通信行业：太空算力兴起，长期空间巨大

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights the emergence of space computing as a significant opportunity, driven by the urgent need to overcome terrestrial computing limitations and the unique advantages of space data centers [5][6] - The report outlines a three-step strategy for the development of space data centers in Beijing, emphasizing the importance of technological breakthroughs and the establishment of a new industrial chain [5] - The global tech giants are increasingly investing in space computing, indicating a competitive landscape that presents potential investment opportunities [6] Performance Overview - Over the past 12 months, the industry has shown strong performance with a relative return of 67.07% compared to the CSI 300 index, and an absolute return of 83.4% [2] - The industry has also demonstrated positive returns over shorter time frames, with a 10.88% relative return over the past month and a 9.42% return over the past three months [2] Strategic Developments - The report discusses the strategic importance of space data centers, which are expected to leverage the natural cooling of space and abundant solar energy to address the growing demand for computing power driven by artificial intelligence [5] - The first phase of the three-step strategy involves the development of a test satellite, "Chenguang-1," which is set to be launched by the end of 2025 or early 2026 [5] - The report emphasizes that the successful implementation of this strategy could lead to a significant transformation in the computing industry, with space data centers becoming a key component of the commercial space and AI sectors [5][6]