【招商电新】北美光伏更新（2.3） 1、 北美地面电站光伏，目前关税与出口政策下，是"中国技术+美国税后优惠"模式，如果能以中国当前的主流方 案复制到北美，确实有超额回报 2、 如果对照中国方案，则北美地面光伏应该也是采用N-TOPCon路线；美国近几年装机已接近60GW，因此60- 100GW的北美产能是确实可以消化的产能规模 3、 不确定性：中国以晶科能源为主的组件公司全球专利问题（需要授权给北美公司），另外还要关注中国会不 会出口管制 【招商电新】北美光伏更新（2.3） 1、 北美地面电站光伏，目前关税与出口政策下，是"中国技术+美国税后优惠"模式，如果能以中国当前的主流方 案复制到北美，确实有超额回报 2、 如果对照中国方案，则北美地面光伏应该也是采用N-TOPCon路线；美国近几年装机已接近60GW，因此60- 100GW的北美产能是确实可以消化的产能规模 3、 不确定性：中国以晶科能源为主的组件公司全球专利问题（需要授权给北美公 2、 T等公司可能吸引部分核心公司可能逐步围绕后道产线，在北美设厂。 其辅材供应链大概率都是沿用国内产业链，有独特性的可能包括浆料（专利原因） ➡潜在的供应链关注 晶科能 ...

Summary of Key Points from the Conference Call Company: 凯盛科技 (Kaisent Technology) Industry: Space Photovoltaics Core Insights and Arguments 1. **Market Positioning**: Regardless of the evolution of flexible solar module technology routes, options for cover materials are limited, with UTG being the core choice [1] 2. **Rapid Penetration of New Technology**: The market share of UTG in flexible solar cell covers is increasing compared to CPI. Despite the higher unit price of UTG, both domestic and international space photovoltaics are testing UTG as a replacement for CPI. In the consumer electronics sector, UTG has already replaced CPI [1][1] 3. **Value Proposition**: The aerospace-grade UTG is priced at over 10,000 yuan per square meter; however, improvements in yield and radiation resistance of the original formula could potentially lower this cost to below 5,000 yuan in the long term [1] 4. **Scarcity**: The company is the only domestic enterprise that has achieved full localization in original wafer production, deep processing, and coating. In the consumer sector, it has captured the largest market share in H Company [1] 5. **Progress and Development**: The company plans to start connecting with aerospace scenarios in 2024, with current shipments at the thousand-piece level. Products have undergone in-orbit testing with positive feedback [1] 6. **Leadership and Expertise**: The company is led by an academician from the Engineering Academy, representing a national team in new materials, tackling challenges head-on [2]

新甘肃·每日甘肃网通讯员 王晓泾 钱鹤予 摄影报道 近日，张掖市民乐工业园区三墩滩10万千瓦光伏电站内，一排排蓝色光伏板在戈壁滩上整齐铺展，如同一片"蓝色海洋"，在阳光照射下持续将 太阳能转化为清洁电能，为区域发展注入绿色动能。 依托河西走廊丰富的太阳能资源，民乐县坚守"绿水青山就是金山银山"发展理念，将昔日闲置的戈壁滩转化为新能源产业的"沃土"。据悉，该 光伏电站年发电量可达1.8亿千瓦时，每年能节约标准煤5.5万吨，减排二氧化碳约15万吨、二氧化硫0.028万吨，生态效益显著。 ROTT AC RUSE g 1 Junibe fat # @BBHM c अ 北 || 每日日期回 责任编辑：王辉文 近年来，民乐县立足本地资源禀赋，把光伏产业作为推动绿色转型、促进经济高质量发展的重要抓手，持续优化营商环境，完善配套设施，吸 引一批新能源项目落地扎根。如今，光伏产业不仅成为该县节能减排的重要支撑，更带动了就业增收与产业链延伸，实现了生态保护与经济发 展的良性互动。 下一步，民乐县将继续深耕新能源领域，持续扩大光伏产业规模，推动"发输储用"一体化发展，让戈壁滩上的"蓝色动能"持续释放，为区域绿 色发展写下更坚实的 ...

