Core Insights - The satellite communication sector experienced a significant surge on December 4, with the satellite industry ETF (159218) rising by 3.36% and achieving a trading volume of approximately 1.3 billion, surpassing the previous day's total trading volume [1][2] - The successful maiden flight of the ZQ-3 reusable rocket by Blue Arrow Aerospace is seen as a pivotal moment for China's commercial space industry, marking the beginning of a new era in reusable rocket technology [1][2] - The establishment of a dedicated Commercial Space Administration by the National Space Administration signifies a commitment to fostering high-quality development in China's commercial space sector, which is expected to benefit the entire industry chain [1] Industry Developments - The domestic satellite launch capacity has significantly improved, leading to an accelerated expectation for satellite launch schedules and performance realization, boosting confidence in the growth potential of the satellite manufacturing sector [2] - Since July, clear policy, technological, and capital turning points in commercial space have propelled the industry into a rapid development phase, with major projects like the giant constellation satellite network progressing smoothly [2] - The satellite industry ETF (159218) serves as a key investment vehicle for exposure to the satellite sector, tracking a diverse range of companies across satellite manufacturing, launching, and navigation communication applications, with a remarkable 395.41% increase in shares this year [2]

Core Viewpoint - The "Star Eye" space perception constellation plan aims to provide innovative solutions for space traffic management and establish a new model for space management services [1][2]. Group 1: Industry Context - The current era is marked by unprecedented activity in space, with a rapid increase in global satellite launches and the deployment of large-scale constellations, indicating a new phase of growth in commercial space [1]. - The increasing congestion in orbital space poses significant challenges, including a surge in space debris and heightened collision risks, threatening the sustainable development of the space environment [1]. Group 2: Company Initiative - The "Star Eye" space perception constellation consists of 156 satellites designed to create a global, responsive near-Earth orbit monitoring network [2]. - The company plans to launch 2 experimental satellites in the first half of 2026, followed by 10 engineering satellites in 2027, with additional enhancement and comprehensive satellites to be launched subsequently [2]. - Utilizing the company's independently developed "Observer" space information analysis platform and the space management service platform "Space Cloud," the "Star Eye" will track, orbit, and catalog on-orbit satellites, monitor space debris, analyze satellite orbit data, and predict collision risks, thereby providing precise and efficient space traffic management data services [2].

Core Viewpoint - The "Star Eye" space perception constellation plan by Xingtou Measurement and Control Technology Co., Ltd. aims to provide innovative solutions for space traffic management and establish a new model for space management services [1][2]. Group 1: Industry Context - The current era is marked by unprecedented activity in space, with a rapid increase in global satellite launches and the deployment of large-scale constellations, indicating a new phase of growth in commercial space [1]. - The increasing congestion in orbital space poses significant challenges, including a surge in space debris and heightened collision risks, threatening the sustainable development of the space environment [1]. Group 2: Company Initiative - The "Star Eye" space perception constellation consists of 156 satellites designed to create a global, responsive near-Earth orbit monitoring network [2]. - The company plans to launch 2 experimental satellites in the first half of 2026, followed by 10 engineering satellites in 2027, with additional enhancement and comprehensive satellites to be launched subsequently [2]. - Utilizing the company's independently developed "Observer" space information analysis platform and the space management service platform "Space Cloud," "Star Eye" will track, determine orbits, and catalog on-orbit satellites, monitor space debris, analyze satellite orbit data, and predict collision risks, thereby providing precise and efficient space traffic management data services [2].

近日，中央空管办制定出台《国家级和省、市级低空飞行综合监管服务平台功能要求（1.0版）》《国 家级和省、市级低空飞行综合监管服务平台信息交互规范（1.0版）》，这一举措为低空管理系统建设 立下规范，也为低空经济产业的蓬勃发展注入新动力。在低空经济浪潮中，中科星图凭借前瞻性布局与 强大技术实力，成为推动行业发展的关键力量，展现出广阔的未来成长空间。 而技术的价值最终要通过场景落地体现，中科星图安全保障、空管业务、场景构建能力，正是连接技术 与应用的关键桥梁。中科星图目前已经构筑起低空安全感知与反制先进装备研发制造、低空环境感知服 务、低空反无体系、低空赛博安全四大类安全保障体系。此外，公司深入开展国土资源、林草、水利、 应急、农业、电力、智慧城市等行业信息化业务，快速实现低空技术与政务巡检、资产巡检、文旅等场 景的深度融合。 紧跟政策，构建"五位一体"低空产品体系 作为低空经济产业发展的积极推动者，中科星图始终紧跟国家低空经济发展战略，以"政策为纲、科技 为核"，基于自主的天基能力、数字地球超级计算机和智脑引擎等核心技术能力，构建了覆盖低空规 划、安全保障、协同监管、飞行服务与场景应用的"五位一体"低空产品体系 ...

Group 1: Commercial Aerospace - Focus on core targets in satellite manufacturing: Shanghai Huanxun, Zhenlei Technology, and Aerospace Electronics, with potential for value enhancement[3] - Key application targets include communication terminal baseband, RF chips, and phased array antennas[3] - Aerospace Technology Group has strong expectations for mergers and acquisitions due to substantial external assets[3] Group 2: Liquid Cooling Industry - Global competition in the liquid cooling industry is driven by ecological positioning, technology, and manufacturing advantages[3] - Recommended targets include: Infinet and Highlan for full industry chain layout; Kangsheng and Siquan New Materials for technical breakthroughs; and Tongfei for precision manufacturing and cost control[3] Group 3: Engineering Machinery - The core of engineering machinery investment is to assess the position in the cycle, with sales as a critical observation metric[3] - Excavator sales in October reached 18,096 units, a year-on-year increase of 7.77%, with domestic sales at 8,468 units, up 2.44%[63] - Loader sales in the first ten months totaled 104,412 units, a year-on-year increase of 15.8%, with domestic sales up 21.8%[64]

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].

