华见早安之声 市场概述 经济数据利好美联储12月降息， 三大美股指三连阳，但部分科技股打压下，盘中曾齐跌。到收盘，道指涨超1%，标普和纳指齐创近两周新高。 英伟达盘中 跌超7%，收跌2.6%、在科技七巨头中独跌，英伟达AI链齐跌，CoreWeave收跌超3%；谷歌AI链走高， 谷歌涨超1%、三日连创历史新高，博通涨近2%，逼 近纪录高位，传出考虑用谷歌TPU后，Meta涨近4%。 中概指数跑输大盘，公布财报后，小马智行收涨近6%、阿里先涨后跌、收跌超2%、蔚来跌超4%。 美劳动力市场疲软、核心PPI增长低于预期，美债价格再涨，十年期美债收益率本月内首次盘中下破4.0%。美元指数两日跌离近半年高位；离岸人民币盘中 涨超200点、13个月来首次盘中涨破7.08；连日反弹的加密货币回落，比特币盘中跌超3%跌破8.7万美元。 投资者关注俄乌和平前景， 原油回落至一个月低位， 盘中跌近3%。黄金期货三连涨，涨超1%、收创新高。 亚洲时段，A股和港股震荡收涨，创业板涨1.77%，"谷歌链"爆发，恒科指涨1.2%，科网股跟进涨势。 要闻 美国经济数据显示降息可能性增加：9月PPI环比增0.3%，能源成本推动通胀抬头， 核心 ...

航天宏图：公司自建 "女娲星座" 实现遥感数据在轨处理，与太空计算系统协同运作，其遥感数据处理 市占率超40%，有望受益于太空算力发展。 中科星图：公司是中科院空天院旗下企业，规划太空算力星座、太空感知星座等商业卫星星座，整合天 基数据与超算算力开发低空云产品体系，同时与中科曙光共建 "天地一体化" 算网，赋能城市治理、灾 害预警等场景。 证券时报表示，随着人工智能（AI）的爆发式增长，算力需求呈指数级攀升，传统的地面数据中心在 能源消耗、散热效率和土地资源方面正面临前所未有的瓶颈。当前，能源成为AI发展的重要瓶颈之 一，太空算力凭借其特有优势成为中美布局的重要方向，有望成为未来算力的重要组成部分，从而带动 产业快速发展。太空算力围绕 "空天地一体化信息网络" 展开，覆盖卫星制造、核心芯片、数据处理、 通信链路等多个关键环节，每个环节都孕育着投资机会。 公司方面，据证券时报表示， 据无锡产权交易所11月24日公告，"梁溪星座"项目公开招标，项目业主为无锡市星算科技有限公司，资 金来自自筹，合同估算价4.5亿元。 "梁溪星座"项目，建设由12颗智算卫星组成的星座，所有卫星实现3D打印增材制造，搭载全球领先 的" ...

Group 1: Space Computing - The "Liangxi Constellation" project, involving 12 intelligent computing satellites, is publicly tendered with an estimated contract value of 450 million yuan [1] - The project aims to address the increasing demand for computing power driven by the explosive growth of artificial intelligence (AI), as traditional data centers face significant limitations [1] - Space computing is expected to become a crucial component of future computing infrastructure, with investment opportunities across satellite manufacturing, core chips, data processing, and communication links [1] Group 2: Artificial Intelligence - Alibaba reported a revenue of 247.8 billion yuan for Q2 of fiscal year 2026, with its Cloud Intelligence Group generating 39.82 billion yuan, exceeding market expectations [2] - AI-related product revenue has seen triple-digit growth for nine consecutive quarters, with a year-on-year increase of 34% in the Cloud Intelligence Group [2] - Alibaba's Qwen app achieved over 10 million downloads within a week of its public beta, surpassing the growth rates of competitors like ChatGPT [2] Group 3: Commercial Space - The National Space Administration of China has issued a plan to promote high-quality and safe development of commercial space from 2025 to 2027, including the establishment of a national commercial space development fund [3] - The plan aims to enhance the commercial space ecosystem, which includes satellites, rockets, and launch facilities, transitioning from technology validation to large-scale application [3] - The commercial space sector is expected to play a vital role in China's global space economy and contribute to the digital economy and smart society [3] Group 4: Quantum Computing - China's first large-scale dedicated optical quantum computer manufacturing facility has opened, marking a significant step towards the industrialization of quantum computing [4] - Quantum computing is recognized as a core driver of next-generation information technology, capable of addressing traditional computing power limitations [4] - The industry is expected to grow rapidly due to technological breakthroughs, policy support, and market demand, with applications expanding across various sectors [4] Group 5: Data Elements - The National Data Bureau has initiated a pilot project for the development and utilization of data resources in state-owned enterprises, involving 12 central enterprises [7] - This initiative is part of a broader strategy to enhance the value of public data operations, which is expected to significantly impact economic and social development [7] Group 6: 3D Vision Technology - Huawei has launched the Mate 80 series smartphones, which support 3D facial recognition technology, enhancing payment security and user convenience [6] - The 3D vision industry is anticipated to experience explosive growth starting in 2024, driven by the demand for high-precision perception in automation applications [6]

