Guo Jin Securities: Space Photovoltaic will be the strongest main theme of the new energy sector in 2026.

Guojin Securities research report stated that as a core branch of the commercial aerospace sector, space photovoltaics is gradually gaining market recognition for its logic advantages of "large value, inflation trends, high barriers". This week's market interpretation has shifted from the main leading stocks to equipment, materials, and other aspects. We once again reiterate that "space photovoltaics will be the strongest main trend in the new energy sector in 2026", the market is far from over, and we recommend active participation. The cancellation of photovoltaic export tax rebates is in line with expectations, but the effective date of April 1 clearly provides a "window for rushing shipments" to hedge against the off-season demand in Q1, and at the same time accelerate the elimination of uncompetitive capacity and companies. The "anti-internal competition" measures are gradually focusing on the root of the problem.