Solar energy stocks surged significantly today. A-share photovoltaic concept stocks experienced a collective major breakout. Shortly after the market opened, multiple concept stocks including GCL System Integration, Aiko Solar, Yuma Technology, Topray Solar, Giga Solar, Jinko Power, SVT Technology, and Zhongli Group soared directly to the daily limit. By the midday close, nearly 30 stocks within the sector had hit the limit-up or gained over 10%.
Analysts pointed out that the sharp rise in the solar sector today was primarily driven by the resonance of two major positive factors. First, companies under Elon Musk are increasing their investment in photovoltaic manufacturing布局. The market anticipates that leading Chinese equipment suppliers, known for their efficient iteration and rapid response capabilities, are expected to enter the supply chains of Tesla and SpaceX, opening up new growth space for the industry. Second, positive signals are emerging from the industry's fundamentals. Since 2026, several first-tier manufacturers have repeatedly raised their module prices. Coupled with policy guidance against internal competition and expectations of capacity clearance, market confidence in a marginal improvement of the supply-demand balance has significantly strengthened.
**Collective Breakout** On Monday, February 9th, photovoltaic concept stocks rallied collectively. By the midday close, the Space Photovoltaic Index had risen over 6%, the BC Battery Index and Photovoltaic Glass Index had gained over 5%, and the HJT Battery Index and TOPCon Battery Index had increased over 4%.
In terms of individual stocks, Giga Solar, JPT, and Suwen Electric Energy hit the 20% limit-up, while Jinko Power, GCL System Integration, Aiko Solar, Yuma Technology, Topray Solar, SVT Technology, and nearly 20 other stocks reached the 10% daily limit.
**Catalysts from News** Over the past weekend, foreign media reported that Tesla is evaluating multiple sites in the United States to expand its solar cell manufacturing business, aiming to achieve an annual solar manufacturing capacity of 100 gigawatts within the next three years. Recently, Musk's team visited Chinese solar companies to inquire about manufacturing equipment, among other matters.
Previously, Musk revealed that Tesla and SpaceX might each plan to build 100 GW of upstream and downstream photovoltaic manufacturing capacity in the coming years, based on ground-based electricity needs and space-based photovoltaic requirements, respectively.
CITIC Securities predicts that at this stage, Tesla will likely primarily adopt TOPCon technology solutions, while SpaceX may opt for P-type HJT technology routes. Leading Chinese photovoltaic equipment manufacturers possess distinct advantages such as efficient iteration and rapid response, better aligning with the high standards and stringent requirements of Tesla and SpaceX for equipment suppliers. Leading companies across various segments are expected to capture a significant share, potentially even dominate, their equipment supply chains, further opening up vast growth opportunities spanning from terrestrial to space applications.
Furthermore, positive signals are also emerging from the domestic photovoltaic industry's fundamentals. Since 2026, Trina Solar has repeatedly raised prices for distributed photovoltaic modules. Concurrently, other first-tier companies like Jinko Solar and JA Technology have followed suit by increasing their quotes.
This collective price hike is seen as a key signal indicating a clearer warming trend for the photovoltaic industry after a prolonged downturn and deep adjustment. Combined with policy guidance against internal competition and expectations of capacity clearance, market confidence in a marginal improvement of the supply-demand balance has significantly strengthened.
**Vast Market Potential** 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 rate and market space are expected to experience exponential growth.
CITIC Securities estimates that under a conservative scenario, global space photovoltaic demand and market space could reach 1 GW and over 80 billion RMB respectively by 2030. Under an optimistic scenario, these figures could reach 70 GW and nearly 3 trillion RMB. It is projected that over the next five years, the market growth space for space-based P-type HJT and perovskite batteries could increase by a hundredfold or even a thousandfold.
CITIC Securities stated that besides SpaceX, which has clearly announced plans to build its own photovoltaic capacity, other domestic and international manufacturers are also expected to accelerate their capacity planning. Furthermore, as space-based computing power development accelerates and perovskite tandem cell technology gradually matures, demand for equipment upgrades will continue to be released, potentially opening up a long-term market on the scale of hundreds of GW per year. Simultaneously, space photovoltaic technology involves significantly higher process difficulty, customization, equipment standards, and required configuration redundancy due to lower production efficiency compared to traditional photovoltaics. This could lead to a significant increase in the value of related equipment, and the market space for space photovoltaic equipment may also exceed expectations.
BOC International pointed out that "anti-internal competition" and "space photovoltaics" are the dual main investment themes for photovoltaics in 2026. Musk's team has begun investigating domestic manufacturers, further boosting the景气度 of photovoltaic equipment. Short-term equipment orders represent incremental demand, 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 photovoltaic market space is sufficiently large. Assuming 80,000 satellites need to be launched globally each year, and with each satellite requiring 100 kW, the annual global scale of space photovoltaics launched with satellites could reach 8 GW. They are optimistic about domestic leading equipment manufacturers securing incremental orders. If Musk's photovoltaic capacity planning extends upstream to polysilicon and wafers, the market space for Chinese equipment manufacturers could further increase. Additionally, they are optimistic about core material manufacturers increasing shipment volumes to leading overseas customers, driving profit growth.
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