Core Viewpoint - Shunhao Co., Ltd. has experienced a significant stock price increase, with a cumulative rise of over 110% in 11 trading days, leading to a market capitalization of 16.9 billion yuan. However, the company has issued a warning regarding the lack of synergy between its existing business and its investment in Beijing Trajectory Chuang Technology Co., Ltd. [1] Group 1: Company Overview - Shunhao Co., Ltd. operates in four main industries: special anti-counterfeiting environmentally friendly paper, printing products, new tobacco, and industrial hemp. Its subsidiaries are located in key regions across China and have extended operations to the United States, Japan, and Cambodia [2]. - For the first three quarters of 2025, Shunhao Co., Ltd. reported a net profit attributable to shareholders of 67.319 million yuan, representing a year-on-year growth of 20.29% [2]. Group 2: Investment in Trajectory Chuang - In June 2025, Shunhao Co., Ltd. invested 110 million yuan in Trajectory Chuang, acquiring a 19.3% stake. Trajectory Chuang's primary business involves launching computing satellites into the twilight orbit to establish a space data center, providing computing services to clients [2]. - The space computing sector is gaining attention as commercial aerospace is integrated into national space development plans. However, it is noted that space computing is still in the early stages of technological validation and industrial cultivation, requiring time for maturity and large-scale commercialization [2]. Group 3: Risks and Challenges - The announcement from Shunhao Co., Ltd. highlighted that the business of Trajectory Chuang does not create synergies with its existing operations and is subject to various risks, including macroeconomic factors, industry policies, and market environment changes. The commercial value of Trajectory Chuang's "Tianshu Tiansuan" business may only become clear in the next five years, while its "Dishu Tiansuan" business may take 5 to 10 years to compete effectively with ground data centers [1]. - The company emphasized that the investment in Trajectory Chuang would have a minimal impact on its operating performance by 2025, and the development of related industries remains in the early stages, with significant uncertainty regarding future returns [1].

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The demand for satellite applications is expected to release, leading to a breakthrough in rocket supply [1] - The construction of low Earth orbit (LEO) satellite constellations is progressing slower than anticipated, resulting in a rapid increase in rocket launch demand [5][19] - The cost of rocket launch capacity is continuously decreasing, and the industry capacity is expanding [4][32] Summary by Sections 1. Low Earth Satellite Communication: Multi-Scenario Applications Leading Industry Growth - Satellite internet is a new type of network that provides broadband internet access globally through a certain number of satellites, enhancing military communication networks and expanding service coverage for ground users [5][10] - The construction of low Earth satellite constellations is facing "frequency occupation and orbit preservation" pressures, with significant demand in China [5][21] 2. Rocket Sector: Demand Explosion, Supply Breakthrough, Moving Towards High Frequency and Low-Cost Commercial Closure - The number of planned satellite launches in China is expected to reach approximately 16,000 over the next five years, leading to a rapid increase in rocket launch frequency from 54 times in 2025 to 860 times in 2030, with a CAGR of 74% [24][25] - By 2029, the demand for space computing in China is projected to correspond to 6,800 rocket launches, with a global total of 15,000 launches [27] - The national team is continuously expanding capacity, and private rocket companies are expected to see concentrated test launches by the end of this year [29][32] 3. Key Industry Chain Targets - The report highlights several key suppliers and potential main manufacturers in the rocket industry, including: - Hangyang Co., Ltd. as a liquid oxygen fuel supplier [38] - Plater Technology as a 3D printing parts supplier for rockets [38] - Aerospace Power as the only listed platform of the Sixth Academy of Aerospace Science and Technology [38]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 商业航天概念持续获追捧，11天7板的顺灏股份（002565）再度发布股票交易异常波动公告。 顺灏股份表示，太空数据中心面临强烈辐射、轨道维护困难、碎片危害以及与数据治理和太空交通相关 的监管问题等障碍，包括但不限于上述各类因素均可能导致项目商业化进度和效益晚于和低于预期。 回溯原委，近期"商业航天概念股"因商业航天相关政策及有关事件的影响下，顺灏股份涨幅明显；部分 媒体报道了太空算力领域同业企业的项目进展最新情况。2025年6月，顺灏股份以1.1亿元投资轨道辰 光，持股比例为19.30%。 轨道辰光的主要业务是通过将算力卫星发射至晨昏轨道，组建太空数据中心，为客户提供算力服务，其 经营范围包括卫星技术综合应用系统集成、卫星导航服务、卫星移动通信终端制造、卫星移动通信终端 销售等。 顺灏股份表示，上述投资事项对公司现有业务无协同性，对公司2025年经营业绩影响较小，相关产业发 展仍处早期，未来收益存在较大不确定性。 顺灏股份12月8日在互动平台表示，公司参股公司轨道辰光已完成第一代试验星"辰光一号"产品研制， 目前尚未发射。太空项目的发射 ...

