证券研究报告 |行业深度 gszqdatemark 2025 09 12 年 月 日 通信 太空算力：苍穹之上的算力新纪元 站在当前时点，我们继续寻找 AI 基础设施的其他延伸方向。市场聚焦于 算力基建中的光模块、交换机等硬件设施，或对 AI 应用的突破充满期待， 但未来当算力规模突破临界点时，对能源、空间及散热的底层逻辑或已发 生质变。当数据中心电量需求激增、美国电力基建滞后之时，美国 Starcloud 千兆瓦级轨道电站与中国"三体计算星座"的实时响应正在昭 示：算力战场或许已从地面延伸到苍穹。 何为太空算力？——部署于太空轨道上的数据中心。太空算力是一种将数 据中心和计算能力部署到太空轨道的技术，通过卫星及其搭载的计算硬件 进行在轨数据处理。其利用星间高速激光通信实现数据传输和实时处理， 并将结果传回地球。因太空中独特的真空环境与光照条件等，太空算力具 备自治智能、实时响应、分布式协作、无需消耗能源等特性，且具备高运 算效率。 算力为何要上天？——能源桎梏与散热困境。随着"星际之门"等大型项 目计划的宣布以及 CSP 各厂商 Capex 的持续上修，爆发式增长的算力需 求已成为确定性趋势，带动电力需求激 ...

"首选目标便是月球。" 欧盟正在探索转向外太空寻求可再生能源的原材料。 本周，欧盟委员会在最新发布的年度《战略前瞻报告》中表示，全球秩序正遭受巨大冲击，欧盟可能无法再依赖非欧盟国家供应低碳能源技术所需的关键材 料，"作为应对，未来可能日益重视……包括太空采矿在内的先进采矿技术，首选目标便是月球。" 需要解释的是，锂、铜、镍及稀土等金属对可再生能源和电动汽车至关重要，而欧盟境内开采的这类金属寥寥无几。简言之，欧盟需要开采月球资源。 月球开采资源 据美国能源信息署统计，欧佩克成员国（OPEC）合计掌控全球35%的石油储备，占全球石油贸易总量50%。这种主导地位使该组织及其成员国对国际油价 乃至全球经济拥有巨大影响力。 公开信息显示，欧洲空间资源创新中心（ESRIC）于2020年8月由卢森堡空间局（LSA）与卢森堡科学技术研究院（LIST）在卢森堡共同创立，作为该国空 间资源领域的国家级创新中心。欧洲航天局（ESA）于2020年11月以战略合作伙伴身份加入ESRIC。 ESRIC作为全球首创机构，致力于成为国际公认的权威中心，专注于人类与机器人探索中空间资源利用的科学、技术、商业及经济层面的研究，并为未来太 空经济 ...

王爷说财经讯：不愧是马斯克！世界首富宝座刚被'抢走'1天，又硬生生的夺回来了！ 甲骨文创始人埃里森靠股价暴涨，单日暴赚980亿美元登顶，风光无限。 但马斯克岂会认输？特斯拉股价一发力，SpaceX估值一飙升，首富位置秒回血！ 这场'亿万富翁过山车'背后，是AI赌局VS航天狂想的巅峰对决。今天咱们扒开这场财富大战：马斯克凭什么'1天逆袭'？未来首富之争，谁能笑到最后？ 01、世界首富换人，但只有一天？ 当地时间9月10日，随着美国甲骨文公司最新一期靓丽的财报公布，股价直接飙涨35%，公司创始人——拉里·埃里森因公司股价暴涨单日财富激增980亿美 元（超马斯克80亿），最终个人身价一度突破3930亿美元，反超马斯克（3850亿美元），短暂登顶全球首富。 但到就在收盘时，甲骨文的股价已回吐部分涨幅，相反，马斯克却凭借特斯拉股价回升与SpaceX估值飙升，当日收盘重夺宝座。 这场首富换位战，本质是AI云服务VS航天科技的财富博弈，凸显科技巨头对全球财富格局的颠覆性影响。 02、被短暂超越后，马斯克重新回世界首富！ 彭博富豪指数显示，马斯克身家达3970亿美元，埃里森以3930亿美元紧随其后，差距仅40亿美元，火药味十 ...

