特区》《筑牢自主可控数字底 座以鸿蒙生态集聚区赋能现代化产业体系建设》《聚力整船出海助力大湾区轨道交通产业迈向全球》 《关于前瞻布局太空算力新基建开拓空间智能新赛道》。 在《创新制度供给激活产业生态建设具有全球竞争力的科创特区》 ...

Group 1 - The core viewpoint is that the industry has a vast long-term market space due to the active layout of space computing by China and the US, combined with the cost and performance advantages of space computing itself [3][4] - Space computing is transitioning from a "ground-based calculation" model to a "space-based calculation" model, allowing for direct data processing in space [1][3] Group 2 - Space computing has operational cost advantages, with a significant focus on marginal energy costs, which are the core factor in overall operational expenses [2] - For example, a single space-based 40MW computing cluster can operate for 10 years at a total cost of $8.2 million, saving approximately $159 million compared to traditional computing clusters, with over $130 million saved in marginal energy costs [2] Group 3 - The demand for solar wings is expected to increase due to the expansion of power and area requirements driven by space computing, leading to the adoption of flexible technology routes [4] - Flexible solar wings can achieve a weight reduction of 20%-40%, a storage volume reduction of over 60%, and improved performance, making them a key component in the power system [4] Group 4 - Investment recommendations include focusing on companies related to space photovoltaics, such as: - Maiwei Co., Ltd. (300751.SZ), which is expected to become a core equipment supplier for space computing photovoltaic segments [5] - Gaomei Co., Ltd. (688556.SH), which aligns with the cost reduction route for space photovoltaics [5] - Jiejia Weichuang (300724.SZ), which is positioned to benefit from the expansion of flexible solar wings in the space computing sector [5]

Core Viewpoint - The A-share market is experiencing extreme enthusiasm, prompting regulatory measures to cool down the market, indicating a shift towards a "slow bull" market rather than a "crazy bull" market, emphasizing the need for investors to focus on fundamentals rather than emotions [5][6]. Market Sentiment and Regulatory Response - On January 14, the exchange announced an increase in the minimum margin ratio for financing from 80% to 100%, leading to an immediate market downturn [5]. - The regulatory stance is clear: the market can rise, but it should not be driven solely by emotions, and investors must return to fundamentals [6]. Investment Opportunities and Risks - The focus should be on identifying key sectors that are likely to perform well while avoiding those that may pose risks [7][8]. - The analysis will cover 13 high-interest sectors to provide insights on potential investment opportunities [9]. AI Computing Power - The rise of AI infrastructure is supported by increased investments from cloud vendors, with companies like "易中天" (New Yizhong, Zhongji Xuchuang, Tianfu Communication) showing significant stock price increases [11]. - However, the current high valuations may be unsustainable, and without new positive developments, there is a risk of a bubble burst in this sector [11]. Space Computing Industry - The space computing industry is expected to emerge as a significant market, with technologies deploying data centers in space to address ground-based limitations [13][15]. - China's advancements in space computing are supported by government initiatives, with plans for a comprehensive deployment strategy by 2025 [17][18]. Humanoid Robots - The humanoid robot sector is anticipated to see differentiation by 2026, with industrial applications being the primary focus, while household robots remain underdeveloped [20][22]. - Companies like 优必选 (UBTECH) are ramping up production, with expectations of significant output increases in the coming years [22][23]. Semiconductor Equipment - Domestic wafer fabs are planning expansions to meet AI chip demand and enhance production capacity, which will benefit semiconductor equipment suppliers [25][26]. Controlled Nuclear Fusion - The commercialization of controlled nuclear fusion is accelerating, with multiple technological pathways being explored [28][30]. - China is making significant strides in fusion energy, with projects like EAST and BEST expected to lead to practical applications by 2027 [32][33]. Commercial Aerospace - The commercial aerospace sector is experiencing a surge, driven by fears of missing out on investment opportunities, although there are concerns about the sustainability of this growth [41][42]. - China's satellite deployment is rapidly increasing, positioning the country as a major player in the global space race [44]. Photovoltaics - The photovoltaic sector is expected to reach a turning point in 2026, driven by supply-side adjustments and improved fundamentals [47][51]. - The cancellation of export tax rebates is likely to increase costs for exporters, benefiting larger firms with economies of scale [51][52]. Consumer Sector - The consumer sector is seen as a safe haven during market volatility, with specific focus areas including media, service consumption, and premium goods like liquor [66][70]. - The overall consumer demand is expected to recover gradually, but structural changes may lead to a lack of strong support for broad-based growth [67]. Banking Sector - The banking sector has shown resilience despite fundamental pressures, with attractive dividend yields drawing in long-term investors [72][73]. - However, the sector is unlikely to lead the market due to its lower growth potential compared to technology and growth stocks [74]. Insurance Sector - The insurance sector has outperformed banks, benefiting from stock market recovery and expected growth in both asset and liability sides [76]. - The aging population is likely to increase the importance of insurance companies in key areas like healthcare and retirement [76]. Brokerage Firms - Brokerage firms have seen strong earnings growth but face challenges in maintaining investor interest due to perceived volatility and lack of long-term growth [77].

