东吴证券研报指出，明阳智能预计25年归母净利润8~10亿，同比增长131~189%；25Q4归母净利润 3424~23424万元，同比转正（25Q4为-4.6亿元），环比-78~+50%。风机历史质量事故风险释放，收购 德华芯片进军国内卫星电源Tier1。中山德华芯片技术有限公司通过国际航空航天AS9100D质量体系认 证，2023年入选国家级专精特新"小巨人"企业，2024年承担广东省重点领域研发计划项目并获1500万元 立项支持。收购完成后，砷化镓/钙钛矿/HJT三大技术并驾齐驱。双方可在能源管理系统等方向开展联 合研发，推动更多场景的应用验证与商业化，提升公司在光伏领域的综合竞争力。25Q4风机毛利率表 现较好，上调25年盈利预测，维持"买入"评级。 ...

①拟收购卫星能源系统龙头，分析师强call公司有望实现太空光伏砷化镓/钙钛矿/HJT三大技术并驾齐 驱，业绩提升至于更有望迎价值重估； ②这家化工细分领军企业受益行业产品价差修复+布局新材料品 种，叠加扩产项目众多，分析师上调公司盈利预测。 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 前言 ...

1月27日，太空光伏概念午后拉升，光伏50ETF（159864）上涨0.82%。 感兴趣的投资者可关注光伏50ETF（159864），一键布局光伏【硅料+硅片+电池+组件+设备】全产业 链投资机会。 -低轨卫星：ITU规则下低轨资源先到先得，太空资源已经成为大国博弈的新战场。根据中华网，2025年 12月中国向国际电信联盟（ITU）提交了共计20.3万颗卫星的频率与轨道资源申请，旨在抢占宝贵的轨 道资源。作为地外飞行器重要的能源供应方式，太空光伏有望受益于全球商业航天热潮。马斯克表示 SpaceX和特斯拉正在提升太阳能产能，目标是每年达到100GW。 -太空算力：太空算力是指将计算数据中心部署于太空轨道以解决能源和空间限制的方案。将大规模高 性能计算数据中心部署于太空轨道，利用太阳能资源和真空超低温环境进行高效供电与冷却的AI数据 中心解决方案。地面算力运营成本攀升，太空算力优势有所凸显，有望给光伏板块带来更大的增量。 从技术路线上来看，太空光伏电池主要的选择包括砷化镓、晶硅、钙钛矿。 -砷化镓：是目前主流的太空光伏选择，抗辐射强、转换效率高、寿命长，综合性能较为出色，但受限 于锗和镓产能、原材料价格昂贵、量 ...

2026年1月26日，明阳智能（601615）再度股价异动，当日涨幅达10.02%，股价单日上涨2.17元，连续3天封死涨停板，走势强势。 从近期行情来看，公司2026年以来累计涨幅接近65%，本次涨停为7天内的第4个涨停板，市场关注度持续飙升，当日封单金额高达32亿元。 从公司公告层面来看，核心利好与内部优化动作持续释放：1月23日公司发布官方公告，拟通过非公开增发+现金支付的方式收购德华芯片100%股权，同时 披露暂不召开股东会审议本次交易相关事项的公告；异动前一周，公司还完成了22项管理制度修订，优化关联交易、融资决策机制，实施覆盖259名核心员 工的股票期权激励计划，同时利用闲置募集资金理财累计获得收益257万元，打出一系列内部治理优化动作。值得注意的是，根据2025年三季报数据，公司 资产负债率已升至69.98%（接近市场传闻的70%），同期经营活动现金流净额为-49.26亿元，连续多期呈现负值，现金流压力与高负债问题成为市场关注的 潜在风险点。 从市场舆情看，明阳智能相关新闻核心聚焦三大方向，其一，跨界收购热度持续攀升，多家媒体报道称，公司收购德华芯片旨在补足半导体技术短板，进而 打造"新能源+芯 ...

太空光伏迎发展机遇，从技术路线上来看，能源选择包括砷化镓、晶硅、钙钛矿。 反内卷政策不断发力，行业格局有望持续优化。发改委召开价格无序竞争座谈会，明确将治 理企业低价无序竞争，推动产业链价格回归理性，助力行业高质量发展。行业通过企业自 律、产能整合、技术迭代等方式形成协同效应，逐步缓解供给过剩压力，自25Q3起硅料环 节价格率先企稳回升，盈利改善逐步向下游传导，全产业链盈利有望迎来筑底修复。长期来 看，反内卷趋势将推动低效产能退出，行业格局持续向好。 ITU规则下低轨资源先到先得，太空资源已经成为大国博弈的新战场。美国凭借SpaceX的先发优势，暂 时掌握低轨通信卫星的领先地位。美国联邦通信委员会（FCC）本月已批准SpaceX的申请，允许其再部 署7500颗第二代星链卫星，以进一步提升其全球互联网服务能力。根据中华网，2025年12月中国向国际 电信联盟（ITU）提交了共计20.3万颗卫星的频率与轨道资源申请，旨在抢占宝贵的轨道资源。作为地 外飞行器重要的能源供应方式，太空光伏有望受益于全球商业航天热潮。 商业航天热度"卷土重来"，今日上涨主要催化还有： 【后市展望】 今日早盘光伏领涨，光伏50ETF（15 ...