Core Viewpoint - Zhongke Xingtou's stock price has shown significant growth this year, with a year-to-date increase of 32.26% and a recent uptick of 9.26% over the last five trading days, indicating strong market interest and performance [1]. Financial Performance - For the period from January to September 2025, Zhongke Xingtou achieved a revenue of 2.208 billion yuan, reflecting a year-on-year growth of 10.02%. The net profit attributable to shareholders was 146 million yuan, with a slight increase of 0.54% year-on-year [2]. - The company has distributed a total of 279 million yuan in dividends since its A-share listing, with 190 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Zhongke Xingtou had 28,900 shareholders, an increase of 18.46% from the previous period. The average number of circulating shares per shareholder decreased by 15.74% to 27,999 shares [2]. - The top ten circulating shareholders include notable entities such as the Fortune China Securities Military Industry Leader ETF and Hong Kong Central Clearing Limited, indicating a diverse institutional interest in the company [3]. Market Activity - On December 2, Zhongke Xingtou's stock rose by 2.01%, reaching a price of 45.18 yuan per share, with a trading volume of 435 million yuan and a turnover rate of 1.21%. The total market capitalization stood at 36.509 billion yuan [1].

计算机行业 行业研究 | 动态跟踪 太空算力未来可期，关注核心收益环节 核心观点 投资建议与投资标的 我们认为 AI 算力以及卫星信息基础设施相关标的都有望受益太空算力的发展： AI 算力：海光信息(688041，买入)、寒武纪-U(688256，未评级)； 卫星基础设施：中科星图(688568，未评级)、佳缘科技(301117，未评级)、航天宏图 (688066，增持)、盛邦安全(688651，未评级)。 风险提示 研发进展不及预期； 商业化进展不及预期。 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 12 月 02 日 看好（维持） | 陈超 | 执业证书编号：S0860521050002 | | --- | --- | | | chenchao3@orientsec.com.cn | | | 021-63326320 | | 浦俊懿 | 执业证书编号：S0860514050004 | | | pujunyi@orientsec.com.cn | | | 021-63326320 | | 宋鑫宇 | 执业证书编号：S0860524090002 | | | songxinyu@orient ...

Core Insights - The establishment of a new department by the National Space Administration marks a significant step towards the commercialization of space, driven by policy and disruptive applications [1] - The concept of "space computing power" is emerging as a focal point for global tech giants, with plans for large-scale data centers in orbit to enhance AI capabilities [2] - Investment opportunities are identified in various sectors of the space industry, including rocket launch chains, satellite manufacturing, and testing services [3] Policy Developments - The National Space Administration's creation of a Commercial Space Department aims to improve the efficiency of launch approvals and licensing, promoting high-quality development in China's commercial space sector [1] - The release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" provides a framework for long-term industry growth through research project openness and national fund establishment [1] Industry Trends - The trend of deploying data centers in space is expected to overcome limitations faced by terrestrial data centers, with significant investments from companies like NVIDIA, SpaceX, and Google [2] - The demand for AI computing and decreasing rocket launch costs are anticipated to drive substantial growth in space computing power globally [2] Investment Opportunities - Key sectors for investment include: - Rocket and core supporting fields: Companies such as Aerospace Power, Superjet, Srey New Materials, and Gaohua Technology [3][4] - Satellite manufacturing and operation: Companies like China Satellite, Chengchang Technology, Zhenlei Technology, Aerospace Electronics, and Zhongke Xingtou [3][4] - Testing and service sectors: Companies including Aerospace Universe, West Measurement Testing, and Guobo Electronics [3][4] - Energy systems: Companies such as Shanghai Port and Qianzhao Optoelectronics [3][4]

Group 1: Macro Economic Overview - Industrial production and demand are showing signs of weakening, with construction activity remaining at historical lows and industrial operating rates declining marginally [6][7][9] - Recent weeks have seen a drop in demand for construction materials and consumer goods, with significant declines in automobile sales and home appliance sales [7][8] - The overall price of domestic industrial products is fluctuating weakly, with some commodities like steel and coal showing slight recoveries while others, such as construction materials, are declining [8] Group 2: Industry Insights - The lithium battery industry is experiencing a supply-demand turning point, with a projected global shipment of 2921.8 GWh in 2026, a year-on-year increase of 35% [32] - The demand for dynamic storage is robust, and the industry is expected to benefit from rising prices in segments with tight capacity [32] - The European electric vehicle market is anticipated to recover strongly in 2025, driven by new model releases and government incentives [33] Group 3: Company-Specific Developments - ByteDance has launched the Doubao mobile assistant, emphasizing investment opportunities in edge AI, with hardware support from ZTE [25][30] - Zhongke Star Map is deeply engaged in the commercial aerospace industry, with a focus on satellite constellation construction and aerospace electronic equipment manufacturing [53][54] - Meitu has introduced an e-commerce design agent, enhancing its product offerings in the fashion sector [43][45] Group 4: Investment Recommendations - Recommended stocks in the lithium battery sector include CATL and Yiwei Lithium Energy, which are expected to benefit from the industry's growth [32] - In the humanoid robot sector, companies like UTree and UBTECH are highlighted as key players as the industry approaches a production milestone [37][40] - For AI applications, companies such as Kuaishou and Bilibili are recommended due to their strategic positioning in the gaming and AI sectors [49][50]