Solar energy concept stocks displayed strong momentum today. A-shares related to photovoltaics experienced a collective surge. Shortly after the market opened, multiple concept stocks, including GCL System Integration, Aiko Solar, YaSolt, Tuori New Energy, GCL-Poly, Jinko Solar, SWT, and Zhongli Group, rapidly climbed to their daily limit-up prices. By midday, nearly 30 stocks within the sector had hit their limit-up or gained over 10%. Analysts noted that the sharp rise in the photovoltaic sector was primarily driven by the convergence of two major positive factors. First, companies under Elon Musk are increasing their investments in photovoltaic manufacturing. The market anticipates that leading Chinese equipment suppliers, known for their efficient iteration and rapid response capabilities, are well-positioned to enter the supply chains for Tesla and SpaceX, potentially opening new growth avenues for the industry. Second, positive signals are emerging from the industry's fundamentals. Since 2026, several major manufacturers have repeatedly raised module prices. Coupled with policy guidance aimed at curbing excessive competition and expectations of capacity rationalization, market confidence in a marginal improvement of the supply-demand balance has significantly strengthened.
The collective surge occurred on Monday. By the midday close, the Space Photovoltaic Index had risen over 6%, while the BC Battery Index and the Photovoltaic Glass Index each gained more than 5%. The HJT Battery Index and the TOPcon Battery Index increased over 4%. Among individual stocks, GCL-Poly, JPT, and Suwen Electric Energy hit the 20% limit-up, while Jinko Solar, GCL System Integration, Aiko Solar, YaSolt, Tuori New Energy, SWT, and nearly 20 others reached the 10% limit-up.
Over the past weekend, foreign media reported that Tesla is evaluating multiple sites in the United States to expand its solar cell manufacturing operations, targeting an annual production capacity of 100 gigawatts within the next three years. Recently, Musk's team visited Chinese solar companies to inquire about manufacturing equipment. Previously, Musk revealed that Tesla and SpaceX are planning to build 100 GW each of upstream and downstream photovoltaic manufacturing capacity in the coming years, based on terrestrial energy needs and space-based solar requirements, respectively. CITIC Securities predicts that Tesla will likely adopt TOPcon technology solutions initially, while SpaceX may opt for P-type HJT technology. Leading Chinese photovoltaic equipment manufacturers possess distinct advantages in efficient iteration and rapid response, aligning well with the high standards and stringent requirements of Tesla and SpaceX. Top companies across the supply chain are expected to capture significant shares of their equipment supply orders, potentially leading to a winner-takes-all scenario and further unlocking vast growth opportunities from terrestrial to space applications.
Furthermore, positive signals are emerging from the domestic photovoltaic industry's fundamentals. Since 2026, Trina Solar has repeatedly raised prices for distributed photovoltaic modules. Concurrently, other leading companies like Jinko Energy and JA Technology have followed suit with price increases. This collective price hike is seen as a key indicator that the industry, after a prolonged downturn and deep adjustment, is showing clear signs of recovery. Enhanced by policy guidance against excessive competition and expectations of capacity rationalization, market confidence in a marginal improvement of the supply-demand balance has significantly strengthened.
The market potential is substantial. SpaceX is leading the development of commercial spaceflight, accelerating Starlink deployment and satellite upgrades, and has applied to deploy millions of satellites, formally entering the space data center market. Space-based photovoltaics are currently the sole energy source for satellites and orbital computing power, and their demand growth and market size are expected to experience exponential expansion. CITIC Securities estimates that, under a conservative scenario, global demand for space-based photovoltaics could reach 1 GW by 2030, with a market value exceeding 80 billion yuan. Under an optimistic scenario, demand could reach 70 GW, with a market value approaching 3 trillion yuan. It is projected that over the next five years, the market for space-based P-type HJT and perovskite batteries could grow by a factor of a hundred or even a thousand. CITIC Securities added that, besides SpaceX's clear plans to build its own PV capacity, other domestic and international manufacturers are also expected to accelerate their capacity planning. As space-based computing power develops rapidly and perovskite tandem cell technology matures, demand for equipment upgrades will continue to be released, potentially opening a long-term market on the scale of hundreds of GW per year. Simultaneously, space-based photovoltaic technology involves significantly higher process difficulty, customization, equipment standards, and configuration redundancy due to lower production efficiency compared to traditional photovoltaics, which may lead to a substantial increase in the value of related equipment. The market space for space-based photovoltaic equipment could also exceed expectations.
BOC International pointed out that "anti-involution" and "space-based photovoltaics" are the dual main investment themes for photovoltaics in 2026. With Musk's team beginning research on domestic manufacturers, the景气度 of photovoltaic equipment has further improved. Short-term incremental equipment orders are anticipated, and there is long-term optimism regarding domestic advantageous materials realizing incremental profits overseas. China's photovoltaic industry leads globally in equipment and materials. Orient Securities stated that the space-based photovoltaic market is sufficiently large. Assuming a global need to launch 80,000 satellites annually, with each satellite requiring 100 kW, the annual scale of space-based photovoltaics launched with satellites could reach 8 GW. They are optimistic about leading domestic equipment manufacturers securing incremental orders. If Musk's PV capacity planning extends upstream to silicon materials and wafers, the market space for Chinese equipment manufacturers could further expand. Additionally, they are positive about core material manufacturers increasing shipments to leading overseas customers, thereby driving profit growth.
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