1、2025年3月6日微信公众号发布，作为A股主板上市公司上海港湾基础建设（集团）股份有限公司下 属控股子公司，伏曦炘空依托集团雄厚的技术实力和积累，在商业航天能源领域走出了一条创新之路。 伏曦炘空专注于为客户提供轻、廉、高效的空间能源系统解决方案及产品研发服务。其技术团队汇聚了 航天院所、中科院及高校精英，均有着15年以上航天工程经验，确保伏曦炘空能够为卫星、探测器等空 间飞行器提供低成本高性能的能源系统。公司能源系统产品，已成功保障15颗卫星成功发射，所有产品 在轨工作正常。 2、根据2025年7月11日投资者关系活动记录表：公司旗下控股子公司上海伏曦炘空科技有限公司，聚焦 卫星、空间飞行器、无人机等领域的能源需求，专注于为客户提供轻量化、低成本、高性能的空间能源 系统解决方案，并深度参与关键产品研发服务。在技术落地与市场应用层面，该公司已取得显著成果： 其能源系统产品成功助力 15 颗卫星发射入轨，40 余套卫星电源系统、太阳帆板及结构机构持续在轨稳 定运行，充分验证了产品的可靠性与稳定性。2025年上半年，该公司卫星电源系统业务呈现快速增长态 势，订单储备丰盈且增速亮眼，已构建起"研发创新-工程验证– ...

从资金流向上来看，当日专业工程板块主力资金净流出2.39亿元，游资资金净流入4264.41万元，散户资 金净流入1.96亿元。专业工程板块个股资金流向见下表： 证券之星消息，12月16日专业工程板块较上一交易日下跌1.4%，上海港湾领跌。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。专业工程板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 601133 | 相诚股份 | 15.56 | 6.28% | | 47.52万 | 7.26亿 | | 603929 | 亚翔集成 | 92.50 | 6.24% | | 6.67万 | 6.00亿 | | 603163 | 圣晖集成 | 62.68 | 5.01% | | 5.19万 | 3.25亿 | | 300029 | *ST天龙 | 5.49 | 3.20% | 1 | 9.60万 | 5116.66万 | | 920057 | 百甲科技 | 6.56 | 1 ...

Summary of Shanghai Port Bay Conference Call Company and Industry Overview - **Company**: Shanghai Port Bay, focusing on commercial aerospace and space power systems through its subsidiary Shanghai Fuxi Starry Sky Technology Co., Ltd. [2][3] - **Industry**: Commercial aerospace, specifically in satellite power systems and solar energy technology. Key Points and Arguments - **Product Performance**: Shanghai Fuxi's core power systems have supported 19 successful satellite launches, with 49 satellite power systems and solar panels operating in orbit with zero faults. [2][3] - **New Orders**: In the first half of 2025, the company secured new orders worth 34.02 million yuan, participating in multiple national satellite constellation projects, covering nearly 21 leading commercial aerospace companies. [2][3] - **Patents and Technology**: The company holds 19 core patents related to commercial aerospace energy systems and focuses on space-grade perovskite power generation technology, which has been validated in harsh environmental tests. [2][5] - **Production Capacity**: In 2023, the company launched a space-grade solar cell production line and a flexible solar array assembly line, enabling short-cycle mass delivery to meet the rapid development needs of commercial aerospace. [2][5] - **Market Share**: The complete satellite power system accounts for approximately 15% of the total satellite value, with major clients including Changguang Satellite and Time Space Path. [2][7] - **Competitive Advantage**: The perovskite solar cells offer high cost-performance and stable power generation, with four related verification satellites currently operating in orbit. [2][9] - **Team and Incentives**: The core team holds a 20% stake, expected to reach 30%, with ongoing stock incentive plans to ensure long-term stability. [4][12] Additional Important Insights - **International Expansion**: The company is actively exploring overseas markets, particularly in Southeast Asia, the Middle East, and Europe, and is participating in international airshows to facilitate overseas orders. [4][14] - **Future Production Plans**: The production line is expected to support a revenue of 100 million yuan, with plans for rapid expansion to meet increasing order volumes. [15] - **Technological Development**: The company anticipates that perovskite technology will gradually enter the industrialization phase in the coming years, although challenges remain in scaling up production and addressing energy bottlenecks. [9][19] - **Market Trends**: The U.S. market is exploring new aerospace-grade solar materials, which may provide opportunities for the company to enter their supply chain if sufficient in-orbit verification data is accumulated. [13][14] - **Optimistic Outlook**: The company maintains a positive outlook for future development, expecting a return to normal profit levels in its main business by 2026, despite current domestic market challenges. [20][21]

