Investment Rating - The report maintains a positive outlook on the price increase chain, particularly for traditional electronic fabrics, indicating a bullish sentiment for the sector [1][13]. Core Insights - The report highlights a significant price increase in 7628 electronic fabrics, rising from 4.15 CNY/m to 4.75 CNY/m since late September 2025, driven by supply constraints due to AI demand and copper price fluctuations [1][13]. - The waterproof coating sector is also experiencing price hikes, with a 5-10% increase announced by Keshun for certain products starting February 2026, reflecting a trend of consolidation and structural demand in non-real estate sectors [2][14]. - The report emphasizes the potential of UTG and TCO glass in the space photovoltaic sector, with SpaceX and Tesla aiming for an annual solar manufacturing capacity of 100GW within three years [3][15]. - In the AI-PCB upstream materials segment, there is a positive outlook for substrate materials driven by CPU shortages and price increases, with a notable 30% price hike planned by a leading Japanese company [4][16]. Summary by Sections Weekly Discussion - The report anticipates the continuation of the price increase chain through Q1 2026, particularly for traditional electronic fabrics, with a notable price increase observed since Q4 2025 [1][13]. - The electronic fabric market is transitioning to a supply-demand gap pricing model, with low inventory levels and bullish expectations for future prices [1][13]. Price Changes in Construction Materials - The report notes that the national average price for cement remains stable at 348 CNY/ton, with a significant drop in average shipment rates to 29.5% [5][17]. - The average price for float glass is reported at 1138.82 CNY/ton, with a slight increase observed, while the inventory levels are decreasing [5][17]. Market Performance - The construction materials index showed a strong performance with an 8.82% increase, outperforming the Shanghai Composite Index [20][23]. - Specific sectors such as glass manufacturing and fiberglass also reported significant gains, indicating robust market conditions [20][23]. Important Developments - The waterproof coating sector is seeing price increases, with Keshun announcing a price hike for certain products [6][14]. - The report highlights the ongoing expansion in solar energy production capabilities by major companies, indicating a shift towards renewable energy solutions [6][15].

太空光伏的发展现状与未来展望 20260118 摘要 Rlink V3 单/双翼太阳能面积分别为 130/270-280 平方米，功耗 50-60 千瓦，需采用轻薄、柔性、高光电转换效率的太阳翼材料以满足算力卫 星高功耗需求，SpaceX 倾向于使用 HJT 材料，尽管其价格高于地面光 伏材料（60-70 元/瓦），但其在太空环境适应性更佳。 HJT 和钙钛矿各有优劣，HJT 光电转换效率约 25%，单层钙钛矿 22%- 25%，叠层钙钛矿实验室数据达 38%以上但未实际应用。钙钛矿更轻 薄，叠层钙钛矿更适用于柔性太阳翼，但工艺复杂价格高昂，约为三结 砷化镓的 1/8（三结砷化镓每平方米成本 45-50 万元）。HJT 抗辐照性 能相对较好，但需进一步验证实际空间表现。 UTG 玻璃和 CPI 膜正被尝试用作太空光伏材料的外部覆盖材料，厚度 50-70 微米，比传统盖板更轻薄，可保护电池片并提高抗辐照性能，从 而提升整体系统性能。UTG 玻璃在抗原子氧和抗紫外老化方面优于聚酰 亚胺薄膜，且可做到极薄并具有较高弯曲度，但需解决火箭发射过程中 的力学冲击问题及量产问题。 太空算力阶段卫星功耗显著增加，对太阳翼面积 ...