Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that SpaceX and Tesla plan to build a total of 200GW of photovoltaic capacity in the U.S. over the next three years, primarily for ground data centers and space AI satellites [6] - The advantages of space computing centers are emphasized, including better convenience and real-time service compared to ground data processing, as well as significant cost reductions in communication infrastructure [6] - The report predicts that global photovoltaic demand will continue to grow, with an expected 580GW of new installations in 2026, representing a year-on-year increase of 6%. The total global photovoltaic demand is projected to reach 645GW, a year-on-year growth of 18.6% [6] Summary by Sections Industry Overview - The report discusses the emergence of new demand in the photovoltaic industry driven by space photovoltaic technology [1] Key Developments - Space photovoltaic technology is being developed in China, with three generations of solar battery technology tailored for different spacecraft, achieving international advanced performance levels [6] - Several domestic companies are accelerating their investments in space photovoltaic technology, including partnerships for the production of combined products [6] Investment Recommendations - The report suggests focusing on companies that have established early advantages in space photovoltaic layouts, such as Junda Co., Oriental Sunrise, JinkoSolar, Longi Green Energy, Foster, and others [6]

1月23日，A股、港股光伏引爆市场，狂掀涨停潮！ 截至港股收盘，光伏产业链大涨，钧达股份（002865）涨超51%，凯盛新能（600876）、信义光能、协 鑫新能源均涨超10%。 A股方面，光伏指数收涨7.46%，近50股涨停或涨逾10%，其中宇晶股份（002943）6天3板，钧达股 份、明阳智能（601615）2连板，晶科能源、迈为股份（300751）、捷佳伟创（300724）等20CM涨 停。 光伏龙头隆基绿能（601012）午后秒涨停，截至收盘股价报19.35元/股，总市值为1466亿元。 近期光伏走势强劲。截至23日，近一个月以来，光伏指数已累计涨超24%，板块内钧达股份、奥特维、 迈为股份股价均已翻倍。 消息面上，1月22日，特斯拉CEO埃隆·马斯克在世界经济论坛年会期间，明确力挺太空光伏，并披露关 键产能规划。他表示，建设太空AI算力中心是理所当然的事情，SpaceX与特斯拉正同步推进太阳能产 能提升，目标在未来三年内实现每年100GW的太阳能制造能力。 长三角光伏企业抢先布局太空光伏 太空光伏概念走热以来，不少长三角企业披露了相关业务情况。 此外，东方日升（300118）在近期接受机构调研时表示 ...

值得关注的是，近日，钧达股份宣布启动配股，拟将部分募资用于太空光伏电池相关产品的研发和生 产。此前，该公司披露拟现金出资3000万元，参股上海星翼芯能16.67%股权，成为其二股东，双方将 成立合资公司主营CPI膜、CPI膜与晶硅电池结合产品，以进军低轨与太空光伏。招商证券认为，公司 率先从地面光伏向空间光伏拓展，有晶硅大制造的优势和深厚沉淀，有望在全球低轨卫星及太空算力产 业获得新增长。 钧达股份（002865）(02865)一度涨超38%，截至发稿，涨27.48%，报32.84港元，成交额10.27亿港元。 消息面上，据媒体报道，1月22日，特斯拉CEO埃隆.马斯克在瑞士达沃斯世界经济论坛年会期间，于与 贝莱德CEO拉里.芬克的对谈中明确力挺太空光伏，并披露关键产能规划。他表示，SpaceX与特斯拉正 同步推进太阳能产能提升，目标在未来三年内实现每年100GW的太阳能制造能力。财信证券研报认 为，在商业航天产业趋势的带动下，涌现出各类新兴技术的产业化应用尝试，其中太空光伏成为重要方 向。 ...

值得关注的是，近日，钧达股份宣布启动配股，拟将部分募资用于太空光伏电池相关产品的研发和生 产。此前，该公司披露拟现金出资3000万元，参股上海星翼芯能16.67%股权，成为其二股东，双方将 成立合资公司主营CPI膜、CPI膜与晶硅电池结合产品，以进军低轨与太空光伏。招商证券认为，公司 率先从地面光伏向空间光伏拓展，有晶硅大制造的优势和深厚沉淀，有望在全球低轨卫星及太空算力产 业获得新增长。 消息面上，据媒体报道，1月22日，特斯拉CEO埃隆·马斯克在瑞士达沃斯世界经济论坛年会期间，于与 贝莱德CEO拉里·芬克的对谈中明确力挺太空光伏，并披露关键产能规划。他表示，SpaceX与特斯拉正 同步推进太阳能产能提升，目标在未来三年内实现每年100GW的太阳能制造能力。财信证券研报认 为，在商业航天产业趋势的带动下，涌现出各类新兴技术的产业化应用尝试，其中太空光伏成为重要方 向。 智通财经APP获悉，钧达股份(02865)一度涨超38%，截至发稿，涨27.48%，报32.84港元，成交额10.27 亿港元。 ...

