GFSEC: Early-stage equipment manufacturers in the space photovoltaic industry are the first to benefit. It is recommended to pay attention to HJT/perovskite equipment suppliers and other links.

GF SEC has released a research report stating that space photovoltaics is expected to benefit from the global commercial space craze as an important and reliable energy supply for extraterrestrial spacecraft. According to the bank's calculations, the existing low-orbit satellite plans are expected to bring in nearly 10GW of space photovoltaic demand in the future. Space photovoltaics has entered a period of active industrial exploration, with early-stage equipment manufacturers benefiting first, and some photovoltaic equipment manufacturers actively working with downstream customers to explore process routes. The bank recommends keeping an eye on the following: (1) HJT/perovskite equipment suppliers; (2) other links in the photovoltaic industry. GF SEC's main points are as follows: Recycling technology brings a sharp drop in launch costs, and space photovoltaics usher in a golden development opportunity In recent years, with the successful exploration of reusable rocket technology by companies such as SpaceX, rocket launch costs have rapidly decreased, and global commercial space activities have become more frequent. As an important and reliable energy supply for extraterrestrial spacecraft, space photovoltaics are expected to benefit from the global commercial space craze. The acceleration of Sino-American commercial space competition, short-term boost in demand for solar wings for low-orbit communication satellites According to ITU rules, low-orbit resources are allocated on a first come, first served basis, and space resources have become a new battleground for major powers. With the advantages of SpaceX, the United States temporarily holds a leading position in low-orbit communication satellites. According to China Network, in December 2025, China submitted a total of 203,000 satellite frequency and orbit resource applications to the International Telecommunication Union (ITU) in order to seize valuable orbit resources. According to the bank's calculations, the existing low-orbit satellite plans are expected to bring in nearly 10GW of space photovoltaic demand in the future. AI giants compete in the sky, "sky-high computing power" has become a consensus Space computing power refers to deploying data centers in space orbits to solve energy and space constraints. According to the White Paper: Why we should train AI in Space (Ezra Feilden, etc.), it is estimated that the total cost of deploying a 40MW AI data center in space, running for 10 years, is $8.2 million, a 95% reduction compared to ground deployment. Overseas AI giants such as Google and Amazon have disclosed plans for sky-high computing power, and the domestic industry is actively promoting the construction of "computing on land and in space." Under the consensus of "sky-high computing power," space photovoltaics as the main form of energy supply is expected to benefit significantly. According to Musk's personal tweets, there are plans to launch 100GW of artificial intelligence computing power satellites into orbit each year in the future. Currently, gallium arsenide is the mainstream choice for space photovoltaics, but silicon-based batteries are expected to be used in space data centers, with long-term focus on breakthroughs in perovskite technology In terms of technology, (1) gallium arsenide is the current mainstream choice for space photovoltaics, with excellent performance, but high costs and restrictions on raw material availability. It is expected to be used in high-end scenarios in the future; (2) heterojunction: closer to the theoretical efficiency limit of crystalline silicon, and with the advantages of simple process and high yield, industrial progress is faster, and it is expected to be applied first in photovoltaic demand such as computing satellites; (3) perovskite/stacking: experiments have shown some potential applications, but due to the lack of actual empirical data and a relatively immature industrial chain, large-scale applications in the short term still need to be observed. However, considering its high specific power, low cost, and high flexibility, it is expected to become the preferred choice for space photovoltaics in the future. Risk warning The development of the commercial space industry is not as expected; there is uncertainty in the technological route of space photovoltaics; the investment and application demand for space computing power is not as expected.