在地面上大量建设AI数据中心会导致电力不足，进行冷却也需要大量水。而在太空，光伏电池 的发电效率最高可达地面的8倍，向太空释放废热也无需冷却水。美国科技巨头开始推进太空 数据中心构想…… 美国科技企业正在推进在太空建立用于AI的数据中心的构想。谷歌计划2027年发射人造卫 星，SpaceX和OpenAI也显示出兴趣。英伟达正在为发射搭载AI半导体的人造卫星的企业提 供支援。太空数据中心有可能替代正在激增的用于AI的地面基础设施。 在人造卫星设置服务器，24小时以太阳能供电 太空数据中心是在地球轨道上的人造卫星上设置服务器，在宇宙空间进行数据处理和存储的 机制。各企业正在描绘通过群控拥有计算和通信能力的人造卫星来替代地面数据中心的构 想。 电力可以在宇宙空间利用光伏电池昼夜发电。由于地面数据中心在未来难以确保所需的大量 电力和水，太空数据中心作为未来基础设施的形态而迅速受到关注。 从火箭分离的搭载英伟达半导体的Starcloud的首颗卫星（11月、引自SpaceX官方网站） "这是在宇宙空间中扩大机器学习计算能力的大胆挑战"。谷歌在11月公布了太空数据中心项 目"太阳捕手"计划（Project Suncatch ...

每经AI快讯，12月30日，乾照光电在互动平台表示，公司的砷化镓太阳能电池产品，因其转换效率 高、稳定性强，更适合长期太空任务，尤其是在极端太空环境下表现可靠。公司是国内领先的砷化镓太 阳能电池产品供应商，相关产品已批量应用于国内在轨运行的大型商业航天星座组网卫星。公司在砷化 镓电池领域持续深化布局，在稳固国内市场的同时积极布局国际市场。太空数据中心的建设将带来对高 效、稳定能源供应的需求，公司砷化镓太阳能电池产品在这一领域具有优势。 （文章来源：每日经济新闻） ...

证券日报网讯12月30日，乾照光电（300102）在互动平台回答投资者提问时表示，公司的砷化镓太阳能 电池产品，因其转换效率高、稳定性强，更适合长期太空任务，尤其是在极端太空环境下表现可靠。公 司是国内领先的砷化镓太阳能电池产品供应商，相关产品已批量应用于国内在轨运行的大型商业航天星 座组网卫星。公司在砷化镓电池领域持续深化布局，在稳固国内市场的同时积极布局国际市场。太空数 据中心的建设将带来对高效、稳定能源供应的需求，公司砷化镓太阳能电池产品在这一领域具有优势。 ...

Investment Rating - The report assigns a strong investment rating to the aerospace industry, particularly highlighting SpaceX's potential for significant valuation growth due to its innovative technologies and market positioning [2][5]. Core Insights - SpaceX is projected to achieve 170 launches in 2025 at a cost of $27 million per launch, establishing a robust commercial moat through reusable technology and significant contracts with NASA and other clients [2]. - The Starlink project has evolved into a three-pronged business model of manufacturing, operation, and technology premium, with expected revenues of $15.6 billion by 2026, contributing significantly to SpaceX's valuation [3]. - The development of space data centers is seen as a second growth curve for SpaceX, potentially generating $9.5 billion in profits and adding $332.5 billion to its valuation [4]. Summary by Sections 01 Launch Services: Reusable Technology Constructs Absolute Moat - SpaceX's valuation has increased nearly 30,000 times since its inception, driven by its leading launch capabilities and cost advantages [9]. - In 2025, SpaceX is expected to conduct 170 launches, dominating the global market and significantly outperforming competitors [15]. - The Falcon 9 rocket's launch cost has decreased by 70% compared to traditional rockets, enhancing SpaceX's competitive edge [15][20]. 02 Starlink: From Global Connectivity to Direct Mobile Access - Starlink has become the largest low Earth orbit satellite constellation, with over 10,000 satellites launched, and is expected to generate substantial revenue growth [50]. - The V2.0 Mini satellites have optimized the economic model, increasing bandwidth capacity while reducing costs significantly [50]. - Starlink's business model has transitioned from supplementary coverage to a core operational base, with a focus on high-margin government contracts [56]. 03 Space Data Centers: The Ultimate Solution in the AI Era - SpaceX's space data centers are positioned to overcome physical limitations in AI computing, leveraging the unique advantages of the space environment [81]. - The potential for high energy output and efficient cooling in space could lead to significant operational cost reductions [81]. - The report highlights the challenges of traditional aerospace costs, emphasizing the need for reduced launch costs to make space data centers viable [85].

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：太空数据中心是近期兴起的革命性概念，马斯克宣布 4-5年内建成100GW太空数据中心，北京市科委也在加速布局太空数据中心赛道。公司如何看待太空数 据中心这一新兴市场？公司未来是否有结合点？ 乾照光电（300102.SZ）12月30日在投资者互动平台表示，尊敬的投资者，公司的砷化镓太阳能电池产 品，因其转换效率高、稳定性强，更适合长期太空任务，尤其是在极端太空环境下表现可靠。公司是国 内领先的砷化镓太阳能电池产品供应商，相关产品已批量应用于国内在轨运行的大型商业航天星座组网 卫星。公司在砷化镓电池领域持续深化布局，在稳固国内市场的同时积极布局国际市场。太空数据中心 的建设将带来对高效、稳定能源供应的需求，公司砷化镓太阳能电池产品在这一领域具有优势。感谢关 注！ ...

传统卫星主要定位于数据采集以及转发终端，其价值在于获取和传输数据;算力卫星作为"太空AI大 脑"，可在轨完成数据智能处理，解决传统模式传输量大、时效性差的痛点，实现从"天感地算"向"天数 天算"的范式跃迁，利用太空优势破解地面AI数据中心面临的瓶颈。 算力卫星组网，规模部署在即 相较于地面数据中心，太空数据中心可利用低成本的太阳能供电，依托模块化部署模式快速组网，拓展 规模几乎不受物理条件限制，商业逻辑坚实，中美已启动布局。 智通财经APP获悉，东北证券发布研报称，太空算力本质是近地轨道分布式太空数据中心。该行认为四 大因素将助推太空算力高景气：1)政策驱动；2)经济效益驱动；3)应用场景驱动；4)可复用火箭+新材料 驱动。太空算力赛道正从技术验证走向规模化部署兑现，产能释放是驱动价值跃升的关键变量，建议关 注三个方向：1)能源材料;2)抗辐射材料/芯片;3)热管理材料。 该行认为四大因素将助推太空算力高景气 东北证券主要观点如下： 1)政策驱动：11月国家航天局发布的《推进商业航天高质量安全发展行动计划(2025—2027年)》。国家 通过准入松绑、千亿级基金支持等政策托举算力卫星技术攻关与场景开拓。2)经 ...

Group 1: Policy and Capital - The policy environment is clearing obstacles for commercial aerospace, with Shanghai emphasizing the construction of a world-class industrial cluster and supporting commercial aerospace companies in satellite internet constellation construction [2] - The new regulations from the Shanghai Stock Exchange specifically target commercial rocket companies, signaling a key move to accelerate innovation in commercial aerospace [2] - The National Space Administration has issued a plan for high-quality and safe development of commercial aerospace, outlining 22 key measures, including the establishment of a national commercial aerospace development fund [2][24] Group 2: Rocket Technology Costs - The core bottleneck in commercial aerospace is insufficient capacity and high costs, with domestic commercial rocket launch prices ranging from 60,000 to 150,000 RMB per kilogram, compared to SpaceX's Falcon 9 at approximately 21,000 RMB per kilogram [3] - Domestic reusable technology is still under development, with recent test flights indicating progress but not yet achieving successful landings [3] - The use of 3D printing technology is revolutionizing rocket engine production, significantly reducing costs and manufacturing time [4] Group 3: Satellite Constellation Networking - The competition in satellite internet is fundamentally about the allocation of orbital and frequency resources, with strict deadlines imposed by the International Telecommunication Union (ITU) [5] - China has multiple large-scale satellite constellation plans, including the G60 constellation aiming to deploy 1,296 satellites by 2027 and over 10,000 by 2030 [5][6] - The pace of satellite launches has accelerated significantly since the second half of 2025, indicating a shift from planning to actual deployment [6] Group 4: Space Computing - The demand for computing power is growing exponentially, with space offering unique advantages for data processing, such as low cooling requirements and abundant solar energy [7] - Companies like Google and NVIDIA are leading initiatives to establish space-based data centers, with plans to deploy satellites equipped with AI chips for data processing [7][30][31] - China is also advancing in this area, with plans for a space computing constellation and the first space computing center expected to be operational within five years [8] Group 5: Industry Chain Extension and Ecosystem - The technological spillover from commercial aerospace is empowering other industries, particularly in automotive intelligence and low-altitude economy [9] - Various initiatives are being launched to enhance data assetization and promote the integration of data elements into rural revitalization efforts [9] - The convergence of commercial aerospace with the digital economy is forming a closed-loop ecosystem, linking satellites, vehicles, and data centers [9] Group 6: Key Companies to Watch - Companies to focus on include those involved in space computing and data, such as Shunhao Co., Putian Technology, and Yuke Technology [10] - In rocket manufacturing and 3D printing, key players include Aerospace Power, Western Materials, and Aerospace Electromechanical [10] - For satellite communication and payload, notable companies include China Satellite, Shanghai Hanhua, and Aerospace Hongtu [10]

Group 1 - The core viewpoint emphasizes the importance of the "space photovoltaic" theme in the photovoltaic equipment industry, highlighting its connection to US-China strategic competition and low-orbit resource contention, with fundamental catalysts expected to accelerate faster than emerging industries like nuclear fusion [1] - The European offshore wind demand is showing continuous improvement, with Poland's 3.4GW offshore wind tender being realized, and it is anticipated that the annual grid-connected scale of offshore wind in Europe will exceed 14GW by 2031-2032, leading to an acceleration in the release of future orders for piles, submarine cables, and wind turbines [1] - The price of lithium carbonate is surging, with spot prices breaking through 100,000 yuan/ton, and market inventory falling below 110,000 tons, indicating that prices are expected to remain strong in the short term [1] Group 2 - The photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which selects listed companies involved in the entire solar photovoltaic power generation industry chain from the Shanghai and Shenzhen markets, including upstream raw material supply, midstream battery component manufacturing, and downstream power station construction and operation [1] - The index focuses on companies that are technologically advanced and competitive in the market, aiming to comprehensively reflect the overall development status and future trends of China's photovoltaic industry [1]

12月初，全球资本市场的目光聚焦于谷歌母公司Alphabet。就在刚刚过去的11月，其市值单月增长约5300亿美 元，与AI芯片霸主英伟达形成了戏剧性的"市值大挪移"，而其发布的TPU芯片更被认为将直接挑战英伟达的霸主 地位，让黄仁勋开始睡不着。 这背后，是市场对谷歌在人工智能领域重掌霸权的强烈预期。 ChatGPT横空出世后，谷歌曾一度被质疑陷入"创新者窘境"，甚至被贴上"下一个雅虎"的标签。但如今，它集齐 了"最强模型（Gemini 3）+最强算力（TPU）+最大入口（Android/Chrome）"，连一向审慎的"股神"巴菲特，也在 退休前斥资数十亿美元买了它的股票。逆转这一切的大英雄，是这艘科技巨轮背后的掌舵人——桑达尔·皮查伊。 桑达尔·皮查伊不是一个典型的、充满个人魅力的"明星式"CEO。 他既没有马斯克的张扬，也没有乔布斯的"现实扭曲力场"。从打磨工具栏到押注AI全栈，理工科出身的他始终像 工程师一样发现问题、拆解问题，然后沉默而坚定地构建解决方案。 在谷歌最需要稳定与连贯性的时代，他接过权杖；在行业遭遇颠覆性冲击的危急时刻，他押注长远、亮出底牌， 以惊人的定力和清晰的战略，带领谷歌完成了惊世一 ...

Core Insights - Elon Musk's wealth surged to $749 billion following a Delaware court ruling that validated a batch of Tesla stock options worth over $100 billion, placing him significantly ahead of Google's co-founder Larry Page by nearly $500 billion [1] - The potential for Musk to become the world's first trillionaire is increasingly linked to SpaceX, which is rumored to be planning an IPO next year, aiming to raise over $30 billion and achieve a valuation of $1.5 trillion, surpassing Saudi Aramco's record IPO [3][5] Group 1: SpaceX's Business Model and Revenue Streams - SpaceX is not merely a rocket company; it has diversified its revenue streams, with projections indicating total revenue of approximately $18.2 billion by 2025, of which $12.8 billion (70.3%) will come from the Starlink business [6][7] - Starlink has become the backbone of SpaceX's valuation, with Morgan Stanley estimating that 70% of SpaceX's current valuation is derived from anticipated future revenues from Starlink [7] - As of 2025, Starlink is expected to have around 9,300 satellites in orbit, making it the largest near-Earth satellite network in history [8] Group 2: Starlink's Growth and Market Potential - Starlink's user base has grown from 900,000 at the end of 2021 to over 8 million currently, covering more than 150 countries and regions [11][12] - The operational model of Starlink involves a network of satellites relaying data, which enhances user experience and revenue potential, creating a self-reinforcing cycle of growth [13] - Starlink's acquisition of over $17 billion in wireless spectrum licenses and its partnership with T-Mobile for direct satellite-to-phone connectivity could transform it into a global telecommunications operator [16][18] Group 3: Rocket Launch Business as a Cost Lever - SpaceX's rocket launch business, projected to generate $5.1 billion (28% of total revenue) by 2025, plays a crucial role in supporting Starlink's expansion by reducing launch costs through reusable technology [19][22] - In 2024, SpaceX completed 138 launch missions, with 90 of those dedicated to Starlink, demonstrating a closed-loop system that allows for cost control and operational efficiency [22] Group 4: Future Aspirations and Challenges - Musk's vision includes the ambitious concept of "space AI computing," which aims to leverage the unique conditions of space for cost-effective AI training and processing [25][27] - The potential for space-based data centers could generate significant revenue, with estimates suggesting annual revenues of $80-120 billion by 2030 from this segment alone [25][27] Group 5: Competitive Landscape and Market Dynamics - The commercial space sector is becoming increasingly competitive, with established players and new entrants vying for market share, including Blue Origin, which emphasizes reliability over speed [50][53] - China's rapid advancements in commercial space capabilities, including the successful launch of reusable rockets, pose a significant challenge to SpaceX's market dominance [60][62] - The evolving landscape of space infrastructure is attracting interest from tech giants, indicating that the competition will not be limited to traditional aerospace companies [62][64]