格隆汇11月25日丨陕西华达(301517.SZ)在投资者互动平台表示，公司产品广泛应用于航空航天、武器 装备、通讯等领域，在航空航天领域，公司积累了大量产品高可靠性设计、环境测试等核心技术，为卫 星、运载、深空探测等配套提供了坚实支撑。面向"太空算力"新赛道，公司依托既有航天产品验证能 力，已启动宇航级设计、星载模块、耐辐射等关键预研，将高可靠设计、先进热控与抗辐照技术延伸至 在轨天基大数据处理等场景，打造覆盖"组件—模组—分系统"的解决方案。公司也高度关注机器人领域 发展，将加大市场开拓力度，持续推动技术创新和智能制造，扩大公司的市场份额，推动公司的持续经 营。 ...

Core Viewpoint - Shaanxi Huada (301517.SZ) is actively expanding its capabilities in aerospace, defense, and communication sectors, focusing on high-reliability design and environmental testing for satellite and deep space exploration applications [1] Group 1: Aerospace Applications - The company has accumulated significant core technologies in high-reliability design and environmental testing, providing solid support for satellite, launch vehicles, and deep space exploration [1] - The company is initiating key research in astronautical-grade design, on-board modules, and radiation-resistant technologies to enhance its offerings in the "space computing" sector [1] Group 2: Product Development and Market Expansion - The company aims to create comprehensive solutions covering "components—modules—subsystems" for in-orbit space-based big data processing scenarios [1] - The company is also focusing on the development of robotics, planning to increase market penetration and continuously drive technological innovation and smart manufacturing to expand its market share [1]

全球首富马斯克从来不走寻常路，总有一些近乎疯狂却极具前瞻的技术浪潮与商业计划。但这一次，中 国人比他先走一步。当然，算力上天的竞争才刚刚开始。 特斯拉跑车进太空 2018年，马斯克将自己的红色特斯拉Roadster跑车送上了太空。那是SpaceX猎鹰重型运载火箭的首飞， 为了证明自己火箭的强大运载能力，他决定送一点特别炫酷的东西进入外太空，最终选择了自己的特斯 拉座驾。 这是外太空首次出现(地球人的)汽车。车内坐着一个穿着SpaceX宇航服的假人，循环播放着大卫·鲍伊 的歌曲《Space Oddity》，中控上显示着Don't Panic(别恐慌)，这是在致敬科幻经典《银河系漫游指 南》。 七年时间过去了，这辆车还在日心轨道上飘着， 变成了一个人造的小行星，大约每一年半时间环绕太 阳一周。当然，因为宇宙辐射和陨石冲击，车身已经坑坑洼洼，车内更是面目全非。 送车上太空，乍听起来不可思议，却成为了史上最昂贵也是最开脑洞的广告，给SpaceX、特斯拉以及 马斯克本人都做了一次极其成功的品牌营销和形象推广，在后续给特斯拉带来了诸多潜在的客户，为他 几年之后成为全球首富奠定了基础。 多年以来，殖民火星探索太空的梦想都是 ...

