中信证券研报表示，11月以来国内低轨卫星组网加速催化，北京发布了太空数据中心建设规划方案，计 划到2030年建成首个太空数据中心，到2035年建成大规模太空数据中心；此前，国防科工局成立商业航 天司+四中全会提及"航天强国"；根据根据上海证券报消息，可回收火箭"长征十二号"/"朱雀三号"首发 在即。卫星载荷为实现卫星组网通信功能的关键，其中"星间激光链路"负责星-星传输，为微波通信的 升级技术，技术壁垒高，为太空算力从概念走向实用的关键支撑。我们预计伴随卫星数量增加、单星算 力提升、卫星网络复杂度提升，星间激光的重要性将进一步提升，建议关注当前在载荷端卡位领先的企 业。 （文章来源：第一财经） ...

雄韬股份（002733.SZ）12月3日在投资者互动平台表示，您好！太空算力部署涉及到航空航天技术，不 属于公司主营业务范畴，公司暂未涉及太空算力领域的布局、规划、投资。感谢您的关注，谢谢！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，随着国内商业航天技术日益成熟，目前已 有计划将算力系统建设到太空中，贵公司的算力能源供应系统是否也适用于真空环境里？ ...

Market Overview - The market experienced a collective slight decline, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling by 0.51%, 0.78%, and 1.12% respectively, as over 3,800 stocks declined and more than 1,400 stocks rose [3] Aerospace Industry - The Zhuque-3 rocket successfully entered orbit but failed its recovery test, which was highly anticipated as a milestone for China's space program, potentially making it the second country after the U.S. to master reusable rocket technology [6][7] - Following the recovery failure, the aerospace sector saw a decline, with stocks like Superjet Co., Qianzhao Optoelectronics, and others experiencing significant drops, while Shanghai Hanxun surged, leading to a partial rebound in the sector [8][9] Consumer Sector - Xiangpiaopiao saw a sudden surge, hitting the daily limit after two rounds of increases, attributed to its popular advertising slogan and the current market trend favoring abstract concepts amid a lack of strong mainstream themes [13][14] - Hebai Group experienced a direct rise in the morning but fell back by the end of the day, closing up 5.42%, driven by the popularity of its products in Guangde, which has sparked a cross-province consumption trend [16] AI and Technology - Zhaoxin Co. announced a new product line related to AI smartphones, but the products were merely cleaning agents, leading to skepticism about the company's marketing strategy [19]