Core Insights - Space computing is an innovative result of the deep integration of aerospace technology and artificial intelligence, leading to a shift in computing paradigms from ground-based to space-based applications [1][2] - The global space computing industry has moved from planning to substantial verification and initial deployment, with China focusing on a self-controlled and systematic approach to build a complete industrial chain [2][10] Group 1: Overview of Space Computing - Space computing is a systematic orbital-level distributed AI architecture that deploys computing resources in space to achieve data collection, processing, storage, and output directly in orbit [3] - Applications of space computing are categorized into "space-based computing" and "ground-based computing," with the former involving autonomous data processing in orbit and the latter relying on ground-provided data for model training in space [3] Group 2: Economic Viability - Space computing is expected to address the long-standing economic loop challenges in commercial aerospace, with lifecycle operating costs potentially reduced to one-twentieth of ground facilities [6] - The cost structure for space data centers is significantly lower than that of ground facilities, with total costs estimated at $0.08 billion for space compared to $0.97 billion for China and $1.67 billion for the U.S. [7] Group 3: Industry Chain Analysis - The space computing industry chain consists of three core segments: upstream manufacturing and launching, midstream operation and ground access, and downstream data empowerment and application [8] - The downstream applications have expanded from traditional fields like remote sensing and navigation to include smart cities and edge intelligence [8] Group 4: Market Potential - The space computing industry is accelerating, with its strategic value becoming increasingly prominent as a solution to global computing resource bottlenecks [10] - According to Research and Markets, the global market for orbital data centers is projected to reach $39.09 billion by 2035, with a compound annual growth rate of 67.4% [10] Group 5: Company Profiles - Qianzhao Optoelectronics (300102) has seen significant growth in sales driven by its strategic focus on gallium arsenide solar cells, with a revenue increase of 46.4% year-on-year to $2.75 billion in the first three quarters of 2025 [11] - Putian Technology (002544) is transitioning to a provider of aerospace information infrastructure, reporting a revenue of $3.152 billion in the first three quarters of 2025, a decrease of 7.82% year-on-year [13] - Maiwei Co., Ltd. (300751) specializes in solar cell manufacturing equipment and has signed contracts for perovskite/silicon heterojunction battery production lines, with a revenue of $6.204 billion in the first three quarters of 2025, down 20.13% year-on-year [15]

Core Viewpoint - Space photovoltaic technology is evolving from being merely "solar panels on satellites" to becoming a crucial component for the next generation of computing power (space computing/orbital data centers) [1][2] Group 1: Industry Trends - The application for orbital resources and satellite deployment plans is reshaping the supply-demand dynamics of the space industry, with a significant increase in satellite launches expected [2][3] - The number of global spacecraft launches has surged from 237 in 2016 to over 4,300 expected by 2025, reflecting a compound annual growth rate of approximately 34% [3] - The market for solar wings is transitioning from a niche to a mass production model due to the increasing number of satellites [5][6] Group 2: Cost Comparisons - A comparison of costs shows that deploying a data center in space can be significantly cheaper than on the ground, with a projected total cost of approximately $8.2 million in space versus $167 million on the ground over ten years [16] - The primary cost difference arises from energy expenses, where ground energy costs are estimated at $140 million over ten years, while space energy costs are nearly zero after initial deployment [16] Group 3: Technological Developments - The demand for solar wings is driven by the increasing power requirements of satellites, with examples showing significant growth in solar wing area from 22.68 m² to 256.94 m² for different satellite versions [9][12] - The report indicates a shift in technology from gallium arsenide (GaAs) to silicon-based technologies, particularly HJT (Heterojunction Technology), which offers advantages in weight, cost, and flexibility [25][27] Group 4: Market Potential - The solar wing market could reach approximately 200 billion yuan if annual satellite launches reach 10,000, with prices expected to decrease from 1,200 yuan/W to 622 yuan/W [10][11] - The space computing market is defined as deploying modular server nodes on low/mid-orbit satellites, transforming them into orbital data centers with significant computational capabilities [12][14] Group 5: Competitive Landscape - The competition for orbital resources is intensifying, with a total of over 100,000 low-orbit satellites planned globally, including approximately 45,000 from the U.S. and 53,000 from China [6][18] - The choice of technology and materials for solar wings will be influenced by launch costs, with SpaceX's lower costs allowing for different material choices compared to higher-cost Chinese rockets [22][23]

Group 1: Industry Developments - The Chinese government is taking steps to regulate the rapidly growing power and energy storage battery industry, addressing issues such as irrational competition and blind construction that disrupt market order and sustainability [1] - The Ministry of Industry and Information Technology, along with other regulatory bodies, held a meeting to discuss the competitive order in the battery industry, emphasizing the need for governance to ensure sustainable development [1] - The solar photovoltaic industry is facing scrutiny from the market regulator, which has issued corrective measures to prevent monopolistic practices among major companies [2] Group 2: Company News - China Petroleum and Chemical Corporation (Sinopec) and China Aviation Oil have been approved for a merger, which is expected to enhance their competitive edge and reduce aviation fuel supply costs [5] - Vanke's executive vice president, Yu Liang, is retiring, marking the end of a 35-year career with the company, but this will not affect the board's operations or the company's daily business [10] - Minimax raised HKD 4.8 billion in its IPO, with a subscription rate of 1,837.17 times for retail investors, indicating strong market interest in AI-related companies [12] - Anta Sports has made an offer to acquire a 29% stake in Puma from the Pinault family, which would make Anta the largest single shareholder if successful [13] - Glencore and Rio Tinto have resumed talks for a potential merger, which could create the world's largest mining company valued at over USD 260 billion [13]

