1月27日，A股三大股指小幅低开，其中上证综指下跌7.39点，跌幅0.18%报4125.22点；深证成指下跌 32.86点，跌幅0.23%报14283.78点；沪深300指数下跌1.79点，跌幅0.04%报4705.17点；创业板指数下跌 3.13点，跌幅0.09%报3316.02点；科创50指数下跌2.73点，跌幅0.18%报1530.07点；有色金属板块走 低，耐普矿机跌超5%，华锡有色、华钰矿业、北方铜业、锡业股份、国城矿业低开超4%；光伏设备板 块低开，欧普泰跌超9%，亚玛顿跌超7%，双良节能、奥特维、迈为股份纷纷低开。 盘面上，市场焦点股白银有色（5板）平开，商业航天概念股九鼎新材（9天5板）低开9.95%、瑞华泰 （科创板2板）低开3.57%，有色金属板块四川黄金（8天4板）高开0.02%、湖南白银（5天3板）平开， 光伏板块明阳智能（3板）低开7.64%、拓日新能（2板）高开2.50%，AI应用端浙文互联（5天3板）高 开6.94%、天地在线（6天3板）低开0.40%，化工股红宝丽（5天3板）低开4.13%、中农联合（2板）低 开8.29%。 公司新闻 紫金矿业：公司控股的紫金黄金国际有限公司拟 ...

Industry News - The Ministry of Commerce announced plans to optimize the implementation of a trade-in program for consumer goods, promoting consumption of major durable goods such as home appliances [5] - The Ministry of Commerce aims to significantly develop service trade this year and will introduce policies to expand inbound consumption [5][6] - The China Banking and Insurance Regulatory Commission emphasized the need for proactive assessment of systemic financial risks and maintaining the stability of financial markets [6] - The China Automotive Industry Association held a meeting to discuss industry challenges including chip shortages and promoting consumption [7] - The Beijing Human-Robot Innovation Center successfully connected humanoid robots to low-orbit satellites, marking a global first in this technology [8] Company News - Yushutech announced its partnership as the robot collaborator for the 2026 Spring Festival Gala [9] - Tencent plans to distribute 1 billion yuan in cash for the Spring Festival, while Baidu will follow with a 500 million yuan cash giveaway [17] - Zijin Mining announced plans to acquire 100% of United Gold for 28 billion yuan [10] - *ST Tianshan announced that its stock may be delisted [10] - Dongfang Risheng expects a net loss of 2.3 to 2.9 billion yuan for 2025 [10] - Chunzhong Technology anticipates a net profit of 265 to 290 million yuan for 2025, a year-on-year increase of 209% to 238% [10] - China Rare Earth expects a net profit of 143 to 185 million yuan for 2025, indicating a turnaround from losses [10]

Core Insights - Space computing is emerging as a new frontier in global technological competition and commercial aerospace development, serving as a new engine for high-quality digital economic growth [1][2] - The transition from terrestrial computing to space computing requires a systematic update in concepts and models, rather than merely relocating computing infrastructure to space [1][2] Group 1: Transition from Terrestrial to Space Computing - The core value of space computing lies in overcoming the limitations of terrestrial computing in energy supply and global coverage, utilizing resources collected by satellites in space [1][2] - The China Academy of Information and Communications Technology (CAICT) suggests a phased approach to developing space computing, starting with "space-to-space computing" focused on remote sensing satellite needs [2] Group 2: AI and Space Data Value Extraction - The "Three-body Computing Constellation" project led by Zhijiang Laboratory aims to deploy AI models in space to directly process and extract value from space data, addressing the issue that approximately 90% of space data is currently unprocessed [3] - The project has achieved a computing capacity of 744T OPS per satellite, with an overall in-orbit capacity of 5P OPS, and plans to scale to 100 satellites by 2027 [2][3] Group 3: Industry Collaboration and Technological Challenges - Industry collaboration is accelerating, with companies like Haohan Deep and Yiwei Aerospace signing agreements to establish joint laboratories focusing on high-performance computing and integrated communication technologies [4] - The space computing industry faces challenges, including the need for efficient thermal management of satellites, the development of radiation-resistant chips, and the establishment of a mature inter-satellite communication system [4][5] Group 4: Commercialization and Application Challenges - The cost of deploying computing capabilities in space is significantly higher than on the ground due to the harsh conditions satellites must endure, leading to expensive single-unit costs [4][5] - Establishing a clear application framework for space computing is essential to create value, moving from merely having computing power in space to effectively utilizing it [5]

【导读】中国信通院总工程师何宝宏：全球太空算力正步入快速布局阶段 中国信通院总工程师何宝宏在致辞中表示，在全球范围内，太空算力正步入快速布局阶段，美国、欧洲等相继启动相关计划，我国也在"三体计算星座"等 项目上取得重要突破，但受限于轨道和频谱资源的天然稀缺性，全球各国在太空领域的竞争正日益激烈。因此，发展太空算力不仅是技术创新的自然延 伸，更是我国抢占未来空间战略制高点的核心举措。 不过，何宝宏也指出，我国太空算力产业尚处于发展初期，面临核心技术尚未完全突破、标准体系不健全、高成本制约、规模化部署等现实挑战。 中国信通院云计算与大数据研究所总工程师郭亮表示，目前，全球人工智能迅猛发展，AI技术迭代加速，AI算力需求爆发式增长，太空算力中心具备满 足全域覆盖、实时响应与能效优化的优势，有望成为支撑AI算力扩展的战略新高地；同时，低轨频谱与轨道资源争夺日趋白热化，国际竞争窗口期正在 快速收窄。 在商业航天备受市场关注之际，与之相关的太空算力也"火"了。 1月26日下午，中国信通院举办了"星算.智联"2026年太空算力研讨会。会议现场座无虚席，过道上也站了很多人。 除星链外，亚马逊的"柯伊伯计划"申报的3000多颗 ...