格隆汇12月3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: Federal Reserve and Interest Rates - Bank of America predicts a 25 basis point rate cut by the Federal Reserve in December, with two additional cuts expected in June and July 2026, bringing the final rate to a range of 3.00%-3.25% [1] - The expectation of a rate cut is influenced by a weak labor market and recent comments from policymakers suggesting an earlier-than-expected easing [1] - Most major global investment banks anticipate a 25 basis point cut next week, with only a few, such as Morgan Stanley and Standard Chartered, predicting rates will remain unchanged [1] Group 2: Silver Market Outlook - Spartan Capital Securities forecasts that silver prices could exceed $75 per ounce, driven by optimistic market sentiment and expectations of a Federal Reserve rate cut [1] - Silver has seen a significant increase, more than doubling in price this year, and is expected to outperform gold in the upcoming trading sessions [1] Group 3: Japanese Yen and Bank of Japan Policy - Analysts from Mitsubishi UFJ highlight that the Japanese yen may strengthen further due to rising expectations of a Bank of Japan interest rate hike, following comments from the bank's governor [1] - Barclays notes an increased likelihood of a rate hike in December rather than January, with a terminal rate forecast of 1.0% by January 2027 [2] - Analysts from OCBC Bank emphasize that while the yen is being supported by rate hike expectations, sustained recovery will require more decisive actions from the Bank of Japan [3] Group 4: AI Industry and Investment Trends - CITIC Securities identifies a 60% probability that OpenAI will face operational challenges and that investment in the AI sector will slow down, marking this as the baseline scenario [4] - The report suggests that discussions around an "AI bubble" are becoming unavoidable due to increasing investment sizes and unclear return rates [4] Group 5: New Energy Sector - Galaxy Securities indicates that the new energy sector is poised to open a second growth space, particularly as competitive pricing mechanisms are introduced [5] - The report suggests that integrating new energy with green hydrogen and computing capabilities could enhance efficient utilization [5] Group 6: Metal Industry Outlook - Huatai Securities predicts that supply-demand improvements will characterize the metal industry in 2026, with potential increases in LME gold prices above $4,800 per ounce [5] - The report anticipates a stronger performance for silver compared to gold, driven by global monetary easing and economic recovery [5]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8] Core Insights - Beijing is accelerating the construction of space data centers, aiming to operate large-scale data center systems with over 1 GW of power in the 700-800 km dawn-dusk orbit to facilitate the transfer of large-scale AI computing power to space [2][4][6] - The importance of computing power as a fundamental infrastructure for industries like AI is increasingly recognized, with space computing power expected to become a significant component due to its energy (solar) and cooling advantages [2][6] - Breakthroughs in aerospace technology are anticipated to significantly reduce transportation costs, thereby accelerating the development of the space computing power industry [2][6] Summary by Sections Event Description - On November 27, a meeting was held in Beijing to discuss the construction of space data centers, with plans to build and operate large-scale data center systems in the 700-800 km orbit [4] Industry Development - The construction of space data centers is planned in three phases: 1. From 2025 to 2027, focus on key technologies for energy and cooling, and the development of the first computing satellite constellation to achieve "sky-based computing" applications 2. From 2028 to 2030, breakthroughs in on-orbit assembly and construction technologies to lower costs and build the second computing satellite constellation for "ground-based computing" applications 3. From 2031 to 2035, mass production and network launch of satellites to establish a large-scale space data center supporting future "sky-based main computing" [12] Project Progress - Multiple projects are underway, including the "Star Computing" plan by Guoxing Aerospace, which aims to launch 2,800 computing satellites with a total computing power of 100,000 P per second [12] - The "Three-body Computing Constellation" by Zhijiang Laboratory has already launched 12 satellites, with a total computing power of 5 POPS, expected to reach 1,000 POPS upon completion [12] Cost Reduction Potential - Reusable rocket technology is expected to break through, significantly reducing launch costs. For instance, SpaceX's Falcon 9 has achieved a 72% reduction in launch costs through rocket recovery [12] - Predictions suggest that with the maturation of reusable rocket technology, the cost of commercial space transportation in China could drop below 30,000 yuan per kilogram, compared to around 100,000 yuan for traditional rockets [12]

Group 1: Commercial Aerospace - China's first rocket recovery sea platform named "Navigator" has been successfully delivered, marking a significant step in reusable rocket technology [5] - The commercial aerospace industry is entering an accelerated development phase, as highlighted by the action plan issued by the aerospace bureau [6] - Aerospace Development focuses on four main sectors: defense information technology, blue army systems and equipment, next-generation communication and command equipment, and space information applications [10] Group 2: AI and Space Computing - The potential commercial value of space computing is being recognized, with projects already underway to leverage AI in space [12] - The integration of AI capabilities into space applications is seen as a key competitive advantage for future developments [12] Group 3: Consumer Electronics - Nubia's M153 smartphone, featuring the Doubao mobile assistant technology, has been released at a price of 3499 yuan [21] - Apple's first foldable iPhone is expected to launch in the fall of 2026, which could drive growth in the foldable screen supply chain [21] - Lianjian Optoelectronics has seen a significant stock increase, achieving a 20% limit up on December 2 due to its flexible screen products [22] Group 4: Semiconductor and Robotics - Ruineng Technology has successfully applied its GaN-based efficient motors and power solutions in humanoid robots, leading to stock price increases [19] - The semiconductor industry is poised for growth as companies like Ruineng Technology innovate in high-efficiency applications [20] Group 5: Telecommunications and Computing - Fujian Province is advancing its computing infrastructure with a focus on optimizing spatial layout and developing an integrated computing network [16] - Filin Kosi has achieved a stock price increase of 20% due to its multi-dimensional business model in telecommunications and high-end PCBA manufacturing [24][25]