Core Insights - Shunhao Co., Ltd. (002565) is focusing on its core business of specialty eco-friendly paper and printing products, which have maintained stable revenue and profit levels in recent years [1] - The company has established a mature layout in the industrial hemp and new tobacco sectors, with subsidiaries engaged in the extraction and export of CBD and other natural products [1] - Shunhao's recent investment in Beijing Orbit Chen Guang Technology Co., Ltd. aims to explore opportunities in the space computing industry, which is seen as a potential second growth curve for the company [2] Business Overview - The specialty eco-friendly paper business includes vacuum aluminum paper and laser anti-counterfeiting materials, while the printing business relies on a bidding model and personalized services to maintain high customer loyalty [1] - The industrial hemp sector is represented by Yunnan Green New Biological Pharmaceutical Co., Ltd., focusing on CBD and full-spectrum oil processing, while the U.S. subsidiary Shunho Luxin USA LLC offers products containing CBD and other natural ingredients [1] Investment Strategy - The investment in Orbit Chen Guang is a strategic move to transition into the computing industry, with expectations that space data centers will become a key solution for AI computing needs due to their energy efficiency and environmental benefits [2] - Orbit Chen Guang's core services include "space computing" for satellites and "ground computing" for terrestrial data centers, with potential commercial value expected to materialize within the next five years [2] Industry Trends - The space computing sector is viewed as a new frontier for companies seeking growth beyond traditional business limits, with significant implications for both the investing companies and the industry as a whole [3] - The space computing industry is still in its early stages but shows vast market potential, with various countries and companies beginning to position themselves strategically [3] - Continuous technological advancements and cross-industry investments are anticipated to accelerate the application and development of space computing technologies, providing robust computational support for various applications on Earth [3]

Group 1 - The A-share market experienced a slight decline after a 15-day consecutive rise, with the Shanghai Composite Index down 0.07% to 4082.98 points, and the Shenzhen Component Index down 0.51% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.80 trillion yuan, a decrease of approximately 538.34 billion yuan compared to the previous trading day, with a net outflow of 536.40 billion yuan from major funds [1] - Among the sectors, aerospace and aviation saw a net inflow of 46.53 billion yuan, while communication equipment experienced the largest net outflow of 95.05 billion yuan [1] Group 2 - Key sectors that saw significant gains included space computing power, shipbuilding, phased array antennas, deep-sea technology, and low-orbit satellites, while silver, energy metals, tungsten, insurance, and brokerage firms faced notable declines [7] - Market expert Xu Xiaoming noted that the consecutive rise of the Shanghai Composite Index is a record not seen in many years, although the overall increase is modest [8] - Xu highlighted that there is a divergence among the indices, indicating a potential top structure, with the Shanghai Composite, CSI 500, and Shanghai 50 showing signs of stabilization, while the Shenzhen Component, ChiNext, and CSI 300 indices still exhibit significant divergence [8]

Group 1: Company Overview - The company focuses on "environmentally friendly low-carbon new materials + biomedicine" as its dual development strategy, with four main business areas: special environmentally friendly paper, printing products, industrial hemp processing, and new tobacco products [2][3][4]. Group 2: Special Environmentally Friendly Paper - The company is one of the earliest in China to engage in the research, production, and sales of special anti-counterfeit environmentally friendly paper, including vacuum aluminum paper and laser anti-counterfeit materials [3]. - The printing business primarily operates through bidding projects, ensuring high customer retention and the ability to provide customized services [3]. Group 3: Industrial Hemp and New Tobacco - The industrial hemp business focuses on the extraction and processing of CBD and other rare cannabinoids, with a subsidiary in the U.S. offering products like Vitaldiol—R series [4]. - The new tobacco business has developed a certain scale of revenue through subsidiaries engaged in research, production, and branding [4]. Group 4: Investment in Space Computing - In June 2025, the company invested 110 million RMB for a 19.30% stake in Beijing Orbit Chuang Technology Co., which focuses on space data centers [4][6]. - The investment aligns with national policies promoting hard technology and aims to explore the space computing industry, which is seen as a second growth curve for the company [6]. Group 5: Space Data Center Technology - Orbit Chuang's core technology includes deploying computing satellites in the dawn-dusk orbit, providing continuous solar power and addressing cooling challenges for high-performance computing [8][9]. - The company anticipates that the space data center's "sky computing" services may take 5 years to show clear commercial value, while "ground computing" services may take 5-10 years to compete with terrestrial data centers [9]. Group 6: Risks and Challenges - The space data center project faces risks related to macroeconomic conditions, industry policies, and potential delays in commercialization and profitability [9].