Core Viewpoint - The company, Capital Online (300846.SZ), confirmed that its main business does not currently involve collaboration in the field of space computing power [1]. Group 1: Company Business Overview - The company provides cloud services, communication network services, IDC services, and comprehensive solutions to various industries [1]. - The services offered are designed to meet the computing power and network service needs of different industries during their digital transformation process [1]. Group 2: Space Computing Power Inquiry - An investor inquired about the company's involvement in space computing power-related collaborations [1]. - The company clarified that it does not engage in the space computing power sector at this time [1].

Core Viewpoint - The company, Capital Online (300846.SZ), focuses on providing cloud services, communication network services, IDC services, and comprehensive solutions to various industries, addressing their digital transformation needs for computing power and network services. The company does not currently engage in space computing services [1]. Group 1 - The main business of the company includes general computing and intelligent computing cloud services [1]. - The company aims to meet the service demands of different industries during their digital transformation processes [1]. - The company’s current operations do not involve any space computing-related fields [1].

盘前要闻 1、外交部、文旅部、教育部等多部门重要提醒！近期避免前往日本 类型：宏观 情绪影响：中性 外交部发布出行提醒，日本领导人公然发表涉台露骨挑衅言论，严重恶化中日人员交流氛围，给在日中 国公民人身和生命安全带来重大风险。文化和旅游部郑重提醒中国游客近期避免前往日本旅游。教育部 建议中国公民谨慎规划赴日留学安排。 2、华为将发布AI领域突破性技术，有望解决算力资源利用效率难题 类型：行业 情绪影响：正面 4、证监会主席吴清：着力推动市场更具韧性、更加稳健，制度更具吸引力 类型：宏观 情绪影响：正面 近日，中国证监会举办学习贯彻党的二十届四中全会精神宣讲报告会，吴清强调，着力推动市场更具韧 性、更加稳健，制度更加包容、更具吸引力，上市公司质量更高、价值更优，监管执法更加有效、更具 震慑力，开放迈向更深层次、更高水平。 华为将在11月21日发布AI领域的突破性技术，可将GPU、NPU等算力资源的利用率，从行业平均的30% 至40%提升至70%，显著释放算力硬件潜能。据透露，华为是通过软件创新实现英伟达、昇腾及其他三 方算力的统一资源管理与利用，屏蔽算力硬件差异，为AI训练推理提供更高效的资源支撑。 3、国常会 ...

Core Insights - Elon Musk discussed various topics including artificial intelligence, energy, chip manufacturing, robotics, Neuralink, personal wealth perspective, and long-term vision during an interview with investor Ron Baron [1] Group 1: Space and Energy - Musk sees a feasible technological path to launch solar-powered AI satellites with a target of 100 gigawatts (GW) annually, which could provide energy for large-scale AI operations, potentially becoming the lowest cost method for powering AI at scale [2] - The current average electricity load in the U.S. is approximately 460 GW, highlighting the scale of Musk's ambitions [2] Group 2: Chip Manufacturing - Musk expressed high regard for TSMC and Samsung, noting that Tesla and SpaceX collaborate with these companies to expedite chip production and increase capacity [2] - He mentioned that inquiries about the time required to build new wafer fabs resulted in a response of approximately five years from initiation to production, which Musk described as an eternity [3] Group 3: AI Development - Musk stated that Grok-4-Heavy is currently the smartest AI, utilizing a multi-agent parallel collaboration approach to improve its outputs continuously [3] Group 4: Personal Wealth Perspective - Musk is not motivated by money or luxury, focusing instead on human survival and the need for sufficient ownership to guide his companies forward [4][5] - He mentioned having only a modest home in Austin and a small house at Starbase, indicating a minimalist lifestyle [5] Group 5: Future Vision - Musk envisions a future where AI and robotics can fully meet human needs, benefiting everyone [6] - His long-term goals include expanding human consciousness, exploring other galaxies, and gaining a deeper understanding of the universe [6] Group 6: Neuralink Progress - Neuralink has implanted devices in over 10 patients, some of whom were previously unable to move or communicate, and they can now interact at nearly normal conversational speeds [7][8] Group 7: Robotics and Healthcare - Musk believes that the Tesla humanoid robot, Optimus, will enable access to top-tier surgical procedures due to its superhuman precision [9] - He stated that Optimus could perform complex medical surgeries that are currently beyond human capabilities, addressing the limitations posed by the scarcity of skilled medical professionals [10]