以下文章来源于笔记财经晨会 ，作者笔记小助手 笔记财经晨会 . 有观点的财经晨会 点击上方 蓝字"笔记财经晨会" 关注我们 2 月 4 日，马斯克团队低调走访了中国多家光伏企业，不声不响考察了设备、硅片、电池组件等全环 节，重点盯紧异质结（ HJT ）和钙钛矿两大技术。 很多人疑惑，放着火箭、特斯拉不忙，跑来中国看 光伏？其实马斯克从不吃亏，这波走访核心是 " 踩点找队友、囤货抢未来 " ， 4 个投资逻辑讲透。 逻辑一：能源帝国缺 " 心脏 " ，中国光伏是最优解 马斯克的野心是打造 " 发电 - 存电 - 用电 " 的全球能源闭环，光伏板就是这个 " 超级充电宝 " 的 " 心脏 " 。可光伏产业链复杂，就像做牛肉面，面粉、牛肉、锅碗瓢盆缺一不可，他自己搞根本玩不转。 而中国光伏是全球 " 全能大厨 " ，硅片、组件、设备全产业链自给自足，全球 70% 以上光伏产品来自 中国，性价比和技术都领先全球 —— 别人造 1 块的成本，中国能造 2 块，还更耐用。马斯克不找中 国，还能找谁？偷偷来，就是怕声张太早被抢先、被坐地起价。 逻辑二：弃 " 老人机 " 追 " 爆款 " ，抢未来话语权 强烈推荐点击上方收 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司在钙钛矿方面是仅仅关注行业动态还是有持 续研发？为何从未公布研究进展，是未取得任何突破吗？ 博威合金（601137.SH）1月29日在投资者互动平台表示，公司的新能源业务的研发团队持续在研发包括 HJT、钙钛矿技术在内的新产品新技术，目前尚无实质性突破，具体进展敬请关注公司公告。 （文章来源：每日经济新闻） ...

博威合金（601137.SH）1月29日在投资者互动平台表示，公司的新能源业务的研发团队持续在研发包括 HJT、钙钛矿技术在内的新产品新技术，目前公司尚无太空光伏技术储备。 每经AI快讯，有投资者在投资者互动平台提问：公司是否具有钙钛矿光伏技术？ （文章来源：每日经济新闻） ...

格隆汇1月29日丨博威合金(601137.SH)在互动平台表示，公司的新能源业务的研发团队持续在研发包括 HJT、钙钛矿技术在内的新产品新技术，目前公司尚无太空光伏技术储备。 ...

Core Viewpoint - Mingyang Smart Energy is expected to achieve a net profit attributable to shareholders of 800 to 1,000 million yuan in 2025, representing a year-on-year growth of 131% to 189% [1] Financial Performance - The net profit for Q4 2025 is projected to be between 34.24 million and 234.24 million yuan, marking a turnaround from a loss of 460 million yuan in Q4 2025, with a quarter-on-quarter change of -78% to +50% [1] - The gross profit margin for wind turbines in Q4 2025 is expected to perform well, leading to an upward revision of the profit forecast for 2025 [1] Strategic Developments - The company has released historical quality accident risks related to wind turbines and is advancing into the domestic satellite power Tier 1 market through the acquisition of Dehua Chip [1] - Zhongshan Dehua Chip Technology Co., Ltd. has passed the AS9100D quality system certification and was selected as a national-level specialized and innovative "little giant" enterprise in 2023, receiving 15 million yuan in project support for key R&D plans in Guangdong Province for 2024 [1] - Following the acquisition, the company will leverage GaAs, perovskite, and HJT technologies simultaneously, and both parties will collaborate on energy management systems and other areas to enhance application validation and commercialization, thereby improving the company's overall competitiveness in the photovoltaic sector [1]

①拟收购卫星能源系统龙头，分析师强call公司有望实现太空光伏砷化镓/钙钛矿/HJT三大技术并驾齐 驱，业绩提升至于更有望迎价值重估； ②这家化工细分领军企业受益行业产品价差修复+布局新材料品 种，叠加扩产项目众多，分析师上调公司盈利预测。 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 前言 ...

Core Viewpoint - The photovoltaic industry is currently experiencing a cyclical downturn, with companies facing significant operational pressures, but there are signs of improvement such as narrowing losses and recovering gross margins [3][4][12]. Group 1: Industry Performance - As of the latest disclosures, the photovoltaic sector remains at the bottom of the cycle, with most companies reporting losses, including major players like TCL Zhonghuan, Trina Solar, and LONGi Green Energy, with expected losses ranging from tens to hundreds of billions [3][5]. - The China Photovoltaic Industry Association reported a 16.9% year-on-year decline in revenue for the main industry chain in the first three quarters of 2025, while gross margin improved to 3.64%, reaching 5.61% in Q3 [3][4]. Group 2: Losses and Variability - Despite widespread losses, there is a notable divergence in the extent of losses among companies. For instance, LONGi Green Energy's expected loss of 60 to 65 billion is a significant reduction from the previous year's loss of 85.92 billion [6]. - Some companies, like Daqo New Energy, are also showing signs of resilience with losses narrowing by 52.17% to 63.21% year-on-year [6]. Group 3: Market Dynamics - The industry is facing a severe imbalance between supply and demand, exacerbated by concentrated capacity release, leading to aggressive price competition and declining product prices [8]. - Key raw material costs, such as silicon and silver paste, have risen sharply in the second half of 2025, but this cost increase has not been effectively passed down to downstream products, further squeezing profit margins [8]. Group 4: Strategic Responses - Companies are adopting various strategies to navigate the downturn, focusing on technological innovation, global expansion, and business collaboration [10]. - R&D and innovation are seen as critical for overcoming challenges, with companies like LONGi Green Energy and Trina Solar investing in advanced technologies and exploring new market applications [10]. - The integration of energy storage solutions alongside photovoltaic manufacturing is emerging as a new competitive focus, with companies like JinkoSolar and Trina Solar emphasizing the growth of their storage businesses [10]. Group 5: Future Outlook - Industry leaders believe that the current downturn does not signify a decline but rather a necessary adjustment towards high-quality development in anticipation of future demand surges [12].

