Core Viewpoint - The article discusses the emergence of a new era in satellite technology, emphasizing the urgent need for efficient power supply systems for satellites as China prepares to launch a significant number of satellites by the end of 2025 [6][9]. Group 1: Satellite Launch and Development - By the end of 2025, China plans to submit approximately 203,000 satellites to the ITU, covering 14 satellite constellations, with the Radio Innovation Institute applying for two constellations, each with 96,714 satellites, totaling nearly 193,000 satellites [7][8]. - Major operators and commercial satellite companies are also advancing medium-scale constellations, with China Mobile applying for 2,520 satellites, Yuxin Satellite for 1,296, and Guodian Gaoke for 1,132 [8][10]. - As of December 2025, the overall launch completion rate for major domestic constellations remains low, indicating they are in the early stages of network formation [13]. Group 2: Starlink Program and Launch Trends - The Starlink program exhibits a clear generational rhythm, with cumulative launches reaching approximately 11,034 satellites and applications totaling about 41,943 as of January 2026 [2][16]. - The annual launch volume has increased significantly, with projections for 2025 reaching around 3,200 satellites, reflecting a trend of accelerating deployment [15][20]. - Starlink's V1 to V3 satellites utilize crystalline silicon technology to prioritize supply chain scalability and system-level cost reduction, while V4 may adopt P-type silicon HJT or P-type silicon HJT-perovskite tandem structures [3][4]. Group 3: Photovoltaic Technology in Space - The current mainstream technology for space photovoltaic applications in China is multi-junction gallium arsenide (GaAs), although there is ongoing testing and validation of perovskite systems by various companies [4][26]. - The high unit price of GaAs photovoltaic cells is becoming a significant factor limiting system economics, prompting the industry to explore lower-cost alternatives such as silicon-based and perovskite technologies [21][34]. - The article highlights the unique requirements for photovoltaic cells in space, including radiation resistance, thermal stability, and long-term reliability under extreme conditions [22][25]. Group 4: Industry Outlook and Recommendations - The acceleration of satellite launches and the continuous validation of new photovoltaic technologies indicate a rising industry outlook and long-term growth potential for the space photovoltaic sector [5][6]. - The article recommends a "buy" rating for the space photovoltaic industry, citing key companies such as Maiwei Co., Aotewi, and others as relevant investment targets [5][6].

证券研究报告·行业研究·电力设备与新能源行业 太空光伏：地外可靠能源，前景星辰大海 电新首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 证券分析师：郭亚男 执业证书：S0600523070003 guoyn@dwzq.com.cn 目录 证券分析师：徐铖嵘 执业证书：S0600524080007 xucr@dwzq.com.cn 2026年1月6日 请务必阅读正文之后的免责声明部分 1 摘要 2 ◆ 科技竞争前沿，商业航天冉冉升起。随着可回收火箭技术的成熟，航天发射成本大幅下降，逐步打破进入太空的经济壁垒。卫 星频轨资源的稀缺性推动各国加速抢占战略资源，全球航天器发射量持续高增。近10年来全球航天器发射数自2016年237颗增 长至2025年超4300颗，CAGR达34%；25年同增超50%。全球卫星在轨工作数已超万颗，备案数量超10万颗，后续发射数有 望进一步井喷。 ◆ 光伏是卫星唯一高效、长期稳定的能源形式，随功耗增长太阳翼用量提升。卫星电源系统在整星制造成本中约20-30%，其中太 阳翼是航天器在轨运行的能量心脏，材料特殊、可靠性要求 ...