Key Points
- Chinese PV stocks surged dramatically after reports of Elon Musk’s team inspecting Chinese solar companies for Heterojunction (HJT) and Perovskite technology; Jinko Solar (Jingke Nengyuan 晶科能源) hit a 20% daily limit in seven minutes.
- Musk’s ambitious plan for SpaceX and Tesla (Tesila 特斯拉) is to build 200GW of PV capacity (100GW each) within three years to power next-generation solar-powered orbital data centers for AI infrastructure.
- SpaceX’s acquisition of xAI unifies its AI and space ambitions, with an FCC filing revealing plans to launch up to 1 million satellites for advanced AI, each requiring solar panels, creating massive demand for space-grade photovoltaic technology.
- Research institutions like Guosen Securities (Guosen Zhengquan 国信证券) and Open Source Securities (Kaiyuan Zhengquan 开源证券) see this as a “generational opportunity,” emphasizing that PV is the most cost-effective power solution for aerospace, justifying the focus on HJT and Perovskite.
- This initiative marks a fundamental shift in computing power generation, driven by exponential AI growth, mature space infrastructure, and Chinese solar manufacturing excellence, leading to a “structurally-shifting demand environment” for the PV sector.
The photovoltaic (PV) sector just experienced a seismic shift.
On February 4, 2026, Chinese PV stocks erupted across the board—and the catalyst?
Elon Musk’s team reportedly visited major Chinese solar companies to inspect their Heterojunction (HJT) and Perovskite technology capabilities.
The result was immediate and dramatic.
The Day the PV Sector Woke Up
The numbers tell the story:
- Jinko Solar (Jingke Nengyuan 晶科能源) surged 20% to its daily limit in just seven minutes
- Jolywood (Zhonglai Gufen 中来股份) locked in a 20% limit up
- Topray Solar (Tuori Xinneng 拓日新能) spiked directly to its daily limit
- The Space Photovoltaic Index climbed nearly 3% by midday
- The general Photovoltaic Index, Perovskite Battery Index, and Solar Roof Index all gained more than 2%
By afternoon, momentum accelerated even further.
Over ten additional stocks hit the 10% daily limit, including:
- Suzhou Almaden (Yamaduon 亚玛顿)
- SDGI (Tefa Xinxi 特发信息)
- Invt Electric (Yingweiteng 英威腾)
- Zhongyeda Electric (Zhongyeda 众业达)
- Shuangliang Eco-Energy (Shuangliang Jieneng 双良节能)
- TDG Holding (Tiantong Gufen 天通股份)
- Zerun New Energy (Zerun Xinneng 泽润新能)
Other notable gainers included Jingsheng Mechanical & Electrical (Jingsheng Jidian 晶盛机电), which surged over 13%, Optea (Ouputai 欧普泰) and Sanchuan Smart (Shichuang Nengyuan 时创能源), both jumping over 15%.
This wasn’t random retail enthusiasm.
This was institutional-grade market-moving news.
What Actually Happened: The Musk Team Inspection
According to reports from the 21st Century Business Herald (21 Caijing 21财经), Elon Musk’s team conducted what can only be described as a strategic reconnaissance mission.
The targets?
Major Chinese photovoltaic enterprises with expertise in cutting-edge solar technologies.
Jinko Solar (Jingke Nengyuan 晶科能源) confirmed the visit directly.
A company spokesperson stated:
“The company has indeed had recent contact with a delegation related to Musk’s team. The delegation sought to understand the company’s technical reserves and production equipment.”
But here’s the kicker—the spokesperson remained tight-lipped on specifics.
No details on cooperation intentions or the full scope of the inspection.
Instead, they noted: “Major mainstream domestic PV enterprises have also been inspected.”
Translation: this wasn’t just about Jinko Solar.
This was about evaluating China’s entire solar manufacturing ecosystem.
Why Musk Cares About Chinese Solar Technology
Understanding the “why” requires zooming out to the bigger strategic picture.
In late January, Musk made a bombshell announcement at the Davos Forum:
SpaceX and Tesla (Tesila 特斯拉) plan to build a combined 200GW of PV capacity—100GW each—within three years.
- Tesla Energy: 100GW capacity target primarily for terrestrial battery storage and solar roof ecosystems.
- SpaceX Starlink: 100GW capacity target specifically for space-based orbital infrastructure.
- Timeline: Full deployment targeted within a 36-month window.
- Investment Scale: Estimated at billions of dollars in manufacturing equipment and R&D.
That’s not a rounding error.
That’s a moonshot.
For context, 200GW is roughly equivalent to the total solar capacity installed in the entire United States as of 2024.
But here’s where it gets wild.
The Space AI Data Center Thesis
The real catalyst for all of this?
Artificial intelligence is running out of electricity on Earth.
On January 22, Musk announced that SpaceX intends to develop solar-powered orbital data centers to power next-generation AI infrastructure.
