Investment Rating - Industry Rating: Recommended [3] Core Insights - The commercial space industry is accelerating, and space photovoltaics are opening up growth opportunities. The demand for space photovoltaics is surging due to the commercialization of space, with the U.S. and China leading global commercial launches. Space photovoltaics offer significant advantages over ground-based solar, including unobstructed sunlight, 24-hour power generation, and high energy density, making them essential for AI data centers and satellite constellations [1][14]. - Countries are rapidly positioning themselves in the space photovoltaic sector, with China holding key advantages. The Chinese photovoltaic industry dominates global production, accounting for 92% of silicon wafer capacity and over 80% of battery and module production. This positions China to meet the substantial equipment procurement needs arising from Elon Musk's 200GW production plan [2][15]. - China is entering a dense phase of reusable rocket launches, marking 2026 as a breakthrough year for commercial space. Both state-owned and private companies are making significant advancements in reusable rocket technology, which will reshape the economic model of commercial space and reduce launch costs [5][16]. Summary by Sections Section 1: Commercial Space Acceleration - The commercial space sector is entering a new era, with the U.S. and China as the main players. In 2025, the U.S. is expected to conduct 167 launches, while China will have 92, both showing year-on-year growth. Low Earth orbit satellites are becoming central to development, driven by the need for satellite internet and resource allocation [19][25]. Section 2: Global Positioning in Space Photovoltaics - Major global tech giants are competing in the space photovoltaic arena through differentiated strategies. The U.S. has a "three giants" competition, while China employs a "state-owned + private enterprise" collaborative model. Chinese companies are increasingly entering the supply chain of SpaceX, with significant procurement opportunities anticipated [2][28]. Section 3: Reusable Rocket Launches in China - 2026 is set to be a pivotal year for China's commercial space sector, with multiple core rockets entering key validation stages. The advancements in reusable rocket technology are expected to significantly lower launch costs and create new opportunities in satellite networking and space infrastructure [5][34]. Section 4: Investment Recommendations - Beneficiary companies in space photovoltaics include JunDa Co., Maiwei Co., Liancheng CNC, Laplace, Dongfang Risheng, Yujing Co., Jiejia Weichuang, Gaoce Co., Aotewei, and Jingsheng Mechanical [6][17]. - In the SpaceX and North America sector, recommended companies include Western Materials, Xinwei Communication, and Tongyu Communication [6][18]. - For rockets, key companies include Aerospace Power, Chaojie Co., Zaiseng Technology, Aerospace Machinery, Aerospace Hongtu, GaoHua Technology, Aerospace Electronics, and Tianli Composite [6][18]. - In the space computing sector, recommended companies are Shunhao Co., Zhenlei Technology, Putian Technology, Zhongke Xingtou, Jiayuan Technology, Qianzhao Optoelectronics, and Shanghai Port [6][18]. - Satellite-related companies include Xicet Testing, Tianyin Machinery, Xinwei Communication, Tongyu Communication, and China Satellite [6][18]. - For communication payloads and laser communication, recommended companies are Aerospace Electronics, Fenghuo Communication, New Light Optoelectronics, Shanghai Hanhua, and Zhenlei Technology [6][18]. - Ground stations and user terminals include Haige Communication, Beidou Xingtong, Shuo Beid, Huace Navigation, and Mengsheng Electronics [6][18]. Section 5: Industry Trends and Future Outlook - The space photovoltaic industry is transitioning from "engineering productization" to "scale industrialization." Future efforts should focus on technology, engineering, manufacturing, and system collaboration to seize the vast market opportunities presented by commercial space [33].

证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 1 日 太空光伏 "破晓"：商业航天的能源革命与 万亿机遇 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: ► 一、商业航天提速，太空光伏打开成长空间 商业航天商业化新纪元下，中美主导全球商业发射， 低轨卫星部署与太空算力场景兴起，带动太空光伏需 求爆发。太空光伏凭借无遮挡、24 小时发电、能量 密度高的优势，较地面光伏效率显著提升，还能大幅 降低太空数据中心成本，成为 AI 数据中心与卫星星 座的刚需能源方案。2026 年 1 月 22 日，在瑞士达沃 斯举行的世界经济论坛上，特斯拉与 SpaceX 首席执 行官埃隆·马斯克宣布，两家公司将在未来三年内于 美国合计建设每年 200 吉瓦（GW）的太阳能制造产 能，其中，SpaceX 的 40GW 产能将主要适配太空光伏 需求。目前太空光伏行业形成砷化镓电池主导、p 型 异质结电池为商业化过渡期最优解、钙钛矿叠层电池 长期替代的技术梯队。 ► 二、各国加速布局，中国光伏手握关键筹码 全球科技巨头与各国以差异化路径角逐太空光伏赛 道，美国三巨头竞 ...