2月3日，A股掀起全面反弹，新能源产业链领涨市场，科创新能源指数上涨6.6%、在所有ETF跟踪的指 数中位居第一，中证光伏产业指数和国证新能源电池指数分别上涨5.8%和2.6%，科创新能源ETF易方达 （589960）、光伏ETF易方达（562970）、储能电池ETF易方达（159566）等跟踪以上指数的产品成交 活跃。 指数亮眼表现背后，一场围绕太空的能源变革已悄然启幕。年初以来，SpaceX进行了一系列密集动作 ——从官宣三年内建成百吉瓦级太空光伏产能，到布局太空算力平台，再到星链V3卫星太阳翼功率暴 涨十倍……太空逐渐成为未来人类能源与算力的核心阵地，太空光伏与固态电池这两条核心赛道正步入 爆发前夜，前者是支撑一切太空活动的"能量心脏"，后者是适应极端宇宙环境的"储能基石"。 目前，太空光伏已从科幻构想步入产业化前沿。其核心逻辑在于，任何太空算力或大型设施的运行，首 要解决的就是能源问题，而太空中的太阳光不受大气层削弱，光伏发电效率可达地面的5-10倍，是支撑 太空数据中心等设施的能源基础。SpaceX的激进规划已给出明确信号，公司计划在2026至2029年间建 成总产能200吉瓦的光伏设施，其中专门服 ...

Core Viewpoint - Industrial silicon prices are experiencing fluctuations with a slight downward trend, while polysilicon prices are showing signs of recovery due to supply constraints and demand expectations [2][5][18]. Supply Side - As of February 3, 2026, industrial silicon futures opened at 8825 CNY/ton and closed at 8815 CNY/ton, a decrease of 55 CNY/ton or 0.62% from the previous day [2]. - The total social inventory of industrial silicon in major regions was reported at 554,000 tons, a decrease of 0.36% from the previous week [13]. - Current prices for various grades of silicon in East China are stable, with 553 silicon priced at 9300-9400 CNY/ton and 421 silicon at 9500-9800 CNY/ton [2][13]. Demand Side - The recent cancellation of the export tax rebate policy for photovoltaic products has led to short-term expectations of increased demand for polysilicon, although accumulated inventory is hindering the transmission of demand for industrial silicon [3][13]. - The operating rate of aluminum-silicon alloy enterprises is expected to decline slightly due to anticipated reductions in organic silicon production, indicating weakening downstream demand [3][14]. Price Strategy - Industrial silicon prices are expected to maintain a range-bound fluctuation due to mixed factors, with support from rising coal prices and the photovoltaic industry chain [4][15]. - The upward potential of prices will depend on the recovery of downstream demand and inventory reduction, while the downward space is limited by cost support and production cut expectations [4][15]. Polysilicon Market Analysis - On February 3, 2026, polysilicon futures opened at 47200 CNY/ton and closed at 50000 CNY/ton, reflecting a 6.61% increase from the previous trading day [5][16]. - The inventory of polysilicon has increased to 33.30 thousand tons, with a week-on-week change of 0.90%, while silicon wafer inventory stands at 27.29 GW, up 1.90% [5][16]. - The weekly production of polysilicon is reported at 20200 tons, showing a decrease of 1.46% [5][16]. Battery and Component Pricing - Prices for high-efficiency PERC182 battery cells are around 0.27 CNY/W, while PERC210 cells are priced at approximately 0.28 CNY/W [6][17]. - The mainstream transaction prices for PERC182mm and PERC210mm components range from 0.67 to 0.74 CNY/W and 0.69 to 0.73 CNY/W, respectively [6][17]. Future Strategy - The polysilicon market is expected to remain volatile, with several companies planning production cuts in February, indicating a tightening supply trend [18]. - Short-term focus will be on new silicon wafer pricing and the impact of the cancellation of the photovoltaic export tax rebate, while medium-term attention will be on demand recovery and inventory reduction [18].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report focuses on the fundamentals of industrial silicon and polysilicon, suggesting to pay attention to market sentiment changes in industrial silicon and the situation of the Beijing meeting in polysilicon [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Industrial Silicon and Polysilicon Futures Market - Si2605 closing price is 8,815 yuan/ton, with a volume of 256,241 lots, and an open interest of 234,800 lots. PS2605 closing price is 50,000 yuan/ton, with a volume of 18,297 lots, and an open interest of 38,411 lots [1] - Industrial silicon's near - month contract to continuous - first spread is - 35 yuan/ton, and the cost of buying the near - month and selling the continuous - first inter - period is 51.2 yuan/ton. Polysilicon's near - month contract to continuous - first spread is - 120.0 yuan/ton [1] 3.1.2 Basis - Industrial silicon's spot premium or discount varies according to different benchmarks. For example, the spot premium to East China Si5530 is + 535 yuan/ton. Polysilicon's spot premium to N - type re - investment material is + 3750 yuan/ton [1] 3.1.3 Price - The price of Xinjiang 99 silicon is 8700 yuan/ton, Yunnan Si4210 is 10000 yuan/ton, and polysilicon - N - type re - investment material is 53500 yuan/ton [1] 3.1.4 Profit - Silicon factory profits for Xinjiang new - standard 553 are - 2316.5 yuan/ton, and for Yunnan new - standard 553 are - 5509 yuan/ton. Polysilicon enterprise profit is 9.0 yuan/kg [1] 3.1.5 Inventory - Industrial silicon's social inventory (including warehouse receipt inventory) is 55.4 million tons, enterprise inventory is 20.9 million tons, and industry inventory is 76.3 million tons. Polysilicon's factory inventory is 33.3 million tons [1] 3.1.6 Raw Material Costs - The prices of silicon ore, washed coking coal, petroleum coke, electrodes, etc. in different regions are provided. For example, Xinjiang silicon ore is 320 yuan/ton, and Yunnan silicon ore is 230 yuan/ton [1] 3.1.7 Downstream Products of Polysilicon (Photovoltaic) - The prices and profit situations of products such as silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA are given. For example, the price of N - type 210mm silicon wafers is 1.53 yuan/piece, and the profit of polysilicon enterprises is 9.0 yuan/kg [1] 3.1.8 Organic Silicon and Aluminum Alloy - The price of DMC is 13900 yuan/ton, and the DMC enterprise profit is 1912 yuan/ton. The price of ADC12 is 23650 yuan/ton, and the recycled aluminum enterprise profit is 360 yuan/ton [1] 3.2 Macro and Industry News - In December 2025, there were 6233 newly - established on - record new energy power generation projects (excluding household photovoltaics) nationwide, including 36 wind power projects, 6190 photovoltaic power generation projects (48 centralized photovoltaic power generation projects and 6142 industrial and commercial distributed photovoltaic power generation projects), and 7 biomass power generation projects [1][3] 3.3 Trend Intensity - The trend intensity of industrial silicon is 1, and that of polysilicon is also 1, with the range of trend intensity being integers in the [-2, 2] interval [3]

