东北证券：四大因素将助推太空算力高景气 建议关注能源材料等三个方向

Core Viewpoint - The essence of space computing power is near-Earth orbit distributed space data centers, with four key factors driving its high prosperity: policy support, economic benefits, application scenarios, and advancements in reusable rockets and new materials [1][3]. Group 1: Driving Factors - Policy Support: The National Space Administration's action plan (2025-2027) promotes commercial aerospace development through relaxed access and substantial funding [3]. - Economic Benefits: North American data centers face a power shortage in the next three years, while space computing centers can overcome ground power consumption bottlenecks, achieving both economic and energy efficiency improvements [3]. - Application Scenarios: National security and mission requirements provide foundational support, while commercial cloud services will expand as costs and technology mature [3]. - Advancements in Reusable Rockets and New Materials: SpaceX's Falcon 9 has reduced launch costs to below $3,000 through recovery technology, and domestic companies are conducting high-altitude recovery experiments [3]. Group 2: Key Technological Innovations - Energy Supply: Space solar radiation is approximately 30% stronger than on Earth, making photovoltaics the optimal energy source. Key components include battery cells, substrates, and deployment structures, with various materials like silicon, gallium arsenide, and perovskite being recommended [4]. - Cooling Solutions: In space, cooling relies on thermal radiation and conduction due to the absence of air for convection. High-power computing satellites utilize a hybrid cooling solution of liquid cooling and large heat radiators [4]. - Radiation Resistance: The development of radiation-resistant chips is advancing rapidly in China, with materials like GaN and SiC becoming core solutions for high-power satellite chips [4].