当前时点如何看商业航天？20251124 商业航天产业的中长期发展框架是什么？ 从中长期来看，商业航天产业的发展可以分为两个主要阶段：基建投入期和应 用爆发期。在基建投入期，投资者应关注资本开支的爆发性和持续性，希望在 资本开支增速最高时进行投资并在适当时机退出。卫星互联网行业也遵循这一 逻辑，其收入增长主要来源于下游资本扩张。 应用爆发期则是新兴技术落地带 来的收入增长。我们预计 2027 年或 2028 年将是业绩兑现的高峰期和拐点。 从需求角度看，2030 年 6G 发牌照将推动通信基础设施的新一轮迭代，加上基 站使用寿命通常为 10 年左右，到 2030 年前后需要更新换代，这将推动卫星 网络在偏远地区取代地面网络。预计 27、28 年前后会迎来一个产业拐点。 从 成本供给角度看，商业航天与传统航天最大的不同在于其盈利模式，因此成本 控制尤为重要。目前国内外发射成本差距较大，如 SpaceX 的 Falcon 9 火箭 具备可回收能力，大幅降低了成本。国内预计将在今年（2025 年）年底前进 通信领域看好灿勤科技的陶瓷滤波器（已产生收入），以及海格通信在 应用端市场的广泛布局和芯片领域的独特优势，海格 ...

Core Viewpoint - Hunan's industrial enterprises are focusing on R&D innovation during the "14th Five-Year Plan" period, enhancing product service quality and optimizing production processes to achieve significant advancements in the industrial chain [7][10]. Group 1: Industrial Transformation - Hunan's industrial sector is undergoing significant transformation through technological upgrades, intelligent modifications, and green reforms, revitalizing traditional industries [8]. - The automation and intelligence in production processes have reduced the need for manual labor by over 50% in companies like Xiangtan Steel Group, enhancing product performance and market recognition [8][9]. - Xiangtan Steel has successfully developed over 100 high-end steel varieties, achieving full specification coverage and gaining recognition from major clients [9]. Group 2: Economic Impact - In 2023, Xiangtan City initiated 448 "three reforms and one expansion" projects, with completed projects generating over 37 billion yuan in new annual output value and over 1.9 billion yuan in new tax revenue [10]. - Completed projects have improved overall production efficiency by over 20% and significantly reduced pollution emissions [10]. Group 3: R&D and Innovation - Hunan's industrial and information technology department reports an average annual growth of 7% in industrial added value from 2021 to 2024, surpassing the national average [11]. - The province is fostering a high-tech manufacturing environment, with a focus on smart manufacturing and continuous R&D investment, which is crucial for future growth [14][17]. - Companies like Hunan Saidelete Satellite Technology are prioritizing R&D, with over 75% of their workforce dedicated to research, showcasing the importance of innovation in the industrial landscape [15]. Group 4: Collaboration and Future Directions - The collaboration among industry players is essential for overcoming challenges and achieving technological advancements, as seen in the efforts of companies like CRRC Zhuzhou Electric Locomotive [12][13]. - Hunan aims to enhance its industrial economy by focusing on smart, green, and integrated development, thereby creating a new growth trajectory for its industrial sector [17].

投 资 策 略 电力设备及新能源行业 超配（维持） 电力设备及新能源行业 2026 年上半年投资策略 零碳纪元启华章，曦源永续万代春 2025 年 11 月 24 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱：liuxingwen@dgzq.com.cn 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 资料来源：东莞证券研究所，iFinD 使部分企业陷入低价无序竞争的困境，多数光伏企业正处于极限经 营和普遍亏损的阶段。光伏行业破解"内卷式"恶性竞争的关键， 在于从"价格战"转向"价值战"，以技术创新驱动产业质变。截 至2025年第三季度，光伏行业的资本支出正处于显著收缩的通道中。 在当前严峻的经营压力下，资本开支的锐减意味着未来新增产能将 大幅减少，光伏企业主动放缓扩张步伐并对资本支出进行结构性调 整，标志着光伏行业的竞争核心正从规模扩张的比拼，转向技术、 品牌和盈利能力的竞争，实现从"量"到"质"的战略转型和高质 量发展。光伏企业将重 ...

