通信行业周报：算力卫星与金穹系统，低轨卫星基础设施加速落地

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Insights - The launch of computing satellites is expected to enhance the capabilities of China's satellite system, with significant advancements in regenerative payloads anticipated [10][11] - The strategic value of low Earth orbit satellites has been underscored by recent geopolitical events, particularly with the introduction of the "Iron Dome" space-based missile defense system by the U.S. [11] - Improvements in launch infrastructure and ground facilities are expected to create significant growth opportunities for satellite internet [12][13] Summary by Sections Investment Strategy - Computing Satellites Launch: The launch of computing satellites will enhance regenerative payload capabilities, with a total computing power target of 1000POPS from the "Three-body Computing Constellation" [10] - "Iron Dome" Missile Defense System: The U.S. plans to integrate a satellite network for missile detection and interception, with an estimated cost of $175 billion [11] - Launch Infrastructure Development: Multiple reusable rockets are set for test flights, and the expansion of commercial launch sites is underway, which may lead to a significant increase in satellite internet deployment [12][13] Industry News - Ministry of Industry and Information Technology: By 2028, a standardized public computing power interconnection is expected to be achieved, enhancing the competitiveness of China's computing infrastructure [14] - Ministry of Commerce: A plan to develop a replicable smart supply chain model by 2030 has been initiated, which will integrate AI and IoT technologies [15] - Digital Transformation in Electronics: By 2027, the electronic information manufacturing industry is expected to undergo significant digital transformation, with a target of over 85% CNC rate in key processes [16] - National Data Bureau: Policies for cultivating a unified national data market are being developed, which may standardize data asset valuation and trading [18] Weekly Review and Focus - Market Performance: The telecommunications sector saw a 1.84% increase, outperforming major indices during the week of May 26 to June 1 [19] - Investment Focus: Companies related to domestic computing power and satellite internet, such as Cambricon, Haiguang Information, and ZTE, are recommended for attention [23]