The core thesis is straightforward but transformative:
- AI training and inference demand is exploding exponentially
- Terrestrial power infrastructure can’t keep pace
- Space offers near-infinite solar energy capture
- Solar panels in orbit don’t experience weather, atmospheric loss, or nighttime
- This energy advantage makes space-based computing economically viable
Musk stated bluntly: “Global electricity demand for AI cannot be met by terrestrial solutions alone.”
He suggested that Silicon Valley will soon need to establish data centers in space to support AI scaling.
And SpaceX isn’t alone.
Nvidia (Yingweida 英伟达)-backed Starcloud, Alphabet, and Blue Origin are all exploring this frontier.
This isn’t science fiction anymore.
It’s competitive strategy.
The SpaceX-xAI Merger: Unifying the Vision
To execute this vision, Musk made a major strategic move.
On Monday (local time), SpaceX acquired his AI startup, xAI, in a record-breaking deal.
The valuations are eye-watering:
- SpaceX: $1 trillion USD (¥7.2 trillion RMB)
- xAI: $2500 billion USD (¥1.8 trillion RMB)
This merger unifies Musk’s ambitions in artificial intelligence and space exploration under one roof.
It’s a bet that the future of AI requires both rockets and data centers—and that those data centers will eventually float in orbit, powered by solar panels.
SpaceX is reportedly planning an IPO with a valuation goal of $1.5 trillion USD (¥10.8 trillion RMB).
Reliable sources indicate SpaceX intends to use IPO funds to develop the solar-powered orbital infrastructure.
The Killer Detail: 1 Million Computing Satellites
This is where things get seriously interesting for the photovoltaic sector.
In late January, a Federal Communications Commission (FCC) filing revealed SpaceX is seeking to launch up to 1 million satellites to support advanced AI.
Let that sink in for a moment.
Not thousands.
Not tens of thousands.
One. Million. Satellites.
To put this in perspective, Starlink currently operates approximately 9,600 satellites.
SpaceX’s AI constellation would be over 100 times larger.
Each satellite would require:
- Solar panels for power generation
- Reliable power systems across 500km to 2,000km altitude
- Laser communication links to transmit data
- Consistent energy supply in the harsh space environment
This creates an absolutely massive demand signal for space-grade photovoltaic technology.
And that’s exactly why Musk’s team was in China inspecting solar manufacturers.
What Wall Street (And Chinese Institutions) Think About This
Research institutions see this as a generational opportunity.
Guosen Securities (Guosen Zhengquan 国信证券) noted that SpaceX’s moves are a direct catalyst for space-based computing and is recommending investors watch three sectors:
- Rocket supply chain
- Space solar (the direct PV beneficiary)
- Laser communications
Open Source Securities (Kaiyuan Zhengquan 开源证券) added critical context on the scale of the opportunity:
“Global data center power demand is expected to double by 2035, and harvesting near-infinite solar energy in space is a sustainable way to fuel AI growth.”
This isn’t just about feeding today’s AI.
It’s about powering the next decade of compute growth.
BOCOM International (Jiaoyin Guoji 交银国际) took a more technical stance, noting that PV is the most cost-effective power solution for aerospace.
For current satellite designs, they highlighted two competing technology routes:
- Heterojunction (HJT) silicon cells — the current short-term preference for Low Earth Orbit (LEO) satellites
- Perovskite batteries — the projected future choice with higher efficiency potential
This is exactly why Musk’s team was specifically inspecting companies working on HJT and Perovskite technologies.
These aren’t exotic research projects.
These are the literal building blocks for the next generation of space power systems.
Guohai Securities (Guohai Zhengquan 国海证券) maintains a “Recommended” rating for the entire industry, citing “the high-growth trajectory of space energy needs.”
The Short-Term vs. Long-Term Play
It’s worth distinguishing between what happens next and what happens in five years.
Short-term (next 1-2 years):
- PV equipment manufacturers become the primary beneficiaries
- Companies with existing production capacity and HJT/Perovskite expertise see the most immediate upside
- Supply chain validation and orders begin flowing
- The stocks that moved 20% on February 4 could see sustained momentum as contracts materialize
Long-term (2-5 years):
- Cell manufacturers see demand surge as SpaceX ramps satellite production
- The 200GW build target becomes reality
- Space-based data centers begin coming online
- The photovoltaic sector shifts from “terrestrial solar” to “aerospace-grade power systems”
The 20% limit-up moves we saw on February 4 weren’t just hype.
They were rational responses to a structurally-shifting demand environment.
Why This Matters for Investors and Founders
If you’re paying attention to emerging tech trends, this one’s hard to ignore.
We’re watching a fundamental shift in how humanity thinks about power generation for computing infrastructure.
The convergence of three forces:
- Exponential AI growth creating massive power demands
- Space infrastructure maturity making orbital systems economically viable
- Chinese solar manufacturing excellence providing the enabling technology
This isn’t speculation.
Musk is literally sending teams to inspect Chinese solar manufacturers.
SpaceX is filing for millions of satellite launches.
And the broader investment community is rating the entire PV sector as a “Recommended” category.
The photovoltaic sector is experiencing a renaissance—and it’s being driven by the most ambitious space and AI entrepreneurs on the planet.