调整之后，面向 2026 年哪些产业值得关注？20251123 摘要 中国经济发展重心转向高质量发展，强调通过技术创新实现产业链自主 可控，并积极拓展多边合作以突破地缘政治限制，寻找新的增长点。 国产算力芯片全链条自主可控是 AI 能力闭环的核心，2025 年芯片领域 已现超额收益。2026 年，芯片全产业链技术封锁突破及本土产能建设 至关重要，相关公司如盛合晶微等推进上市，有望享受估值溢价。 全球地缘政治变化及多极化趋势支撑战略资源品价格，有色金属如铜、 铝、锡、钴、钨、稀土等供给刚性资源以及核能发展带来的新需求值得 关注。 前沿产业创新重点关注晶圆厂、先进封装设备及零部件材料，以及 GPU ASIC EDI 软件等环节。应用端应关注具有私数据护城河的 To B 公司， 尤其是在数据壁垒方面有优势的企业。 新能源产业正向统筹协调、集成融合发展，储能、绿色氢氨醇迎来发展 机遇。全固态电池将在 2026 年迎来产业化关键期，核聚变工程实验堆 招标提速，四代核能中的土基熔岩堆技术路线值得重视。 Q&A 2026 年在产业选择上有哪些值得关注的方向？ 2026 年作为"十五五"规划的开局之年，产业选择需要高度重视全 ...

Core Viewpoint - The company is actively advancing its research and development efforts in perovskite battery technology, particularly focusing on the application of flexible glass as a substrate to enhance durability and efficiency [2]. Group 1: Company Developments - The company has patented two innovations related to perovskite batteries: one addresses the issue of cracking and short lifespan by using high-strength flexible glass as a substrate, and the other combines flexible glass with CIGS (Copper Indium Gallium Selenide) absorption layers to achieve a target efficiency of over 30% [2]. - The company emphasizes the importance of new materials, such as flexible glass, in the application of perovskite batteries and is committed to advancing related technological breakthroughs [2].

Core Insights - The report emphasizes that perovskite tandem batteries are the inevitable choice for the next phase of photovoltaics due to their superior efficiency compared to traditional silicon-based solutions [7][8] - The efficiency ceiling for tandem batteries is projected to be 44%, with expected mass production efficiency exceeding 35% in the long term [8] - Major manufacturers in the perovskite sector have successfully transitioned to large-scale production, with significant efficiency improvements observed in large-area perovskite batteries [8][9] Industry Overview - The report discusses the limitations of single-material solar cells in efficiently utilizing the entire solar spectrum, which tandem batteries aim to address [8] - The commercial viability of perovskite tandem components is highlighted, with a significant price-performance advantage over traditional silicon components, projected to yield a premium of 1.28 CNY/W while maintaining a cost of only 1.2 CNY/W [8] - The anticipated efficiency of tandem components is expected to reach 28% by 2026, with a breakthrough of over 30% deemed inevitable [8] Market Dynamics - The report notes that the perovskite industry has seen a surge in production capacity, with nearly 10 companies operating 100MW lines as of October 2025, and several major players like BOE and CATL investing in GW-level production lines [9] - The compatibility of perovskite tandem technology with existing silicon production capabilities is expected to facilitate further expansion in the industry [9] - Key materials and equipment suppliers are identified, including TCO glass manufacturers like Jinjing Technology and Yaopi Glass, and equipment providers such as Jiejia Weichuang and Jing Shan Light Machinery [9]

