Core Viewpoint - The company, Minguan New Materials, has decided to terminate its investment cooperation agreement with the government of Feidong County for a solar backplane and functional film production base project, citing declining profitability in the photovoltaic packaging materials industry and increasing operational costs as key reasons [1][2]. Group 1: Project Termination - The project was initially planned with a total investment of 5 billion yuan, divided into two phases, with the first phase aiming to produce 300 million square meters of solar backplanes and 200 million square meters of functional films [1]. - The company has been actively cooperating with the local government to complete the final acceptance of customized properties related to the project [1]. Group 2: Industry Context - The photovoltaic industry is experiencing a downturn, characterized by increased competition and declining profitability for packaging materials, leading to a significant reduction in demand for solar cell backplanes [2][3]. - The company anticipates a substantial loss in 2025, with projected net losses ranging from 125 million to 160 million yuan, representing a year-on-year increase in losses of 86.35% to 138.53% [3]. - The industry has entered an adjustment cycle, with signs of overcapacity emerging since the fourth quarter of 2023, resulting in project delays or terminations across the sector [3].

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints of the Report - The polysilicon futures price fluctuated widely this week. The core logic driving the price trend focuses on factors such as supply - side production suspension and resumption, downstream demand - side production scheduling, photovoltaic export rush, and anti - involution. The industry presents a "weak supply and weak demand" characteristic, with supply expansion slowing and downstream production under pressure. Due to the export tax - refund window in April, there may be an export rush for photovoltaic modules, but the overall market is mainly focused on inventory consumption [3]. - The polysilicon futures price is expected to be in a wide - range oscillation. The current 20 - day rolling volatility is 28.63%, and the historical percentile of the current volatility in the past 3 years is 83.6% [9]. 3. Summary According to Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - The current polysilicon market is affected by supply - side production changes, downstream demand, export rush, and anti - involution. The industry shows a "weak supply and weak demand" situation, with supply - side production declining and downstream production also under pressure. The market is mainly consuming inventory, and attention should be paid to the anti - involution progress [3]. 3.1.2 Industry Operation Suggestions - **Polysilicon Futures Price Range**: The polysilicon futures price is expected to have a wide - range oscillation, with a 20 - day rolling volatility of 28.63% and a historical percentile of 83.6% in the past 3 years [9]. - **Photovoltaic Industry Risk Management Strategy Suggestions**: Different hedging strategies are provided for polysilicon sales, procurement, and inventory management, including using futures contracts and option combinations, with recommended hedging ratios [9]. 3.2 Market Information - On January 31 (Saturday), some leading polysilicon companies held a meeting to discuss polysilicon market - related matters. On February 5, a photovoltaic industry - related meeting was held to focus on capacity optimization and price order rectification [11]. 3.3 Market Analysis 3.3.1 Price, Volume, and Capital Interpretation - **Market Review and Technical Analysis**: The polysilicon weighted index closed at 49,536 yuan/ton this week, with a week - on - week increase of 5.06%. The trading volume was 12,451 lots, a week - on - week decrease of 47.72%, and the open interest was 65,885 lots, a week - on - week decrease of 10,229 lots. The PS2605 - PS2606 spread was in a contango structure, with a week - on - week decrease of 470 yuan/ton. The number of warehouse receipts was 8,610 lots, a week - on - week increase of 190 lots. The futures price is expected to face resistance at 52,000 yuan/ton [15]. - **Option Situation**: The 20 - day historical volatility and the implied volatility of at - the - money options of polysilicon fluctuated widely in the past week. The option open - interest PCR showed a weakening trend [17][18]. - **Capital Trends**: The long - position scale of key profitable seats in polysilicon showed a stable trend in the past week [20]. - **Spread Structure**: The polysilicon futures term structure is in a contango structure [22]. - **Basis Structure**: The basis of the main contract showed a slightly stronger oscillation this week, and it is recommended to pay attention to the opportunity of taking goods from the futures market periodically [26]. 