Group 1 - The commercial aerospace sector is experiencing significant activity, with companies like Zhaobiao Co., Tongyu Communication, and Aerospace Development seeing stock price increases [1] - The establishment of the Commercial Aerospace Office by the National Space Administration marks the beginning of dedicated regulatory oversight for China's commercial aerospace industry, which is expected to drive high-quality development [1] - The National Space Administration has released the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)," outlining four core objectives for the industry [1] Group 2 - By 2025, the commercial aerospace industry is expected to accelerate, with over 100 satellites in orbit for the GW and Qianfan constellations, and private rocket companies entering the national satellite launch market [1] - The Ministry of Industry and Information Technology will open satellite communication services to operators, promoting consumer-level applications of direct connection technology [1] - From 2026 onwards, commercial aerospace is anticipated to enter a phase of frequent launches, with low Earth orbit satellite internet and the rocket launch industry becoming key beneficiaries [1][2]

Market Overview - The Shanghai and Shenzhen stock indices opened lower on December 2, with the Shanghai Composite Index down 0.55% to 3892.55 points and the Shenzhen Component Index down 0.77% to 13045.96 points, reflecting a significant decline across all major indices [1] - The trading volume was approximately 407.4 billion yuan for the Shanghai index and about 639.8 billion yuan for the Shenzhen index, indicating active market participation despite the downturn [1] Sector Performance - AI, insurance, and plant-based meat sectors showed strong performance at the opening, while sectors like photolithography, fluorochemicals, and non-ferrous metals faced declines [1] - By midday, sectors such as insurance, oil, and communication equipment experienced notable gains, while home goods, aquaculture, and military information technology sectors saw significant rebounds [1] - The Fujian and Hainan Free Trade Zones, along with pharmaceutical commerce, were among the top gainers, while energy metals and cloud gaming sectors faced the largest declines [1] Future Outlook - According to China International Capital Corporation (CICC), the A-share market is expected to maintain a reasonable valuation amid a synchronized global liquidity easing cycle, with a focus on large-cap growth styles until early next year [2] - CITIC Securities highlighted the transition of space computing from concept to reality, emphasizing the reliance on photovoltaic technology for energy supply in space, and suggested monitoring investment opportunities in perovskite technology [2] - Huatai Securities projected that the metal industry may see improved supply-demand dynamics by 2026, with gold prices potentially rising above $4800 per ounce, and recommended focusing on undervalued sectors like copper and aluminum [3] Industry Developments - The launch of the Chinese drug price registration system on December 2 aims to provide a transparent pricing mechanism for domestic and foreign pharmaceutical companies, facilitating the global market development of innovative drugs [4] - The Ministry of Industry and Information Technology is preparing to establish the China Artificial Intelligence Terminal Industry Association, which is expected to significantly contribute to the high-quality development of the AI terminal industry [4]

太空正成为全球科技巨头角逐的全新算力战场 根据通信产业网，11月2日，英伟达将H100GPU成功送入太空，旨在测试数据中心在轨道环境中的运行 可行性。仅隔两日，马斯克于11月4日明确表态，将通过扩大星链V3卫星规模构建太空数据中心，借助 星舰的批量发射能力，目标在4-5年内实现每年100GW的数据中心部署，打造分布式轨道计算架构；11 月5日，谷歌紧随其后宣布启动"太阳捕手计划"（Project Suncatcher），拟将TPU芯片送入太空，利用太 阳能供电。计划2027年初发射两颗搭载TPU芯片的原型卫星。三大巨头在短短四天内密集布局，标志着 太空数据中心从概念走向实战，或将重塑全球云计算格局。 国内太空算力进展顺利，产业与政策协同推进 智通财经APP获悉，中邮证券发布研报称，为应对人工智能算力需求激增与地面数据中心面临的能源、 散热瓶颈，太空算力技术成为各国科技企业与政府布局的新方向。近期，英伟达(NVDA.US)、 SpaceX、谷歌(GOOGL.US)等国际企业已相继开展太空数据中心测试与建设计划。同期，我国商业航天 公司成功发射智能计算卫星，国家层面设立商业航天专职管理机构并推进大型太空数据中心系 ...