2月27日复盘笔记：稀土永磁/算力租赁/华为算力/AI编程/电力/电网设备等 ①中央政治局：要继续实施更加积极的财政政策和适度宽松的货币政策 强化改革举措与宏观政策协同。 ②央行决定自2026年3月2日起，将远期售汇业务的外汇风险 2月27日复盘笔记：稀土永磁/算力租赁/华为算力/AI编程/电力/电网设备等 机构：AI公众号小牛研报纪要巨头群雄逐鹿，"算力上天"已成共识。"算力上天"的共识推动下，太空光伏作为主要 供能形式有望深度受益。预计未来有望累计为光伏设备累计带来千亿级市场空间。 珈伟新能、钧达股份、协鑫能科 聚和材料、双良节能、亿晶光电、东方日升、帝科股份 沪指涨0.39%，深证成指跌0.06%，创业板指跌1.04%，科创 50 涨 0.15%。 沪深京三市成交额达到2.51万亿，较昨日小幅缩量504亿。 ①白宫拟利用美国防部开发的AI模型，为全球关键矿产贸易制定参考价格，将率先制定锗、镓、锑、钨的参考价 格。 ②节后钨原料价格持续飙升，钨粉已突破1800元/公斤。 章源钨业、厦门钨业、翔鹭钨业、中钨高新、江钨装备、东方锆业、湖南黄金、华锡有色、锡业股份、贵研铂 业、宝钛股份、宝武镁业 华钰矿业、云南 ...

A股2月收官!沪指本月累计涨1.09%，呈现"冲高后窄幅震荡"的走势，月线斩获3连阳。深成指累计涨 2.04%，创业板指累计跌1.08%。成交额方面，"日成交超万亿"已成常态，春节后市场交投持续活跃， 沪深两市成交额连续4个交易日突破2万亿。 周五市场全天震荡分化，三大指数涨跌互现。截至收盘，上证指数涨0.39%，深证成指跌0.06%，创业 板指跌1.04%。 2、电力、电网设备板块反复活跃 电力、电网设备概念震荡走强，南网能源、涪陵电力封板。 点评：消息面上，据券商中国，除了近日国家能源局公布新型电力系统建设能力提升试点名单(第一 批)，还有一个非常硬核的逻辑出现。有消息称，中国AI调用量首超美国，四款大模型霸榜全球前五。 而Token调用量背后就是电力和算力。其中，中国电价较低，可以通过Token调用量变相实现出海。 3、太空光伏概念持续走强 盘面上，有色金属持续走高，锑、钨、锡等方向涨幅居前，翔鹭钨业、中钨高新、湖南黄金等十余股涨 停;稀土永磁板块拉升，中稀有色涨停，包钢股份接近涨停;电力、电网设备概念震荡走强，南网能源、 涪陵电力封板;钢铁股反复活跃，杭钢股份涨停;燃气股午后走强，水发燃气、德龙汇能封 ...

今日早参 2026 年 2 月 27 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 李斌 研究员 有色金属与钢铁行业首席研究员 座机：13681137607 邮箱：libin@htsc.com 今日热点 固定收益：TL 跌破 20 日均线——技术分析看债市 昨日国债期货市场出现明显调整，尤以 TL 跌幅最大，TL 主力合约（已切换 至 TL2606）单日下跌 0.47%至 112.7 元，TL2603 更是跌至 20 日均线附 近。T、TF、TS 主力合约单日分别跌 0.13%、0.10%和 0.06%。今日开盘 TL 再度加速下跌，TL2603、TL2606 均破 20 日均线（前期偏强支撑位）， 技术形态恶化。截止午盘，TL 日内跌幅已超 0.4%，对应 30 年国债活跃券 收益率逼近 2.25%。 风险提示：两会政策超预期，风险资产超预期波动，TL 进一步跌破技术支 撑。 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 研报发布日期：2026-02-26 张继强 SAC:S057 ...

格隆汇2月26日丨首航新能(301658.SZ)在互动平台表示，公司主要产品包括光伏并网逆变器、光伏储能 逆变器、储能电池、工商业储能系统与集中式储能系统。公司目前的产品尚未涉及太空光伏的相关应 用，未来公司将结合自身技术优势与市场成熟度，适时评估参与空间光伏储能应用的可能性。 ...

