Sealand: Business confidence and medium to long-term growth certainty continue to rise, maintaining a "recommended" rating for the space photovoltaic industry.

Sealand released a research report stating that by 2025, the commercial aerospace industry will enter a systematic promotion stage, and China will enter the era of high-frequency networking. With the increasing demand for satellite power, the space energy system is witnessing a new round of technological evolution. Currently, gallium arsenide remains the mainstream route, but new technologies such as crystalline silicon and perovskite are accelerating engineering and on-orbit verification, ushering in a phase of parallel exploration of multiple technologies in space photovoltaics. Satellite launches are accelerating, and the prosperity and long-term growth certainty of the space photovoltaic industry continue to rise, maintaining a "recommended" rating for the space photovoltaic industry. Sealand's main points are as follows: In the past three years, commercial aerospace has made a key transition from "policy encouragement" to "strategic positioning." In 2023, it was first included in the strategic emerging industry, in 2024, it was identified as a "new growth engine," and in 2025, the policy focus further shifted towards institutional implementation and industrial standardization. The capital channels, regulatory frameworks, and industry action plans are gradually improving, and the industry is entering a systematic promotion stage. At the same time, local governments are competing comprehensively, with the Jing-Jin-Ji region, the Yangtze River Delta, the Greater Bay Area, and the four major industrial belts in the west accelerating their formation, forming a spatial economic map of chain dominance, regional coordination, and capital and industry linkage. Currently, the cost of rocket launches in China is about $5000-8000 per kilogram, higher than SpaceX's $1500-3000 per kilogram; the cost of a 50-kilogram small satellite is about 8 million RMB per unit, 2.67 times higher than similar products overseas; and a single low-orbit communication satellite costs about 15 million RMB (200-300kg), significantly higher than Starlink. Commercial aerospace is fundamentally an economy of scale industry, and only through cost reduction and high-frequency networking to generate economies of scale, can the industry truly release its value. Cost competitiveness and scalability become the core variables determining the future competitive landscape. With the transition in launches, China enters the era of high-frequency networking. By 2025, China will launch 92 times, with 50 commercial launches, accounting for 54% of the total; throughout the year, 311 commercial satellites will be put into orbit, accounting for 84%, marking commercial aerospace as the main force in the launch system. On the constellation front, Beidou has launched a total of 64 satellites from 2000 to 2024; as of January 17, 2026, the "Jilin-1" has launched a total of 173 satellites from 2015 to 2026; low-orbit communications are entering the intensive deployment stage: as of January 19, 2026, the "Star Network" has launched a total of 154 satellites from 2024 to 2026, "Qianfan" has launched a total of 108 satellites from 2024 to 2025, and "Tianqi" has launched a total of 41 satellites by January 2026. The bank predicts that from 2025 to 2030, the power of communication satellites will increase from 0.69 kW to 1.93 kW per satellite, the power of computing satellites will increase from 1.04 kW to 3.43 kW, and solar panel area will increase to 45 m and 80 m respectively. High costs may lead to a "steady climb" in the launch pace, with a surge expected to begin in 2028, and the number of commercial satellite launches reaching 10,000. The wave of space photovoltaics: the new landscape of space energy With the increasing demand for satellite power, the space energy system is witnessing a new round of technological evolution. Gallium arsenide remains the mainstream route, but new technologies such as crystalline silicon and perovskite are accelerating engineering and on-orbit verification, ushering in a phase of parallel exploration of multiple technologies in space photovoltaics. The crystalline silicon route continues to break through in terms of lightweighting, flexibility, and radiation resistance, with listed companies and research institutes simultaneously promoting space adaptation applications; the perovskite route verifies reliability through on-orbit testing and near-space experiments, with stack technology holding medium to long-term potential. Related targets: Suzhou Maxwell Technologies, Wuxi Autowell Technology Co., Ltd., Qingdao Gaoce Technology, Zhejiang Jingsheng Mechanical & Electrical, Shenzhen S.C New Energy Technology Corporation, LAPLACE Renewable Energy Technology, Wuhan DR Laser Technology Corp., Shanghai Geoharbour Construction Group Co., Ltd., etc. Risk warnings: uncertainty in technology maturity and reliability, uncertainty in industrialization and commercialization, early investment and project execution risks, uncertainty in market space and competition landscape, risk of changes in policy and regulatory environment.