Core Viewpoint - The commercial aerospace industry in China is entering a new phase of scaled and commercial development, driving the exploration of space photovoltaics due to the increasing demand from low Earth orbit satellite constellations [1] Market Space - The construction of low Earth orbit satellite constellations has accelerated, with ongoing demand in communication, remote sensing, and navigation applications [2] - The reduction in commercial rocket costs and improvements in launch capabilities have made longer operational times and more complex payloads the norm, highlighting the importance of reliable energy support systems [2] - Space photovoltaics are gaining attention due to their ability to convert solar energy into electricity, offering sustainability, stability, and lightweight advantages, making them the most mature energy form for spacecraft [2] Long-term Potential - Perovskite tandem battery technology holds significant potential in space photovoltaics due to its high theoretical efficiency, lightweight, and flexibility, although it still requires validation in stability, lifespan, and radiation resistance [3] - The replacement cycle for space photovoltaics is generally 5 to 8 years, much shorter than the 25 years or more typical for ground-based solar power plants [3] - From 2025 to 2040, the global annual satellite launch quantity is expected to increase from 5,000 to 50,000, with the total demand for photovoltaic batteries projected to rise from 0.024 GW to 1.8 GW, indicating a market space growth of over 30 times by 2035-2040 [3] Company Layout - A-share listed companies are accelerating their layout in the space photovoltaic field, leveraging their experience in materials, components, and system integration to develop efficient batteries and lightweight components [4] - Recent collaborations, such as the strategic partnership between Aerospace Hongtu Information Technology Co., Ltd. and Wuxi Zhongneng Energy Technology Co., Ltd., focus on new energy technologies for space applications [4] - Companies like Zhonglai Co., Ltd. and Trina Solar have reported ongoing developments in adapting their products for space photovoltaic applications, including perovskite and silicon tandem products [4][5] Industry Opportunities - The explosion of commercial aerospace provides photovoltaic companies with cross-industry opportunities, opening a second growth curve [5] - While space photovoltaics may not replace the scale advantages of ground photovoltaics in the short term, their technological leadership and strategic value are expected to shift the industry focus from price competition to technology competition [5]

中证报中证网讯（记者 武卫红）鹿山新材（603051）官方微信公众号1月19日发布消息称，鹿山新材深 耕高分子封装材料领域，针对钙钛矿、P型异质结（HJT）、砷化镓三类电池推出三大核心封装方案， 为太空光伏技术落地提供支撑。 在砷化镓电池方面，鹿山新材称，公司针对砷化镓电池推出的柔性封装方案能够大幅提升与聚酰亚胺薄 膜的粘接力，有效保护电池敏感层结构，可跟随太阳翼实现大曲率形变，无应力集中风险，适配多种展 开结构。该方案2022年已通过多家头部航天企业验证，并开始批量供货，为砷化镓电池在商业航天领域 的应用提供技术支撑。 鹿山新材表示，面对太空光伏对封装材料"定制化、高可靠、低成本"的要求，公司将以"封装材料+工艺 解决方案"为核心，深化产学研合作，迭代下一代封装技术，助力我国太空光伏产业突破瓶颈，为太空 旅游、深空探测等新场景提供能源保障。 在钙钛矿电池封装方面，鹿山新材研发的钙钛矿电池专用热塑性胶膜以"低腐蚀、高阻隔、强适配"为核 心，通过分子结构优化与助剂体系创新，攻克了封装工艺敏感的行业痛点，能够适配低温封装工艺。目 前该产品已通过纤纳光电、协鑫光电、脉络能源等钙钛矿电池头部企业验证，部分客户进入批量 ...