每经记者｜杨建 每经编辑｜彭水萍 3、12月13日，据媒体报道，据中国神经科学学会脑机接口与交互分会年会透露，上海脑虎科技研发的 一款内置电池全植入脑机接口产品已于近期在复旦大学附属华山医院完成首例患者植入。据了解，目前 全球范围内掌握并验证内置电池全植入方案的公司数量极少，脑虎科技是除科技富豪马斯克的脑机接口 公司Neuralink之外，提供此类设备的首家中国公司，不仅填补了国内相关领域技术空白，也标志着中国 脑机接口技术跻身全球顶尖行列。复旦大学附属华山医院院长毛颖教授介绍称，患者术后1天即转入普 通病房，术后5天首次开机便成功实现意念操控。 点评：脑机接口下游应用市场潜力大，全球脑机接口医疗应用市场规模有望在2030年达到400亿美元， 2040年达到1450亿美元。脑机接口技术在医疗健康领域展现巨大潜力，为庞大的神经系统疾病患者群体 带来了新的治疗希望和康复途径。尤其是针对肢体运动障碍、意识与认知障碍、癫痫和精神性疾病等的 治疗和康复，脑机接口技术取得重要突破和长足进展。概念股包括中科信息、冠昊生物、爱朋医疗等。 （三）避雷针 （一）重要市场新闻 12月13日，据新华社报道，在中国国际经济交流中心举办 ...

央视网消息：在甘肃省民勤县，一块边长60米的正方形场地，是为中国第一款可回收火箭朱雀三号建设的回收场坪。12月3日中午，据此三百多公里之外的 酒泉卫星发射基地，朱雀三号首飞的时刻到来，这是中国商业航天历史的重要时刻。"大运力、低成本、可重复使用"，这意味着朱雀三号的首飞，将重新定 义中国人观看火箭发射的预期，不仅要看是否成功入轨，更要看火箭的一子级能否成功地返回地面。 记者：你的任务整个是分为两部分，一个是去，一个是回，去是成功的，但是回收没有成功。 戴政：略有遗憾。 不完整的返回画面中可以看到，朱雀三号距离成功并不遥远。 戴政：分离完了以后，它有一个高空大角度调姿，调完姿以后，在距离地面80公里会做一个点火，这个高空点火段实际上也是非常完美的。在进入40公里以 下的时候它就关机了，这时候会有一个气动滑行段，是一个超音速载入，速度是很快的，我们需要通过火箭上的栅格舵，包括火箭的控制系统把它控住。 点火升空之后，一百三十余秒，火箭一二级分离，二级继续完成入轨任务，一级则开启返程之路。很多人在甘肃民勤的回收场坪等待着它，它也确实准时地 出现在人们的视野当中。 媒体第一时间的报道中，朱雀三号首飞的结果被概括为入轨成 ...