Core Viewpoint - The current investment environment is characterized by high enthusiasm and urgency among investors, leading to a simplified investment process focused on relationships and quick decisions [5][6][7]. Group 1: Market Conditions - The equity investment market is described as a "sauna," with high temperatures and intense competition among investors [5]. - There is a significant rush for investment quotas, particularly in sectors like commercial aerospace and quantum computing, where valuations have rapidly increased [5][6]. - The market is experiencing a revival, with investors eager to recover lost time and profits from the previous years [6]. Group 2: Investment Trends - The hottest sectors currently include new energy and semiconductors, with specific subfields like lithium batteries and hydrogen energy attracting substantial investment [10]. - Valuations in these sectors have skyrocketed, with companies achieving valuations of billions despite relatively low revenues [10]. - However, there are concerns about overvaluation and potential market corrections, particularly in the lithium battery sector, which has seen a significant decline in interest and investment [11]. Group 3: Future Outlook - The article suggests that only leading companies in future technology sectors may qualify for IPOs on the STAR Market, while others might have to seek listings in Hong Kong [12]. - There is a cautionary note regarding the sustainability of the current investment enthusiasm, emphasizing the need for investors to be discerning and avoid following trends blindly [12][15]. - The best investment opportunities may arise during market downturns, where undervalued companies can be identified [13][15].

中证报中证网讯（记者 武卫红）鹿山新材（603051）官方微信公众号1月19日发布消息称，鹿山新材深 耕高分子封装材料领域，针对钙钛矿、P型异质结（HJT）、砷化镓三类电池推出三大核心封装方案， 为太空光伏技术落地提供支撑。 在砷化镓电池方面，鹿山新材称，公司针对砷化镓电池推出的柔性封装方案能够大幅提升与聚酰亚胺薄 膜的粘接力，有效保护电池敏感层结构，可跟随太阳翼实现大曲率形变，无应力集中风险，适配多种展 开结构。该方案2022年已通过多家头部航天企业验证，并开始批量供货，为砷化镓电池在商业航天领域 的应用提供技术支撑。 鹿山新材表示，面对太空光伏对封装材料"定制化、高可靠、低成本"的要求，公司将以"封装材料+工艺 解决方案"为核心，深化产学研合作，迭代下一代封装技术，助力我国太空光伏产业突破瓶颈，为太空 旅游、深空探测等新场景提供能源保障。 在钙钛矿电池封装方面，鹿山新材研发的钙钛矿电池专用热塑性胶膜以"低腐蚀、高阻隔、强适配"为核 心，通过分子结构优化与助剂体系创新，攻克了封装工艺敏感的行业痛点，能够适配低温封装工艺。目 前该产品已通过纤纳光电、协鑫光电、脉络能源等钙钛矿电池头部企业验证，部分客户进入批量 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the commercial aerospace industry, particularly focusing on the space photovoltaic sector and the advancements made by SpaceX in satellite deployment and technology [1][2]. Core Insights and Arguments - **SpaceX's Dominance**: SpaceX is expected to generate over $20 billion in revenue from its Starlink business by 2026, significantly supporting its future projects and financing needs. The company has launched over 3,000 satellites, with more than 9,000 currently in orbit [1][2]. - **Limited Near-Earth Orbit Resources**: The finite capacity of Earth's low Earth orbit, which can accommodate only 60,000 to 80,000 satellites, is driving China to accelerate its commercial aerospace development, with plans to apply for 200,000 satellites [1][2][3]. - **Cost Sensitivity in Low Earth Orbit**: The high cost of gallium arsenide (GaAs) solar cells, ranging from $50 to $150 per watt, poses challenges for commercial space applications, necessitating the search for more economical alternatives [1][4]. - **Transition to P-Type Heterojunction Cells**: P-type heterojunction cells are identified as a competitive transitional solution due to their strong radiation resistance and lower production costs, potentially under 100 RMB per watt [1][5]. - **Perovskite as a Future Solution**: Perovskite solar cells are viewed as a promising long-term alternative to GaAs, with manufacturing costs significantly reduced, and potential costs in space applications also below 100 RMB per watt [1][6]. Market Potential - **Market Size Estimation**: The solar photovoltaic market for space applications could reach over 500 MW, with a potential market value between 17.5 billion to 10 billion RMB, assuming a global launch of 10,000 satellites annually [1][7]. - **Growth in Space Computing Demand**: The increasing demand for space computing, as indicated by Elon Musk's vision for a gigawatt-level space infrastructure, suggests that the solar photovoltaic market could scale to hundreds of billions in the long term [1][7]. SpaceX's Strategic Moves - **Adjustments in Satellite Systems**: SpaceX plans to optimize its Starlink satellite system, creating opportunities for the introduction of solar photovoltaic alternatives, with P-type heterojunction cells likely being prioritized [1][8]. Current Market Performance - **Resilience of the Space Photovoltaic Market**: Despite recent downturns in the commercial aerospace sector, the space photovoltaic market remains stable, supported by SpaceX's ongoing investments and the collective push from domestic aerospace companies [1][9]. Domestic Industry Developments - **Technological Advancements**: Domestic photovoltaic companies have made progress, primarily in ground-based solar technology, with a scarcity of firms focused on space applications. Companies with expertise in nitrogen-oxide passivation contact technology hold a competitive advantage [1][10]. Recommended Companies and Materials - **Investment Opportunities**: Key companies to watch include Dongfang Risheng and Maiwei Co. for P-type heterojunction cells, and JunDa Co. and Jiejia Weichuang for perovskite technology. Additionally, large integrated firms like Tianhe Energy and Jinko Solar, with strong R&D capabilities, are highlighted as having significant potential [1][11].