作者｜黄楠 编辑｜袁斯来 9月10日，追觅科技官宣成立天文BU，正式切入天文光学和太空经济赛道。新成立的天文BU将聚焦智能天文光学系 统、致力于智能天文光学系统的研发与应用，打造人类"天眼"，在推动天文观测大众化的同时、参与商业航天产业链 的制造生产。 其中，在高端天文光学设备制造领域，追觅正在集中解决大口径光学镜片的量产难题。 长期以来，大口径、高精度光学镜片制造被国外企业垄断，尤其是在业余天文望远镜市场中，用户常面临设备调校复 杂、易受大气干扰、难以拍摄科研级影像等问题。 36氪了解到，追觅首款智能天文望远镜产品或将采用超大口径设计，其内置的AI算法能自动补偿大气抖动，并智能识 别和追踪深空天体，解决传统设备"调校复杂、易受干扰"的痛点，让业余爱好者也能拍摄出科研级的天文影像。 在长期企业社会责任（CSR）项目方面，追觅天文BU将与多名院士以及多位天体物理学专家合作，持续推出《一起 看星星》系列公益直播课。 在空间在轨光学载荷服务方面，追觅天文BU正通过与国内商业航天公司合作，联合开发高分辨率对地观测载荷。 近年来，随着全球航天技术进步和商业化进程加速，商业航天逐渐成为航天领域的重要组成部分。根据中研普华 ...

2025年8月27日11时08分，于本水因病医治无效，在北京逝世，享年91岁。 据"中国航天科工"官微消息，9月6日上午，中国共产党优秀党员，忠诚的共产主义战士，我国防空导弹专家，中国工程 院院士，中国航天科工集团有限公司、二院、二部科技委高级顾问于本水的遗体告别仪式在八宝山殡仪馆东礼堂举行。 来自社会各界有关人士到现场参加告别仪式。 清晨，送别的人群早早来到了北京市八宝山殡仪馆，人们怀着无比哀痛的心情，依依不舍地送别于本水同志。八宝山殡 仪馆东礼堂庄严肃穆，哀乐低回，正厅上方悬挂着黑底白字的横幅"沉痛悼念于本水同志"，下方悬挂着于本水同志的遗 像，目光慈祥和蔼。于本水同志身盖中国共产党党旗、安卧于鲜花与翠柏丛中。 中央有关领导同志对于本水同志的逝世表示悼念，对家属表示慰问，并敬献花圈。 于本水同志的一生，是为航天事业艰苦奋斗的一生，是为党和人民无私奉献的一生。2025年8月27日11时08分，于本水同 志因病医治无效，在北京逝世，享年91岁。 于本水同志永远是我们学习的榜样。我们深深地怀念他，并将化悲痛为力量，传承他的家国情怀和奋斗品格，为实现中 国梦、强军梦、航天梦而努力奋斗！ 岁月静好，山河无恙。今日中 ...

Core Viewpoint - NASA plans to deploy a 100-kilowatt nuclear reactor on the Moon by 2030 to maintain U.S. leadership in manned lunar exploration, but faces significant technical challenges [1] Group 1: Nuclear Reactor Deployment - The nuclear reactor is intended to provide a stable energy supply for lunar exploration, especially during the long lunar nights when solar power is ineffective [1] - The reactor's power has been increased from an initial 40 kilowatts to 100 kilowatts, which will significantly increase its size and weight, posing challenges for current spacecraft carrying capacity [1] Group 2: Resource Utilization - NASA aims to use the nuclear reactor to electrolyze water on the Moon to produce hydrogen and oxygen, reducing the need for materials brought from Earth and lowering costs [2] - The deployment location of the reactor must be near lunar water ice resources, but NASA currently lacks a comprehensive map of these resources [2] Group 3: Water Ice Exploration - Ongoing lunar exploration projects by NASA are expected to quickly provide information on the distribution of lunar water ice, aiding in resource assessment [3] - The VIPER rover, designed to sample and map lunar water resources, is ready but currently awaiting its mission due to project cancellations [3] Group 4: Safety and Structural Challenges - The reactor will require large heat dissipation surfaces due to the lack of effective heat transfer methods on the Moon, and must be reinforced against potential meteorite impacts [3] - The impact of landing spacecraft on nearby facilities must be considered, as the exhaust from landing engines can damage structures due to the abrasive lunar regolith [4] - Future lunar bases will need to establish dedicated launch sites, with careful planning of distances and positions relative to the nuclear reactor and other facilities [4]