3.3.2 Futures and Price Data - The prices of various types of polysilicon, silicon wafers, battery cells, and photovoltaic modules are provided, showing different price changes [29]. 3.4 Valuation and Profit Analysis - The overall profit margin of polysilicon enterprises is weakening. From the spot market, the spot profit of polysilicon is declining. In terms of production technology, the profit of the silane method is higher than that of the improved Siemens method. The gross profit margin of polysilicon futures is about 26.99% [30]. 3.5 Fundamental Data 3.5.1 Polysilicon Supply - **Domestic Production**: The domestic polysilicon weekly production decreased, with the SMM - weekly production at 20,100 tons, a week - on - week decrease of 0.50% and a month - on - week decrease of 15.55%. The Baichuan - weekly production was 19,220 tons, a week - on - week decrease of 5.78% and a month - on - week decrease of 27.14%. The Baichuan - weekly utilization rate was 31%, a week - on - week decrease of 0.0313 and a month - on - week decrease of 26.19% [38]. - **Overseas Production**: The overseas polysilicon monthly production and utilization rate data are provided [40]. - **Inventory**: The domestic polysilicon weekly inventory increased. The total weekly inventory was 589,000 tons, a week - on - week increase of 1.63% and a month - on - week increase of 10.22% [43]. 3.5.2 Silicon Wafer Supply - **Production**: The weekly silicon wafer production was 10.38 GW, a week - on - week decrease of 11.66% and a month - on - week decrease of 1.33% [46]. - **Inventory**: The weekly silicon wafer inventory was 28.32 GW, a week - on - week increase of 3.77% and a month - on - week increase of 7.97% [46]. 3.5.3 Battery Cell Supply - **Production**: The monthly production and utilization rate data of battery cells are provided, including different types of battery cells such as Topcon, BC, and HJT [53]. - **Inventory**: The weekly battery cell inventory was 9.17 GW, a week - on - week increase of 2.80% and a month - on - week increase of 2.80% [56]. 3.5.4 Photovoltaic Module Supply - **Production**: The monthly production and utilization rate data of photovoltaic modules are provided, including N - type and P - type modules [59]. - **Inventory**: The weekly photovoltaic module inventory was 24.7 GW, a week - on - week decrease of 5.36% and a month - on - week decrease of 17.67% [62]. 3.5.5 Bidding - The weekly data of photovoltaic module winning bids show that the winning bid capacity was 137.33 MW, a week - on - week decrease of 46.84% and a month - on - week decrease of 95.83%. The average winning bid price was 0.78 yuan/watt, a week - on - week increase of 1.30% and a month - on - week increase of 6.85% [64]. 3.5.6 Installation and Application - The monthly new - installed capacity of Chinese photovoltaics and the data of green power generation (including wind and solar power) are provided [68][70].

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The space photovoltaic industry is progressing, with significant capital expenditures from major CSP manufacturers exceeding expectations [1] - The demand for energy storage is driven by ongoing electricity shortages in the U.S., highlighting the cost-effectiveness of leading companies [14] - The report emphasizes the importance of new directions such as space photovoltaics, AIDC, and robotics, which are catalyzing investment opportunities [14] Summary by Sections Photovoltaics - The space photovoltaic sector is gaining traction, with SpaceX's application for 1 million satellites accepted by the FCC, indicating a robust future for space-based data centers [20] - The China Photovoltaic Industry Association released cost analysis, indicating that the average full cost of mainstream photovoltaic products is expected to stabilize, providing support for price recovery [21] - The report highlights the potential for significant growth in global photovoltaic installations, with annual additions