On February 4th, the photovoltaic sector of A-shares experienced a strong surge, with the space photovoltaic concept leading the rally. Jinko Solar surged to its daily limit of 20%, while multiple stocks such as ZERUN New Energy, Zhonglai Co., and Amatton also hit their daily limits, and Haitai New Energy rose over 9%. The catalyst for this round of market activity came from news that Elon Musk's team recently conducted secret visits to several photovoltaic companies in China.
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According to 21st Century Business Herald, Jinko Solar staff confirmed that the company indeed had contact with the inspection team related to Musk's team recently, and the team learned about the company's technological reserves, production equipment, etc., but the intention for cooperation and specific details of the inspection could not be disclosed. The staff also revealed that mainstream photovoltaic companies in China were also inspected. It is reported that Musk's inspection focused on advanced technology routes, with heterojunction and perovskite batteries becoming key areas of interest, and there are reports that orders have already been signed with heterojunction equipment manufacturers.
According to Sina Finance citing sources, Musk's team recently conducted secret visits to several photovoltaic companies in China, inspecting projects involving equipment, silicon wafers, battery components, etc., with a focus on photovoltaic companies with heterojunction and perovskite technology routes. Some photovoltaic companies confirmed this itinerary, stating, &#34;We have indeed had contact with Musk's team, and the content of the inspection needs to be kept confidential.&#34;
Market views suggest that regardless of the final choice of production location, Musk's push for the scaling and commercialization of his space energy blueprint is difficult to bypass the deep reliance on China's core photovoltaic manufacturing capabilities and cost advantages. China's photovoltaic manufacturing industry contributes over 70% of global capacity, building a complete and dominant supply chain system from equipment, materials to components.
<h2>Dual Catalysts for Space Photovoltaic Concept</h2>
The trigger for this round of market activity was the news of Musk's team visiting Chinese photovoltaic companies. As an emerging concept, space photovoltaics are becoming a new focus in the capital market due to their integration with cutting-edge fields such as AI computing power and space exploration.
According to Jiemian News, from industry insiders, last week, Musk's team conducted research on Chinese photovoltaic companies including TZE, Jinko Solar, and JSG, but the related companies did not directly respond to the authenticity of the above news. Earlier, a Jinko Solar staff member publicly responded that the company indeed had contact with the inspection team related to Musk's team recently. Additionally, it was learned that earlier, Musk's team also conducted research on some photovoltaic equipment manufacturers.
Another piece of news that ignited the photovoltaic concept, especially the space photovoltaic concept, is also related to Musk. On Monday local time, Musk stated that SpaceX has acquired his artificial intelligence startup xAI, in a record-breaking deal that unifies Musk's ambitions in artificial intelligence and space. It is reported that this transaction values SpaceX at $1 trillion and xAI at $250 billion.
Musk stated that this acquisition is necessary because the global power demand for artificial intelligence cannot be met through &#34;ground solutions,&#34; and Silicon Valley will soon need to establish data centers in space to support its artificial intelligence ambitions
After completing secondary market stock trading in December 2025, SpaceX's valuation reached $800 billion. Previously, it was reported that the company plans to go public with a valuation of $1.5 trillion. According to reports, SpaceX is expected to use the funds raised from the IPO to develop solar-powered orbital data centers, which are seen as a potential solution to the energy shortage problem of artificial intelligence 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.
<h2>Musk's Space Energy Blueprint</h2>
Space photovoltaics have become a recent hotspot in the capital market, primarily catalyzed by Musk's announcement to build a photovoltaic base with an annual capacity of 200GW to support the energy needs of 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 those on Earth due to continuous sunlight and no atmospheric interference. He predicts that &#34;the cheapest place to deploy AI will be in space,&#34; which will be realized within two to three years.
In terms of space exploration, Musk stated that SpaceX hopes to achieve full reusability of rockets through Starship this year. He described Starship as &#34;the largest spacecraft ever,&#34; and this breakthrough will reduce the cost of access to space by a factor of 100, bringing it down to below $100 per pound. SpaceX has demonstrated the ability to capture rocket boosters on the launch pad but has not yet attempted to recover and reuse the Starship spacecraft.
<h2>Institutions Optimistic About Long-Term Space Photovoltaics</h2>
Research institutions have indicated that the long-term potential for space photovoltaics is enormous. SpaceX's application to deploy a million computing satellites has strengthened expectations for space photovoltaic demand. Photovoltaic equipment companies that are likely to become its suppliers are expected to be the biggest beneficiaries of space photovoltaics in the short term.
Guosen Securities stated that this event for SpaceX has become a catalyst for the rapid development of space computing power and suggested focusing on companies in the rocket sector, space computing, space photovoltaics, and laser communication.
Kaiyuan Securities pointed out that global data center electricity demand is expected to double by 2035, with AI contributing the most to this growth. Building enough power plants and energy infrastructure on Earth to support this demand will be extremely challenging. Deploying satellites in space can sustainably harness nearly unlimited solar energy, enabling scalable, reliable, and sustainable growth for AI.
Jiaoyin International noted that the global commercial space scale is rapidly growing, and with the explosive growth of AI computing power demand, space data centers are expected to drive commercial space demand. Photovoltaics are the most cost-effective power solution for space activities, and space photovoltaics have significant advantages over ground photovoltaics. LEO satellites currently prefer HJT crystalline silicon batteries, while perovskite is the preferred choice for the future.
Guohai Securities believes that with the increase in the number of satellite launches and the upgrade from communication satellites to more power-hungry computing satellites, the demand for space energy is expected to continue to grow significantly. As photovoltaics are currently the only reliable form of space energy, they are expected to usher in a new peak of capacity construction. Global satellite deployment is expected to enter a high-speed track, and the demand for space photovoltaics is expected to continue to grow significantly, maintaining an &#34;overweight&#34; rating for the industry

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Jinko Solar surged 20CM to hit the daily limit. According to Jiemian News, it was learned from industry insiders that last week, Musk's team conducted research on Chinese photovoltaic companies including TZE, Jinko Solar, and JSG. Musk recently announced plans to build a photovoltaic base with an annual capacity of 200GW to support the energy needs of its ground data centers and space AI satellites. Analysts believe that to promote the scaling and commercialization of his space energy blueprint, Musk cannot avoid a deep reliance on China's core photovoltaic manufacturing capabilities and cost advantages, as China's photovoltaic manufacturing industry contributes over 70% of global capacity

- On February 4, the A-share solar sector surged, led by the space solar concept, with companies like JinkoSolar and Zhenrun New Energy hitting their price limits.  
- The catalyst for this rally was the secret visit of Elon Musk's team to multiple solar enterprises in China, focusing on technology and equipment related to heterojunction and perovskite solar cells.  
- Analysts predict that the growing demand for AI and sustainable energy solutions will continue to boost the space solar market, with Musk's plans for a solar power base supporting both ground data centers and space satellites.

The photovoltaic sector has exploded, did Musk place an order?