证券研究报告 工业/基础材料 传统顺周期与电子卫星新材料共振期 华泰研究 2026 年 1 月 12 日│中国内地 行业周报（第二周） 本周观点：施工实物量指标开年改善，商业航天催化不断 2026 年开年以来，水泥磨机开工率、混凝土搅拌站运转率和建筑钢材成交 等多项施工实物量同比改善明显，叠加 12 月建筑业 PMI 环比改善和 26 年 投资靠前发力，且上周国常会部署实施财政金融协同促内需一揽子政策，我 们看好传统顺周期板块中的钢结构、玻纤等细分品类表现。我国 2025 年 12 月向 ITU 申请了超 20 万颗卫星的频轨资源，而美国联邦通信委员会（FCC） 批准太空探索技术公司（SpaceX）新增部署 7500 颗第二代"星链"卫星 的申请，商业航天中耐高温材料、太阳翼能源系统中的钙钛矿材料和 UTG 玻璃等需求有望迎来放量期。建议 26Q1 均衡布局新兴产业成长与传统板块 红利，重点推荐精工钢构、四川路桥、中材国际、中国核建、鸿路钢构、中 国巨石、华新建材、上峰水泥、东方雨虹、凯盛科技。 上周细分行业回顾 截至 01 月 09 日，全国水泥价格环比-0.1%；水泥出货率 38.7%，周环比/ 同比-1 ...

资本与产业双线并进。 时隔两年半，宇隆科技再度冲击IPO，这不仅是一家面板产业链公司的上市之路，更是其实控人、陕西富豪王亚龙拓展A股版图的关键一步。 鲜为人知的是，宇隆科技最初是由王亚龙夫妇实控的科创板公司莱特光电(688150.SH)与另一公司共同出资设立。 而就在宇隆科技官宣二度IPO后不久，莱特光电宣布拟通过子公司切入高端电子材料新领域，聚焦石英纤维电子布(Q布)的研发与生产。 近日，在莱特光电一次调研活动中，该公司对上述新业务的开展进行了详细回应。 值得注意的是，这项被公司视为未来增长点的新业务，将由董事长兼总经理王亚龙亲自"挂帅"，直接负责日常经营管理。 王亚龙的下一步 2025年12月10日，莱特夸石悄然成立。这家注册资本500万元的公司，正是莱特光电聚焦Q布业务的主体，也是莱特光电产业链规划的关键一 环。 就目前的布局进展来看，新业务Q布的决策背后，处处充斥着王亚龙的痕迹。 在12月底的调研活动中，该公司公开表示，实控人王亚龙在高纯石英砂及PCBA领域均有成熟产业布局，一方面为Q布业务构建产业链协同基 础，另一方面高纯石英砂相关布局还可以为公司Q布业务核心原材料提供便利选择，降低供应链风险。 上 ...

2025年12月29日，莱特光电披露接待调研公告，公司于12月26日接待淡水泉投资、国泰基金、南方基 金、财通基金、银河基金、富国基金等34家机构调研。 调研情况显示，莱特光电布局Q布（石英纤维电子布）业务，核心考量包括产业趋势驱动（高频高速低 损耗需求下，Q布作为第三代高端低介电电子布性能优于传统材料，前景良好）、核心能力跨领域复用 （15年新材料研发运营经验及OLED国产替代经验支撑）、产业链协同优势（实控人在高纯石英砂和 PCBA领域布局保障原材料供应与客户资源）。当前业务由控股子公司推进，已组建核心团队（含日本 经验的研发生产团队），处于规划与产能建设阶段，正对接上游高纯石英砂企业及下游潜在客户，尚未 产生销售收入。 Q布生产从高纯石英砂到织布分多个制程，各环节技术难点显著：石英砂需保障纯度及品质一致性；石 英棒需控制纯度、气泡杂质及羟基；拉丝易断丝影响定长率；捻线易产生毛羽影响外观；整经存在断经 问题；织布易出现纬向破丝毛羽；后处理需解决布面折痕。技术团队核心成员具备日本市场成熟经验， 曾主导LDK产品开发生产，后续将补充研发、生产、品控等人才；股权激励计划拟与产品工艺验证、 性能验证等关键里程碑挂 ...