projected between 725-870 GW during the 14th Five-Year Plan [22] Energy Storage - Sunshine Power announced plans to establish a production base in Poland, aiming for 20 GW of inverter capacity and 12.5 GWh of energy storage systems [39] - The report notes a 45% year-on-year increase in EU battery storage capacity, with large-scale storage systems becoming the main growth driver [39] - January saw a significant increase in independent storage projects, with a total of 12.3 GW/36 GWh of bids, despite a year-on-year decline due to procurement timing [40] Lithium Batteries - The demand for lithium batteries continues to strengthen, with all segments showing a willingness to maintain prices, indicating ongoing profitability improvements [14] - The report recommends focusing on battery segments, particularly companies like CATL and EVE Energy, which are expected to perform well in the medium term [14] Wind Power - The report emphasizes the start of a new wind power cycle during the 14th Five-Year Plan, with significant opportunities in commercial aerospace and offshore wind projects [14] - Companies involved in wind turbine manufacturing and components are highlighted as key investment opportunities [14] Power Equipment - The domestic power grid's investment plan is projected at 5 trillion yuan, with significant improvements in pricing and demand driven by electricity shortages in the U.S. [14] - The report suggests focusing on opportunities in AI for power management and virtual power plants [14] New Directions - The report highlights the importance of developments in humanoid robotics and AIDC technology, with specific companies recommended for investment based on their potential in these sectors [14]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The domestic energy storage market continues to thrive, and the demand for space photovoltaic is further strengthened. The recent acquisition of xAI by SpaceX and the approval of a million-satellite application by the FCC are expected to drive rapid growth in space energy, particularly solar wing demand [4][5] - The report highlights the positive changes and potential catalysts across various sectors within the power equipment industry, maintaining an overall "Recommended" rating for the sector [6] Summary by Sections Recent Performance - The power equipment sector has shown a performance increase of 3.0% over the last month, with a 54.2% increase over the past year, outperforming the CSI 300 index, which has decreased by 3.1% in the last month and increased by 20.8% over the past year [3] Key Events and Insights - In the photovoltaic sector, the approval of SpaceX's satellite application is expected to significantly boost demand for solar energy solutions. The report suggests focusing on companies involved in photovoltaic battery equipment and components, such as Maiwei Co., Jiejia Weichuang, and others [4] - The wind power sector is expected to accelerate following the signing of the "Hamburg Declaration," which commits nine countries to develop 100GW of offshore wind power, potentially benefiting domestic manufacturers [5] - The energy storage market saw a total order volume of 36.3GWh in January 2026, with significant contributions from regions like Ningxia and Hebei. The average price for a 4-hour system has increased by 42% compared to the lowest point in July 2025 [6] - The lithium battery sector is witnessing accelerated industrialization of dry electrode equipment, with companies like Xianzhong Intelligent and others leading the way [6] Recommendations - The report recommends focusing on key players in the photovoltaic sector, such as Longi Green Energy and Aiko Solar, as well as companies in the wind power sector like Goldwind Technology and Mingyang Smart Energy [5][6] - In the energy storage space, companies like Sungrow Power Supply and EVE Energy are highlighted as potential investment opportunities [6]

证券研究报告|行业研究周报 [Table_Date] 2026 年 2 月 8 日 [Table_Title] 太空光伏催化持续，电力设备需求高景气延续 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1. 新能源 SpaceX 收购 xAI，重视太空数据中心发展机遇 我们认为，随着可回收火箭发射成本持续下行，以及低轨卫星星 座建设日趋成熟，太空数据中心的建设与部署成本正进入持续优 化通道。2025 年光伏行业供给侧改善的预期已充分反映在当前股 价中，而卫星在轨运行对太阳能的刚性需求，以及太空数据中心 这一新兴场景的崛起，赋予光伏全新成长空间。 同时，北美光伏制造布局趋势显现，马斯克宣布特斯拉及 SpaceX 将分别扩充 100GW 光伏产能，为国内企业带来增量订单。国内光 伏设备、辅材及电池片企业有望凭借技术积累和成本优势，有望 持续斩获海外订单。短期来看，伴随海外头部企业密集到访、核 心订单加速兑现等催化事件落地，板块情绪有望持续，推动相关 标的实现估值与盈利双重共振。受益标的：双良节能、帝科股 份、奥特维、迈为股份、福斯特、连城数控、晶盛机电、拉普拉 ...