Market Overview - The A-share market is experiencing typical index fluctuations and structural differentiation, with the Shanghai Composite Index up 0.27% and the Shenzhen Component Index up 0.24%, while the ChiNext Index slightly decreased by 0.17% [1] - The market's flat index performance contrasts sharply with the significant volatility in industry sectors, indicating a shift towards niche opportunities and a multi-faceted market dynamic [1] Fund Flow Dynamics - The trading volume in both markets increased to 1.91 trillion yuan, showing strong willingness for new capital inflow, characterized by a "buy low, sell high" behavior [1] - Funds are flowing out of sectors with short-term gains, such as telecommunications (-1.79%) and electronics, and rapidly entering new hotspots like defense and military (+2.77%) and power equipment (+2.56%) [1] Key Focus Areas - The high-end manufacturing sectors, particularly defense and photovoltaic industries, are the main focus of the market, driven by multiple converging factors [1] - The strength of the military industry is underpinned by long-term expectations for accelerated development in high-end equipment and aerospace during the 14th Five-Year Plan, with commercial space initiatives providing tangible catalysts [2] Technological Narratives - The expansion of technological narratives is creating new valuation spaces, particularly in the photovoltaic sector, where concepts like "space photovoltaics" are capturing market imagination [2] - Discussions around advanced photovoltaic technologies required for space environments are effectively outlining potential new growth curves for the industry [2] Global Macro Trends - The rise in the non-ferrous metals sector reflects a long-term demand logic driven by new energy vehicles and storage, alongside a bet on global inflation resilience and rising resource prices [3] - The recent highs in lithium carbonate futures and strengthening international gold prices provide short-term price support for this sector [3] Future Market Outlook - The keyword "structural" will be crucial for understanding market trends in the near future, with a macro backdrop of adequate monetary policy and ample market liquidity suggesting limited systemic risk [3] - However, the increasing speed of sector rotation may complicate investment strategies, making it essential to focus on core sectors with strong industrial trends while being aware of potential short-term adjustments in leading technology growth sectors [4] Investment Strategy - Investors are advised to adopt a strategy of "focusing on main lines while maintaining balanced allocations," keeping a close watch on sectors like defense, AI chip localization, and new energy technology innovations [4] - In periods of volatility in growth sectors, low-valuation and high-dividend sectors such as banking and coal may present defensive value [4]

Summary of Key Points from the Conference Call on Space Photovoltaics Industry Overview - The discussion centers around the development and future prospects of space photovoltaics, particularly focusing on materials and technologies used in solar panels for satellites, with a specific emphasis on SpaceX's Starlink project [1][3][4]. Core Insights and Arguments - **Solar Panel Specifications**: The Rlink V3 single/double-wing solar panel areas are 130/270-280 square meters, with a power consumption of 50-60 kW. The need for lightweight, flexible, and high-efficiency solar wing materials is emphasized to meet the high power demands of computing satellites [1][4]. - **Material Preferences**: SpaceX prefers using HJT (Heterojunction) materials despite their higher cost (60-70 RMB/Watt) compared to terrestrial photovoltaic materials, due to better adaptability in space environments [1][4]. - **Efficiency Comparisons**: HJT has a conversion efficiency of about 25%, while single-layer perovskite ranges from 22%-25%, and tandem perovskite can exceed 38% in laboratory settings but lacks practical application [1][5]. - **Material Innovations**: UTG glass and CPI films are being tested as external covering materials for space photovoltaics, offering improved durability and radiation resistance while being thinner (50-70 microns) than traditional covers [1][6][7]. - **Increased Power Demands**: The power requirements for space computing devices are significantly increasing, necessitating larger solar wing areas and lightweight materials that can be folded or rolled [8][9]. Additional Important Content - **Challenges in Material Production**: The production of UTG glass is still in its early stages, facing challenges in mass production and mechanical durability during rocket launches [7]. - **Cost Implications**: The cost of HJT in aerospace applications is significantly higher due to the need for additional protective measures against environmental factors, and while there is potential for cost reduction with new materials, it will not reach terrestrial application levels [17][18]. - **Technological Developments**: New designs for flexible solar wing deployment mechanisms are being explored, including push-pull, roll-up, and umbrella-style systems, each with its own advantages and challenges [10][11]. - **Company Comparisons**: Companies like Junda, Mingyang, and Dongfang Risheng are noted for their strengths in the photovoltaic sector, with specific mention of the Fuxi Star team under Port Holdings, which has experience with perovskite products in orbit [19]. - **Future Research Directions**: Ongoing research into perovskite solar wings is highlighted, with a focus on their long-term performance in space, although they have not yet been launched for environmental testing [20][21]. This summary encapsulates the key points discussed in the conference call regarding the advancements and challenges in the field of space photovoltaics, particularly in relation to the technologies and materials being developed for satellite applications.

证券日报网讯 1月9日，博威合金在互动平台回答投资者提问时表示，公司的新能源业务的研发团队持 续在研发包括HJT、钙钛矿技术在内的新产品新技术，目前尚无太空光伏技术储备，具体进展敬请关注 公司公告。 （编辑 袁冠琳） ...