On February 4th, the A-share space-based photovoltaic sector experienced a strong surge. By the midday break, the Space Photovoltaic Index (8841929) had climbed sharply by 2.73%. Among the gainers, Zhonglai Co., Ltd. saw its stock price skyrocket in a straight line, hitting the 20% daily limit-up, while Tuori New Energy also reached the limit-up. Companies like Jinko Solar Co.,Ltd., Jinjing Technology, and Trina Solar followed with upward movements.
Market rumors suggested that Elon Musk's team recently conducted confidential visits to several Chinese photovoltaic enterprises. The inspection projects reportedly covered segments including equipment, silicon wafers, and cell modules, with a particular focus on companies specializing in heterojunction (HJT) and perovskite technology pathways.
In response to these rumors, a reporter contacted leading module manufacturer Jinko Solar Co.,Ltd. for verification. A staff member confirmed that the company had indeed recently been in contact with a delegation associated with Musk's team. The delegation inquired about the company's technological reserves and production equipment, although specific details regarding cooperation intentions or the particulars of the inspection were not disclosed. The staff member also revealed, "Other major domestic photovoltaic manufacturers have also been visited."
As of the midday break on February 4th, Jinko Solar Co.,Ltd. was trading at 7.31 yuan per share, with a total market capitalization of 73.1 billion yuan.
Public information indicates that as a frontier field intersecting commercial aerospace and new energy, the core value of space-based photovoltaics lies in overcoming the situational limitations of ground-based solar power. It specifically involves utilizing solar photovoltaic technology in extra-terrestrial environments such as space orbits or the moon to capture energy. This energy is then wirelessly transmitted to supply power on Earth or to provide stable energy support for space facilities like satellites, space stations, and space data centers.
Previously, Musk has publicly endorsed space-based solar power on multiple occasions. He has praised the achievements of China's photovoltaic industry, noting its annual solar installation capacity exceeds 1,000 gigawatts. Coupled with energy storage, this could provide a steady power supply of 250 gigawatts, equivalent to half of the United States' annual electricity consumption. Addressing the challenge of insufficient growth in ground-based power infrastructure, Musk has proposed a solution involving "space-deployed solar-powered AI data centers."
Analysis reports from several securities firms suggest that space-based photovoltaics could become a new blue ocean for the industry. Caixin Securities analysis posits that the trend towards commercial aerospace is already underway. To adapt to commercial development, future communication satellites are likely to adopt P-type HJT photovoltaic cells or perovskite tandem technology cells, which offer theoretically lower costs, potentially spurring a new trend in photovoltaic industry development.
Zhongtai Securities points out that there is an urgent need to build out satellite internet constellations. As the core component of a satellite's power system, solar arrays account for approximately 12% to 24% of a satellite's value. The continuous increase in the size of solar arrays is driving up the power supply capacity of entire satellites. This growth in solar array area will inevitably lead to an increase in their value contribution.
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