中信证券：北京拟建GW级空间算力，万亿市场规模的新赛道即将扬帆起航

Core Viewpoint - Beijing plans to construct and operate a centralized large-scale data center system with a capacity exceeding 1,000 gigawatts (GW) along a 700-800 kilometer track, marking a significant advancement in commercial space and data processing capabilities [1] Group 1: Industry Developments - The initiative is led by Xingchen Future and Trajectory Chuangguang, which are forming a space data center innovation consortium [1] - The first experimental satellite, "Chuangguang No. 1," is expected to be launched by the end of this year or early next year [1] Group 2: Market Opportunities - The entry of China Star Network and the G60 Qianfan Constellation into mass launch phases, along with the operationalization of Hainan's commercial space launch site and commercial launch vehicles, is driving a new era in commercial space [1] - The trend towards high capacity and low cost is expected to unlock a trillion-dollar market scale, presenting significant growth opportunities for the related industry chain [1]