银河证券：继续看好银行板块配置价值 华泰证券指出，上周，随着美国经济数据与日央行加息等关键事件落地，市场先前担忧的不确定性基本 已成过去式，全球流动性预期有所改善、风险偏好有所回暖——全球股市走出先抑后扬的修复行情，商 品市场中金属品类表现突出。不过临近年底考核，机构投资者情绪仍相对谨慎，上周AH市场整体呈现 缩量格局，且择时模型对大盘维持震荡判断。依然维持"轻指数、重结构"的观点，建议逢低着眼春季躁 动行情的左侧布局。方向上推荐：(1) 行业层面：贵金属、汽车、计算机、传媒、房地产；(2) 风格层 面：看好小盘风格，建议规避高位大盘股，优先从低位板块中寻找机会。 中信建投：P型HJT和钙钛矿叠层有望成为短中期太空光伏的主流技术路线 中信建投表示，太空光伏已从试验阶段迈入商业化加速期，相比地面光伏场景，既破解了间歇性瓶颈， 又为太空算力、深空探测、偏远地区供电及军事应急等场景提供长效能源支撑。P型HJT电池在现有量 产技术中抗辐射、轻量化优势最明显，2026年后渗透率预计将有所提升，并以执行低轨短期低成本低功 率任务为主。钙钛矿及叠层电池有望凭借高比功率、抗辐射优势，在2028年后将逐步承担低轨星座及深 空探 ...

中信建投研报称，太空光伏已从试验阶段迈入商业化加速期，相比地面光伏场景，既破解了间歇性瓶 颈，又为太空算力、深空探测、偏远地区供电及军事应急等场景提供长效能源支撑。P型HJT电池在现 有量产技术中抗辐射、轻量化优势最明显，2026年后渗透率预计将有所提升，并以执行低轨短期低成本 低功率任务为主。钙钛矿及叠层电池有望凭借高比功率、抗辐射优势，在2028年后将逐步承担低轨星座 及深空探测任务。关注材料、设备等环节布局领先的企业。 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2 2025, driven by improved battery module gross margins and a rebound in domestic component prices [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 23.9 billion yuan, a year-on-year decrease of 36%, and a net profit attributable to shareholders of -2.58 billion yuan, a year-on-year decline of 195.1% [1]. - For Q2 2025, the company reported revenue of 13.23 billion yuan, a year-on-year decrease of 38.1% but a quarter-on-quarter increase of 24.0%. The net profit attributable to shareholders was -0.94 billion yuan, showing a year-on-year decline of 140.6% but a quarter-on-quarter improvement of 42.5% [2]. Strategic Initiatives - The company launched a stock ownership plan and stock option incentive plan for 2025, aiming to bind core employees and enhance motivation. The performance targets include reducing net profit loss by no less than 5% in 2025 and achieving positive net profit in 2026 [3]. - The company has sufficient cash reserves, with cash holdings reaching 26.07 billion yuan by the end of H1 2025, and plans to repurchase 200-400 million yuan worth of shares over the next 12 months to support the incentive plan [3]. Market Trends and Innovations - The domestic market is experiencing a trend of rising component prices due to ongoing anti-competition measures, which the company aims to leverage through continuous technological innovation and accelerated capacity expansion in the Middle East [3][4]. - The company reported a battery module shipment of 18.1 GW in Q2 2025, a quarter-on-quarter increase of 15.9%, primarily driven by domestic demand [2]. Profit Forecast and Valuation - Due to increased trade protection policies in the U.S., the company has adjusted its forecasts for battery module shipment volumes and gross margins, projecting net profits of -3.232 billion yuan, 1.937 billion yuan, and 3.246 billion yuan for 2025-2027, respectively [5]. - The company maintains a positive outlook for 2026, anticipating a recovery in the industry supply-demand balance and a return to normal profit levels, with a target price of 13.40 yuan based on a 22.7x PE valuation for 2026 [5].