成立于2017年9月的之江实验室，是浙江省举全省之力打造的非营利新型研发机构。该实验室致力于建 设服务支撑浙江创新发展的策源地，打造世界领先水平的科技创新基地和新型举国体制浙江路径的实践 样板。 之江实验室聚焦智能计算，瞄准国家战略前沿、科技创新变革、战略产业创新三大战略需求，重点推 进"三体计算星座"、021 LSM大科学模型等科研任务。 当前，之江实验室积极践行开放科学行动，打造开放创新基础设施zero2x，以及地学领域大模型 GeoGPT和天文领域大模型OneAstronomy等全球科技公共产品，以"共商、共建、共享、共发展"的开放 创新机制，助力打造人工智能创新发展高地，让人工智能成果更好惠及全球。 （文章来源：科技日报） ...

Group 1: Decline of Ancient Civilizations - The decline of Ancient Egypt was primarily due to resource misallocation, social infighting, collapse of belief systems, innovation stagnation, and external shocks [3][6][10] - Under the centralized power of the Pharaohs, significant resources were directed towards monumental religious projects rather than improving productivity and public welfare [5][6] - The over-reliance on the Nile River's natural bounty led to agricultural stagnation, which was exacerbated by climate changes that caused droughts and famines starting from the 13th century BC [6][7] Group 2: Cultural and Religious Shifts - The introduction of monotheism by Akhenaten in the 14th century BC caused significant social division and weakened traditional religious authority, leading to a collapse of the existing governance structure [9] - The arrival of Christianity further eroded ancient Egyptian religious practices, culminating in the abandonment of hieroglyphics by the end of the 4th century [9] Group 3: Innovation and External Pressures - Ancient Egypt's failure to transition from bronze to iron technology left it vulnerable to emerging powers like Assyria and Persia, resulting in military disadvantages [10][11] - From the 12th century BC onwards, a series of invasions by various groups led to the loss of Egyptian sovereignty, marking the end of its self-rule [11] Group 4: The Concept of "Civilization Offshore" Mechanism - The decline of a central civilization often leads to the emergence of new vitality in its peripheries, a phenomenon termed the "civilization offshore" mechanism [12] - Historical examples include Greece's development from Egyptian influence, which led to a distinct path of rational thought and democracy, diverging from Egyptian theocratic governance [13][14] Group 5: Modern Implications and Future Prospects - The concept of "offshore" civilizations is relevant today, as seen in discussions about colonizing Mars as a new frontier for human civilization [23][24] - The integration of AI in space exploration is posited as a means to facilitate human expansion beyond Earth, potentially revitalizing human civilization [25][30] - The historical pattern suggests that civilizations must seek new frontiers to avoid stagnation, with Mars being viewed as a potential new beginning for humanity [32]

Group 1 - Zhejiang is being positioned as a "black land" for innovation and entrepreneurship, emphasizing the need for a vibrant innovation ecosystem [2][4] - The development of the world's first "Bone 02" bone glue by Zhejiang University Shao Yifu Hospital highlights the region's innovative capabilities [2] - The global ranking of Hangzhou at 13th in the World Intellectual Property Organization's 2025 Global Innovation Index reflects the region's growing prominence in innovation [2] Group 2 - Over 50 significant technological achievements in fields such as artificial intelligence and new materials were reported in the first half of the year, showcasing the diverse sources of innovation [3] - The concept of "equal opportunity" is crucial for fostering innovation in Zhejiang, allowing various entities to thrive regardless of their size or background [3][4] - The supportive policies and funding for private enterprises in Zhejiang are driving the growth of technology-driven companies [4] Group 3 - There is a recognized need for further reforms to enhance the innovation environment, including breaking down institutional barriers and improving intellectual property protection [5] - The emphasis on creating a more inclusive culture for researchers is essential for providing better growth opportunities and evaluation systems [5] - The ongoing efforts to cultivate Zhejiang's "black land" for innovation are expected to yield more innovative outcomes and successful startups [6]

