证券研究报告 2026年03月02日 机械设备 太空光伏行业深度3： 从国内卫星制造产业链&价值链拆解展开 评级：推荐(维持) 张钰莹(证券分析师) S0350524100004 zhangyy03@ghzq.com.cn 最近一年走势 相关报告 -19% -6% 8% 22% 35% 49% 2025/02/28 机械设备 沪深300 《机械行业专题报告：日系品牌摩托车系列2川崎：摩托车FY2023全球市占 率≈1%（推荐）*机械设备*张钰莹》——2026-02-25 《机械行业专题报告：日系品牌摩托车系列4本田：摩托车全球市占率40%如 何拆解？（推荐）*机械设备*张钰莹》——2026-02-25 《机械行业专题报告：日系品牌摩托车系列3铃木：摩托车FY2023全球市占 率≈4%（推荐）*机械设备*张钰莹》——2026-02-25 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 机械设备 | 4.5% | 25.6% | 38.3% | | 沪深300 | 0.1% | 4.3% | 18.7% | 请务必阅读报告附注中的风险提示和 ...

2026年哈萨克斯坦国际电力能源照明展览会POWEREXPO ALMATY 2026 展出时间：2026年10月21-23日 展出地点：哈萨克斯坦·阿拉木图·Atakent国际展览中心 展会周期：一年一届 中区组展：北京华商力拓国际展览有限公司dhhult（vx) 展出范围 电力电工：输配电系统及设备、电工器材产品、高低压电器设备、变压器，高低压开关柜；动力装置，驱动电机，交直流发电机,发电机组,电力自动化 系统，电力施工设备，安全控制及通信系统设备；继电保护及自动化设备、电力电缆、绝缘材料、电气自动化产品、电工专用设备及产品、电能计量器 材、电力测试及监控、电力节能产品、新能源相关技术与设备。 光伏电池：光伏电池生产商、电池组件生产商、电池组件安装商、代理商、经销商及分销商、聚光电池等。 光伏相关零部件：蓄电池、充电器、控制器、转换器、记录仪、逆变器、监视器、支架系统、追踪系统、太阳电缆等。 光伏原材料：硅料、硅锭/硅块、硅片、封装玻璃、封装薄膜等。 发电机械及配件：电热工程设备；自动化设备；煤炭工业设备和技术；发电机；发动机；电线及配件；电气绝缘材料和绝缘体；能源转换设备；电子和 电子元件；控制、仪表和自 ...

证券代码：688429 证券简称：时创能源公告编号：2026-005 常州时创能源股份有限公司 2025年年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年年 度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 ■ 注： 1.本报告期初数同法定披露的上年年末数 2.以上财务数据及指标以未经审计的合并报表数据填列，最终结果以公司2025年年度报告中披露的数据 为准。 （一）报告期的经营情况及财务状况 2025年度，公司实现营业总收入101,793.36万元，较上年同期增长43.23%；营业利润-41,226.34万元，较 上年同期减亏46.97%；利润总额-41,333.12万元，较上年同期减亏46.96%；归属于母公司所有者的净利 润-33,666.13万元，较上年同期减亏48.12%；归属于母公司所有者的扣除非经常性损益的净利 润-37,274.28万元，较上年同期减亏43.70% ...

□ 本报记者陈珺璐 临近今年全国两会开幕，全国政协委员、省哲学社会科学界联合会党组书记王成斌的日程表已排得满满 当当。2月25日，记者联系上他时，他在出差路上，正抓住空隙，将刚刚在头脑中闪现的提案灵感用笔 记本电脑记录下来。 在王成斌看来，政协委员不仅是意见建议的提出者，更应是发展一线的推动者和实践者。过去5年，他 一直身体力行推进产学研深度融合。"创新资源的结合融合整合，是最大的难点，最需要体制机制创 新，特别是要有合作共赢的利益机制。只有共赢才能长久，不能一锤子买卖。"他感慨道。这些年，王 成斌在地方、高校和机关都工作过，在他的参与和推动下，一批合成生物、新能源项目落地生根、开花 结果，优质本科高校提质扩容，孩子们有了更多上好大学的机会。 充分、扎实的调研，始终是王成斌撰写高质量提案的源泉和基础。去年全国两会刚一落幕，他就投身全 国政协教科卫体委员会组织的专题调研组，围绕"以科技创新引领新质生产力发展"这一核心课题，深入 我省龙头企业、科研院所、高新园区，与一线科研人员、企业家进行广泛而深入的座谈交流，倾听各方 声音，了解真实情况。"我们非常欣喜地看到，纺织服装等优势传统产业在积极拥抱变革、实现转型升 级 ...

