Are A-shares in the photovoltaic sector experiencing a surge? Has Elon Musk placed an order?

February 4th, the A-share photovoltaic sector surged strongly, led by space photovoltaic concepts. JA Solar Energy soared by 20CM to hit the daily limit, Zeyuan New Energy, Zhonglai Co., Ltd., Yamarton and others also hit the limit, and Haitai New Energy rose over 9%. The catalyst for this round of market rally came from news that Musk’s team recently visited multiple Chinese photovoltaic companies in secret.

According to 21 Finance, a staff member from JA Solar Energy confirmed that the company has recently had contact with a related inspection team from Musk’s group. The team inquired about the company’s technological reserves, production equipment, and other aspects, but details of cooperation intentions and specific inspection details are not disclosed. The staff member also revealed that mainstream domestic photovoltaic companies have also been inspected. It is reported that Musk’s inspection focused on advanced technological routes, with heterojunction and perovskite batteries becoming key areas of interest. There are reports that some heterojunction equipment manufacturers have already signed orders.

According to Sina Finance, citing sources, Musk’s team recently visited several Chinese photovoltaic companies in secret, inspecting equipment, silicon wafers, and module components, with particular focus on companies using heterojunction and perovskite technology routes. Some photovoltaic companies confirmed this itinerary, stating “we have indeed had contact with Musk’s team, but the inspection content needs to be kept confidential.”

Market opinion believes that, regardless of the final choice of production location, if Musk aims to promote the large-scale and commercial implementation of his space energy blueprint, he cannot avoid a deep reliance on China’s core photovoltaic manufacturing capabilities and cost advantages. China’s photovoltaic manufacturing industry accounts for over 70% of global capacity, building a complete and dominant supply chain system from equipment and materials to modules.

Dual Catalysts for Space Photovoltaic Concept

The trigger for this market rally was the news of Musk’s team visiting Chinese photovoltaic companies. As an emerging concept, space photovoltaics are becoming a new focus of capital markets due to their integration with AI computing power needs, space exploration, and other frontier fields.

According to Jiemian News, from industry insiders, last week, Musk’s team conducted research on Chinese photovoltaic companies including TCL Zhonghuan, JA Solar Energy, Jing Sheng Electric, etc. In response, these companies did not directly comment on the authenticity of the news. Earlier, a line worker from JA Solar Energy publicly responded that the company has indeed had contact with Musk’s related inspection team recently. Additionally, it was learned that Musk’s team had also surveyed some photovoltaic equipment suppliers earlier.

Another piece of news that sparked the photovoltaic concept, especially space photovoltaics, is also related to Musk. On Monday, local time, Musk announced that SpaceX had acquired his AI startup xAI, in a record-breaking deal that unified Musk’s ambitions in AI and space. It is reported that this deal values SpaceX at $1 trillion and xAI at $250 billion.

Musk stated that this acquisition was necessary because the global power demand for AI cannot be met through “ground solutions,” and Silicon Valley will soon need to establish data centers in space to support its AI ambitions.

After SpaceX completed secondary market stock trading in December 2025, its valuation reached $800 billion. Earlier reports indicated that the company planned an IPO at a valuation of $1.5 trillion. It is said that SpaceX intends to use the funds raised from the listing to develop solar-powered orbital data centers, seen as a potential solution to the energy shortage for AI data centers. Musk has been a major advocate of this concept, and other startups, such as Nvidia-supported Starcloud, Alphabet, and Blue Origin, are also exploring this direction.

Musk’s Space Energy Blueprint

Space photovoltaics have recently become a hot topic in capital markets, mainly catalyzed by Musk’s announcement to build a photovoltaic base with an annual capacity of 200GW to support its ground data centers and space AI satellites.

Musk also discussed plans to launch solar AI satellites in the coming years. He pointed out that solar panels in space are five times more efficient than on Earth because of continuous sunlight and no atmospheric interference. He predicts that “deploying AI at the lowest cost will be in space,” which could be realized within two to three years.

In terms of space exploration, Musk said SpaceX aims to achieve fully reusable rockets with Starship this year. He described Starship as “the largest aircraft ever,” a breakthrough that will reduce space entry costs by 100 times, to below $100 per pound. SpaceX has demonstrated the ability to catch rocket boosters at the launch pad but has not yet attempted to recover and reuse the Starship spacecraft.

Institutions Optimistic About Long-term Space Photovoltaics

Some research institutions believe that space photovoltaics have enormous potential in the long term. SpaceX’s application for deploying millions of computing satellites has strengthened expectations for space photovoltaics. Photovoltaic equipment companies that could become suppliers are expected to be the biggest beneficiaries of space photovoltaics in the short term.

Guosen Securities states that SpaceX’s recent activities serve as a booster for the rapid development of space computing power, recommending focus on companies involved in rockets, space computing, space photovoltaics, and laser communications.

Kaiyuan Securities points out that the global data center power demand is expected to double before 2035, with AI contributing the most. Building enough power plants and energy infrastructure on Earth to support this demand will be highly challenging. Deploying satellites in space to sustainably harness nearly unlimited solar energy will enable scalable, reliable, and sustainable growth of AI.

BOCOM International states that the global commercial space industry is growing rapidly. With explosive growth in AI computing power demand, space data centers are expected to drive demand for commercial space activities. Photovoltaics are the most cost-effective power solution for space activities, with space photovoltaics having clear advantages over ground-based PV. In the short term, HJT crystalline silicon batteries are the preferred choice for LEO satellites, with perovskite as the future favorite.

Guohai Securities believes that as the number of satellite launches increases and the upgrade from communication satellites to high-power computing satellites continues, the demand for space energy is expected to grow rapidly. As the only currently reliable form of space energy, photovoltaics are expected to usher in a new wave of capacity expansion. Global satellite deployment is expected to enter a high-speed orbit, with space photovoltaic demand continuing to grow, maintaining an industry “recommendation” rating.

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