12月9日光伏板块表现相对较好，光伏50ETF（159864）上涨0.32%。 光伏行业现在仍存在较为严重的供给过剩，且参与者多为民营企业，"反内卷"难以通过"一刀切"政策来 实现。要走出这一困局需以渐进式政策组合拳为引导，联动企业自律、产能整合、技术迭代等市场化举 措形成协同效应。近期发改委召开价格无序竞争座谈会，指出将会同有关部门持续推进相关工作，治理 企业价格无序竞争，维护良好市场价格秩序，助力高质量发展。这有助于光伏产业链各环节价格回归理 性，实现可持续发展。当前反内卷仍是光伏板块的核心投资主线，建议积极跟踪反内卷相关事件，未来 有望迎来催化。 此外，近期随着海外数据中心电力需求激增，太空算力正从概念验证逐渐进入工程化落地阶段。当前太 空中使用的砷化镓电池成本较为高昂，而晶硅电池抗辐照性能又较差，无法长期应用。因此，钙钛矿凭 借高效率、低成本、柔性化及抗辐照特性，有望成为太空能源解决方案的核心技术之一，其产业化进展 加速将为相关产业链带来投资机会。 根据国盛证券，今年以来我国钙钛矿光伏产业迎来密集突破，钙钛矿光伏的寿命稳定性已基本得到保 障，凸显了钙钛矿技术从实验室向产业化迈进的迅猛势头，也标志着技术 ...

格隆汇12月10日丨万马科技(300698.SZ)在投资者互动平台表示，公司暂无在太空算力领域的业务布 局。 ...

Group 1 - The article highlights significant announcements related to the stock market, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - A company successfully launched dozens of commercial satellites and possesses aerospace-grade navigation chips and satellite application products, indicating strong capabilities in the 6G, commercial aerospace, chip, satellite navigation, military industry, and state-owned enterprise reform sectors [1] - Another company is experiencing rapid growth in orders for its satellite testing systems, which are linked to space computing, commercial aerospace, artificial intelligence, satellite navigation, and military applications [1] - A company plans to acquire equity in a high-quality enterprise in the civil aviation intelligence sector, which is associated with cross-strait relations, the Fujian Free Trade Zone, and state-owned enterprise reform [1]

今日市场震荡，三大指数涨跌不一，沪指、深成指震荡回落，创业板指冲高回落尾盘拉升。沪深两市成 交额1.9万亿，较上一个交易日缩量1327亿。从板块来看，算力硬件全面走强，多只股票涨停或创历史 新高；煤炭、有色等跌幅居前。截至收盘，沪指跌0.37%，深成指跌0.39%，创业板指涨0.61%，中证 A500指数跌0.56%。 结合昨日重要会议的表述，我们认为站在当前时点，投资者可以继续关注景气较高的科技/AI方向及受 到政策呵护的反内卷方向（优化供给），同时通过配置现金流/红利类资产平抑市场波动。 来源：智通财经 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 今日，受益于美国出口管制放松，通信、创业板人工智能等光模块含量较高的产品涨幅居前，我们认为 这有利于深度融入全球算力产业链的A股有关供应商。同时，我们长期仍看好算力芯片领域的国产替代 趋势，因为AI已成为大国博弈中毋庸置疑的核心焦点。 消息面上，美国商务部计划批准许可，允许英伟达向中国出售其H200芯片，该产品的性能强于此前获 准销售的H20（据估计性能为H20的6倍），但不如英伟达今年发布的Bl ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights the emergence of space computing as a significant opportunity, driven by the urgent need to overcome terrestrial computing limitations and the unique advantages of space data centers [5][6] - The report outlines a three-step strategy for the development of space data centers in Beijing, emphasizing the importance of technological breakthroughs and the establishment of a new industrial chain [5] - The global tech giants are increasingly investing in space computing, indicating a competitive landscape that presents potential investment opportunities [6] Performance Overview - Over the past 12 months, the industry has shown strong performance with a relative return of 67.07% compared to the CSI 300 index, and an absolute return of 83.4% [2] - The industry has also demonstrated positive returns over shorter time frames, with a 10.88% relative return over the past month and a 9.42% return over the past three months [2] Strategic Developments - The report discusses the strategic importance of space data centers, which are expected to leverage the natural cooling of space and abundant solar energy to address the growing demand for computing power driven by artificial intelligence [5] - The first phase of the three-step strategy involves the development of a test satellite, "Chenguang-1," which is set to be launched by the end of 2025 or early 2026 [5] - The report emphasizes that the successful implementation of this strategy could lead to a significant transformation in the computing industry, with space data centers becoming a key component of the commercial space and AI sectors [5][6]