Group 1 - The fourth Global Digital Trade Expo will be held from September 25 to 29 in Hangzhou, featuring over 1,700 exhibitors, marking a record high in scale [1][4] - The exhibition covers five cutting-edge fields: digital ordering trade, digital technology trade, digital service trade, digital product trade, and data trade, with a total exhibition area of 155,000 square meters [1] - The theme of this year's expo is "Seeing the Innovative Future at the Digital Trade Expo" [1] Group 2 - The "Six Little Dragons" of Hangzhou will showcase their technological achievements and innovative applications in a scenario-based manner at the expo [2] - Notable exhibits include the bionic dexterous hand Revo 2, capable of lifting 20 kg while weighing only six eggs, and the humanoid robot G1, which features advanced agility and speed [2] - Other companies like Deepseek, Yunshen, and Qunke Technology will also present new content at the expo [2] Group 3 - The expo will feature significant contributions from local tech giants, including the Zhijiang Laboratory's "Three-body Computing Constellation" and Zhejiang University's record-breaking quadruped robot [3] - The world's first mass-produced consumer-grade AI+AR smart glasses, Rokid G1, will be showcased, weighing only 49 grams [3] - Major players like Alibaba, Huawei, and Turing Institute will present their latest innovations and solutions in the digital trade sector [3] Group 4 - The expo will highlight various industry-specific exhibition areas, showcasing cutting-edge technologies and innovative products [4] - The theme pavilion will feature a digital trade bridge between China and Russia, providing new opportunities for Chinese sellers [4] - Neat and Zoom will introduce an "invisible meeting assistant" to enhance global business communication and collaboration [4] Group 5 - The digital healthcare exhibition area will demonstrate real-world applications driven by digital technology, including AI-based traditional Chinese medicine assessments [5] - The Silk Road e-commerce exhibition area will gather over 50 well-known platforms, including Amazon and Alibaba International Station, from five continents [5]

Group 1: Market Overview - Global stock indices mostly rose last week, with the Asia-Pacific market leading, as the Hang Seng Tech Index surged by 5.3% [1] - The A-share market exhibited a V-shaped trend, with the Shenzhen Component Index and the ChiNext Index both increasing by 2.1% [1] Group 2: Brokerage Strategies - CITIC Securities emphasizes that the current market rally is largely related to overseas exposure, recommending a focus on resources, new productive forces, and overseas expansion [1] - Huatai Securities' multi-dimensional timing model has achieved a cumulative return of 40.41% this year, continuing to favor A-shares, particularly in sectors like liquor, precious metals, banking, and oil [2] - Everbright Securities maintains a bullish outlook on the bull market, focusing on TMT sectors, citing reasonable market valuations and new positive factors emerging [2] Group 3: Capital Flows and Market Sentiment - CICC notes an acceleration of southbound capital inflows into Hong Kong stocks, with the Hang Seng Index surpassing 26,000 points, and suggests that fundamental structures remain a stable choice [3] - Xinda Securities identifies September as a watershed for fast and slow bull markets, indicating that the current bull market may have policy catalysts that could lead to a significant bull market [4] Group 4: Sector Focus - CITIC Jiantou highlights the importance of focusing on sectors with strong fundamentals, such as AI, new energy, and innovative pharmaceuticals, while also monitoring inflation trends [5] - Huaxi Securities believes that the A-share "slow bull" market will continue, with high-growth sectors likely to benefit from policy support and increased capital inflows [6] - Dongwu Securities recommends actively positioning in the AI industry chain, particularly in segments that may serve as "call options" due to potential breakthroughs [7] Group 5: Emerging Technologies - Galaxy Securities reports that the satellite internet sector is poised for growth, with advancements in satellite communication transitioning from "connectivity" to "intelligence," reshaping the industry [8]

Core Viewpoint - The "Three-body Computing Constellation" represents a leap in the satellite communication industry from "connectivity" to "intelligence," transforming satellite communication into a new type of infrastructure for the digital economy, which will reshape the business logic of the satellite industry [1][4]. Group 1: Event Overview - At the 2025 Inclusion·Bund Conference, the founder of Alibaba Cloud stated that AI evolution has entered a critical phase where competition is shifting from code and models to a global collaborative system centered on data, computing power, and open-source resources [2]. - The "Three-body Computing Constellation," consisting of 12 computing satellites, was successfully launched on May 14, marking the establishment of a new category of "computing satellites" that process space data in orbit, significantly improving response speed and decision-making efficiency [2][3]. Group 2: Business Model - The business model of the "Three-body Computing Constellation" includes three main directions: 1. Space computing power leasing, creating a "space data center" to provide edge computing capabilities for application satellites [3]. 2. Space communication and star cable plans, building "space fiber" for low-latency, low-cost, and high-security cross-border transmission and computing power scheduling [3]. 3. Monetization of intelligent data assets, transforming remote sensing data into "data as a service" for various industries such as agriculture, meteorology, and urban governance [3]. Group 3: Strategic Significance - The strategic significance of the "Three-body Computing Constellation" includes: 1. Innovative model that opens a new track for composite space infrastructure combining communication, computing, and data [4]. 2. Market potential in the B2B sector for computing power scheduling and data transmission, which will be crucial for the commercialization of satellite communication [4]. 3. Alignment with national policies such as "integrated space-ground systems" and "East Data West Computing" projects, benefiting from industrial policy dividends [4]. 4. Global opportunities to become an international hub for space computing networks by opening computing resources and data platforms [4].

