联席总裁张哲宇先生介绍太空算力业务背景： 过去几年以 GPT 为代表的大模型浪潮已席卷全球的背景下，算力需求 井喷式爆发。很多企业做了各类尝试，如可控核聚变，海底数据中心 和太空算力等。在航天领域，空间太阳能电站已经不是一件新鲜事。 NASA 和中国航天五院研究论证了 20 多年，但苦于太空发电回传地面 有较大损耗。太空算力只要把很小的芯片或板卡发射到太空上，形成 空点消耗，整个能源闭环即可实现。 基于此，在 2024 年初，我们就认为是在太空建数据中心最好的时点， 利用晨昏轨道 24 小时无遮挡太阳能和零下 270 度极寒的条件，部署算 力卫星，进行在轨推理和 AI 训练。 2024 年初，团队进行初步测算，如以全生命周期计，太空数据中心成 本仅是地面三倍左右（地面费用还包括征地、土建、电费、散热等）。 而根据第一性原理，卫星发射成本会逐年下降，如大型可回收火箭的 使用可迅速降低运载成本，太空数据中心经济性在未来变得可行。 对比美国，中国有更强大的电网，所以其实能源问题在中国并不是解 决算力的最核心痛点。核心逻辑是： 证券代码：002565 证券简称：顺灏股份 上海顺灏新材料科技股份有限公司投资者关系活动记 ...

Core Insights - The emergence of space computing is being driven by initiatives from companies like Starcloud and the successful launch of China's first space computing satellite constellation, indicating the onset of a "space computing era" [1][2]. Group 1: Space Computing Developments - Starcloud plans to launch a refrigerator-sized satellite data center into space by August this year [1]. - China's first space computing satellite constellation, consisting of 12 satellites, has been successfully launched, marking a significant milestone in the "Three-body Computing Constellation" project [2]. - The constellation is designed to achieve a total computing power of 5POPS (5 quadrillion operations per second) with individual satellites capable of 744TOPS [2][3]. Group 2: Technological Advancements - The satellites are equipped with onboard intelligent computing systems and inter-satellite communication systems, enabling real-time data processing in space [2]. - The space data center can utilize solar energy for continuous power supply and operates in near absolute zero conditions, reducing the need for additional cooling systems [2][3]. - The development of laser communication technology allows for high-speed data transfer between satellites, with a maximum rate of 100Gbps [2][3]. Group 3: Future Prospects - The goal is to deploy over 50 computing satellites this year and reach a scale of 1,000 satellites by around 2030 [3]. - The "Three-body Computing Constellation" is expected to play a crucial role in emergency response, environmental protection, and smart city development by providing timely data processing capabilities [5]. - The shift towards space computing is anticipated to reshape the satellite industry, with a focus on single-function satellites that can lower manufacturing and launch costs [4][5]. Group 4: Industry Collaboration - Companies like National Star Aerospace and Helios Lightlink are collaborating on the development of satellite technologies, including laser communication terminals [3][6]. - The successful launch of the first space computing satellite constellation is a result of collaborative efforts among various technology providers [6]. - Challenges such as thermal management, radiation risks, and economic feasibility remain critical obstacles that need to be addressed for the successful deployment of space data centers [7].

Group 1 - The core viewpoint of the articles highlights the rapid transformation of business landscapes due to AI advancements, with a focus on the efficiency revolution driven by DeepSeek and the significant reduction in computing costs [1] - Investors are keenly observing the AI application landscape and the integration of AI with hardware as the hottest investment trends for the latter half of 2025 [2] Group 2 - The chairman and CEO of Cheetah Mobile, Fu Sheng, emphasizes the high training costs of AI large models and the potential for these models to act as public resources, supporting ecosystem growth through stable revenues [4] - The industrial robotics sector in China holds a significant global market share of 51%, with various types of robots such as mechanical arms and cleaning robots being highlighted as key investment areas [5] - The service robot market, particularly in hotels and cleaning, is expected to see significant advancements in automation over the next 3 to 5 years [6] Group 3 - Zhang Yu from Qingzhi Capital notes that large models excel in language processing and image reasoning, with promising applications in embodied intelligence and life sciences, despite current challenges [7] - The life sciences sector is poised for transformation, with AI potentially revolutionizing drug development and enhancing medical applications through virtual doctor simulations [8] Group 4 - Chen Yu from Yunqi Capital is focusing on various vertical agents that offer flexibility and user-driven results, indicating investment opportunities in AI infrastructure and hardware [9] - Hu Bin from Yungce Capital believes that every industry has the potential to be restructured by AI, similar to the internet era, leading to the emergence of innovative startups [10] Group 5 - Wang Kangman from 3C AGI Partners differentiates between AI 1.0 and 2.0 eras, emphasizing the importance of sustainable infrastructure in the current AI landscape, particularly in inference chips and biological computing [11] - Hu Bin reiterates the favorable investment climate for AI applications, driven by enhanced reasoning capabilities and reduced costs of large models [12] Group 6 - Zhang Qian from Tianji Technology Investment is prioritizing application innovation over large model advancements, focusing on the commercial viability of AI applications across various sectors [13] - The AI programming field has seen a rapid increase in AI-generated code, rising from 0% to approximately 70%, indicating a strong trend towards AI disruption in business operations [13]