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 around data, computing power, and open-source resources. The reliance on ground-based data centers is transitioning to "computing satellites" for space data processing and deep space exploration [1]. - The "Trinity Computing Constellation," consisting of 12 computing satellites, has been successfully launched, marking the establishment of a new category of satellites focused on in-orbit computing. This innovation significantly enhances response speed and decision-making efficiency [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 market growth in B2B computing scheduling and data transmission, aligning with national policies and presenting global opportunities [1]. Summary by Sections Industry Overview - The report discusses the strategic leap in space computing and the new opportunities in satellite internet, highlighting the shift from traditional communication to intelligent infrastructure [1]. Market Potential - The demand for computing power and data transmission in the B2B market is identified as a core growth area for satellite communication commercialization [1]. Policy Alignment - The developments align with China's "integrated space-ground" strategy and the "East Data West Computing" initiative, suggesting favorable policy conditions for industry growth [1]. Investment Recommendations - The report suggests focusing on companies such as Putian Technology, Tongyu Communication, Zhenyou Technology, and others that are positioned to benefit from these trends in the satellite communication sector [1].