Investment Rating - The report maintains a "Recommended" rating for the communication industry [1]. Core Insights - The evolution of AI is shifting from code and models to a global collaborative system centered around data, computing power, and open-source resources. The reliance on ground-based data centers is transitioning to "computing satellites" for space data processing and deep space exploration [1]. - The "Trinity Computing Constellation," consisting of 12 computing satellites, has been successfully launched, marking the establishment of a new category of satellites focused on in-orbit computing. This innovation significantly enhances response speed and decision-making efficiency [1]. - The business model of the Trinity Computing Constellation includes three main directions: space computing leasing, space communication and star cable plans, and monetization of intelligent data assets [1]. - The strategic vision includes deploying "solar satellites" at the L5 point for deep space exploration, addressing the need for independent computing power in long-term space missions [1]. - The report emphasizes the potential market growth in B2B computing scheduling and data transmission, aligning with national policies and presenting global opportunities [1]. Summary by Sections Industry Overview - The report discusses the strategic leap in space computing and the new opportunities in satellite internet, highlighting the shift from traditional communication to intelligent infrastructure [1]. Market Potential - The demand for computing power and data transmission in the B2B market is identified as a core growth area for satellite communication commercialization [1]. Policy Alignment - The developments align with China's "integrated space-ground" strategy and the "East Data West Computing" initiative, suggesting favorable policy conditions for industry growth [1]. Investment Recommendations - The report suggests focusing on companies such as Putian Technology, Tongyu Communication, Zhenyou Technology, and others that are positioned to benefit from these trends in the satellite communication sector [1].

行业点评报告 · 通信行业 太空算力的战略跃迁,卫星互联网迎来新空间 2025 年 09月 12 日 核心观点 通信行业 推荐 维持评级 分析师 赵良毕 ☎：010-8092-7619 网: zhaoliangbi_yj@chinastock.com.cn 分析师登记编码: S0130522030003 www.chinastock.com.cn 研究助理:刘璐 网: yj.liulu@chinastock.com.cn 相对沪深 300 表现图 2025-09-11 150% 100% 00% 相关研究 1. 【银河通信】行业点评_联通获卫星移动通信牌 照,卫星通信进程加速 2. 【银河通信】行业点评:卫星互联组网或加速,市 场增量迎来大空间 3. 【银河通信】行业深度报告_太空算力:打破传统 地天观,重构天基智能版图 4. 【银河通信】行业深度报告_揽星补地贯通寰宇, 拓维重构数智之疆 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 事件: 近日,在 2025 Inclusion·外滩大会上,阿里云创始人、之江实验室主 ● 任表示,AI 的演进已进入"变量发生了变化"的关键阶段：竞争不 ...

行业点评报告 · 通信行业 太空算力的战略跃迁,卫星互联网迎来新空间 2025 年 09月 12 日 核心观点 通信行业 推荐 维持评级 分析师 赵良毕 ☎：010-8092-7619 网: zhaoliangbi_yj@chinastock.com.cn 分析师登记编码: S0130522030003 2. 【银河通信】行业点评:卫星互联组网或加速,市 场增量迎来大空间 3. 【银河通信】行业深度报告_太空算力:打破传统 地天观,重构天基智能版图 4. 【银河通信】行业深度报告_揽星补地贯通寰宇, 拓维重构数智之疆 研究助理:刘璐 网: yj.liulu@chinastock.com.cn 相对沪深 300 表现图 2025-09-11 150% 100% 00% 相关研究 1. 【银河通信】行业点评_联通获卫星移动通信牌 照,卫星通信进程加速 赵良毕,通信&中小盘首席分析师。北京邮电大学通信硕士,复合学科背景,2022年加入中国银河证券。8年中国移动通信产 业研究经验，6年证券从业经验。曾获得 2018/2019年〈机构投资者 II-财新〉通信行业最佳分析师前三名，2020年获得 Wind（万 得）金牌通 ...

2025 年 09 月 12 日 投资评级：看好（维持） 行业走势图 -24% 0% 24% 48% 72% 96% 120% 2024-09 2025-01 2025-05 计算机 沪深300 数据来源：聚源 相关研究报告 《周观点：迎接 AI 算力投资浪潮—行 业周报》-2025.9.7 《AI 算力景气度持续加速—行业周 报》-2025.8.31 《"人工智能+"行动意见发布，迎接 AI 投资大时代—行业点评报告》 -2025.8.27 计算机 空天算力迎来布局良机 ——行业点评报告 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 事件：之江实验室主任王坚再次强调空天算力 9 月 11 日，2025 Inclusion·外滩大会上，阿里云创始人、之江实验室主任王坚 发表《人工智能：从代码开放到资源开放》重磅演讲。提出人工智能不应该缺席 太空，此前 5 月 14 日，之江实验室发起的"三体计算星座"12 颗卫星上天，并 首次地面真正意义上的 8B AI 模型放到太空，第一次完整地实现太空卫星的互通 互联。 算力上天大有可为，太空 AI 前景光明 传统模式 ...