Elon Musk's influence has once again swept through capital markets. A recent three-hour in-depth interview revealed his technological ambitions, followed by reports that Tesla is scouting locations in the U.S. to expand solar manufacturing capacity. Additionally, Musk's declaration that SpaceX aims to build cities on the Moon and Mars has captured market attention.
The dual narrative of renewable energy and space exploration ignited a rally in the A-share market on February 9, driving a collective surge in solar sector stocks.
Musk stated that it is time to return to the Moon on a large scale. On February 8, he posted on social media platform X that SpaceX has shifted its focus to building a self-expanding city on the Moon, with a target of achieving this within 10 years, while a mission to Mars would take over 20 years. He added that launch windows for Mars occur only once every 26 months, with a six-month journey, whereas lunar missions can be launched every 10 days, with a two-day trip. This suggests that lunar city construction could progress much faster than on Mars.
Simultaneously, Musk's energy initiatives on Earth are accelerating. Reports indicate that Tesla is evaluating multiple U.S. sites to expand its solar cell manufacturing, targeting an annual capacity of 100 gigawatts within three years. Previously, Tesla's team quietly visited Chinese solar equipment manufacturers, seen as a key step in preparing the supply chain.
The vision of "lunar cities" and the expansion of terrestrial production capacity created a powerful resonance. Capital markets responded swiftly. On February 9, A-share solar concept stocks surged collectively, with numerous stocks hitting the daily limit-up at the opening. Companies like GCL System Integration, Aiko Solar, Yaotta Solar, Topraysolar, GCL-Poly, and Jinko Solar saw their shares rise sharply to the limit-up. By the close, sectors such as solar equipment, cultural media, short drama gaming, and BC batteries led the gains, with nearly 30 stocks hitting the limit-up or rising over 10%.
In terms of industry fund flows, semiconductors, communication equipment, and solar equipment ranked among the top sectors for net inflows by the close, with semiconductors seeing a net inflow of 53.19 billion yuan.
Analysts pointed out that the solar sector's surge was driven by two favorable factors: first, Musk's companies are increasing their focus on solar manufacturing, with expectations that leading Chinese equipment suppliers—known for their efficiency and rapid response capabilities—could enter the supply chains of Tesla and SpaceX, opening new growth opportunities for the industry. Second, positive signals are emerging in the industry's fundamentals, with several major manufacturers repeatedly raising module prices. Combined with policy guidance against internal competition and expectations of capacity rationalization, market confidence in improving supply-demand dynamics has strengthened significantly.
As SpaceX advances satellite launches and related orbital applications, the trend toward orbital AI data centers is gradually emerging. As a key energy source for space scenarios, solar power is expected to gain more application opportunities in the construction of orbital data centers, benefiting related solar equipment manufacturers.
China's solar industry leads globally in equipment and materials. Orient Securities noted that the space solar market has vast potential. Assuming 80,000 satellites need to be launched globally each year, with each satellite requiring 100 kW of solar capacity, the annual space solar market could reach 8 GW. They are optimistic that leading Chinese equipment manufacturers will secure incremental orders. If Musk's solar capacity plans extend upstream to polysilicon and wafers, the market space for Chinese equipment makers could expand further. Additionally, they expect core material manufacturers to increase shipments to leading overseas clients, driving profit growth.
It is clear that from targeting Mars to focusing on the Moon, and from electric vehicles to massive solar capacity, Musk is weaving his vast industrial empire into a tightly-knit network with synergistic effects and substantial value.
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