计算机行业点评：低空+商业航天催化不断，关注中科系产业链

Industry Investment Rating - The report maintains an "Outperform" rating for the low-altitude and computer industry [3] Core Viewpoints - The low-altitude economy is experiencing continuous policy benefits, with Shanghai aiming to build a 500 billion yuan low-altitude industry by 2027 [4] - The commercial aerospace sector is entering a substantial growth phase, with accelerated launches of the StarNet and G60 constellations, and the formal commercial use of the Hainan launch site [5] - The Zhongke system plays a crucial supporting role in both the low-altitude economy and commercial aerospace, with significant advantages in key sectors [6] Company Analysis Zhongke Star Map - Zhongke Star Map, with a 46.36% stake held by Zhongke Star Map, has a core technical team capable of undertaking national strategic aerospace tasks [7] - The company has mastered core technologies in satellite monitoring and control, including orbital dynamics, attitude dynamics, telemetry data fusion, and target characteristic analysis [7] Zhongke Shuguang - Zhongke Shuguang is a leader in the AI computing power industry, with a fully independent and controllable industrial chain from chips to cloud services [8] - The company has a significant competitive advantage through its "chip-end-cloud-computing" industrial chain layout [8] Haiguang Information - Haiguang Information, backed by the Institute of Computing Technology of the Chinese Academy of Sciences, is a leading player in high-end processors [13] - The company's DCU has ecological compatibility advantages and is expected to achieve unexpected growth in the commercial market, including the internet [13] Shuguang Shuchuang - Shuguang Shuchuang leads the industry in liquid cooling technology, with a 61.3% market share in liquid cooling infrastructure in 2023 [14] - The company has been the industry leader for three consecutive years and has led the formulation of the first national standard for liquid cooling [14] Investment Recommendations - The report recommends focusing on companies such as Zhongke Star Map, Star Map Monitoring, Haiguang Information, Zhongke Shuguang, and Shuguang Shuchuang [9] Market Performance - The computer industry has shown a market performance ranging from -39% to 39% between December 2023 and August 2024 [3]