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The establishment of the Commercial Aerospace Administration is expected to accelerate the development of the commercial aerospace industry in China, simplifying approval processes and promoting high-quality growth [6][45][55]. - The report highlights the recent rebound in the computer sector, which saw a 3.14% increase, ranking 13th among major industries in the Yangtze River region [2][4][14]. - Key areas of focus include the construction of a national integrated data market, advancements in space computing capabilities, and the development of the low-altitude economy [5][18][37]. Summary by Sections National Integrated Data Market - The National Data Bureau aims to build an open, shared, and secure national integrated data market, enhancing the data industry ecosystem and stimulating market vitality [10][21]. - The data trading market is projected to grow significantly, with an estimated market size of 2,840.9 billion by 2025 and potentially exceeding 7,159 billion by 2030, reflecting a compound annual growth rate of 20.3% [25][27]. Space Computing - Beijing plans to establish a large-scale space data center in the 700-800 km twilight orbit, aiming to leverage solar energy for AI computing [28][30]. - Multiple projects are underway to develop space computing capabilities, with significant advancements expected in the coming years [30][36]. Low-Altitude Economy - Chongqing has introduced policies to foster the development of a high-quality low-altitude economy, with 17 measures aimed at supporting innovation and market demand [37][44]. - The low-altitude economy is anticipated to reach a market size of 15 trillion by 2025 and over 20 trillion by 2030, driven by policy support and industry growth [44].

格隆汇12月2日丨成都华微(688709.SH)在互动平台表示，1、公司可应用于太空算力场景的部署情况如 下：2025年8月，公司已与燧原科技签署战略合作协议，携手在大模型、高算力GPU领域展开深度合 作，基于公司市场开拓需求，该算力能力可以广泛应用于模型训练、太空算力、端测推理等领域。 2、 相关产品布局情况：高端FPGA技术方向，目前公司已有抗辐照FPGA产品；边缘计算芯片方向，公司 已有16Tops的边缘计算芯片，更高算力（100Tops）芯片在研；高速高精度ADC方向，公司部分产品具 备抗辐照相关能力，如8位64G超高速ADC（HWD08B64GA1）系列产品抗辐照能力达到75MeV，相关 产品从技术角度其均可以满足可用于星上AI实时处理等场景。 3、FPGA的研发进展情况：公司在研亿 门级和2.5亿门级高性能大规模FPGA的研发进展有序推进，均将考虑根据下游客户需求，研发具备抗辐 照相关的产品。同时，公司将积极推进SOPC及RF-FPGA类相关集成化产品的研发，目前已成功研发 HWD7Z系列及HWDSF系列相关产品。 4、公司太空算力相关产品已合作的核心客户情况：公司下游客 户包括航天科技集团、航天 ...

Core Viewpoint - Chengdu Huami (688709.SH) is actively developing its capabilities in space computing and high-performance GPU applications through strategic partnerships and product innovations [1] Group 1: Space Computing Deployment - The company has signed a strategic cooperation agreement with Suiruan Technology to collaborate in the fields of large models and high-performance GPUs, with applications in model training, space computing, and edge inference [1] - The company has developed radiation-resistant FPGA products and is working on higher-performance edge computing chips, with a current offering of 16 Tops and a future target of 100 Tops [1] Group 2: Product Layout - The company has a range of products with radiation resistance capabilities, including the 8-bit 64G ultra-high-speed ADC (HWD08B64GA1) series, which can withstand radiation levels of 75 MeV, suitable for on-satellite AI real-time processing [1] - Ongoing research includes high-performance large-scale FPGAs with 100 million and 250 million gates, focusing on radiation-resistant features based on downstream customer needs [1] Group 3: Customer Base and Partnerships - Core customers include state-owned enterprises such as the Aerospace Science and Technology Corporation and the Aerospace Science and Industry Corporation, with products recognized and widely used in critical fields like electronics, communications, control, and measurement [1] Group 4: Market Expansion Plans - The company is committed to advancing technology research and market expansion, closely monitoring cutting-edge technology trends and customer demands to explore potential application scenarios [1] Group 5: Product Mass Production - The company has established a product line of FPGA with gate counts ranging from 5 million to 70 million, with AI computing capabilities of 16 Tops already in small-scale trials with specialized industry clients [1] - The 8-bit 64G ultra-high-speed ADC series and the 12-bit 6G high-precision ADC series have been tested in small batches for satellite-related customer system validation, with a 4-channel 12-bit 40GSPS ADC chip completing customer validation and receiving intent orders [1]