关于报告的所有内容，请于公众『市场分析报告』阅读原文 《太空光伏，未来最具确定性的25家公司》 近日，中国一次性向国际通信联盟提交了超20万颗卫星的部署计划，同时，SpaceX也向美国联邦通信委员会申请 发射100万颗卫星。这一轮卫星互联网的密集部署，背后不仅是频轨资源的排他性争夺，更预示着太空基础设施 建设正从单纯的通信功能向算力上天演进。在大国科技竞争的背景下，低轨卫星市场的规模正从数十兆瓦级向百 兆瓦、甚至吉瓦级迈进，能源补给成为了限制太空资产扩张的核心瓶颈。 本次梳理重点聚焦太空光伏这一前沿领域，通过对太空算力趋势、太空光伏市场前景以及中国相关产业链企业发 展机遇的系统性分析，展现能源转型在星辰大海中的新路径。太空光伏主要包含太空对太空供电（S2S）以及太 空对地面供电（S2E）两大主流场景，前者决定了当前卫星与空间站的生命线，后者则承载着人类实现24小时全 天候清洁能源补给的终极梦想。 一、轨道资源与太空算力驱动能源变革 短期内，太空卫星基础设施的频轨资源具有显著的先到先得特征。由于地球轨道空间有限，且电磁频谱属于不可 再生资源，谁先占领轨道并投入运行，谁就拥有了这一区域的话语权。随着人工智能应用呈 ...

Core Viewpoint - The company, Nanbo A, focuses on the research, production, and sales of high-quality float glass, engineering glass, photovoltaic glass, ultra-thin electronic glass, and display devices, along with renewable energy products such as silicon materials, photovoltaic cells, and modules, providing comprehensive services for photovoltaic power station project development, construction, and operation and maintenance [1] Group 1 - The main business includes the development, manufacturing, and sales of various new materials and information display products [1] - The company does not have plans to enter the fiberglass business at this time [1]

内容概况：白银是光伏电池金属化的关键材料，用于制备导电银浆。通过丝网印刷工艺将银浆印刷于电 池片表面，经过高温烧结后形成金属电极，起到收集光生电子、汇流并导出电流的作用。相比其他金 属，白银的优势主要体现在：（1）化学稳定性：银在高温烧结和长期户外使用中不易氧化；（2）工艺 成熟度：银浆与丝网印刷工艺配合度较好，产能和良率较高。白银是光伏银浆重要原材料，光伏行业已 成为白银工业需求中增长最快、占比最大的领域，据世界白银协会数据，2019年全球光伏行业白银需求 量仅为2330吨，占全球白银总需求量的7.4%。而伴随着光伏产业的不断扩张，到2024年，全球光伏行 业白银需求量达6147吨，占比达17.0%。2025年在光伏行业加速"去银"进程的背景下，光伏用银需求有 所下降，约为6086吨，同比下降1%。中国作为全球最大的光伏制造国与装机国，光伏领域对白银的需 求强劲，带动作用更加明显。数据显示，2024年中国光伏领域白银需求量近5700吨，占全球光伏领域白 银需求量的比重超92%，充分体现了中国光伏产业的全球主导地位对白银需求的核心拉动作用。价格方 面，2025年第四季度以来，白银价格强势上行不断突破历史高点， ...

机构持仓方面，截止2025年9月30日，南玻A十大流通股东中，香港中央结算有限公司位居第六大流通 股东，持股2178.68万股，相比上期增加386.24万股。招商证券(香港)有限公司位居第十大流通股东，持 股1691.04万股，相比上期减少208.88万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资金流向方面，主力资金净流出832.03万元，特大单买入361.86万元，占比3.21%，卖出852.24万元，占 比7.56%；大单买入2139.42万元，占比18.98%，卖出2481.07万元，占比22.01%。 南玻A所属申万行业为：建筑材料-玻璃玻纤-玻璃制造。所属概念板块包括：建筑节能概念、低辐射玻 璃、BIPV概念(光伏建筑一体化)、低价、光伏玻璃等。 截至1月30日，南玻A股东户数12.35万，较上期减少0.92%；人均流通股21479股，较上期增加1.20%。 2025年1月-9月，南玻A实现营业收入104.24亿 ...