Investment Rating - The report maintains an "Overweight" investment rating for the commercial aerospace industry, indicating a positive outlook for the sector's growth potential [1]. Core Insights - The upcoming launch of China's reusable rockets marks a pivotal moment for the commercial aerospace industry, with expectations of significant growth in satellite launches and related services starting from 2026 [4][10]. - The transition to reusable rockets is expected to drastically reduce launch costs, thereby accelerating the commercialization of space and enabling new business models such as satellite internet and space tourism [9][21]. - The report highlights the importance of technological advancements in achieving low-cost, high-reusability in rocket launches, which is crucial for maintaining competitive advantage in the global aerospace market [21]. Summary by Sections Rocket Launches - The imminent launch of reusable commercial rockets is anticipated to lead to rapid industry growth, with several new models expected to debut by the end of 2025 [10]. - The report estimates that from 2026 to 2029, an average of 499 satellites will be launched annually, increasing to 1,932 satellites per year starting in 2030, and further to 5,248 satellites per year from 2033 [27]. Cost Reduction and Strategic Importance - The report discusses the significant cost breakdown of rockets, noting that the first stage of the Falcon 9 rocket accounts for 60% of total costs, emphasizing the financial benefits of reusability [13]. - Achieving reusable rocket technology is seen as a strategic leap for China, enhancing national security and positioning the country as a leader in high-end manufacturing and global competition [21]. Macro Drivers and New Demand - The report identifies the growing demand for space computing power as a new driver for rocket launches, highlighting the limitations of terrestrial data centers and the advantages of orbital data centers [28][30]. - The International Telecommunication Union (ITU) regulations create urgency for satellite deployment, with strict timelines for satellite launches that could impact market dynamics [22][24]. Investment Strategies and Related Companies - The report outlines investment strategies focusing on companies involved in the development of reusable rockets and satellite technologies, including specific firms like Superjet, Srey New Materials, and others [31][37]. - It emphasizes the potential for significant returns in the commercial aerospace sector, particularly for companies that can capitalize on the transition to reusable launch systems [31].