每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年12月15日 星期一｜ NO.1 韩文秀：明年还将根据形势变化出台实施增量政策 2025-2026中国经济年会12月13日召开，主题为"贯彻落实中央经济工作会议精神，以高质量发展为'十 五五'开好局"。中央财办分管日常工作的副主任、中央农办主任韩文秀表示，做好明年经济工作，要坚 持稳中求进，提质增效，加大逆周期和跨周期调节，切实提升宏观经济治理效能。去年9月26日中央政 治局会议以来，先后出台实施了一系列政策措施，明年还将根据形势变化出台实施增量政策。要协同发 挥存量政策和增量政策的集成效应，推动经济稳中向好。 NO.4 商务部财务司负责人：将更大力度支持惠民生和提振消费 12月14日，商务部财务司负责人解读《关于加强商务和金融协同更大力度提振消费的通知》指出，《通 知》提出3方面11条政策措施。一是深化商务和金融系统协作。二是加大消费重点领域金融支持。三是 扩大政金企对接合作。下一步，商务部将会同中国人民银行、金融监管总局，指导各地相关部门和金融 机构加强协作，推动相关举措落地生效，更大力度支持惠民生和提振消费，为"十五五"良好开局作出积 极贡献。 NO.5 三 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The commercial aerospace and satellite internet industries are accelerating due to a resonance of technology and policy, marking a significant turning point for satellite internet as a crucial component of integrated space-ground networking infrastructure [1][12] - The satellite internet technology is characterized by its wide coverage, low latency for intercontinental communication, and low ground construction costs, addressing connectivity needs in remote areas and emergency scenarios [1][12] - The demand for space computing is emerging, driven by the exponential growth of AI model requirements, with major tech companies focusing on deploying data centers in space [2][13] Summary by Sections Industry Investment Rating - The report rates the industry as "Outperform the Market - A," indicating a projected investment return that exceeds the performance of the CSI 300 index by 10% or more over the next six months [5][27] Industry Performance - The report notes that the computer sector has underperformed relative to the CSI 300 index, with a 1-month relative return of -1.9% and a 3-month relative return of -7.6% [7][15] Key Industry Developments - The establishment of a dedicated regulatory body for commercial aerospace by the National Space Administration of China signifies a commitment to high-quality development in the sector [1][12] - SpaceX's Starlink project aims to deploy a constellation of approximately 42,000 satellites, enhancing military communication and reconnaissance capabilities [2][13] - The report highlights the increasing urgency for technological iteration and industrial acceleration in satellite internet and reusable rocket development in China [2][13] Beneficiaries and Recommendations - Companies involved in satellite control, space asset management, and testing services are expected to benefit from the growth in satellite numbers, with specific recommendations for firms like Xingtu Control and Shengbang Security [3][14] - The report suggests monitoring satellite payload and integrated service companies, including Zhongke Xingtou and Shanghai Hantong, as potential investment opportunities [3][14]

Core Insights - The Chinese commercial aerospace launch industry is transitioning from technology validation to large-scale application, with significant government support and strategic initiatives aimed at enhancing its global competitiveness [1][4]. Group 1: Government Initiatives and Strategic Plans - The 20th National Congress of the Communist Party of China elevated "aerospace power" to a national strategic level, alongside manufacturing and quality [1]. - The establishment of the Commercial Aerospace Department by the National Space Administration aims to streamline approval processes, reducing the launch permit processing time by 50% [1]. - The "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)" outlines 22 measures, including the establishment of a national commercial aerospace development fund and the unification of civil and commercial aerospace standards [1]. Group 2: Global Competition and Satellite Launches - The global satellite frequency and orbit resources are limited, with countries competing under the "first come, first served" principle [1]. - As of May 12, 2025, there are approximately 10,824 low Earth orbit (LEO) satellites in orbit, with a utilization rate of about 18% [1]. - In 2024, there were 263 global space launch missions, an 18% increase year-on-year, with the U.S. and China accounting for 86% of the total launches [2]. Group 3: Commercial Launch Achievements - In 2025, China completed a record 83 orbital launch missions, a 22% increase from 68 in 2024, with private commercial rocket companies achieving a success rate of 87% [4]. - December 2025 saw a record launch frequency, with three Long March rocket launches completed within 19 hours [4]. Group 4: Satellite Internet Initiatives - The "GW Constellation" and "Qianfan Constellation" are major satellite internet projects in China, with plans to deploy 12,992 and over 15,000 satellites, respectively [6]. - The satellite manufacturing sector is expected to see significant growth, with China Satellite (600118) projected to handle around 200 satellite orders in 2025, generating over 2 billion yuan in revenue [6]. Group 5: Technological Advancements and Market Opportunities - Shanghai Huanxun is positioned as a key player in the satellite internet sector, providing core communication payloads for the Qianfan Constellation [7]. - The demand for satellite communication chips is expected to exceed 300 million yuan in 2025, with the market projected to reach a scale of over 10 billion yuan by 2026 [6]. - The T/R chip market is anticipated to grow significantly, driven by the acceleration of low Earth orbit satellite networking [9]. Group 6: Financial Performance and Growth - Chengchang Technology reported a revenue of 306 million yuan in the first three quarters of 2025, a year-on-year increase of 204.78%, with a net profit of 90.36 million yuan [10][11]. - The company is expected to benefit from the increasing demand for satellite components and the normalization of delivery for remote sensing projects [11].

