2月6日下午，光伏板块延续强势，多股涨势进一步扩大。截至发稿，光伏ETF招商（516230）盘中上涨1.60%，成份股协鑫集成、奥特维涨超7%，权重股罗 博特科涨超6%，晶科能源涨超6%，拉普特斯、迈为股份等涨超4%。 近期光伏板块持续走强，或主要源于市场对产业前沿趋势的高度关注。目前光伏行业除了基本面边际改善预期较强外，"太空光伏"也成为产业重要的价值重 估催化剂。 01 光伏产业2025年盈利拐点或现 截至2025年3季度，光伏行业盈利指标整体止跌。数据显示，2025年一季度起，光伏ETF招商（516230）标的指数中证光伏产业指数，整体营业收入同比增 长率结束加速下滑，和归母净利润均有触底回升态势，2025年产业全年净利润有望回正、或将迈入高质量发展新阶段。 全球低轨通信星座与太空AI算力建设的宏大规划，催生了对高性能、高可靠性光伏系统的全新庞大需求。这一新场景的评价标准，已从地面电站的"极致成 本"转向太空应用的"功率、可靠性与可制造性"，显著抬高了技术门槛与产品附加值。 在这一趋势下，能够满足太空严苛环境要求的技术路线获得市场聚焦。P型HJT电池凭借其优异的抗辐射性能、薄片化潜力，以及钙钛矿叠层电池 ...

在中国光伏行业协会主办的光伏行业2025年发展回顾与2026年形势展望研讨会上，相关监管部门重申行 业"反内卷"仍是当前重点工作。工业和信息化部电子信息司副司长王世江指出，光伏行业正处于新一轮 深度调整期，行业深层次的供需错配尚未解决，企业经营面临较大挑战，治理行业"内卷"将是今年工作 的重中之重。 尽管概念股回调，部分券商仍看好太空光伏长期前景。中信证券研报指出，太空光伏并非炒作，正在进 入规模化部署的前夜。判断技术是否具有真实价值，关键看其是否具备真实需求、工程落地能力和商业 闭环。该机构预计，2025年至2040年，年卫星发射数量将从5000颗增长至50000颗，其中砷化镓电池短 期内仍将占据80%市场份额，但随着成本下降和技术进步，P型HJT及钙钛矿／晶硅叠层电池渗透率将 逐步提升，尤其是钙钛矿／晶硅叠层电池远期渗透率预计可达60%。中信证券测算，未来远期卫星领域 光伏电池片整体市场空间将达到3288亿元，相较于当前，市场空间有望增长30倍以上。 太空光伏概念股集体回应业务情况 市场情绪波动引关注。2月5日，A股太空光伏概念股集体回调。此前 因美国企业家埃隆·马斯克的团队考察传闻而大幅上涨的钧达股份、 ...

2月5日，A股太空光伏概念股集体回调。此前因美国企业家埃隆·马斯克的团队2月4日考察传闻而大幅上 涨的钧达股份、双良节能跌停，捷佳伟创、奥特维、迈为股份、晶盛机电、晶科能源等多股大跌。 面对市场情绪波动，多家被市场传闻列为考察对象的上市公司密集发布异动公告，紧急澄清太空光伏相 关业务情况。 晶科能源明确表示，目前太空光伏尚处于技术初步探索阶段，产业化进程受技术发展、行业政策、市场 环境等多因素影响，未来技术应用与产业化落地仍需较长时间周期。截至目前，公司主营业务仍聚焦于 地面光伏领域，未有涉及太空光伏的订单收入，未对公司经营业绩造成影响。 晶盛机电称，目前太空光伏应用场景尚处于探索阶段，产业化进程仍面临不确定性。公司主营业务为光 伏产业链设备及辅材耗材的研发、生产与销售，相关概念的市场热度可能影响投资者预期。 不过，尽管概念股回调，部分券商仍看好太空光伏长期前景。中信证券研报指出，太空光伏并非炒作， 正在进入规模化部署的前夜。判断技术是否具有真实价值，关键看其是否具备真实需求、工程落地能力 和商业闭环。该机构预计，2025年至2040年，年卫星发射数量将从5000颗增长至50000颗，其中砷化镓 电池短期内仍 ...