计算机行业 行业研究 | 动态跟踪 太空算力未来可期，关注核心收益环节 核心观点 投资建议与投资标的 我们认为 AI 算力以及卫星信息基础设施相关标的都有望受益太空算力的发展： AI 算力：海光信息(688041，买入)、寒武纪-U(688256，未评级)； 卫星基础设施：中科星图(688568，未评级)、佳缘科技(301117，未评级)、航天宏图 (688066，增持)、盛邦安全(688651，未评级)。 风险提示 研发进展不及预期； 商业化进展不及预期。 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 12 月 02 日 看好（维持） | 陈超 | 执业证书编号：S0860521050002 | | --- | --- | | | chenchao3@orientsec.com.cn | | | 021-63326320 | | 浦俊懿 | 执业证书编号：S0860514050004 | | | pujunyi@orientsec.com.cn | | | 021-63326320 | | 宋鑫宇 | 执业证书编号：S0860524090002 | | | songxinyu@orient ...

Group 1: Market Overview - A-shares opened lower with all three major indices declining: Shanghai Composite Index down 0.14%, Shenzhen Component Index down 0.13%, and ChiNext Index down 0.04% [1] Group 2: Human-shaped Robot Sector - The human-shaped robot sector is experiencing a significant rebound, with funds returning and the overall sector entering an upward channel [2] - The core driving factors include the nearing end of sector adjustments, sufficient risk release, and a more rational and unified industry outlook [2] - By 2026, human-shaped robots are expected to enter mass production, with major companies getting involved and policy support likely to materialize [2] Group 3: Commercial Aerospace Development - The establishment of the Commercial Aerospace Office by the National Space Administration aims to enhance launch approval and licensing efficiency, promoting standardized and large-scale industry development [3] - The action plan for high-quality development in commercial aerospace (2025-2027) outlines four core goals, including support for low-cost technologies and the establishment of a national fund to optimize the industry ecosystem [3] - By 2025, the industry is expected to accelerate with over 100 in-orbit satellites from GW and Qianfan Constellation, and private rocket companies entering the national satellite launch market [3] Group 4: Space Computing and Perovskite Materials - Space computing is transitioning from concept to reality, with major overseas tech companies making investments [4] - The energy supply for space computing will heavily rely on photovoltaic technology, with perovskite materials emerging as a promising solution due to their high efficiency and low cost [4] - Since 2025, advancements in perovskite technology have accelerated, with multiple GW-level production lines being established, indicating potential investment opportunities in this sector [4]

Group 1 - The company has not yet entered the field of space computing power [1] - Investors inquired about the company's interest in space computing power and related technology reserves [1]

Core Insights - The establishment of a new department by the National Space Administration marks a significant step towards the commercialization of space, driven by policy and disruptive applications [1] - The concept of "space computing power" is emerging as a focal point for global tech giants, with plans for large-scale data centers in orbit to enhance AI capabilities [2] - Investment opportunities are identified in various sectors of the space industry, including rocket launch chains, satellite manufacturing, and testing services [3] Policy Developments - The National Space Administration's creation of a Commercial Space Department aims to improve the efficiency of launch approvals and licensing, promoting high-quality development in China's commercial space sector [1] - The release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" provides a framework for long-term industry growth through research project openness and national fund establishment [1] Industry Trends - The trend of deploying data centers in space is expected to overcome limitations faced by terrestrial data centers, with significant investments from companies like NVIDIA, SpaceX, and Google [2] - The demand for AI computing and decreasing rocket launch costs are anticipated to drive substantial growth in space computing power globally [2] Investment Opportunities - Key sectors for investment include: - Rocket and core supporting fields: Companies such as Aerospace Power, Superjet, Srey New Materials, and Gaohua Technology [3][4] - Satellite manufacturing and operation: Companies like China Satellite, Chengchang Technology, Zhenlei Technology, Aerospace Electronics, and Zhongke Xingtou [3][4] - Testing and service sectors: Companies including Aerospace Universe, West Measurement Testing, and Guobo Electronics [3][4] - Energy systems: Companies such as Shanghai Port and Qianzhao Optoelectronics [3][4]