Group 1: Core Insights - The report highlights the promising prospects of space photovoltaic technology, with Elon Musk announcing plans for SpaceX and Tesla to achieve 100GW/year solar capacity each over the next three years, specifically for space AI data centers and Starlink satellites [1][79] - Major global tech companies are significantly increasing their capital expenditures for AI infrastructure, with Amazon projected to spend approximately $200 billion in 2026, Google between $175 billion and $185 billion, and Meta between $115 billion and $135 billion, indicating a surge in demand for power equipment [2][25] - The solid-state battery industry is advancing with strategic partnerships and new equipment solutions, while applications are being tested by major automotive companies, suggesting a growing market for related companies [3][64] Group 2: Industry Summaries - The global energy storage demand is expected to grow steadily, with projections indicating a 40% year-on-year increase in global storage installations to reach 455GWh in 2026, driven by domestic policies and international market needs [3][30] - The wind power sector is anticipated to see a 10%-20% growth in new installations in 2026, supported by strong order backlogs and improving profitability for manufacturers, with a focus on both onshore and offshore wind projects [4][49] - The photovoltaic industry is undergoing a transformation with advancements in space solar technology and traditional solar production, with a focus on supply chain improvements and new technology integration, particularly in the context of reducing costs and enhancing efficiency [1][78] Group 3: Company Focus - Key companies to watch in the photovoltaic sector include Mibet, JinkoSolar, and Junda, which are actively engaging in space photovoltaic initiatives and partnerships with aerospace firms [1][79] - In the AI-driven power equipment sector, companies like Jinpan Technology, Xinte Electric, and Hewei Electric are positioned to benefit from the increased capital expenditures by major tech firms [2][25] - The solid-state battery supply chain includes companies like CATL, Rongbai Technology, and Dangsheng Technology, which are making significant strides in material and equipment development [3][64]

据悉，该项目总投资2.6亿元，位于镇江市丹徒区荣炳盐资源区，于2025年3月8日正式动工，历经11个 月的紧张建设，在荣炳盐资源区的连片水域上构建起"水上发电、水下养殖"的立体产业格局。 光伏板下，鱼虾在光影中自在生长，提供了遮荫，减少蒸发；光伏板上，每年可产出约7291.78万度清 洁电力，相当于节约标煤约2.26万吨，减少二氧化碳排放6.18万吨，可满足2万多户家庭全年用电需求。 现场 现场 扬子晚报网2月8日讯(通讯员流韵记者万凌云姜天圣)2月5日，中国能建（601868）江苏院在江苏地区投 建营的首个光伏电站——丹徒荣炳50兆瓦渔光互补光伏发电项目，正式接入江苏电网。至此，标志着这 片盐乡宝地迈入"渔光共生"的绿色发展新阶段。 从盐乡鱼塘到绿色电站，本项目的并网发电，让荣炳盐资源区的水面成为"追光逐绿"的优质载体，亦成 为江苏院在投建营业务发展领域实践成果的一张重要名片。 未来，这里将持续书写清洁能源与生态养殖和谐共生的新篇章，为公司的高质量发展贡献力量。 ...

Core Viewpoint - The large-scale investment in independent energy storage has officially begun, driven by the recognition of storage capacity value in the national pricing mechanism, marking a significant breakthrough in economic viability and asset securitization for independent storage stations [3][5]. Group 1: Policy Developments - On January 30, 2026, the National Development and Reform Commission and the National Energy Administration issued a notice that includes independent storage in the generation-side capacity pricing mechanism, enhancing the revenue certainty of independent storage assets [3]. - The 136 Document has removed mandatory storage requirements, allowing market-driven decisions regarding storage, and has established independent storage as a market entity capable of generating revenue through multiple channels [4][5]. - The 114 Document further optimizes the capacity pricing mechanism, aligning storage capacity pricing with coal power, thus recognizing independent storage's capacity value for the first time [5]. Group 2: Market Dynamics - In 2025, independent storage installations reached a record high of 62.24 GW/183 GWh, with independent storage accounting for 35.43 GW, or 56.6% of the total new installations, indicating a shift from policy-driven to value-driven growth in the storage industry [4]. - The introduction of capacity pricing and asset securitization is expected to drive large-scale development of independent storage by 2026, as these mechanisms provide a stable revenue foundation and open funding channels [3][6]. Group 3: Asset Securitization - The first asset-backed security (ABS) for independent storage was accepted by the Shanghai Stock Exchange, marking a significant step towards the standardization of independent storage in financial markets [7]. - The successful issuance of this ABS could transform the investment logic and valuation paradigm for storage, shifting from reliance on policy subsidies to a model anchored in long-term operational revenue [7][9]. - The acceleration of asset securitization in the renewable energy sector, including independent storage, is seen as a solution to the industry's challenges related to heavy assets and long investment cycles [8]. Group 4: Global Investment Trends - Global capital is increasingly seeking stable, tangible assets, with independent storage being likened to real estate in the AI era due to its strong demand and revenue certainty [10][12]. - Major investment firms are ramping up their investments in renewable energy projects, with a focus on energy, grid, and infrastructure assets, as these are viewed as low-risk and high-return opportunities [11][13]. - The trend of capital influx into independent storage is expected to accelerate in 2026, driven by both domestic and international investments, further solidifying its status as an income-generating infrastructure asset [13].