Group 1 - The core viewpoint of the article is that Mingpai Jewelry (002574) acknowledges that its photovoltaic cell business currently contributes a low proportion to the company's revenue, but the recovery of the industry is beneficial for the future development of this business [1] Group 2 - The company responded to investor inquiries on an interactive platform regarding its business segments [1] - The short-term revenue contribution from the photovoltaic cell business is minimal [1] - The positive industry trend is expected to support the future growth of the company's photovoltaic cell operations [1]

1. Report's Industry Investment Rating - Not provided in the given content 2. Report's Core View - Industrial silicon prices are expected to maintain a range - bound oscillation. The supply side has significantly shrunk, providing obvious price support, but high polysilicon inventories suppress demand, and prices lack upward momentum. The upward potential depends on downstream demand recovery and inventory reduction progress, while the downward space is limited by cost support and production - cut expectations [1][2]. - Polysilicon prices are expected to continue to oscillate. Although the supply side has shrunk significantly in February, providing support for prices, the demand side remains weak due to downstream cost constraints, and the large - scale inventory reduction is slow, suppressing price increases. There is currently no obvious driving force for the "rush to export" phenomenon before April, and the market awaits the supply - demand game [2][4]. 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On February 11, 2026, the industrial silicon futures price oscillated downward. The main contract 2605 opened at 8420 yuan/ton and closed at 8370 yuan/ton, a change of (-40) yuan/ton or (-0.48)% from the previous settlement. The main contract 2605 held 303387 positions at the close, and the number of warehouse receipts on February 10, 2026, was 18117, a change of 1368 from the previous day [1]. - Industrial silicon spot prices remained stable. For example, the price of East China oxygen - passing 553 silicon was 9200 - 9400 (0) yuan/ton, and 421 silicon was 9500 - 9800 (0) yuan/ton [1]. - As of February 5, the total social inventory of industrial silicon in major areas was 56.2 tons, a 1.44% increase from the previous week [1]. - The demand for industrial silicon continued to be sluggish. The pre - holiday stocking was nearing the end, there were few new orders, polysilicon manufacturers cut production, and the market mainly focused on inventory reduction [1]. - Large manufacturers have plans to cut production and stop work in February, and with the approaching Spring Festival holiday, the supply is expected to shrink [1]. Strategy - Industrial silicon prices are expected to maintain a range - bound oscillation. Short - term range operation is recommended for single - side trading. No strategies are provided for inter - period, cross - variety, and spot - futures trading, or options [2]. Polysilicon Market Analysis - On February 11, 2026, the main futures contract 2605 of polysilicon oscillated upward, opening at 48125 yuan/ton and closing at 49180 yuan/ton, a 0.34% change from the previous trading day. The main contract held 38313 positions (38617 the previous day), and the trading volume was 4793 [2]. - Polysilicon spot prices remained stable. N - type material was priced at 48.50 - 58.80 (0.00) yuan/kg, and n - type granular silicon was 49.00 - 51.00 (0.00) yuan/kg [2]. - Polysilicon manufacturer inventories and silicon wafer inventories increased. The latest polysilicon inventory was 34.10, with a 2.40% month - on - month change, and silicon wafer inventory was 28.32GW, a 3.77% month - on - month change. The weekly polysilicon output was 20100.00 tons, a (-0.50)% month - on - month change, and silicon wafer output was 10.38GW, a (-11.66)% month - on - month change [2]. Strategy - Polysilicon prices are expected to continue to oscillate. Short - term range operation is recommended for single - side trading, and the main contract is expected to maintain a slight oscillation in the short term. No strategies are provided for inter - period, cross - variety, and spot - futures trading, or options [2][4][5]. Other Products - In the silicon wafer market, domestic N - type 18Xmm silicon wafers were priced at 1.13 (-0.05) yuan/piece, N - type 210mm at 1.43 (-0.05) yuan/piece, and N - type 210R silicon wafers at 1.23 (-0.05) yuan/piece [3]. - In the battery cell market, the prices of various types of battery cells remained stable, such as the efficient PERC182 battery cell at 0.27 (0.00) yuan/W [3][4]. - In the component market, the mainstream transaction prices of various components remained stable, such as PERC182mm at 0.67 - 0.74 (0.00) yuan/W [4]. - Two photovoltaic cell renovation projects in Hefei, Anhui, with a total investment of 34,637 million yuan, were publicly announced for environmental assessment [4].