格隆汇9月18日丨航天宏图(688066.SH)在投资者互动平台表示，太空算力是指将具备数据处理与计算能 力的设施（如服务器、AI芯片）部署于太空轨道，通过星载计算载荷实现对海量数据的在轨处理、存 储与传输，构建天基算力基础设施，核心逻辑是推动天基计算体系从传统的"天感地算"（卫星只负责采 集数据，回传地面处理）向"天数天算" （数据在太空中直接处理）升级，并最终实现天地一体协同计 算。 公司自主研发的PIE-Engine时空云计算平台是公司空间计算的基础平台，负责数据和算力的提供。 同时VR/XR团队凭借其他在虚拟现实等方面有丰富积累，能与三维平台等共同为面向未来的空间计算 提供支撑。PIE-Engine云平台接入DeepSeek大模型，灾害识别准确率提升至92%，展现出强大的数据处 理和分析能力，为太空算力的应用提供了技术保障。同时，公司构建的"卫星运营+低空经济+数据要 素"三维战略，形成"数据采集-处理-应用"闭环。通过"女娲星座"进行数据采集，再利用自身平台进行处 理，并在多个领域实现应用，在空天数据全链条上均有布局，有望充分受益于太空算力产业的发展。 ...

Investment Rating - The report maintains a "Recommended" rating for the communication industry [3] Core Insights - Space-based computing is transforming the traditional "ground-based computing" model into a new paradigm where data processing occurs in orbit, significantly enhancing efficiency and reducing data wastage [8][19] - The market for space computing is vast, with applications expanding from remote sensing to real-time scenarios like vehicle networking and drone clusters, potentially opening up a trillion-dollar market [5][19] - The report highlights the advantages of space computing, including energy efficiency, superior thermal management, and modular deployment, which collectively address the challenges of energy consumption, density, and scalability in AI infrastructure [19][25][26] Summary by Sections 1. Breakthrough in Space Infrastructure - Space-based computing allows satellites to evolve from mere sensing platforms to intelligent entities capable of data processing and storage [8] - Traditional models waste significant amounts of data due to bandwidth limitations, with only about 4% of data from solar monitoring satellites being utilized effectively [8][11] - The transition to "space-based computing" enhances real-time task capabilities and has broad strategic value [8][12] 2. Domestic and International Case Studies - Starcloud, a U.S. startup, plans to launch the first AI satellite equipped with NVIDIA H100 by 2025, aiming to create a gigawatt-scale orbital data center [5][39] - The "Three-Body Computing Constellation" in China, launched in May 2025, features 12 intelligent satellites with a total computing power of 5 POPS, marking a significant advancement in space computing capabilities [5][44][49] 3. Outlook for Ground Communication Operators - Putian Technology is transitioning to become a provider of space-based information infrastructure, focusing on low-orbit satellite communication and high-reliability satellite manufacturing [5][30] - The report suggests that space computing can provide new perspectives for industries like finance and disaster monitoring, with significant market potential [5][19] 4. Investment Recommendations - The report recommends focusing on satellite ground operators like Putian Technology, which show significant marginal improvements [5][19]