Group 1 - SpaceX founder Elon Musk shared important updates on the Starship project, including development timelines and key technological milestones for different versions of the spacecraft [1][3] - The Starship V3 version is planned to be completed and tested by the end of this year, with potential test flights occurring during this period [3] - The Starship V4 version is expected to be launched in 2027, with a design height close to 150 meters and a weight of approximately 7500 tons, representing a significant increase in scale compared to existing versions [3] Group 2 - Musk indicated that the capture mission for the Starship is likely to be implemented during the 13th to 15th flights, with specific timing to be adjusted based on the performance of the V3 version [3] - The recent successful completion of the 10th test flight marked a significant milestone, with the spacecraft launching from Texas and landing in the Indian Ocean, while the rocket booster successfully fell into the Gulf of Mexico [3] - The test flight aimed to achieve several key objectives, including simulating satellite deployment and conducting engine relight tests in space, which are crucial for future technological validation and functional expansion of the Starship [3]

Core Viewpoint - The company, Interstellar Aerospace Technology (01725.HK), has successfully completed a subscription agreement, issuing a total of 100 million shares, which represents approximately 19.84% of the company's existing issued share capital prior to the completion and about 16.55% of the enlarged issued share capital after the issuance [1] Financial Summary - The net proceeds from the subscription are estimated to be approximately HKD 64.5 million [1] - Approximately HKD 60.9 million, or 94.4% of the net proceeds, will be allocated for general working capital, including: - Salaries: approximately HKD 35.3 million (54.7%) - Lease expenses: approximately HKD 3 million (4.7%) - Utilities: approximately HKD 3 million (4.7%) - Legal and professional fees: approximately HKD 12.4 million (19.2%) - Office daily expenses: approximately HKD 3.6 million (5.6%) - Other administrative expenses: approximately HKD 3.6 million (5.6%) [1] - Approximately HKD 3.6 million, or 5.6% of the net proceeds, will be used for the operational expenses of the group's aerospace business [1] Future Plans - The company anticipates that the net proceeds from the subscription will be fully utilized by the end of 2025 [1] - If the net proceeds remain unutilized, the company plans to deposit the funds in licensed commercial banks and/or other recognized financial institutions as short-term deposits [1]

Core Viewpoint - The company, Interstellar Aerospace Technology (01725), has successfully completed the issuance of 100 million subscription shares, raising approximately HKD 64.5 million, with the majority allocated for general operational funds and a smaller portion for aerospace business expenses [1] Group 1 - The company completed the issuance of 100 million subscription shares on August 27, 2025 [1] - The net proceeds from the share issuance amount to approximately HKD 64.5 million [1] - 94.4% of the funds will be used for general operational purposes, while 5.6% will be allocated for the operational expenses of the group's aerospace business [1]

Core Viewpoint - The successful tenth test flight of SpaceX's Starship marks a significant step towards reusable spacecraft, reinforcing SpaceX's industry leadership and boosting NASA's confidence in lunar missions, while also energizing the U.S. space strategy [1] Group 1 - The test flight was initially scheduled for August 24 but was delayed by two days due to ground system failures and weather conditions [1] - The success of the tenth test flight indicates that SpaceX is making progress in its ambitious plans for reusable space vehicles [1] - This achievement is expected to strengthen NASA's confidence in its lunar exploration plans and provide new momentum for U.S. space initiatives [1] Group 2 - Despite previous failures, the successful test flight suggests that SpaceX's significant financial investments are beginning to yield tangible results [1] - The company is gradually transforming its ambitious vision into reality, although future challenges may still arise [1]