证券日报网讯2月25日，隆盛科技（300680）在互动平台回答投资者提问时表示，公司对外投资的隆信 光伏新能源，现阶段以满足自身生产用能、优化能源采购成本为主要用途，暂无太空光伏相关业务布 局。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The satellite launch industry is entering an accelerated phase, with significant growth expected in satellite deployment plans, including over 200,000 satellites submitted by China and 1 million by SpaceX, indicating a potential increase in the global satellite market from tens of MW to hundreds of MW and GW levels [15][21][22] - The space photovoltaic market is currently valued at 30 MW, representing only 2% of the terrestrial photovoltaic market, but could expand significantly under various scenarios, potentially reaching 100 GW and generating up to 9 times the value of the terrestrial market [3][18] - The competition for orbital resources is intensifying, with low Earth orbit (LEO) communication satellites becoming the primary focus, as they offer lower latency and broader applications compared to traditional satellites [16][35] Summary by Sections Section 1: Industry Growth and Satellite Launches - The global satellite launch volume is expected to reach a historical high in 2025, with a projected increase of 72.5% in new satellites launched, totaling approximately 4,330 satellites [22][21] - China's satellite deployment plans are ambitious, with a significant increase in the number of satellites expected to be launched by 2030, potentially exceeding 10,000 annually [21][27] Section 2: Space Photovoltaics Market Potential - The current space photovoltaic market is small, but three scenarios could lead to substantial growth: 1. A dense launch of communication satellites could push the market to 40% of the terrestrial photovoltaic market 2. Initial networking of computing constellations could create a demand for 10 GW of space photovoltaics, surpassing terrestrial values 3. Dominance of computing satellites could lead to a demand of 100 GW, increasing market value significantly [3][18] Section 3: Technological Developments and Supply Chain Opportunities - The report highlights the need for technological advancements in space photovoltaic systems, particularly in materials and efficiency, as traditional technologies face limitations in space environments [8][17] - The supply chain for space photovoltaics is expected to see increased demand for packaging materials, which are significantly more valuable in space applications compared to terrestrial uses [19][18] - The shift towards flexible solar wings is anticipated to replace rigid designs, creating new opportunities for materials such as UTG glass and CPI films [19][18]

今日早参 2026 年 2 月 25 日 庄汀洲 石油与化工行业首席研究员 座机：010-56793939 邮箱：zhuangtingzhou@htsc.com 刘俊 电力设备与新能源行业首席研究员 座机：85293275834 邮箱：karlliu@htsc.com 边文姣 电力设备与新能源行业联席首席研究 员 座机：0755-82776411 邮箱：bianwenjiao@htsc.com 今日热点 基础化工：美将磷系农资列入战略资源影响深远 2026 年 2 月 18 日，特朗普政府援引《国防生产法》发布行政令，正式将磷 元素与草甘膦除草剂列为美国战略资源，以保障国内供应链安全。全球近几 年 80%的磷资源下游用于磷肥，草甘膦由于转基因抗性种子需求成为全球第 一大除草剂，二者是全球农资的核心环节。据 USGS，2025 年美国磷矿石 进口依存度 16%，主要来自秘鲁及摩洛哥。美国草甘膦本土产能充足，但考 虑厂商到对欧洲及南美的供应，仍需进口中国产草甘膦。相对而言，中国磷 矿石自给率较高，而草甘膦净出口且产能略过剩。我们认为，磷系农资列入 战略物资因美国对二者供应稳定性的强调，短期在粮价低迷需求不振背景 ...

太阳翼向柔性演进：单星功率提升要求太阳翼向轻量化、柔性化发展。 中邮证券近日发布商业航天&太空光伏系列深度(一)：卫星需求拉动太空光伏市场空间：卫星互联网应 用场景打开+战略布局+太空算力，低轨卫星需求将快速提升。太空光伏是卫星能源供应唯一供给方 案，受益于卫星数量+单星功率提升。 以下为研究报告摘要： 投资要点 卫星需求拉动太空光伏市场空间：卫星互联网应用场景打开+战略布局+太空算力，低轨卫星需求将快 速提升。太空光伏是卫星能源供应唯一供给方案，受益于卫星数量+单星功率提升。 技术路线迭代带来新机遇：砷化镓-HJT-钙钛矿叠层演进。(1)砷化镓为目前主流技术路线，可靠性高但 成本高昂。(2)p-HJT方案依托于成熟的晶硅产业，较砷化镓方案大幅降本，且异质结作为向钙钛矿叠层 方案发展的基础，预计在短中期有较大发展空间。(3)钙钛矿叠层方案目前仍处于起步研究阶段，存在 光照或高温环境下稳定性不足、寿命短等问题亟待突破，随技术成熟产能增加叠加降本，预计中长期将 有较大发展空间。 投资建议：建议关注迈为股份（300751）、东方日升（300118）、钧达股份（002865）。 风险提示：商业火箭发射降本、卫星发射频 ...