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]

Investment Rating - The report suggests a focus on AI applications and commercial aerospace, indicating a positive outlook for these sectors [6][24]. Core Insights - The Ministry of Industry and Information Technology emphasizes the need for digital transformation in manufacturing and the acceleration of satellite internet development during the 14th Five-Year Plan [6][10]. - OpenAI has released GPT-5.2, which shows significant improvements in various capabilities, positioning it as a leading model in the competitive AI landscape [6][11]. - SpaceX is accelerating its IPO process, with a target valuation of approximately $1.5 trillion, driven by its core businesses in rocket launches and satellite internet services [20][21]. - Domestic and international tech giants are increasingly investing in space computing projects, highlighting the growing demand for data centers and AI infrastructure [20][22]. - The successful launch of the reusable Zhuque-3 rocket marks a significant milestone in China's commercial aerospace sector, with multiple reusable rocket plans set for launch in 2025-2026 [23][24]. Industry Overview - The industry comprises 286 listed companies with a total market capitalization of approximately 4,161.9 billion [2]. - The absolute performance of the computer sector shows a decline of 2.7% over one month, but a growth of 13.5% over six months and 8.3% over twelve months [4]. - The report highlights the increasing competition in the AI sector, particularly in the race for AI infrastructure and applications [6][20]. Investment Recommendations - The report recommends continued focus on AI applications, particularly companies like Alibaba, Kingsoft, and Hehe Information, as well as AI infrastructure firms such as Damo Data and Deepin Technology [6][24]. - In the commercial aerospace sector, it suggests monitoring companies like Jida Zhengyuan, Jiayuan Technology, and Aerospace Power [6][24].

计算机 2025 年 12 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-12 2025-04 2025-08 计算机 沪深300 相关研究报告 《商业航天，大国重器—行业深度报 告》-2025.12.11 《重视商业航天产业大趋势—行业周 报》-2025.12.7 《商业航天有望进入高速发展期—行 业周报》-2025.11.30 周观点：商业航天产业催化密集 ——行业周报 | 陈宝健（分析师） | 刘逍遥（分析师） | | --- | --- | | chenbaojian@kysec.cn | liuxiaoyao@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790520090001 | liuxiaoyao@kysec.cn 证书编号：S0790520090001 市场回顾：本周（2025.12.8-2025.12.12），沪深 300 指数下跌 0.08%，计算 机指数下跌 1.14%。 周观点：AI 产业持续繁荣 （1）SpaceX 或将开启史上最大规模 IPO，目标估值约 1.5 ...

Core Insights - SpaceX is accelerating its IPO process, aiming for a valuation of approximately $1.5 trillion by 2025, driven by its Starlink and Starship projects [1][2] - The company has recently approved an internal employee stock sale at $421 per share, raising its valuation to about $800 billion, nearly doubling since July [1] - SpaceX's core business includes three main segments: rocket launches, Starlink, and the Starship program, with significant achievements in satellite deployment and human spaceflight [1] Financial Projections - SpaceX expects to generate $15 billion in revenue by 2025, primarily from its Starlink and Starship services [2] - The company plans to raise over $25 billion through its upcoming IPO [2] Leadership and Ownership - Elon Musk, the sole founder and CEO of SpaceX, holds 42% of the company's shares [1] - Musk's wealth has significantly increased, reaching approximately $470 billion, largely due to the rise in Tesla's stock price [2]

Core Insights - The establishment of the "Flying Car Test and Verification Base" marks a significant milestone in China's low-altitude economy, integrating road and air transportation development [1] - The base is the first national-level research and testing center for road-air integration in China, facilitating the industrialization of low-altitude economy and three-dimensional transportation [1] Group 1 - The test base is located in Shaoguan City, Xinfen County, covering an area of 8,600 acres, and features a dedicated hangar for non-standard flying cars, multiple vertical take-off and landing points, and several taxiways [1] - The base incorporates advanced technologies such as 5G-A communication, satellite internet, and artificial intelligence to create a comprehensive digital test flight support system [1] - The collaboration between Gao Yu and the Southern Test Field has initiated CNAS certification work to ensure compliance with national standards for flight vehicle airworthiness certification [1] Group 2 - Gao Yu has completed 3,000 flight tests of the GAC-A6 at the base, successfully validating multi-scenario applications and conducting laboratory tests on core components such as electric propulsion and rotor systems [2] - Future cooperation will focus on building testing standards, researching airworthiness approval methods, and exploring commercial application scenarios to accelerate product industrialization [2]