Core Viewpoint - The A-share space photovoltaic concept stocks experienced a collective decline following a previous surge due to rumors of an investigation by Elon Musk's team, prompting several companies to clarify their involvement in space photovoltaic business [1][2]. Group 1: Company Responses - JinkoSolar stated that space photovoltaic technology is still in the preliminary exploration stage, with industrialization affected by various factors, and that its main business remains focused on ground photovoltaic, with no revenue from space photovoltaic [1]. - Jinglong Technology indicated that the application scenarios for space photovoltaic are still exploratory, and the industrialization process faces uncertainties, with its main business being the research, production, and sales of photovoltaic equipment and materials [1]. - Shuangliang Eco-Energy announced that the application scenarios for space photovoltaic are still in exploration, with significant uncertainties in industrialization, and that it has not engaged in space photovoltaic business, which has no substantial impact on current performance [1]. - Guosheng Technology clarified that its heterojunction (HJT) battery products are primarily used in centralized and distributed power stations, with no involvement in space photovoltaic business [2]. Group 2: Industry Outlook - The photovoltaic industry is undergoing a deep adjustment period, with significant challenges in supply-demand mismatches, and addressing "involution" in the industry is a key focus for regulatory authorities this year [2]. - Despite the recent pullback in concept stocks, some brokerages remain optimistic about the long-term prospects of space photovoltaic, with CITIC Securities indicating that it is on the verge of large-scale deployment [2]. - CITIC Securities projects that the number of satellite launches will increase from 5,000 to 50,000 between 2025 and 2040, with gallium arsenide batteries currently holding an 80% market share, but the penetration of P-type HJT and perovskite/silicon tandem batteries is expected to rise as costs decrease and technology advances [2]. - The future market space for photovoltaic cells in the satellite sector is estimated to reach 328.8 billion yuan, representing a potential growth of over 30 times compared to the current market [3].

2月4日，业内传闻马斯克调研了多家中国光伏企业。智通财经自业内知情人士处独家获悉，上周马斯克 团队调研的光伏企业包括TCL中环(002129.SZ）、晶科能源(688223.SH)、晶盛机电(300316.SZ)等。 当天，晶盛机电证券部门相关人士在电话中对智通财经表示，对此事项不予回复，一切信息以公司官方 公告为准。TCL中环公开电话开通了通讯助理语音留言功能，未能获得回应。 智通财经记者｜马悦然 马斯克的资本动作再次引爆中国光伏板块。 受上述消息影响，今日光伏、太空光伏概念全线走强。其中，TCL中环、晶科能源涨停；晶盛机电收盘 上涨12.97%。 此外，光伏板块中，中来股份(300393.SZ)、双良节能(600481.SH)、拓日新能(002218.SZ)、国晟科技 (603778.SH)、协鑫集成(002506.SZ)等10余股涨停，天合光能(688599.SH)上涨8.93%、金晶科技 (600586.SH)上涨8.44%，晶澳科技(002459.SZ)、东方日升(300118.SZ)、福斯特(603806.SH)等股涨超 6%。 当天晚间，晶盛机电发布股票交易异常波动的公告，称连续三个交易日收盘价 ...

Core Viewpoint - SpaceX's acquisition of xAI aims to address the energy bottleneck in AI computing by relocating data centers to space, utilizing solar power for continuous energy supply, with the combined entity valued at $1.25 trillion [1][2]. Company Overview - The acquisition is a strategic move to integrate AI, rocket technology, space internet, and communication platforms, positioning SpaceX as a leader in innovative vertical integration [2]. - xAI, despite its high valuation of $230 billion, faces significant cash burn, estimated at $1 billion per month, leading to a total cash consumption of approximately $7.8 billion in the first nine months of 2025 [4][9]. Financial Implications - SpaceX's stable business model, primarily driven by Starlink, has allowed it to generate revenues of approximately $15 to $16 billion in 2025, with profits around $8 billion, providing a financial cushion for xAI [6][9]. - The merger serves as a financial lifeline for xAI, allowing SpaceX to cover its losses and stabilize its operations [9]. Market Reaction - The announcement has revitalized the Chinese photovoltaic sector, with significant interest from investors in solar energy solutions for space applications, leading to a surge in related stocks [1][11]. - The market is shifting focus from traditional satellite manufacturing to the broader potential of space as a source of energy and computing power, driven by Musk's ambitious plans [11]. Technological Developments - The need for advanced solar technology in space is highlighted, with a shift towards P-type HJT and perovskite tandem cells, which are more efficient and suitable for extreme conditions [13][14]. - Companies in the photovoltaic equipment sector, such as Maiwei and Jiejia Weichuang, are expected to benefit from increased demand for solar technology in space applications [14][16]. Strategic Opportunities - The development of reusable rocket technology and satellite constellations is crucial for supporting the deployment of large-scale data centers and solar arrays in space [16][18]. - The demand for efficient thermal management systems and high-precision optical components for laser communication will create new opportunities for companies in these sectors [20][21]. Industry Evolution - The shift towards space-based computing and energy facilities signifies a transformation in the commercial space industry, moving beyond mere transportation services to encompass energy and computing solutions [21].