3、2023年年报：报告期内，公司深入推进"走出去"战略重要指示精神，通过自主研发的"高真空"系列 工艺技术，深度参与"一带一路"国家的不良土壤改良和地基处理工程，提供降碳减污的绿色解决方案， 输出绿色基础设施标准助力当地发展，极大改善了沿海沿岸地区的生态环境和居民生活环境，并为当地 培养了大量熟悉国际标准的拥有丰富绿色经验的技能人才，为东道国探索绿色转型、可持续发展贡献力 量。 来源：新浪证券-红岸工作室 12月8日，上海港湾涨5.51%，成交额13.09亿元，换手率10.71%，总市值121.73亿元。 异动分析 卫星导航+商业航天+土壤修复+一带一路+人民币贬值受益 1、根据2025年7月11日投资者关系活动记录表：公司旗下控股子公司上海伏曦炘空科技有限公司，聚焦 卫星、空间飞行器、无人机等领域的能源需求，专注于为客户提供轻量化、低成本、高性能的空间能源 系统解决方案，并深度参与关键产品研发服务。在技术落地与市场应用层面，该公司已取得显著成果： 其能源系统产品成功助力 15 颗卫星发射入轨，40 余套卫星电源系统、太阳帆板及结构机构持续在轨稳 定运行，充分验证了产品的可靠性与稳定性。2025年上半年，该 ...

来源：新浪证券-红岸工作室 12月5日，上海港湾涨停，成交额6.23亿元，换手率5.56%，总市值115.37亿元。 异动分析 卫星导航+商业航天+土壤修复+一带一路+人民币贬值受益 1、根据2025年7月11日投资者关系活动记录表：公司旗下控股子公司上海伏曦炘空科技有限公司，聚焦 卫星、空间飞行器、无人机等领域的能源需求，专注于为客户提供轻量化、低成本、高性能的空间能源 系统解决方案，并深度参与关键产品研发服务。在技术落地与市场应用层面，该公司已取得显著成果： 其能源系统产品成功助力 15 颗卫星发射入轨，40 余套卫星电源系统、太阳帆板及结构机构持续在轨稳 定运行，充分验证了产品的可靠性与稳定性。2025年上半年，该公司卫星电源系统业务呈现快速增长态 势，订单储备丰盈且增速亮眼，已构建起"研发创新-工程验证–成功交付"的良性发展闭环。目前，公司 同步推进卫星电源系统的技术研发与场景应用，核心产品关键指标通过航天级严苛环境测试，服务覆盖 二十余家卫星总体单位，合作客户包括长光卫星、钧天航宇、时空道宇、星河动力、蓝箭鸿擎、西光航 天、上光通信等行业标杆企业，形成多领域、多层次的优质客户矩阵。 2、2025年3 ...

来源：新浪证券-红岸工作室 12月3日，上海港湾跌9.03%，成交额7.78亿元，换手率7.34%，总市值102.31亿元。 异动分析 卫星导航+商业航天+土壤修复+一带一路+人民币贬值受益 1、根据2025年7月11日投资者关系活动记录表：公司旗下控股子公司上海伏曦炘空科技有限公司，聚焦 卫星、空间飞行器、无人机等领域的能源需求，专注于为客户提供轻量化、低成本、高性能的空间能源 系统解决方案，并深度参与关键产品研发服务。在技术落地与市场应用层面，该公司已取得显著成果： 其能源系统产品成功助力 15 颗卫星发射入轨，40 余套卫星电源系统、太阳帆板及结构机构持续在轨稳 定运行，充分验证了产品的可靠性与稳定性。2025年上半年，该公司卫星电源系统业务呈现快速增长态 势，订单储备丰盈且增速亮眼，已构建起"研发创新-工程验证–成功交付"的良性发展闭环。目前，公司 同步推进卫星电源系统的技术研发与场景应用，核心产品关键指标通过航天级严苛环境测试，服务覆盖 二十余家卫星总体单位，合作客户包括长光卫星、钧天航宇、时空道宇、星河动力、蓝箭鸿擎、西光航 天、上光通信等行业标杆企业，形成多领域、多层次的优质客户矩阵。 2、20 ...

Investment Rating - The report provides a positive investment outlook for the commercial aerospace industry, highlighting significant growth opportunities driven by technological advancements and market demand [2]. Core Insights - The commercial aerospace sector is characterized by market-driven activities involving both private and mixed-ownership enterprises, focusing on investment, operation, and risk management across the entire aerospace value chain [2][38]. - Global satellite frequency and orbital resources are becoming increasingly scarce, leading to a surge in satellite constellation construction, with countries competing for these critical resources [2][46]. - The Starlink project by SpaceX is leading the global satellite constellation efforts, while China is rapidly advancing with its own satellite constellation plans [2][47]. - The era of reusable rockets in China is beginning, with several new commercial rocket models expected to launch by the end of 2025, which could accelerate the deployment of low Earth orbit satellite constellations [2][34]. - Investment recommendations include focusing on satellite manufacturing, rocket launching, and space computing, with specific companies highlighted for their potential in these areas [2][34]. Summary by Sections Commercial Aerospace Overview - Commercial aerospace is defined as market-driven activities involving investment, operation, and risk management by enterprises, covering the entire aerospace technology development, manufacturing, launching, and application [2][38]. - The industry is segmented into upstream manufacturing, midstream launching, and downstream application and operation [2][38]. Satellite Industry Overview - The global aerospace industry is projected to reach $415 billion by 2024, with satellite industry revenues estimated at $293 billion [20]. - Satellite services account for 37% of the total satellite industry revenue, while satellite manufacturing and launching services contribute 6.9% and 3.2%, respectively [25]. Satellite Communication Market - The satellite communication market is expected to grow significantly, with China's satellite internet market projected to reach 75.1 billion yuan by 2025 and 151.2 billion yuan by 2030 [34]. - The demand for satellite communication is primarily driven by commercial and government sectors, accounting for 55% and 31% of the market, respectively [28]. Domestic Satellite Constellation Plans - China has ambitious plans for satellite constellations, with three major projects aiming to deploy over 30,000 satellites, including the GW constellation, G60 constellation, and Honghu-3 constellation [79][81]. - As of October 2025, the GW constellation has launched 116 satellites, marking significant progress in China's satellite internet development [84].