【导读】中国信通院总工程师何宝宏：全球太空算力正步入快速布局阶段 中国基金报记者 卢鸰 在商业航天备受市场关注之际，与之相关的太空算力也"火"了。 优势，有望成为支撑AI算力扩展的战略新高地；同时，低轨频谱与轨道资源争夺日趋白热化， 国际竞争窗口期正在快速收窄。 1月26日下午，中国信通院举办了"星算·智联"2026年太空算力研讨会。会议现场座无虚席， 过道上也站了很多人。 据悉，2026年1月9日，美国联邦通信委员会正式批准SpaceX新增7500颗第二代星链卫星的 部署授权，使其全球卫星总数许可上限突破5000颗。 除星链外，亚马逊的"柯伊伯计划"申报的3000多颗卫星也在2025年进入密集发射期。而以 SpaceX、Starcloud、谷歌等为代表的企业，正在加速推进太空算力工程化落地与商业化应 用。 在郭亮看来，当前，我国正处于探索"天数天算"并向"地数天算"过渡的关键阶段，应稳步推 进以"算力上星、智能在轨、天地一体"为核心的太空算力产业发展，打造自主可控、高效协 同、开放共赢的空天地一体化"算力星网"体系。 中国信通院总工程师何宝宏在致辞中表示，在全球范围内，太空算力正步入快速布局阶段， 美国、欧 ...

Group 1: Core Insights - The report highlights a decline in trading heat for hot themes, with commercial aerospace, resource products, and building materials leading the gains, while light communication and consumer electronics have seen a pullback [1][7] - The focus of incremental policies is on urban renewal and emerging technologies, with a positive outlook on urban renewal, commercial aerospace, domestic computing power, and new power grids [1][6] Group 2: Urban Renewal - Urban renewal is expected to stabilize the real estate market and expand domestic demand, with a projected 60,015 urban renewal projects nationwide in 2024, totaling an investment of 2.9 trillion yuan [19][25] - Key areas of urban renewal include the renovation of old residential communities, urban villages, and underground pipeline upgrades, with recommendations for investment in waterproofing, piping, and coatings [20][26] Group 3: Commercial Aerospace - Elon Musk indicated that space will become the lowest-cost location for deploying AI data centers within 2-3 years, with reusable spacecraft potentially reducing access costs by 100 times [21][36] - The report anticipates the establishment of a leading space computing center in China by 2030, focusing on green and low-carbon solutions [38][40] Group 4: Domestic Computing Power - TSMC's capital expenditure is expected to exceed expectations, with a projected 37% increase in 2026 to reach $56 billion, indicating strong demand in the semiconductor manufacturing sector [21][48] - The rapid iteration of domestic AI models is expected to drive investment demand in domestic computing power, with significant increases in user engagement and data usage [22][49] Group 5: New Power Grids - The State Grid's investment during the 14th Five-Year Plan is projected to reach 4 trillion yuan, a 40% increase from the previous plan, aimed at accelerating the construction of new power systems [21][22] - By 2025, non-fossil energy consumption in China is expected to account for 20% of total energy consumption, increasing to 25% by 2030 [21][22]

苏州科达分析师会议 调研日期：2026年01月22日 调研行业：计算机设备 参与调研的机构：聚商基金、中汇(北京)私募基金、煊鼎资产、 浙江善正资产、浙江君弘等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | ...

Core Viewpoint - The article highlights a decline in trading heat for hot themes, with commercial aerospace, resource products, and building materials leading the market. The focus of incremental policies is on expanding domestic demand and fostering new technological momentum, particularly in urban renewal, commercial aerospace, domestic computing power, and new power grids [1]. Group 1: Urban Renewal - Urban renewal is expected to stabilize the real estate market and expand domestic demand, with 60,015 urban renewal projects planned nationwide in 2024, involving a total investment of 2.9 trillion yuan. Key components include the renovation of old residential areas, urban villages, and underground pipeline upgrades [2]. Group 2: Commercial Aerospace - Elon Musk predicts that space will become the most cost-effective location for deploying AI data centers within 2-3 years, with the potential for launch costs to drop by 100 times if the Starship achieves full reusability. China aims to establish a leading space computing center by 2030, addressing high energy consumption and carbon emissions from ground data centers [3]. Group 3: Domestic Computing Power - TSMC's capital expenditure is expected to exceed expectations, boosting demand in the semiconductor advanced manufacturing sector. The company anticipates a 35% year-on-year increase in net profit by Q4 2025, with capital expenditures potentially reaching $56 billion in 2026, a 37% increase from 2025 [4]. Group 4: New Power Grid - The State Grid plans to invest 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase from the previous plan, focusing on the construction of a new power system. The share of non-fossil energy consumption is projected to reach 20% by 2025 and 25% by 2030 [5].

Group 1 - The company is currently advancing its collaboration with a company named Yiwei Aerospace, with specific implementation managed by relevant departments [2] - The company aims to leverage its technological advantages in data exchange, intelligent algorithms, and industry applications [2] - The field of space computing is emerging, with ongoing exploration of technological routes and business models [2]

证券日报网讯1月26日，航天软件在互动平台回答投资者提问时表示，公司聚焦软件与信息化服务领 域，已形成完整的服务能力，目前对于太空算力等领域暂没有涉及。 ...