Core Viewpoint - Longi Green Energy's stock price increased by 5.27% on February 3, with a trading volume of 5.17 billion yuan, indicating strong market interest and activity in the company's shares [1] Group 1: Financial Performance - For the period from January to September 2025, Longi Green Energy reported a revenue of 50.91 billion yuan, a year-on-year decrease of 13.10% [2] - The company experienced a net loss attributable to shareholders of 3.40 billion yuan, which represents a year-on-year increase of 47.68% in losses [2] - Cumulative cash dividends paid by Longi Green Energy since its A-share listing amount to 9.27 billion yuan, with 4.32 billion yuan paid out in the last three years [2] Group 2: Shareholder and Market Activity - As of January 20, 2025, the number of Longi Green Energy shareholders reached 854,800, an increase of 4.02% from the previous period [2] - The average number of circulating shares per shareholder is 8,864, which is a decrease of 3.86% from the previous period [2] - On February 3, the company had a total margin trading balance of 6.19 billion yuan, with a financing balance of 6.18 billion yuan, accounting for 4.39% of the market capitalization [1] Group 3: Stock Trading Activity - On February 3, Longi Green Energy had a net margin purchase of 51.30 million yuan, with a financing buy-in of 479 million yuan and a repayment of 428 million yuan [1] - The company had a short selling activity where 107,000 shares were sold, amounting to 1.99 million yuan at the closing price [1] - The remaining short selling balance was 477,800 shares, with a total short selling balance of 8.87 million yuan, which is below the 20th percentile level over the past year [1] Group 4: Business Overview - Longi Green Energy, established on February 14, 2000, and listed on April 11, 2012, is based in Xi'an, Shaanxi Province [1] - The company's main business includes the research, production, and sales of monocrystalline silicon rods, wafers, cells, and modules, contributing 93.51% of its revenue from photovoltaic product sales [1] - The company is also actively developing and nurturing its photovoltaic hydrogen production business [1]