Group 1 - The core point of the article is that JunDa Co., Ltd. (02865) has announced a strategic investment in Shanghai Xingyi Chip Energy Technology Co., Ltd., acquiring a 16.6667% stake for 30 million yuan [1] - The investment aims to establish a joint venture for the production of CPI membranes and products combining CPI membranes with crystalline silicon batteries, leveraging both companies' strengths in the photovoltaic industry [1] - This partnership is positioned to capitalize on the global low-orbit satellite networking and space computing power industry, enhancing both companies' capabilities in photovoltaic industrialization, perovskite technology, and aerospace resource integration [1]

Group 1 - JunDa Co., Ltd. (002865) shares increased by over 4%, currently trading at 25.2 HKD with a transaction volume of 68.9982 million HKD [1] - On January 14, JunDa announced plans to invest 30 million CNY in Shanghai Xingyi Xinneng Technology Co., Ltd. to acquire a 16.6667% stake through a capital increase of 46153.9 CNY [1] - The partnership aims to establish a joint venture for the production of CPI membranes and products combining CPI membranes with crystalline silicon batteries, leveraging both companies' strengths in the photovoltaic industry and space technology [1] Group 2 - The collaboration is positioned to capitalize on the global low-orbit satellite networking and space computing power industry, enhancing both companies' capabilities in photovoltaic industrialization and perovskite technology [1] - The joint venture is expected to achieve complementary advantages and mutual benefits through the integration of aerospace resources and adaptation to space scenarios [1]

Core Viewpoint - JunDa Co., Ltd. plans to invest 30 million yuan in Shanghai Xingyi Chip Energy Technology Co., Ltd., acquiring a 16.67% stake to extend its strategy from terrestrial photovoltaic to space photovoltaic [1][5]. Group 1: Investment Details - JunDa will subscribe to 461,539 yuan of the newly registered capital of Xingyi Chip Energy, which is based on a pre-investment valuation of 150 million yuan for the target company [5]. - The investment has been approved by the company's management and does not require further board or shareholder approval, pending necessary registration procedures [5]. Group 2: Strategic Collaboration - A joint venture will be established focusing on the research and production of CPI films and related products, leveraging both companies' technological and resource advantages [1][7]. - The collaboration aims to capture opportunities in the trillion-dollar market for low Earth orbit satellite networking and space computing [1][7]. Group 3: Market Potential - The global space photovoltaic market is expected to grow to a trillion yuan scale, with optimistic forecasts from various institutions [7]. - CPI films are identified as a core component for space photovoltaic applications, characterized by high transparency and lightweight properties, suitable for low Earth orbit satellites [8]. Group 4: Risk Factors - The company acknowledges potential risks including technological and business uncertainties, contract performance risks, and early investment risks due to the nascent stage of Xingyi Chip Energy [8]. - JunDa plans to enhance internal collaboration, risk management, and post-investment management to mitigate these risks [8].

Core Viewpoint - JunDa Co., Ltd. plans to invest 30 million yuan in Shanghai Xingyi Xinneng Technology Co., Ltd. to acquire a 16.67% stake, marking a strategic shift from terrestrial photovoltaic to space photovoltaic [1][5] Group 1: Investment Details - The investment involves subscribing to 461,539 yuan of newly registered capital in Xingyi Xinneng, which is based on a pre-investment valuation of 150 million yuan [5] - The partnership will focus on the research and production of CPI films and related products, leveraging each company's technological and resource advantages [1][7] Group 2: Market Opportunity - The collaboration aims to capture opportunities in the trillion-yuan market for low Earth orbit satellite networking and space computing [1][7] - Multiple institutions, including Dongwu Securities and Guojin Securities, predict that the global space photovoltaic market will grow to a scale of trillions [7][8] Group 3: Technical Aspects - CPI films are considered the "core foundation" of space photovoltaics, featuring high transparency and lightweight properties, making them suitable for deployable solar wings [8] - The global supply of high-end CPI is currently tight, with space-grade CPI being even scarcer due to higher purity and stability requirements [8] Group 4: Strategic Synergy - The partnership is expected to create synergies with the existing photovoltaic business, broadening the application scenarios of the company's products [7] - The joint venture will be exclusive, with a board consisting of five directors, one of whom will be appointed by JunDa [7]

Core Viewpoint - The company, Junda Co., Ltd., has signed an investment agreement to acquire a 16.67% stake in Shanghai Xingyi Chip Energy Technology Co., Ltd. for 30 million yuan, aiming to leverage opportunities in the low-orbit satellite networking and space computing industry [1][2]. Group 1: Investment Details - Junda Co. plans to invest 30 million yuan to subscribe for an increase in registered capital of 46.1539 thousand yuan in Xingyi Chip Energy, acquiring a 16.67% equity stake [1]. - Xingyi Chip Energy was established on January 6, 2026, with a registered capital of 1.5 million yuan, and is set to take over all assets, personnel, and business from Hangzhou Shangyi Optoelectronics Technology Co., Ltd. [1]. Group 2: Strategic Collaboration - The partnership between Junda Co. and Hangzhou Shangyi Optoelectronics aims to explore flexible perovskite technology for space energy applications, enhancing China's capabilities in aerospace energy components [2]. - The collaboration is expected to create synergies with Junda Co.'s existing photovoltaic business, expanding product application scenarios from terrestrial to space photovoltaic fields [2].

Core Viewpoint - Photovoltaic companies are accelerating their entry into the space sector, with JunDa Co., Ltd. announcing an investment in Shanghai Xingyi Chip Technology Co., Ltd. to expand from terrestrial photovoltaic to space photovoltaic applications [2][6]. Investment Details - JunDa plans to invest 30 million yuan to acquire a 16.67% stake in Xingyi Chip, which has a pre-investment valuation of 150 million yuan [2][6]. - The partnership will focus on the research and production of CPI films and related products, leveraging both companies' technological and resource advantages [2][9]. Market Opportunity - The collaboration aims to capture opportunities in the global low-orbit satellite networking and space computing industry, which is projected to reach a trillion yuan market size [2][9]. - CPI films are identified as a core component for space photovoltaic applications, with high transparency and lightweight properties, making them suitable for expandable solar wings [9][10]. Industry Context - The global high-end CPI production capacity is currently tight, with space-grade CPI being particularly scarce due to higher purity and stability requirements [10]. - As the global low-orbit satellite constellation approaches 500,000 units, the demand for CPI films is expected to grow significantly [10].