国金计算机：空天时代三大预期差，布局五大主线

Group 1 - The core viewpoint of the article highlights the significant discrepancies in expectations regarding the space and aerospace industry, particularly in satellite launches and space computing capabilities [1][31]. - The first expectation gap is between launch planning and GW targets, with current satellite numbers falling short of projections due to limited rocket resources. As of December 2025, only 136 GW satellites and 108 Qianfan satellites are in orbit, leading to lower-than-expected market predictions for satellite launch progress [1][43]. - Elon Musk's announcement in November 2025 about expanding the Starlink V3 satellite scale and establishing a space data center aims for an annual deployment of 100 GW of data centers within 4-5 years, indicating a need for 500,000 to 800,000 satellites based on a power output of 100 kW per satellite [1][31][43]. Group 2 - The second expectation gap concerns the actual capacity for low Earth orbit (LEO) satellites, which is believed to be significantly higher than the market's common estimate of 60,000 to 100,000 satellites. Research suggests that LEO could accommodate up to 700,000 satellites under revised safety standards [2][15]. - The third expectation gap presents two major investment strategies: focusing on leading companies in the aerospace sector and selecting suppliers within the SpaceX supply chain. The commercial aerospace sector's market capitalization has increased from 1.3% to 6.0% since November 2025, indicating growing interest and investment potential [3][19]. - SpaceX is planning an IPO with a target valuation of $1.5 trillion and aims to produce 10,000 Starship spacecraft annually, which could significantly benefit its supply chain partners [3][21]. Group 3 - Related investment targets include companies in the SpaceX supply chain such as Xinwei Communication, Yujing Co., and Maiwei Co. [4][35]. - Companies involved in space computing include Shunhao Co. and Putian Technology [5][56]. - The rocket manufacturing sector includes Aerospace Power, Western Materials, and Aerospace Electromechanical [6][57]. - Satellite-related companies include China Satellite, Mingyang Smart Energy, and Shanghai Hantong [7][56].