作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 马斯克刚刚宣布硅谷历史上最大胆的资产合并 —— SpaceX 全资收购 xAI 。 究其原因，靠地面无法解决 AI 算力的能源瓶颈，马斯克要将数据中心搬到太空，用太阳能板" 7X24 "源源不断地提供电力。 合并后的 SpaceX 估值将高达 1.25 万亿美元。 而这一通合并，也让 沉寂多时的 中国光伏板块，成为了重要 受益者之一。 据媒体报道，马斯克团队近期秘密走访了中国多家光伏企业，考察项目涉及设备、硅片、电池组件等环节。于是 近日 光伏板块概念股也迎来 了明显大涨 。 01 万亿阳谋？ 但这仍不足以撼动目前 AI 模型的竞争格局。去年下半年以来，当 Open AI 、 Gemini 、 Claude 各领风骚争相发力时， Grok 除了在 X 上 和人家斗图，从未渗透进具有更高的商业价值的场景里。 况且，除了显卡以外，微软、亚马逊、谷歌垄断了电网中最优质的节点。 前两天， SpaceX 正式宣布全资收购人工智能初创公司 xAI ，这笔通过换股方式完成的交易，将合并后新实体的估值推高至惊人的 1.25 万亿 美元。 马斯克 ...

Group 1 - The core viewpoint of the news highlights the rising interest and investment in space photovoltaic technology, with significant movements in related stocks and ETFs [1][2] - The solar photovoltaic ETF Huaxia (515370) saw a 1.59% increase, with key holdings like JinkoSolar hitting the daily limit up, indicating strong market sentiment [1] - Elon Musk's team has been secretly visiting multiple Chinese photovoltaic companies to explore potential projects involving equipment, silicon wafers, and battery components, focusing on heterojunction and perovskite technology [1] Group 2 - Citic Securities asserts that space photovoltaic technology is not merely a speculative trend but is on the verge of large-scale deployment, driven by real demand and commercial viability [2] - The number of satellite launches is projected to increase from 5,000 to 50,000 between 2025 and 2040, with gallium arsenide batteries currently dominating the market but expected to be gradually replaced by P-type HJT and perovskite/silicon tandem batteries [2] - The overall market space for photovoltaic cells in the satellite sector is estimated to reach 328.8 billion yuan, representing a potential growth of over 30 times compared to the short-term market [2]

智通财经APP获悉，据报道，在国家自然科学基金等项目资助下，暨南大学教授麦耀华团队与上海交通 大学教授韩礼元团队合作，采用非晶钝化策略提升大面积柔性钙钛矿组件的效率与稳定性，研究团队实 现柔性电池24.52%转换效率，10000次弯折后仍保持92.5%初始效率。 据悉，太阳电池阵的技术路线包括砷化镓、P型HJT和P型HJT/钙钛矿叠层等，当前主流方案是砷化镓太 阳能电池。砷化镓太阳能电池具有耐高温、抗辐射、高转换效率、轻薄等性能优势，但高成本(占卫星 制造成本的15-20%)和刚性基板限制其大规模应用。钙钛矿电池比功率可达23W/s，约为砷化镓的6至57 倍，且省去高价值占比的TCO玻璃环节，小面积拼装路线可降低设备折旧，适配太空轻量化需求。 中长期来看，P型HJT电池有望凭借超薄化、高比功率和抗辐射等优势逐步渗透至低轨短期任务。同时 钙钛矿电池具备理论转换效率高、低成本和高柔性等优势，长期有望成为太空光伏的"终极方案"。 上海有色网光伏电池片分析师蒋辰怡表示，钙钛矿—晶硅叠层电池的太空应用，是一个非常有前景的高 端利基市场。其发展正由国家明确的政策、专注产业化的资本和多元化的企业共同推动，业界预计2028 ...

"近期A股光伏板块的走势，既反映了市场对行业至暗时刻已过的共识，也暗含着对复苏节奏的博 弈。"朱玥表示，从技术面与情绪面来看，光伏板块历经两年深度回调后，估值已处于历史低位，为反 弹提供了安全边际。但从基本面来看，当前行情更多是政策预期与部分环节价格企稳驱动下的修复性走 势，并非业绩全面爆发带来的反转行情。市场正从单边下跌转向震荡筑底，资金开始试探性配置具备穿 越周期能力的龙头企业。 放眼2026年，光伏板块的走势预计将呈现分化加剧与结构性修复并存的特征。朱玥认为，分化加剧源于 过去因需求爆发而催生的全产业链普涨贝塔行情难以再现，2026年将进入行业洗牌深水区。具备技术迭 代能力、全球化渠道布局完善以及现金流健康的企业，股价表现将更具优势，头部企业有望通过市场份 额的集中获得估值溢价。 "结构性修复上，随着供需关系的改善，产业链利润将重新分配。"朱玥表示，2026年投资主线将脱离单 纯制造环节，向具备系统解决方案提供能力、强品牌溢价及细分市场独特优势的企业倾斜。市场关注的 焦点将从"扩产故事"转向企业真实的"造血能力"，行业发展逻辑正在发生本质转变。 ● 本报记者 谭丁豪 2026年开年以来，A股光伏板块呈现 ...