太空光伏的发展现状与未来展望 20260118 摘要 Rlink V3 单/双翼太阳能面积分别为 130/270-280 平方米，功耗 50-60 千瓦，需采用轻薄、柔性、高光电转换效率的太阳翼材料以满足算力卫 星高功耗需求，SpaceX 倾向于使用 HJT 材料，尽管其价格高于地面光 伏材料（60-70 元/瓦），但其在太空环境适应性更佳。 HJT 和钙钛矿各有优劣，HJT 光电转换效率约 25%，单层钙钛矿 22%- 25%，叠层钙钛矿实验室数据达 38%以上但未实际应用。钙钛矿更轻 薄，叠层钙钛矿更适用于柔性太阳翼，但工艺复杂价格高昂，约为三结 砷化镓的 1/8（三结砷化镓每平方米成本 45-50 万元）。HJT 抗辐照性 能相对较好，但需进一步验证实际空间表现。 UTG 玻璃和 CPI 膜正被尝试用作太空光伏材料的外部覆盖材料，厚度 50-70 微米，比传统盖板更轻薄，可保护电池片并提高抗辐照性能，从 而提升整体系统性能。UTG 玻璃在抗原子氧和抗紫外老化方面优于聚酰 亚胺薄膜，且可做到极薄并具有较高弯曲度，但需解决火箭发射过程中 的力学冲击问题及量产问题。 太空算力阶段卫星功耗显著增加，对太阳翼面积 ...

Summary of Key Points from the Conference Call on Space Photovoltaics Industry Overview - The focus is on the commercialization of perovskite technology in the space photovoltaic sector, aiming to establish space solar power stations that transmit electricity back to Earth and provide energy for satellite operations [1][3]. Core Insights and Arguments - The cost of satellite power systems accounts for 22% of the total satellite platform cost, with solar arrays being a critical component that increases in size as satellite scale expands, indicating a trend of rising volume and price [1][3]. - The global development of space photovoltaics is accelerating, with China leading in the "Zhu Ri" project, having completed the world's first full-chain ground verification [1][4]. - Space solar power technology has evolved from silicon-based to gallium arsenide, and now to thin-film gallium arsenide and perovskite stacked structures, aimed at meeting the demands for lightweight and flexible designs, reducing launch costs, and improving safety and yield [1][5]. - Perovskite technology, while limited by short lifespan in terrestrial applications, shows improved longevity in space due to reduced degradation factors, with theoretical conversion efficiencies exceeding 40%, making it a viable successor to silicon-based technologies [1][6]. Future Development Pathways - Future developments include optimizing satellite solar arrays and establishing large-scale space solar power stations. If 100 GW of new AI energy networks are deployed annually, the investment per watt could decrease to around 500 million yuan, unlocking a market potential of 50 billion [1][7]. - The space photovoltaic market is expected to reach a trillion-level scale as technology matures and costs decrease, despite current slow progress due to technical and cost challenges [3][4][7]. Beneficiary Companies - Equipment manufacturing companies are poised to benefit the most, as innovations are needed to overcome traditional rigidity and silicon thickness challenges. Key players include: - Full-line equipment manufacturers like Meiwijie and Jiahui Chuang - Component equipment manufacturers such as Aotwei - Silicon wafer equipment manufacturers like Jingsheng Machine and Yujing [1][8]. Additional Important Insights - The differences between space and terrestrial photovoltaics include environmental adaptability, generation efficiency, and technical requirements, with space systems benefiting from uninterrupted sunlight and stable solar radiation [2]. - Countries like China, Japan, the USA, and European nations are actively investing in space solar power, but face challenges in technology and cost, leading to a cautious approach in development [4].