太阳翼专家交流 20251228 摘要 太阳翼是卫星能源供给关键，技术升级历经多晶硅到三结砷化镓，转换 效率显著提升。新型钙钛矿材料虽效率稍逊，但其轻便性和韧性为卫星 减重带来潜力，柔性太阳翼成为发展趋势。 钙钛矿材料在减重方面优势显著，每平方米重量远低于三结砷化镓，且 成本较低，适合柔性太阳翼。但目前应用规模有限，需进一步验证其在 复杂空间环境中的表现。 刚性太阳翼抗震抗冲击性能好，成本较低，但重量体积大，不利于多星 发射。柔性太阳翼轻便易折叠，适合多星发射，但抗震性稍弱，成本较 高，各航天供应商正积极研发。 不同卫星对太阳翼需求各异，遥感卫星功耗低，所需面积小；通信卫星 功耗较高，如一代希望卫星；算力型卫星功耗需求更大，对太阳翼面积 和效能要求更高。 聚酰亚胺（PI）薄膜因其轻薄、耐用、绝缘等特性，被广泛应用于柔性 太阳翼的基板和绝缘防护材料，在提升柔性和整体性能方面发挥关键作 用。 Q&A 商业航天市场目前的整体情况如何？有哪些重要的发展机会？ 当前商业航天市场正处于快速发展阶段，政策、技术、市场和资本端形成了有 效共振。国家对商业航天的政策支持力度很大，包括 IPO 政策也有重大支持。 市场方面，上海 ...

行 业 及 产 业 行 业 研 究 / 行 业 基础化工 2025 年 12 月 28 日 26Q1 制冷剂长协继续上扬，有机 硅或再迎涨价，关注商业航天、存 储长景气 看好 ——《化工周报 25/12/22-25/12/26》 相关研究 《氨纶或迎格局重塑，欧盟对华轮胎反倾 销暂不采取措施，不改企业出海优势—— 《化工周报 25/12/15-25/12/19》》 2025/12/21 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 点 评 证 券 研 究 报 告 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.c ...

2025 年 12 月 21 日 基础化工 关注商业航天相关化工材料投资机遇 中美政策力度空前，商业航天迈入黄金发展期 海外方面，马斯克旗下太空探索技术公司（SpaceX）已正式启动 IPO 进程，公司内部股价定为 421 美元/股，对应估值约 8000 亿 美元，较今年 7 月估值水平已接近翻番。与此同时，全球商业航 天卫星发射日趋活跃，截至 2025 年 11 月底，全球已完成 290 次 轨道发射，全年预计突破 320 次，超过 2024 年 261 次的历史记 录，或标志着商业航天卫星产业或正进入加速期。政策层面，美 国特朗普政府于 2025 年 8 月签署《促进商业航天工业竞争》行 政命令，旨在简化发射监管流程、压缩环境评估时限，为 SpaceX 等企业松绑，激发市场活力，同年 12 月，美国政府进一步明确以 2028 年重返月球、2030 年建立月球前哨站为目标的太空计划， 为行业发展持续注入动力。国内方面，"十五五"规划建议明确 提出，要加快新能源、新材料、航空航天、低空经济等战略性新 兴产业集群发展。国家航天局正式设立商业航天司，并发布《推 进商业航天高质量安全发展行动计划（2025—2027 ...

Core Insights - Perovskite materials are evolving from a photovoltaic technology term to a key investment theme across multiple sectors, particularly in aerospace and satellite systems where energy supply is a primary challenge [1] - The perovskite industry is accelerating towards commercialization, with significant advancements in production efficiency and stability, marking 2025 as a pivotal year for capacity expansion [1][2] - Technological breakthroughs are crucial for industry expansion, with perovskite cell efficiency surpassing 27% and flexible perovskite cells achieving 20.3% efficiency [1] Industry Expansion and Technological Breakthroughs - The photovoltaic industry is experiencing a phase of oversupply, leading to a market fatigue regarding pure technological iterations [2] - Perovskite materials are uniquely suited for orbital energy systems due to their lightweight, high power-to-weight ratio, and flexibility, which can significantly reduce launch costs and adapt to various deployment mechanisms [2] - The ability of perovskite materials to quickly form films at low temperatures and their self-healing properties under radiation damage make them ideal for harsh space environments [2] Investment Opportunities - Investment logic around perovskite materials should focus on two main lines: the certainty of equipment demand from technological iterations in the photovoltaic sector and the incremental market opportunities from high-performance, flexible components for new applications like space [3] - Core production equipment suppliers are expected to benefit first from the capacity construction phase [3] Focus Areas for Investment - Core process equipment providers, such as JinkoSolar, JingShan Light Machinery, Maiwei Co., and Aolide, are positioned to benefit from the capacity construction cycle [4] - Mass production pioneers and material companies, like GCL-Poly and BOE Technology Group, that have achieved scale production or are involved in key material layouts [5] - Technology integrators and scene developers, which are actively engaging in perovskite business and possess strong engineering and integration capabilities, may accelerate the realization of new applications [5]

