Investment Rating - The report maintains a "Recommended" rating for the electric equipment industry [1] Core Insights - The report highlights that the trend of anti-involution is not a concern, and the space photovoltaic industry is accelerating [1] - The report discusses the recent regulatory actions in the photovoltaic sector, emphasizing the prohibition of monopolistic behaviors such as price and capacity coordination, while allowing compliance with cost-based sales and technology standard improvements [4] - The report notes a continued upward trend in industry prices, with expectations for profit recovery in 2026 as terminal demand gradually improves [4] - The rise of commercial space and the acceleration of the space photovoltaic industry are underscored, with significant plans for deploying solar energy networks in space [4] Summary by Sections Regulatory Environment - The market regulatory authority has halted self-regulatory actions related to the photovoltaic industry's silicon material integration platform, citing monopolistic concerns [4] - A collaborative governance framework is being established among enterprises, power generation entities, and associations to ensure compliance and quality standards [4] Industry Price Trends - The average transaction price for N-type silicon material has increased to 59,200 CNY per ton, reflecting a week-on-week increase of 9.83% [4] - Prices for N-type silicon wafers and battery cells have also seen upward adjustments, indicating a recovery in the industry [4] Space Photovoltaic Development - Elon Musk's plan to deploy 100GW of solar-powered satellites annually is highlighted, along with China's plans for gigawatt-level space data centers [4] - The report anticipates that space photovoltaic technology will become commercialized in the next 10-15 years, driven by decreasing launch costs and technological breakthroughs [4] Investment Recommendations - The report suggests focusing on companies with technological reserves in space photovoltaic, such as Junda Co., JinkoSolar, Trina Solar, and others [4] - It also recommends monitoring leading companies with strong advantages in new technologies, as well as those benefiting from anti-involution policies in the silicon material segment [4]

Investment Rating - The report maintains a "Recommended" rating for the electric equipment industry [1] Core Insights - The report highlights that the trend of anti-involution is not a concern, and the space photovoltaic industry is accelerating [1] - The recent regulatory actions in the photovoltaic sector aim to prevent monopolistic behaviors while allowing compliance with cost-based sales and technology standards [4] - The prices in the industry continue to rise, indicating a recovery, with silicon material prices increasing by 9.83% week-on-week to 59,200 CNY/ton [4] - The commercial space sector is emerging, with plans for deploying solar energy satellites, which could lead to significant advancements in space photovoltaic technology [4] Summary by Sections Regulatory Environment - The market regulatory authority has halted self-regulatory actions related to silicon material integration in the photovoltaic industry, focusing on preventing monopolistic practices [4] - Compliance measures are being established to ensure fair competition among industry participants [4] Industry Performance - The prices of N-type silicon wafers and cells have seen increases, with N-type cell prices rising to 0.39 CNY/W and TOPCon module prices reaching 0.7 CNY/W [4] - The industry is expected to turn profitable in 2026 as terminal demand recovers [4] Technological Advancements - The report emphasizes the potential of space photovoltaic technology, which can generate energy continuously and is projected to become commercialized in the next 10-15 years [4] - The focus is on companies with technological reserves in space photovoltaics, such as Junda Co., JinkoSolar, Trina Solar, and others [4]

太空光伏技术之所以再次成为焦点，是因为其契合了两大时代需求：一方面，近地轨道卫星互联网、空 间站建设、深空探测等太空经济蓬勃兴起，对持续稳定的太空能源供给形成刚性需求；另一方面，人工 智能算力中心能源消耗量呈指数级增长，地面电力体系或难以支撑未来庞大的人工智能用电需求。 太空光伏可以解决这些问题。相较于地面光伏受昼夜更替、阴晴雨雪制约的先天短板，太空拥有近乎完 美的发电环境：摆脱大气层遮挡的阳光强度远高于地面，且能实现24小时不间断发电，无需储能配套即 可稳定输出，理论发电效率远超地面系统。可以说，太空光伏是太空算力、深空探测等场景重要的长效 能源支撑，也是未来实现"太空发电—无线传输—地面接收"的全链条新型能源方案。 全球能源竞争的赛场，正从地球表面延伸至浩瀚星空。近期，美国企业家埃隆·马斯克公开表示，计划 未来每年向太空部署1亿千瓦太阳能人工智能卫星能源网络。在太平洋的这一侧，晶科能源和天合光能 两家中国光伏龙头企业，先后在新年致辞中将太空光伏列为重要发展方向。什么是太空光伏？为何太空 光伏会成为头部企业前瞻布局的焦点？ 太空光伏，是指在航天器或卫星上搭载光伏组件，为航天器或卫星供电。未来，随着技术成熟， ...