Changjiang Securities·2025-11-11 11:12Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Insights - The report highlights that with the continuous development of AI, its enormous power consumption on the ground may lead to space data centers becoming a viable solution. Notable advancements include Nvidia's deployment of H100 GPUs in space and Elon Musk's plans to expand the Starlink V3 satellite scale, aiming for an annual deployment of 100GW of data centers within 4-5 years. Google has also initiated the "Sun Catcher Project," planning to launch prototype satellites equipped with Trillium TPU by early 2027, suggesting that space may become the optimal location for scaling AI computing [2][6] Summary by Sections Event Description - In November 2025, Nvidia sent its H100 GPU into space. Elon Musk announced plans to expand Starlink V3 and build space data centers, targeting 100GW of deployment annually within 4-5 years. Google plans to launch two prototype satellites in early 2027 to deploy AI computing directly in space [2][6] Event Commentary - The satellite industry faces high networking costs and challenges in commercial viability. Solutions include reducing manufacturing and launch costs and improving constellation efficiency. The report suggests focusing on companies generating revenue from 2023-2025, such as Canqin Technology, which may benefit from the explosive growth in capital expenditures from downstream operators. In the application explosion phase, attention should be on core operators and manufacturers with mass production capabilities in chip and basic components, recommending Haige Communication. Additionally, Fenghuo Communication is expanding into new industries, which may become a significant growth direction [8] Technological Advancements - Space data centers can leverage the unique environment of space, achieving zero energy consumption for cooling due to near -270°C temperatures and high solar power efficiency of 95%. Low Earth orbit satellite networks can provide high-speed access to 3 billion unconnected people. The report notes that advancements in reusable rocket technology are rapidly addressing cost challenges, with SpaceX reducing launch costs to around $1,000 per kilogram [8]