Core Viewpoint - The company, Lite Optoelectronics, is raising up to 766 million yuan through convertible bonds to enhance its technological capabilities and industry competitiveness, focusing on new material R&D, smart workshop upgrades, and working capital supplementation [1][3]. Group 1: Fundraising and Investment Projects - The largest project in the fundraising plan is the construction of a new materials R&D base in Pucheng, with a total investment exceeding 520 million yuan, of which 500 million yuan will be raised from the bond issuance [2]. - The second key project involves the smart upgrade of production workshops, with a total investment of 35.8469 million yuan, aiming to enhance production efficiency and safety through automation and system optimization [2]. - An additional 32 million yuan is allocated for the development and verification platform for perovskite materials, aimed at accelerating the transition from R&D to mass production in the new photovoltaic materials sector [2]. Group 2: Business Performance and Market Position - In the first three quarters of the year, Lite Optoelectronics reported a cumulative revenue of 423 million yuan, representing an 18.77% year-on-year increase, and a net profit attributable to shareholders of 180 million yuan, up 38.62% year-on-year [1]. - The company has established a complete industrial chain in the OLED organic materials sector, from material design to device testing, and is one of the few domestic companies capable of independent R&D and mass production of OLED terminal materials [1][3]. - Lite Optoelectronics' products are integrated into the supply chains of major domestic panel manufacturers and have expanded into overseas markets, indicating a strong competitive position in the high-end organic materials industry [1][3].

Core Viewpoint - The company, Lite-On Optoelectronics, is accelerating its industrial layout in the OLED sector by planning to issue convertible bonds to raise up to 766 million yuan, marking a significant step towards its new development phase and reflecting its commitment to expanding in OLED materials and emerging business areas [1][2][3]. Group 1: Fundraising and Investment Plans - Lite-On Optoelectronics plans to issue convertible bonds totaling no more than 766 million yuan with a maturity of 6 years, aiming to fund several key projects [2]. - Of the raised funds, 500 million yuan will be allocated to the construction of new material production bases, enhancing the production capacity of OLED intermediates and other materials [2]. - The company will invest 34 million yuan in upgrading production facilities to improve automation and efficiency, and 32 million yuan in developing a platform for perovskite materials [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 423 million yuan, an increase of 18.77% year-on-year, and a net profit of 180 million yuan, up 38.62% year-on-year [1][3]. - The net profit excluding non-recurring items reached 170 million yuan, reflecting a significant growth of 46.51% year-on-year [1][3]. - The growth in revenue is primarily driven by increased sales of OLED terminal materials, supported by strong demand in various applications such as smartphones and automotive displays [3]. Group 3: Cost Management and Efficiency - The company has implemented cost reduction and efficiency enhancement strategies, resulting in an 8.75% decrease in operating costs for the first three quarters, which contributed to a 39.08% increase in total profit [4]. - The gross profit margin has improved, with quarterly profit growth reaching 44.98% [4]. Group 4: Research and Development Focus - Lite-On Optoelectronics emphasizes research and development as a core driver of growth, with R&D expenditures amounting to 49.29 million yuan in the first three quarters, a year-on-year increase of 12.39% [5]. - The R&D investment in the third quarter alone was 17.22 million yuan, reflecting a significant growth rate of 24.24% [5]. - R&D spending accounted for 13.12% of revenue in the third quarter, indicating a strong commitment to innovation [5][6]. Group 5: Future Outlook - The company aims to leverage the upcoming convertible bond issuance to enhance production capacity, optimize product structure, and strengthen technological innovation, positioning itself to benefit from the rapid growth of the domestic OLED industry [6]. - With a focus on building a self-controlled supply chain in OLED materials, the company is set to contribute significantly to the independent development of the OLED industry in China [6].

Core Viewpoint - The company, Lite-On Optoelectronics (688150.SH), plans to issue convertible bonds to raise a total amount of no more than 766 million yuan, including issuance costs [1] Fund Utilization - The net proceeds from the fundraising, after deducting issuance costs, will be used for the construction of the production workshops 1, 3, and 4 at the Pucheng Lite-On Optoelectronics new materials R&D base [1] - Funds will also be allocated for the digital transformation upgrade of the Pucheng production workshops [1] - Additionally, the proceeds will support the research and development of perovskite materials and the establishment of an innovative platform for device verification [1] - A portion of the funds will be used to supplement working capital [1]