证券研究报告 | 行业定期报告 2025 年 12 月 14 日 持续重视 AI 应用，关注商业航天 计算机周观察 20251214 TMT 及中小盘/计算机 工信部提出"十五五"期间将重点深化拓展制造业数字化转型行动和"人工智 能+制造"，加快卫星互联网建设发展。OpenAI 发布 GPT-5.2，海外 AI 大模 型迭代持续加速。国内外科技巨头纷纷在太空算力领域开展项目部署，SpaceX 计划 26 年中上市，估值或达到 1.5 万亿美元；我国高度重视商业航天发展，朱 雀三号重复使用火箭成功首飞，多家可复用箭型计划在 2025-2026 年密集首飞。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 286 | 5.5 | | 总市值（十亿元） | 4161.9 | 4.0 | | 流通市值（十亿元） | 3687.1 | 3.9 | 行业指数 % 1m 6m 12m 绝对表现 -2.7 13.5 8.3 相对表现 -1.3 -4.2 -5.4 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Dec/24 Apr/25 Ju ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The commercial aerospace sector is experiencing a significant upturn, driven by advancements in rocket launch capabilities and supportive policy environments, which are expected to enhance the industry's fundamentals [8][20]. - The global gas turbine market is projected to see substantial growth, with domestic suppliers likely to increase their market share due to rising demand and capacity expansions [10][20]. Summary by Sections Industry Overview - The defense and military industry comprises 142 listed companies with a total market capitalization of approximately 29,758.55 billion CNY and a circulating market value of about 25,948.25 billion CNY [2]. Commercial Aerospace - New rocket launches, such as the "Zhuque-3" and upcoming tests of the "Vesta-2" and "Long March 12" rockets, are expected to significantly boost China's satellite internet constellation and overall demand for rockets and satellites [8][20]. - The establishment of a dedicated Commercial Aerospace Department by the National Space Administration and the release of a development action plan for 2025-2027 are set to provide a regulatory framework that supports high-quality growth in the sector [8][20]. - The integration of "space computing" into the commercial aerospace landscape is anticipated to create new demand, with major tech companies entering the field [8][20]. Gas Turbine Market - The GEV 2025 Investor Conference highlighted a record number of new gas turbine orders, with expectations for capacity to increase from 20GW to 24GW by 2028, driven by strong market demand and energy transition trends [10][20]. - The global gas turbine market is expected to exceed 100GW in installed capacity over the next decade, with significant growth in the aftermarket services sector [10][20]. Key Sector Dynamics - The aerospace equipment sector is projected to maintain high growth, with GEV's updated production capacity and revenue targets reflecting strong demand driven by AI and energy needs [25]. - Recent advancements in manned space missions and satellite launches underscore China's growing capabilities in aerospace technology [26][29]. Investment Recommendations - Suggested companies for investment include those in missile and military electronics, such as Gaode Infrared, Zhenhua Technology, and Hongyuan Electronics, as well as key players in the aerospace sector like AVIC Chengfei and AVIC Shenyang [16][21][22].

数据中心，可以理解为数字化时代的"发电厂"，它通过集中放置的大量计算机（服务器），专门负责处 理、存储和传输我们在手机上、电脑上产生的各种数据，为各类在线服务提供稳定可靠的算力支撑。 在我们的生活中，不论是网络购物、在线支付、娱乐社交，还是社交媒体、在线办公、交通出行，都离 不开数据中心的支撑。可以说，咱们生活的方方面面，几乎都有数据中心的影子，而且未来的联系也会 越来越紧密。 对普通人来说，数据中心可以提供生活的便利。对于一个国家来说，数据中心更是直接影响经济发展。 有研究报告指出，当一个国家的计算力指数达到40分时，那么其指数每增加1点，其对GDP的拉动就能 比原来提高一半；如果计算力指数达到60分，那么每提高1分，其对GDP的拉动效果将提升到2.9倍！ 作为世界上最强大的两个国家，中国和美国注定在未来的多个领域都将以竞争对手的身份相见。最近， 又有一个领域，有可能见证中美的巅峰对决——太空算力。 所谓的太空算力，就是在部署在太空中的算力系统，或者说是太空中的数据中心。目前，数据中心确实 是世界各国竞争的制高点，但这玩意要送上太空，到底是图个啥呢？ 而且，目前世界各国大力发展的人工智能等技术，也都离不开海 ...

