Zheshang Securities(SH:601878) 智通财经网·2026-01-08 06:04Core Viewpoint - The space data center industry has transitioned from technology validation to the commercialization phase, represented by Starcloud-1 and China's "Three-Body Computing Constellation," with significant potential for industry growth and value creation [1] Group 1: Commercialization of Space Computing - The construction of space data centers offers a disruptive cost advantage, with a ten-year core cost of approximately $8.2 million compared to $167 million for ground solutions, leveraging efficient solar energy and natural vacuum radiation cooling [1] - The first phase of the computing constellation is expected to generate over tens of billions in industry output by 2027, with long-term potential exceeding one trillion [1] Group 2: Infrastructure Reconstruction - The traditional computing infrastructure paradigm is being redefined due to the unique characteristics of the space environment, necessitating new systems for radiation cooling, solar energy, and inter-satellite communication [2] Group 3: Global Competition Landscape - The low Earth orbit satellite network sector is characterized by intense competition, led by the U.S. with companies like SpaceX and Amazon, while China is rapidly advancing its own satellite internet systems under national strategic guidance [3] Group 4: Satellite Launch Plans - Major satellite constellations, including SpaceX, G60, and GW, are expected to conduct satellite launches over the next five years, with an estimated average of 940 rocket launches annually [4] Group 5: Growth in Launch Activities - The number of Falcon rocket launches has increased from 6 in 2014 to a projected 134 in 2024, while the Long March series has risen from 15 to 49 launches in the same period, indicating a robust growth in global space launch activities [5]