中信建投朱玥：光伏周期磨底顯分化 行業邁入價值競爭新階段

2026年開年以來，A股光伏板塊呈現震盪修復的運行態勢，板塊復甦節奏與行業轉型方向，引發市場和投資者廣泛關注。

日前，中信建投證券電力設備與新能源行業首席分析師朱玥在接受中國證券報記者專訪時表示，當前光伏行情由政策反內卷調控與產業鏈價格企穩共同推動，2026年行業將呈現顯著結構性分化，競爭邏輯從規模擴張轉向技術、品牌與現金流比拼，投資者需聚焦優質龍頭與創新賽道，把握行業轉型中的結構性機會。

筑底修復與結構性分化並存

2月3日，A股光伏板塊表現亮眼，當日萬得光伏概念指數大漲5.99%。今年以來，該指數累計上漲21.42%。

“近期A股光伏板塊的走勢，既反映了市場對行業至暗時刻已過的共識，也暗含著對復甦節奏的博弈。”朱玥表示，從技術面與情緒面來看，光伏板塊歷經兩年深度回調後，估值已處於歷史低位，為反彈提供了安全邊際。但從基本面來看，當前行情更多是政策預期與部分環節價格企穩驅動下的修復性走勢，並非業績全面爆發帶來的反轉行情。市場正從單邊下跌轉向震盪筑底，資金開始試探性配置具備穿越周期能力的龍頭企業。

放眼2026年，光伏板塊的走勢預計將呈現分化加劇與結構性修復並存的特徵。朱玥認為，分化加劇源於過去因需求爆發而催生的全產業鏈普漲貝塔行情難以再現，2026年將進入行業洗牌深水區。具備技術迭代能力、全球化渠道布局完善以及現金流健康的企業，股價表現將更具優勢，頭部企業有望通過市場份額的集中獲得估值溢價。

“結構性修復上，隨著供需關係的改善，產業鏈利潤將重新分配。”朱玥表示，2026年投資主線將脫離單純製造環節，向具備系統解決方案提供能力、強品牌溢價及細分市場獨特優勢的企業傾斜。市場關注的焦點將從“擴產故事”轉向企業真實的“造血能力”，行業發展邏輯正在發生本質轉變。

政策層面，出口退稅率下調與反壟斷、反惡性競爭政策的組合拳，標誌著中國光伏行業從粗放式擴張向高質量發展轉型。朱玥坦言，在價格策略上，不計成本的惡性競標現象減少，退稅紅利消失迫使企業堅守利潤紅線，產業鏈價格中樞逐步企穩，企業開始追求合理毛利率。海外戰略上，產品出海面臨著挑戰，產能出海與技術出海成為新常態，企業更傾向於構建海外本土化供應鏈或輸出高附加值、高技術壁壘產品以抵消成本上升影響。

從規模擴張轉向價值深耕

光伏行業的競爭邏輯正從拼規模漸進轉向拼價值，這一轉變源於產能過剩背景下規模效應邊際收益的遞減。

朱玥表示，過去拼規模的核心是通過擴產攤薄固定成本實現降本，但當前規模甚至可能成為企業負擔。新的拼價值邏輯集中在三個維度：一是技術溢價，更高轉換效率對應更高單瓦售價；二是品牌與渠道服務，海外市場中，可靠交付能力與售後服務比單純低價更具競爭力；三是知識產權壁壘，隨著競爭加劇，專利戰將成常態，核心知識產權成為企業生存的護城河，未來競爭將是綜合實力比拼而非單一產能競賽。

近期商業航天相關產業崛起，太空光伏的商業化為產業打開新的想像空間，但目前尚不足以改寫地面光伏為主的核心投資邏輯。據朱玥介紹，地面光伏是地球能源替代與碳中和的主力軍，構成光伏產業基本盤；太空光伏主要服務於衛星互聯網、深空探測等高精尖領域，屬於高附加值細分市場。不過，這一新興領域要求投資者調整視角，從關注“度電成本（LCOE）”轉向“功能性與極端環境適應性”。

朱玥表示，視角調整具體體現在三方面：一是從性價比到性能比，太空光伏對重量、抗輻射能力、溫差耐受性及轉換效率要求苛刻，成本並非首要考量，技術領先性與可靠性才是核心；二是從大規模製造到定制化精密製造，太空光伏類似半導體或精密儀器，需小批量、高定制化生產，不能用傳統大規模製造企業的財務模型評估；三是技術路線的差異，地面主流為N型TOPCon電池，太空光伏當前以砷化鎵電池為主，未來可能探索P型HJT或鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣鈣