Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the potential of space-based computing, highlighting the launch of the "Three-Body Computing Constellation" which includes 12 satellites capable of in-orbit data processing, thus overcoming traditional data transmission limitations [4][5] - The satellites are equipped with advanced computing capabilities, achieving a maximum single-satellite computing power of 744 TOPS and a total constellation computing power of 5 POPS, with plans for over 50 satellites by 2025 [5] - The report suggests that the integration of AI in space will significantly enhance data processing efficiency and open new avenues for applications in astronomy and other fields [4][5] Summary by Sections Industry Overview - The report discusses the ongoing investment wave in AI computing, particularly in the context of space applications, driven by advancements in satellite technology [3] Technological Advancements - The "Three-Body Computing Constellation" aims to create a comprehensive space-based intelligent computing infrastructure, with a target total computing power of 1 EOPS, which is expected to surpass most ground-based data centers [5] Investment Opportunities - The report recommends investment opportunities in space computing, identifying key beneficiaries such as Putian Technology, China Science and Technology Star, and Aerospace Hongtu [6]