NO.1开源证券：人形机器人板块持续反弹布局窗口开启 ｜2025年12月2日星期二｜ 12月2日，中信证券研报指出，太空算力正从概念逐渐走向现实，海外科技巨头已纷纷布局。我们认为 太空算力的能源供给将高度依赖光伏技术，目前太空中使用的三结砷化镓价格非常昂贵，而成本较低的 晶硅电池抗辐照性能较差，无法长时间应用于空间领域。钙钛矿作为兼具高效率和低成本的下一代光伏 技术，有望成为重要的太空能源解决方案。2025年以来，钙钛矿产业化进展加速，效率、稳定性纷纷取 得突破，行业内多条GW级产线相继投产，建议关注钙钛矿产业投资机会。 NO.3中信证券：10月产能去化加速，继续推荐生猪板块 中信证券研报表示，10月能繁母猪去化加速。短期来看，行业供给端持续维持宽松局面，猪价震荡承 压，后续去产能有望持续，加持2026H2以后周期景气及持续时间。继续推荐：1)强创现和分红能力的 头部企业；2)成本领先企业；3)并购增量的企业。 12月2日，开源证券指出，近期人形机器人板块指数及龙头个股呈现显著反弹态势，资金回流明显，板 块整体步入上行通道。开源证券认为核心驱动因素是板块调整趋近尾声，风险释放较为充分，对行业预 期更加理性且一 ...

Market Overview - The market experienced a rebound yesterday, with the Shanghai Composite Index returning above 3900 points, and both the Shenzhen Component Index and the ChiNext Index rising over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion yuan, an increase of 288.1 billion yuan compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index increased by 1.25%, and the ChiNext Index gained 1.31% [1] Humanoid Robot Sector - The humanoid robot sector has shown significant rebound, with a noticeable inflow of funds and the overall index entering an upward channel [2] - The core driving factors include the nearing end of the sector's adjustment, sufficient risk release, and a more rational and unified industry outlook [2] - By 2026, humanoid robots are expected to enter mass production, with major companies entering the market and policy support and subsidies likely to materialize [2] Commercial Aerospace Development - The establishment of the Commercial Aerospace Office by the National Space Administration aims to enhance the efficiency of launch approvals and licensing, promoting standardized and large-scale development of the industry [3] - The "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)" outlines four core objectives, including support for low-cost technologies and the establishment of a national fund to optimize the industry ecosystem [3] - By 2025, the industry is expected to accelerate, with over 100 in-orbit satellites and private rocket companies entering the national satellite launch market [3] Space Computing and Perovskite Materials - Space computing is transitioning from concept to reality, with major overseas tech companies making significant investments [4] - The energy supply for space computing will heavily rely on photovoltaic technology, with perovskite materials emerging as a promising solution due to their high efficiency and low cost [4] - Since 2025, the industrialization of perovskite technology is expected to accelerate, with multiple GW-level production lines being launched, presenting investment opportunities in the perovskite sector [4]

人民财讯12月2日电，中信证券指出，太空算力正从概念逐渐走向现实，海外科技巨头已纷纷布局。中 信证券认为太空算力的能源供给将高度依赖光伏技术，目前太空中使用的三结砷化镓价格非常昂贵，而 成本较低的晶硅电池抗辐照性能较差，无法长时间应用于空间领域。钙钛矿作为兼具高效率和低成本的 下一代光伏技术，有望成为重要的太空能源解决方案。2025年以来，钙钛矿产业化进展加速，效率、稳 定性纷纷取得突破，行业内多条GW级产线相继投产，建议关注钙钛矿产业投资机会。 ...