融资方面，亚玛顿当日融资买入6496.47万元。当前融资余额1.36亿元，占流通市值的2.64%，融资余额 超过近一年90%分位水平，处于高位。 2月3日，亚玛顿涨7.48%，成交额7.66亿元。两融数据显示，当日亚玛顿获融资买入额6496.47万元，融 资偿还6812.01万元，融资净买入-315.54万元。截至2月3日，亚玛顿融资融券余额合计1.36亿元。 融券方面，亚玛顿2月3日融券偿还2500.00股，融券卖出200.00股，按当日收盘价计算，卖出金额 5174.00元；融券余量1.05万股，融券余额27.16万元，超过近一年90%分位水平，处于高位。 资料显示，常州亚玛顿股份有限公司位于江苏省常州市天宁区青龙东路616号，成立日期2006年9月11 日，上市日期2011年10月13日，公司主营业务涉及光伏玻璃镀膜材料技术和工艺技术的研发,光伏玻璃 的镀膜生产以及光伏镀膜玻璃销售。主营业务收入构成为：太阳能玻璃85.54%，电子玻璃及其他玻璃 产品10.99%，电力销售2.27%，太阳能组件0.80%，其他0.40%。 截至9月30日，亚玛顿股东户数3.15万，较上期增加25.12%；人均流通股630 ...

Group 1 - The core viewpoint of the news highlights the significant growth and investment interest in the photovoltaic (PV) industry, particularly through the performance of the photovoltaic ETF (159857) and the recent developments in space solar power initiatives by SpaceX [1][2][3]. Group 2 - As of February 3, 2026, the photovoltaic ETF (159857) saw a total subscription of 10.9 million units, with a turnover rate of 17.77% and a transaction volume of 403 million yuan, indicating active market trading [1]. - The underlying index, the CSI Photovoltaic Industry Index (931151), surged by 5.79%, with a year-to-date increase of 16.59%. Notable constituent stocks such as Robotech and Aotwei both rose by 20%, while Jingcheng Electric increased by 17.34% [1]. - Over the past two weeks, the photovoltaic ETF (159857) experienced a growth of 256 million yuan in scale and an increase of 11.8 million units in shares, reflecting significant growth [1]. - In the past ten trading days, the ETF attracted a total of 179 million yuan in inflows, showcasing strong investor interest [1]. Group 3 - SpaceX announced the acquisition of xAI to enhance its ambitions in space solar power, aiming to create a vertically integrated innovation engine for both Earth and space applications [2]. - The long-term vision for space solar power includes a target of 200 GW of photovoltaic capacity to be developed in collaboration with Tesla, with 100 GW specifically for space applications, aiming for a milestone deployment by 2030 [2]. - The Ministry of Industry and Information Technology (MIIT) is actively addressing "involution" in the photovoltaic industry through mergers and acquisitions, which is expected to accelerate the exit of outdated capacities and strengthen the market position of leading companies [2]. Group 4 - Recent insights from institutions indicate that space solar power is emerging as a new energy frontier, driven by policy and technological advancements. The demand for AI computing power is accelerating the construction of space data centers, with photovoltaic solutions being the most cost-effective for space activities [3]. - The market potential for space solar power could expand dramatically from the current 3 billion yuan to 500 billion yuan if rocket launch costs decrease significantly [3].

Important Matters - Rongda Photoelectric is expected to begin trial production of its first high-end photoresist dry film production line in the second half of 2026 [1] - Chip Energy Technology is conducting resource analysis and feasibility studies for the production of space photovoltaic components [1] - Jiashitang's controlling shareholder will change to Tongrentang Group, with the actual controller changing to Beijing State-owned Assets Supervision and Administration Commission, and the stock will resume trading [1] - Kailong High-tech plans to acquire 70% of Jinwangda's shares, with the stock resuming trading; Jinwangda specializes in precision transmission components [1] Investment Operations - Suzhou Gaoxin's investee, Su Gaoxin Venture Capital, has indirectly invested in Galaxy General Robotics through a fund [1] - Wangneng Environment plans to invest no more than 1.2 billion yuan to build a waste incineration power plant in Uzbekistan [1] - Fulian Precision Engineering is increasing capital and expanding shares in its subsidiary Jiangxi Shenghua in collaboration with CATL [1] - FAW Liberation intends to use no more than 10 billion yuan of its own funds for entrusted wealth management [1] - Hanjian Heshan plans to acquire 99.9978% of Xingfu New Materials, adding PEEK business [1] Contracts and Cooperation - Hongfuhan signed a contract worth 480 million yuan with Guangdong Quansiang to provide robotics and other products [1] - Aotwei reported that its photovoltaic equipment orders for the entire year of 2025 are at a historical low, with batch orders received for aluminum wire bonding machines and AOI inspection equipment [1] Share Buybacks - CATL has repurchased a total of 15.9908 million A-shares as of January 31, with a total transaction amount of 4.386 billion yuan [1] - Kweichow Moutai has repurchased 416,900 shares as of the end of January 2026, with a total payment of 571 million yuan [1] - Xingye Yinxin's director and vice president Sun Kai increased his holdings by 40,000 shares on February 3 [1]