计算机行业点评：空天时代最大预期差在哪

Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% over the next 3-6 months [26] Core Insights - The current space market is rapidly developing, with a focus on large low-orbit satellite constellations and space computing constellations. However, due to limited rocket resources, the actual number of satellites in orbit by December 2025 is expected to be lower than anticipated, with only 136 GW satellites and 108 Qianfan satellites [2][11] - Elon Musk announced plans to expand the Starlink V3 satellite scale and establish a space data center, aiming for an annual deployment of 100 GW of data centers within 4-5 years. This could require an astonishing scale of 500,000 to 800,000 satellites [2][12] - The report suggests that the actual capacity for low-orbit satellites may exceed expectations, with potential for up to 175,000 satellites if safety distances are reduced [3][14] - Two main investment strategies are proposed: focusing on leading companies in the space sector and selecting suppliers within the SpaceX supply chain, which is expected to benefit from significant orders as SpaceX prepares for an IPO with a target valuation of $1.5 trillion [4][21] Summary by Sections Section 1: Expected Differences in Space Era - The market space is typically estimated based on launch plans, but actual satellite deployment may fall short due to resource constraints [11] - The anticipated number of satellites in orbit is significantly lower than planned, with only 136 GW satellites and 108 Qianfan satellites expected by December 2025 [11][12] Section 2: Low-Orbit Satellite Capacity - The market generally believes that low Earth orbit can accommodate 60,000 to 100,000 satellites, but actual capacity may be much higher, potentially reaching 175,000 satellites under certain conditions [3][14] Section 3: Investment Strategies in the Space Era - Investment Strategy 1: Focus on leading companies in the space sector, which have shown a significant increase in market capitalization from 1.3% to 6.0% since November 2025 [4][18] - Investment Strategy 2: Prioritize the SpaceX supply chain, which is expected to see substantial growth as SpaceX aims for a historic IPO and ambitious production goals [4][21] Section 4: Related Companies - Companies related to the SpaceX supply chain include Xinwei Communication, Yujing Co., Maiwei Co., and Lens Technology. Other sectors include space computing, rockets, satellites, and 3D printing [5][24]