Core Viewpoint - The commercial aerospace industry is at a pivotal moment, with SpaceX leading as a global benchmark and China's aerospace sector poised for significant growth driven by strategic government initiatives and technological advancements [1][8]. Group 1: Overseas Mapping - SpaceX is not a traditional aerospace manufacturer but a monopolist in space logistics and infrastructure, creating a self-reinforcing commercial loop through its low-cost Falcon 9 launch system and the Starlink satellite network [1][2]. - SpaceX's competitive advantage stems from three dimensions: cost barriers through reusable rockets, manufacturing barriers with over 80% self-research and production, and customer barriers due to deep strategic ties with the U.S. government [2][3]. Group 2: Starlink as a Growth Engine - Starlink serves as SpaceX's cash cow and core growth engine, benefiting from a strong flywheel effect that enhances user acquisition and revenue generation [4]. - The business model of Starlink is evolving through three phases: B2C for rural broadband, B2B for high-value mobile scenarios, and B2B2C for direct mobile connectivity, significantly expanding its market potential [5][6]. Group 3: Investment Logic for A-shares - The investment logic for A-shares in commercial aerospace is to embrace the infrastructure boom of the Qianfan constellation and focus on high-barrier component suppliers, as China is entering a phase similar to SpaceX's network-building period from 2018 to 2020 [7]. Group 4: Domestic Catalysts - The domestic aerospace sector is experiencing a surge in demand, with a projected annual launch requirement exceeding 1,000 satellites, while current capabilities can only meet a fraction of this need [8]. - The development of reusable rockets is critical for reducing costs, with several new models set to launch soon, marking a significant step towards achieving this technology [8][9]. - Government policies are increasingly supportive of the aerospace sector, with clear strategic directions outlined in the 14th Five-Year Plan and various action plans aimed at promoting high-quality development in commercial aerospace [9]. Group 5: Investment Strategy - The current investment strategy focuses on the core components of rockets and satellites, particularly in areas like 3D printing and specialized materials, which are expected to yield the highest performance elasticity [10]. - The mid-term strategy will shift towards ground infrastructure, user terminals, and operational aspects as the industry matures [10].

上海交通大学携手国星宇航冲进太空AI前线。 作者 | 江宇 编辑 | 漠影 国内首个太空计算联合实验室正式落地上海！ 最近AI圈的太空算力竞赛彻底火了——马斯克的SpaceX正推进史上最大的一次IPO，目标估值高达1.5万亿美元，募资用途之一正是打造太空 AI数据中心。资本动作的加速，让太空算力迅速变成了全球火热押注的新基础设施。 就在全球竞逐正酣时，上海也亮出关键动作——一场顶尖校企的深度联手，为中国太空计算的自主可控之路按下加速键。 01. 地面算力逼近天花板 太空成算力突围新阵地 AI大模型越练越"吃"算力，地面数据中心的能源和规模瓶颈已经藏不住了。 国际能源署2025年发布的报告显示，2024年全球数据中心耗电已达415太瓦时，约占全球用电总量的1.5%。 算力需求的扩张速度也在强化这种趋势。中国信通院《中国综合算力指数报告（2024）》预测，未来10年全球算力将达到当下的70倍以上。 越来越多国家和企业开始把目光投向太空，希望利用太空天然具备的冷源、充足的太阳能辐射等特性，探索新的算力供给方向。 地面算力的物理极限，正在倒逼算力阵地向太空转移，这已是实打实的产业新趋势。 02. 上交大"牵手"全球领 ...

受积极影响的板块 今日A股商业航天板块再度掀起狂热涨停潮，成为高端制造与前沿科技赛道的绝对焦点，呈现"龙头秒 板、梯队爆发"的极致活跃格局。板块核心标的东方通信表现尤为震撼，强势点燃板块情绪引擎；航天 长峰、顺灏股份、再升科技、四创电子等细分领域标的紧随其后纷纷涨停，形成多点开花的上涨态势， 进一步放大板块赚钱效应。从交易层面看，板块整体成交额较前一交易日翻倍增长，Wind数据显示， 截至收盘商业航天主题基金单日净值平均上涨4.2%，北向资金对板块核心标的净买入合计达9.8亿元， 资金进场迹象极为明确，反映出市场对商业航天产业政策红利与成长潜力的高度认可。 国家设立商业航天司，顶层制度迎来里程碑突破：据新华社2025年12月1日报道，国家航天局已正式设 立商业航天司并开展相关业务，这是我国商业航天领域首个国家级专职监管机构。浙商证券指出，该举 措标志着行业从"政策培育期"迈入"规范发展期"，将显著优化发射审批、牌照发放等流程，降低企业制 度性交易成本，为产业规模化发展提供确定性支撑。 全球产业规模破6000亿，中国增速领跑全球：雪球2025年12月7日发布的《2025全球航天产业价值白皮 书》显示，2025年 ...