五矿证券近日发布25Q3光伏业绩总结：反内卷以来，硅料价格从3.4万元/吨反弹至5.1万元/吨，硅片、 电池价格也开始传导，组件端因电站接受度差，价格没有明显变化。25Q3是光伏主产业链亏损的第七 个季度，反内卷进程依然在推进，完成后产业链价格有望回归合理价格，带来行业估值修复。 以下为研究报告摘要： 25Q3光伏主产业链盈利有所好转，辅产业链环比持平 主产业链：随主产业链价格修复，25Q3主产业链整体有所减亏，毛利率和净利率环比提升。 辅产业链：辅产业链收入利润随规模变动，盈利性环比持平。 25Q3光伏资本开支依然低迷，资产负债率处于高位 资本开支上，25Q3行业资本开支依然处于低水平，整体亏损下企业扩产意愿依然不强。 资产负债率上，25Q3行业数据基本不变，结构上看，电池环节资产负债率略有好转。 整体来看，盈利亏损且依然没有明显改善的情况下，企业依然以生存为第一目标，部分环节资产负债率 依然需要降低到合适水平。 25Q3光伏主产业链短期净现金水平依然恶化 短期净现金流：辅产业链持稳，主产业链依然环比下滑。 库存：目前行业库存有所增加，多晶硅库存依然处于高位。 需求：国内光伏装机进入淡季，中长期全球光伏装机 ...

我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年11月20日 · 国内金融市场 · 股指期货 · ● 1。碳酸锂期货主力合约强势突破10万元大关，锂矿股持续走强, 相关个股： 天齐锂业(002466)、融捷股份(002192)等 2 钙钛矿电池产业化进程加速，未来市场空间广阔，相关个股: 隆基绿能(601012)、捷佳伟创(300724)等 3. 阿里千间APP开启公测,科技企业抢滩AI应用赛道,相关个股: 格尔软件(603232)、蓝色光标(300058)等 三、上市公司聚焦 1。赛微电子(300456)：公司拟以不超过6000万元交易总价款购买 芯东来部分股权,标的公司专注于光刻机整机领域 | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 3946.74 | 0.18% | 上证当月连续 | 3018.0 | 0.58% | | 深证成指 | 13080.09 | 0.00% | 沪深当月连续 | 4583.4 | 0.51% | | 创业板指 | 3076.85 | 0.2 ...

证券日报网讯中来股份11月19日在互动平台回答投资者提问时表示，BC电池与钙钛矿电池是两种不同 的技术路线，它们各有优势。公司将TOPCon和IBC结合研究TBC技术，目前已完成小试，后续量产情 况请以公司公告信息为准。 （文章来源：证券日报） ...

Core Insights - The development of the new energy industry is undergoing a cyclical change, transitioning from explosive growth to high-quality development, with "involution" being a necessary phase in this maturation process [1][2] - The current internal adjustments in the new energy sector are driven by deep market factors rather than just supply-side structural reforms, necessitating improved cost control and technological innovation among companies [1] - The global trade environment for new energy has significantly changed, requiring companies to rethink their international strategies and ensure compliance with market-specific environmental standards while maintaining technological leadership [1][2] Industry Analysis - The new energy industry is experiencing a shift from quantity to quality, indicating a maturation phase characterized by overcapacity and price competition [1] - Continuous technological innovation, such as advancements in lithium batteries, solid-state batteries, and thorium molten salt reactors, is essential for the vitality of the new energy sector [1][2] - Companies are advised to focus on their strengths, avoid overcrowded markets, and integrate digital and AI elements into their new energy products before pursuing international expansion [2] Future Outlook - The core driving force for the new energy industry will remain technology, with emerging growth points in thorium molten salt reactors, solid-state battery technology, and decreasing hydrogen energy costs [2] - The future competitiveness of new energy companies will depend on breakthroughs in technology, the expansion of downstream application scenarios, and the formulation of development plans tailored to their unique characteristics [2] - There is a need for more scientific planning in the new energy sector to avoid redundant construction and resource waste, particularly in regions lacking a solid foundation for new energy development [2]