制造成长周报（第 42 期）：中国新增 20 万颗卫星申请，Meta 达成数 GW 数据中心核能供电协议-20260114

Investment Rating - The report maintains an "Outperform" rating for the industry [5][12]. Core Insights - The report highlights significant developments in the commercial aerospace and AI infrastructure sectors, indicating strong long-term investment opportunities [2][3]. - The Chinese government has prioritized satellite frequency resource applications, with over 200,000 satellite applications submitted to the International Telecommunication Union (ITU) [2][19]. - Meta has signed multiple nuclear power supply agreements to meet the energy demands of AI data centers, totaling 6 GW [3][20]. Summary by Relevant Sections Commercial Aerospace - China applied for over 200,000 satellite frequency resources, with more than 190,000 from the newly established Radio Innovation Institute, emphasizing the strategic importance of satellite frequency resources [2][19]. - The report suggests focusing on core suppliers in the commercial aerospace sector, including companies like Guangdian Measurement, Yingliu Co., Shanghai Huguang, and others [2]. AI Infrastructure - Meta's collaboration with companies like Vistra, Oklo, and TerraPower for nuclear power supply indicates a robust demand for AI infrastructure, which will continue to drive energy needs [3][20]. - The report recommends focusing on the gas turbine and liquid cooling sectors, highlighting the importance of gas turbines as primary and backup power sources for data centers [3]. - Key companies in the gas turbine supply chain include Yingliu Co., Wanzhe Co., and others, while liquid cooling solutions are gaining traction as a trend in data centers [3]. Key Company Earnings Forecast and Investment Ratings - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including: - Yingliu Co. (44.76 CNY, market cap 30.4 billion CNY, EPS 0.42 for 2024A) [12][28]. - Hengli Hydraulic (115.20 CNY, market cap 154.5 billion CNY, EPS 1.87 for 2024A) [12][28]. - Longxi Co. (26.98 CNY, market cap 10.8 billion CNY, EPS 0.31 for 2024A) [12][28].