Group 1 - Guoxin Technology announced an investment of 30 million RMB in Suzhou Longqing Vision Chip Co., Ltd. during its Pre-A round financing, marking the third investment following angel and angel+ rounds [1] - After this round of financing, Guoxin Technology holds an 8.97% stake in Longqing Vision, becoming the largest external shareholder after the founding team, demonstrating strong confidence in the company's future development [1][3] - Longqing Vision focuses on integrating artificial intelligence with commercial aerospace, aiming to develop low-cost, high-reliability aerospace intelligent chips and system solutions, aligning with global trends in satellite intelligence and real-time space information processing [3] Group 2 - The financing round attracted several notable investors, including Shanghai Lianhe Investment Co., Ltd. and Xu Hui Capital, indicating a successful establishment of a dual-driven development model combining industrial resources and capital empowerment [3] - Longqing Vision is a core supplier for domestic low-orbit satellite constellation operator Yuanxin Satellite, validating its industrial implementation capabilities [3] - Guoxin Technology and Longqing Vision have established a comprehensive strategic partnership, collaborating on the development of a high-performance, low-power general-purpose neural network accelerator based on the RISC-V instruction set [4] Group 3 - The collaboration aims to tackle key technologies for dedicated AI computing power in aerospace and high-end edge computing scenarios, with plans to create energy-efficient AI acceleration chips for personal computing devices and edge applications [4] - This partnership strengthens Guoxin Technology's influence in the RISC-V and AI accelerator technology landscape, while also binding with core innovative enterprises in the industry chain [4] - The development of "space-based intelligent" chips with independent intellectual property rights is seen as a strategic focal point in the competition for technological supremacy among major countries [4]

Core Insights - The software ETF (515230) rose by 1.1% in early trading on November 17, indicating positive market sentiment towards the software sector [1] - China's space computing constellation is accelerating its construction, with the "Three-Body Computing Constellation" led by Zhijiang Laboratory, aiming to complete a layout of over 50 computing satellites by 2025 to build an integrated space-ground computing network [1] - NVIDIA's H100 chip is set to support space applications, boasting computational power 100 times greater than previous space-based computers, with future tests planned for AI processing applications [1] - SpaceX plans to expedite its space computing layout, with the "Starship" expected to achieve an annual deployment of 1 terawatt of AI computing power, and the capacity of V3 satellites projected to increase tenfold to 1 Tbps [1] - The global acceleration of space AI development is expected to create new business models, with satellite manufacturing and space-based AI applications becoming areas of significant interest [1] Industry Overview - The software ETF (515230) tracks the software index (H30202), which selects listed companies involved in system software, application software development, and related services, reflecting the overall performance of the software industry [1] - The software index primarily focuses on the information technology sector, characterized by significant growth and innovation, serving as an important barometer for observing the development dynamics of the software industry [1]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [21]. Core Insights - The rapid development of space AI is expected to create new business opportunities in space-based intelligence, with significant advancements from companies like SpaceX and NVIDIA [2][9]. - SpaceX plans to enhance its Starlink V3 satellite scale and establish a space data center, which could alleviate AI computing resource bottlenecks [9]. - NVIDIA's H100 GPU has been successfully sent to space, aiming to test its operational feasibility in orbit and enhance in-space computing capabilities [9]. - China's space computing constellation is accelerating, with plans to deploy over 50 computing satellites by 2025, enhancing data processing efficiency [9]. Company Financial Forecasts and Valuation - Key companies in the industry and their financial metrics are as follows: - Unisoc: Market Cap 67.27 billion, EPS 1.4 (2024A), PE 57.0 (2024A), PS 12.3 (2024A) [5]. - China Satellite: Market Cap 52.62 billion, EPS 0.0 (2024A), PE 1885.1 (2024A), PS 10.2 (2024A) [5]. - LightSpeed Technology: Market Cap 49.61 billion, EPS 0.8 (2024A), PE 75.0 (2024A), PS 6.0 (2024A) [5]. - Other companies include Softcom Power, Zhongke Star Map, and others with varying market caps and financial metrics [5]. Industry Basic Data - The computer industry consists of 337 listed companies with a total market capitalization of 61,235.75 billion and a circulating market capitalization of 55,346.10 billion [6]. Relative Index Performance - The absolute performance of the industry over the past 1 month is -3.1%, while the 6-month and 12-month performances are 24.7% and 22.6%, respectively [7]. - The relative performance compared to the benchmark shows a decline of -3.9% over 1 month, with increases of 2.6% and 9.7% over 6 months and 12 months [7].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The successful launch of the first batch of 12 satellites for the space computing constellation marks a significant milestone for China's space computing capabilities, ushering in the "Heavenly Computing Era" [2][9]. - The space computing constellation, led by the Zhijiang Laboratory, aims to create a large-scale space-based intelligent computing infrastructure, addressing traditional satellite data processing efficiency bottlenecks [9]. - The constellation's total computing power is projected to reach 1000POPS (one hundred billion billion calculations per second) once fully operational, significantly enhancing data processing capabilities for various applications [9]. Company Profit Forecast and Valuation - The report provides a detailed profit forecast and valuation for key companies in the industry, including: - Softcom Power: Market Cap 55.36 billion, EPS 0.2 (2024A), PE 306.9 (2024A) [4]. - Guangxun Technology: Market Cap 34.65 billion, EPS 0.8 (2024A), PE 52.4 (2024A) [4]. - China Satellite: Market Cap 31.21 billion, EPS 0.0 (2024A), PE 1117.9 (2024A) [4]. - Zhongke Star Map: Market Cap 29.84 billion, EPS 0.6 (2024A), PE 84.9 (2024A) [4]. - Fenghuo Communication: Market Cap 24.74 billion, EPS 0.6 (2024A), PE 35.2 (2024A) [4]. - The report highlights the expected growth in EPS and PE ratios for these companies from 2024 to 2025, indicating a positive outlook for the industry [4]. Industry Basic Data - The industry consists of 336 listed companies, with a total market capitalization of 4,278.56 billion and a circulating market capitalization of 3,671.50 billion [6]. Relative Index Performance - The absolute performance of the industry over the past 12 months is 33.7%, with a relative performance of 26.9% compared to the benchmark index [7].