智通财经APP获悉，国泰海通发布研报称，马斯克提出计划每年部署100GW的太阳能AI卫星，低轨卫 星、太空算力驱动太空光伏需求。细分材料端，中短期看，硅基P型HJT已有量产交付经验，凭借低温 对称工艺与超薄硅片带来轻量化潜力，并在抗辐照方案上持续推进，有望渗透低轨短周期任务；长期 看，钙钛矿叠层具备高效率、柔性薄膜优势，且有辐照与环境适应的潜力，若在封装寿命与大面积一致 性上实现工程化突破，有望成为主流技术路线。 国泰海通主要观点如下： 钧达股份(02865)与尚翼光电正式签署战略合作协议，以战略股东身份对尚翼光电进行股权投资，双方 将深度整合产业与场景资源，围绕钙钛矿电池技术在太空能源的应用展开合作，在技术研发、在轨验 证、产业化落地及应用场景拓展等方面建立协同机制。 标的方面 推荐标的为迈为股份(300751.SZ)、捷佳伟创(300724.SZ)、京山轻机(000821.SZ)、拉普拉斯 (688726.SH)，受益标的为帝尔激光(300776.SZ)。 全球进入"密集发射—组网"的窗口期，低轨星座数量快速扩张，星座规模扩张直接拉动太阳翼/电池 片、可展开阵列结构、储能与电源管理等电源系统需求。而太空算 ...

打向未来的光： 材料、技术与场景的三重跃迁 "澳门积极响应国家号召，目前本地的燃油发电比例已经从100%降低到6.6%，并积极推广光伏发电系 统。"澳门大学电机及电脑工程系教授戴宁怡分享，澳门受土地限制，可利用的屋顶资源有限，因此他 们利用高精度气象预测和能源管理系统提升光伏出力的可利用率。这一模式为大湾区其他高密度城市提 供了有益借鉴。 对于大湾区这样一个制造业高度集中的区域来说，能源领域的存量提效有着现实而直接的意义。一方 面，短期内它是"最划算"的减排路径——不需要等待大型新能源项目建成，就能通过软硬改造获得立竿 见影的减碳效果；另一方面，它又倒逼企业在数字化基础设施、智能感知系统上的投入，为后续更复杂 的能源系统协同打下底层基础。 相比存量系统的"深挖内潜"，有关新能源与新材料的讨论则更像是一束束打向未来的光。论坛现场，新 型储能、氢能、高效电机与功率电子等关键词频繁出现。但真正值得注意的，是材料、技术与应用场景 正在发生的"三重跃迁"。 第一重，是材料本身性能的跃迁。一位从事新型光伏材料研究的专家强调了"钙钛矿叠层"作为提升效率 的重要途径，并提到叠层结构能突破传统硅基效率瓶颈，让发电效率再一次"破 ...

Group 1 - The core idea of the articles revolves around the "anti-involution" policies aimed at addressing excessive competition in various industries, particularly focusing on the need for regulatory measures to improve product quality and eliminate low-price competition [1][2][3] - The "anti-involution" policy has evolved through several stages, starting from the initial discussions in 2024 to the latest measures proposed in 2025, indicating a comprehensive approach to tackle the issue of irrational competition [2][3] - The macroeconomic impact of "involution" includes a downward spiral of prices leading to reduced corporate profits and consumer spending, necessitating a structured approach to reverse this trend and stimulate economic growth [2][3] Group 2 - Industries expected to break the "involution" cycle include new energy sectors such as solar and electric vehicles, where technological innovation is seen as a key driver for differentiation and competition [4][5] - Traditional cyclical industries like steel and cement are also highlighted, with a focus on supply-side reforms to improve capacity utilization and financial stability [5] - The consumer manufacturing sector is encouraged to enhance quality and reduce costs through digitalization, particularly in livestock farming, to mitigate the effects of cyclical price fluctuations [5] Group 3 - The stock market is anticipated to experience a shift due to "anti-involution" measures, with potential improvements in profitability for certain sectors if price stability and capacity reduction are achieved [6][7] - The current market phase is characterized by policy-driven expectations, with future stages involving capacity clearing and profit recovery, similar to past supply-side reforms [6][7] - Investment strategies should focus on supply-side optimization, technological advancements, and market expansion opportunities, indicating a structural shift in the market dynamics [7][8]