Core Viewpoint - The company has decided to terminate the investment in the solar backsheet and functional film production base project due to emerging overcapacity and intensified price competition in the photovoltaic industry, leading to a forecast of widespread losses in 2024 and 2025 [1][2] Group 1: Project Termination - The company's board has approved the termination of the solar backsheet and functional film production base project, which had an estimated total investment of 5 billion yuan [1] - A wholly-owned subsidiary was established for the project with a registered capital of 100 million yuan [1] - The decision to terminate the project will be submitted for approval at the company's shareholders' meeting [1] Group 2: Industry Context - The photovoltaic industry has shown signs of overcapacity since the fourth quarter of 2023, leading to increased competition and declining profitability for packaging materials [1] - The management's analysis indicates that the industry is in a cyclical adjustment phase, with expected losses in 2024 and 2025 due to intensified competition [1] - The company has reached an agreement with the local government to terminate the project without any claims or liabilities from either party [2]

Group 1: Solar Power and Space Photovoltaics - The potential for space photovoltaics is significant, with Elon Musk announcing plans for SpaceX and Tesla to achieve 100GW/year solar capacity each over the next three years, specifically for space AI data centers and Starlink satellites [1][79] - Several domestic solar companies are actively engaging in the space photovoltaic business and collaborating with commercial aerospace firms, suggesting a focus on leading component companies such as Maiwei Co., JinkoSolar, JunDa Co., and Dongfang Risheng [1][79] Group 2: AI Capital Expenditure and AIDC Power Equipment - Major tech giants are significantly increasing their capital expenditures for 2026, with Amazon expected to reach approximately $200 billion (up over 50%), Google between $175 billion and $185 billion (up 91%-102%), and Meta between $115 billion and $135 billion (up 59%-87%) [2][25] - The AIDC power equipment sector is anticipated to benefit from this surge in capital expenditure, with a focus on companies like Jinpan Technology, Xinte Electric, Hewei Electric, Shenghong Co., and Zhongheng Electric [2][25] Group 3: Solid-State Battery Industry - The solid-state battery industry is advancing, with strategic partnerships formed between Enjie Co. and Guoxuan High-Tech, and advancements in equipment from companies like XianDao Intelligent and Lianying Laser [3][64] - The application side is also progressing, with the first prototype of a solid-state battery vehicle from China FAW and plans from Geely to complete the first battery pack by 2026 [3][64] Group 4: Energy Storage Demand - Global energy storage demand is expected to grow steadily, with projections for 2026 indicating a global energy storage installation demand of 455GWh, a year-on-year increase of 40% [3] - Key companies to watch in this sector include CATL, Yiwei Lithium Energy, Deye Co., Hewei Electric, Shenghong Co., and Kelu Electronics [3] Group 5: Wind Power Industry - The domestic wind power sector is projected to see a 10%-20% increase in new installations for 2026, supported by saturated orders and stable pricing [4][49] - Key companies in the wind power sector include Goldwind Technology, Taisen Wind Energy, Sany Renewable Energy, and others [4][50] Group 6: Investment Recommendations - Investment opportunities are highlighted in areas such as controlled nuclear fusion, green hydrogen, and ammonia industries, as well as the expansion of AIDC power equipment demand and the recovery of the grid equipment sector [4] - The report suggests monitoring the progress of solid-state battery industrialization and the impact of lithium material price increases on profitability [4] Group 7: Company Earnings Forecasts - Earnings forecasts for key companies indicate a positive outlook, with companies like KeliKe, DeliJia, Pinggao Electric, and Sifang Co. expected to show improved earnings per share (EPS) and price-to-earnings (PE) ratios for 2026 [5]