【商业航天概念震荡走弱 航天动力触及跌停】智通财经12月3日电，商业航天概念震荡走弱，航天动力 触及跌停，乾照光电跌超9%，航天宏图、上海港湾、航天环宇、航天科技、航天晨光、雷科防务、天 宜新材（维权）跟跌。 转自：智通财经 ...

与此同时，"太空算力"正成为全球科技巨头竞逐的焦点。所谓太空算力，指的是将数据中心部署于太空轨道，以 期突破地面数据中心在能耗、散热和土地资源上的瓶颈。近日，北京市科委、中关村管委会等单位宣布，拟在 700-800公里晨昏轨道建设运营超过千兆瓦（GW）功率的集中式大型数据中心系统，以实现将大规模AI算力搬上 太空。此外，海外的英伟达、SpaceX、谷歌也在积极布局。这一趋势将商业航天从传统的通信、导航领域，直接 延伸至炙手可热的AI算力基础设施领域。 随着AI计算需求以及火箭发射成本下降，未来太空算力在全球有望得到极大发展，建议提前关注相关产业投资机 会：一是火箭发射链，可回收技术是降低发射成本百倍的关键，是产业规模化前提，相关材料、部件、发动机公 司直接受益；二是卫星制造与载荷链，太空算力星座建设需大量高性能卫星，带来从相控阵T/R芯片（射频核 心）、激光通信（高速互联）、星载计算机到电源散热系统的增量需求。此外，测试服务与地面站作为配套环 节，需求或将同步放量。 综合多家机构观点，可关注以下方向的公司：一是火箭及核心配套领域，包括航天动力、超捷股份、斯瑞新材、 高华科技；二是卫星制造与运营领域，包括中国卫 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the commercial aerospace industry, particularly developments in satellite launches and space computing capabilities [1][2][4]. Core Insights and Arguments - **Satellite Launches**: China Star Network is accelerating satellite launches, with an expectation to complete around 120 first-generation satellites by the end of 2025. A total of 324 enhanced satellites will be launched in the coming years, with a large-scale tender for second-generation satellites expected to start in early 2026, potentially reaching close to 1,000 satellites [1][2][3]. - **Production Capacity**: The Hainan Wenchang Aerospace City is set to produce its first satellite by the end of this year, aiming for a production capacity of 100 rockets and 1,000 satellites by 2027, and increasing to 150 rockets and 1,500 satellites by 2028 [1][3]. - **Reusable Rocket Technology**: Breakthroughs in reusable rocket technology are anticipated by 2027, which will significantly reduce launch costs. The cost per kilogram for heavy rockets could drop to a few hundred dollars with multiple recoveries [2][3][12]. - **Space Data Centers**: Beijing's "Starry Future" and "Orbital Dawn" are developing a space data center with a capacity of 1 GW, planned to be operational in phases from 2025 to 2035. The first phase aims for 200 kW and 1,000 PFlops of computing power [4][5]. - **Commercialization of Space Computing**: Domestic space computing has begun commercial operations, with "Trinity Computing" deploying 12 satellites with 5 PFlops of computing power, planning to expand to 2,800 satellites for a total of 10 billion FLOPS [4][5]. Additional Important Content - **Advantages of Space Data Centers**: Space data centers can operate 24/7 using solar energy, achieving five times the efficiency of ground-based systems. Their deployment and operational costs are significantly lower, with costs being one-fourth of ground-based centers [9][10]. - **Challenges in Space Computing**: The demand for data processing in space is increasing, with traditional methods being inefficient. The need for onboard processing to reduce data transmission back to Earth is critical [7][8]. - **Investment Opportunities**: Companies involved in solar energy systems for space data centers, such as Shanghai Port Bay and Tianzhou Optoelectronics, are highlighted as potential investment opportunities. The demand for solar arrays is expected to surge, with significant market potential for companies providing these technologies [10][18]. Conclusion - The commercial aerospace industry is poised for significant growth, driven by advancements in satellite technology, reusable rockets, and space computing capabilities. Investors are encouraged to focus on companies that are positioned to benefit from these trends, particularly in the areas of satellite production and space data center development [11][16][17].