Bank of China Securities·2025-12-05 13:27Investment Rating - The industry investment rating is "Outperform the Market" [1][29] Core Viewpoints - The establishment of the Commercial Space Administration by the National Space Administration marks a new phase of high-quality development in China's commercial space industry, with a focus on space computing as a core area where AI and commercial space intersect [2][8] - The rapid evolution of artificial intelligence has significantly increased global demand for computing power, while traditional ground data centers face limitations such as energy consumption and land use, making space-based data centers a viable solution [15][16] - The successful launch of the first space computing satellite constellation by Guoxing Aerospace represents a significant milestone in the development of space computing capabilities [18][19] Summary by Sections Industry Investment Rating - The report rates the industry as "Outperform the Market," indicating expectations for the industry index to perform better than the benchmark index over the next 6-12 months [1][29] Key Developments - The National Space Administration has initiated the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," aiming for significant advancements in the commercial space sector by 2027 [8][9] - Major tech companies like Google and OpenAI are entering the space computing arena, with projects aimed at enhancing satellite communication and processing capabilities [12][13] Demand Side - The demand for computing power is driven by the rapid advancement of AI, with space offering advantages such as abundant solar energy and superior cooling conditions compared to ground data centers [15][16] Technology Side - The successful launch of the Zhuque-3 rocket signifies the beginning of China's reusable rocket era, which is expected to lower launch costs and increase the frequency of satellite deployments [16][17] Industry Progress - The first space computing satellite constellation has been successfully launched, marking a significant step in establishing a space-based computing network capable of real-time data processing and analysis [18][19] - The construction of space data centers is anticipated to accelerate, creating new application scenarios and business models [22]