通信行业：太空算力的战略跃迁，卫星互联网迎来新空间

Investment Rating - The report maintains a "Recommended" rating for the communication industry [1]. Core Insights - The evolution of AI is shifting from code and models to a global collaborative system centered on data, computing power, and open-source resources, with space computing becoming a key focus [1]. - The launch of the "Trinity Computing Constellation" marks a significant advancement in space-based AI applications, establishing a new category of "computing satellites" that enhance data processing capabilities in space [1]. - The business model of the Trinity Computing Constellation includes three main directions: space computing leasing, space communication and star cable plans, and monetization of intelligent data assets [1]. - The strategic vision includes deploying "solar satellites" at the L5 point for deep space exploration, addressing the need for independent computing power in long-term space missions [1]. - The report emphasizes the potential for the satellite communication industry to transition from "connectivity" to "intelligence," reshaping the commercial logic of the satellite industry chain [1]. Summary by Sections Industry Overview - The report discusses the acceleration of satellite communication processes, particularly with the recent licensing of satellite mobile communication by China Unicom [3]. - It highlights the significant market potential for satellite communication, driven by the demand for computing power scheduling and data transmission in the B2B market [1]. Strategic Implications - The Trinity Computing Constellation represents a new type of space infrastructure that integrates communication, computing, and data services, aligning with national strategies such as "integration of air, space, and ground" [1]. - The report identifies potential investment opportunities in companies such as Putian Technology, Tongyu Communication, and others involved in satellite communication and computing [1].