Group 1: Monetary Policy Insights - Bank of America suggests that the market may soon start betting on a rate cut by the Federal Reserve in January, despite cautious signals from the Fed [1] - The bank anticipates a 25 basis point rate cut in December, along with stronger guidance and dissenting opinions, projecting stronger growth and lower inflation [1] - Analysts believe that with significant data releases before January, Chairman Powell will find it difficult to suppress market expectations for further easing [1] Group 2: Economic Outlook in Thailand - Barclays economists report that the Bank of Thailand may resist rate hikes in 2026 due to lower-than-potential growth prospects and inflation rates below the 1%-3% target range [2] - The central bank aims to maintain a loose monetary policy and focus on addressing structural economic issues [2] - Even with rising price pressures, the central bank is unlikely to change its policy stance, prioritizing economic growth and financial stability over inflation [2] Group 3: Investment Opportunities in Technology and Commodities - China International Capital Corporation (CICC) sees significant investment opportunities in the technology sector within the machinery industry for 2026, driven by domestic demand recovery and high export growth [3] - CITIC Construction points out that copper, aluminum, and gold have clear long-term investment logic due to global macroeconomic uncertainties and geopolitical risks [4] - The report highlights that copper will benefit from supply tightness and green economy demand, while aluminum is constrained by domestic capacity limits [4] Group 4: Energy Storage and AI Development - CITIC Construction expects the energy storage industry to see a rise in both volume and price by 2026, with manufacturing profitability currently at unsustainable low levels [5] - The ongoing development of AI large models and applications is noted, with a recommendation to continue focusing on the AI computing power sector [6] - The report emphasizes the potential for new application scenarios and business models arising from the construction of space data centers [8] Group 5: Market Predictions for Copper and Panel Industry - CITIC Securities predicts that LME copper prices could accelerate towards $12,000 per ton, driven by narratives of U.S. copper stockpiling and domestic production cuts [8] - The panel industry is expected to see a positive long-term outlook due to improved competition dynamics and a shift from price-driven profit to value creation [9]

智通财经APP获悉，国盛证券发布研报称，卫星作为商业航天产业的核心载体，发射速度核心取决于发 射成本，核心瓶颈在于可回收火箭技术，一旦可回收火箭技术完成突破，我国低轨卫星上天速度将大幅 加快。叠加目前AI产业持续发展，建设太空算力逐渐成为趋势，商业航天应用市场大幅打开，随着可 回收火箭瓶颈突破，商业航天产业有望形成闭环，促进行业进入高速成长期。 目前我国低轨卫星星座的发射节奏尚不能称为大规模组网，且面临"占频保轨"的压力——国际电信联盟 规定，运营商须在申报7年内发射首颗卫星，9年内发射星座总数量的10%，12年内完成50%，14年内必 须100%部署完毕。 我国低轨卫星发射加速是大势所趋。商业航天连续两年被写入政府工作报告，"十五五"规划建议中同样 强调发展航空航天，《国家航天局推进商业航天高质量安全发展行动计划(2025-2027年)》发布以及近期 商业航天司成立，有望加速行业发展。 朱雀三号火箭首飞达成入轨目标，我国可回收火箭技术有望进入从1到10阶段 根据36氪报道，2015年，猎鹰9号火箭一级首次成功着陆回收，2016年首次实现海上平台的着陆回收， 2017年实现火箭重复使用，2019年将首批60颗 ...

Core Viewpoint - Space computing power is a cornerstone for the development of the space digital industry and is expected to alleviate the bottlenecks of energy and deployment faced by ground data centers, creating significant opportunities for collaborative innovation and large-scale applications in the digital and intelligent era [1] Group 1 - The company is a founding member of the Space Data Center Innovation Consortium, leveraging its extensive experience in computing infrastructure development, construction, and operation [1] - The company possesses secure and controllable independent technological capabilities, enabling it to provide technical support and solutions for the planning and construction of space data centers [1] - The goal is to build an efficient, reliable, and sustainable space computing network, promoting high-quality development of China's aerospace digital industry [1]

| 序号 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | 成交量 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 300620 | 光库科技 | 165.13 | 13.32% | 2932万 | 46.49亿 | | 2 | 600879 | 航天电子 | 13.80 | 8.75% | 3.97亿 | 54.06亿 | | 3 | 688027 | 国盾量子 | 498.30 | 7.89% | 540万 | 26.52亿 | | 4 | 300342 | 天银机电 | 22.27 | 5.95% | 8833万 | 20.44亿 | | 5 | 688418 | 震有科技 | 34.58 | 5.65% | 1809万 | 6.31 Z | | 6 | 002281 | 光迅科技 | 65.66 | 4.70% | 3671万 | 23.94亿 | | 7 | 688385 | 复旦微电 | 61.69 | 3.86% | 1143万 | 7.09亿 | | 8 | 300672 | 国科微 | 99.84 | 3.61% | 875 ...

人民财讯12月8日电，中银证券（601696）研报称，太空数据中心建设有望加快，催生新应用场景。通 过火箭可回收技术等新技术降低发射成本、实现规模化、高频次发射是加快卫星星座铺设速度的关键。 随着卫星向计算平台演进，星载计算芯片、存储设备和高带宽激光通信终端需求有望快速提升。太空算 力的发展有望创造新的应用场景和商业模式，太空数据中心的建设也对能源保障提出了更高要求。建议 关注佳缘科技（301117）、上海瀚讯（300762）、星图测控、中科星图、航天宏图、超图软件 （300036）、盛邦安全、开普云等。 ...