我国成功发射全球首个天基计算星座，天数地算跃升天基智算时代

Investment Rating - The report provides a "Buy" rating for the industry, indicating a potential relative increase of over 15% in stock prices within six months following the report's release [18]. Core Insights - China successfully launched the world's first space computing satellite constellation, marking a significant advancement in the transition from "ground-based computing" to "space-based computing" [1][9]. - The future development focus of China's low Earth orbit satellite system is shifting from "information acquisition" to "intelligent computing," which will enhance the capabilities of satellite constellations [2][8]. - The first launch of the space computing constellation, consisting of 12 AI computing satellites, achieved a total computing power of 5 Peta Operations Per Second (POPS) [9][10]. Industry Dynamics - The construction and operation of large low Earth orbit satellite constellations are characterized by long cycles, high technical integration, and significant risks [2][8]. - State-owned and private enterprises in China are increasingly investing in satellite manufacturing and rocket launch models, which is expected to accelerate the deployment of low Earth orbit internet services [2][8]. - The successful launch of the space computing constellation is a key milestone in the "Star Computing" plan initiated by Guoxing Aerospace, aiming to create a global integrated computing network [10][11]. Supply Chain Focus - Attention is recommended on the upstream supply chain, including satellite assembly (China Satellite), satellite payloads (Shanghai Huanxun, Jiayuan Technology, Aerospace Huan Yu), and components (Zhenlei Technology, Chengchang Technology, Zhenxin Technology) [3]. - Midstream players include satellite operation and services (China Satcom) and ground equipment and terminals (Haige Communication, 712 Institute) [3].