AI 各种算力应用百花齐放 20260127 摘要 太空算力前景广阔，马斯克规划未来可能实现 100-300GW，推动商业 航天、卫星、火箭及太空光伏能源发展，未来几年该主题将持续发酵带 来投资机会。 海外算力市场预计今年增长 150%，明年增长 5%-100%，旭创、新易 盛、工业富联等公司估值具吸引力。小型企业如源杰科技创新高，显示 中小数字海外算力受短期资金青睐。 国内算力市场以润泽科技、协创数据为代表表现强劲，受益于英伟达高 端制程突破及国产卡增加，行业需求旺盛，配套设施提升，市场愿意给 予更高估值。 AI 应用领域进入入口之战，各大公司如阿里、腾讯、百度、字节跳动等 争夺 AI 入口，今年将涌现各种新玩法和闭合生态系统，带来市场机遇。 光通信领域加速恢复，光纤光缆价格上涨，AI 数据中心需求拉动供给端， 亨通、中天科技和长飞等公司有望实现千亿市值，烽火通信也具备潜力。 多模态 AI 视频应用是今年 AI 应用的重要方向，巨头关注短剧、漫剧等 内容，AI 制作降低成本，形成闭环市场，关注 Minimax、兆驰旗下风行 等公司。 海外与国内算力市场有哪些具体表现？ 海外算力市场今年预计有 150%的增长 ...

具体而言，在技术方面，他提出，需要加快组建由多家头部企业和科研机构组成的"太空数据中心创新联合体"，进行协同技术攻关。"重点突破能源供应、 散热管理、星间通信以及硬件可靠性等关键技术。" 在产业链和商业闭环建构方面，他指出，应通过太空数据中心项目，牵引形成"可重复使用火箭+算力星座+数据应用场景"支撑的新型产业链。 他进一步解释称，如政府通过专项补贴、税收优惠等政策支持创新主体，并鼓励市场化融资参与建设。同时，着力培育全球实时遥感分析、应急通信等高价 值应用场景。 新京报贝壳财经讯（记者韦英姿）北京两会期间，市政协委员、航天宏图信息技术股份有限公司董事长王宇翔表示，太空算力兴起，是应对地面算力瓶颈、 释放数据价值与抢占战略制高点等多重因素共同推动的结果。"业界普遍认为，随着火箭可重复使用等技术进步，太空算力有望在'十五五'期间迎来成本拐 点，开启规模化发展。" 市政协委员、航天宏图信息技术股份有限公司董事长王宇翔。受访者供图 他认为，构建太空算力网络目前还存在技术实现面临太空环境与可靠性挑战、经济成本高昂且商业可行性待验证、产业化协同与生态构建复杂度高等问题。 "建议从技术突破、构建产业链和商业闭环两方面突破 ...

【导读】中国信通院总工程师何宝宏：全球太空算力正步入快速布局阶段 中国信通院总工程师何宝宏在致辞中表示，在全球范围内，太空算力正步入快速布局阶段，美国、欧洲等相继启动相关计划，我国也在"三体计算星座"等 项目上取得重要突破，但受限于轨道和频谱资源的天然稀缺性，全球各国在太空领域的竞争正日益激烈。因此，发展太空算力不仅是技术创新的自然延 伸，更是我国抢占未来空间战略制高点的核心举措。 不过，何宝宏也指出，我国太空算力产业尚处于发展初期，面临核心技术尚未完全突破、标准体系不健全、高成本制约、规模化部署等现实挑战。 中国信通院云计算与大数据研究所总工程师郭亮表示，目前，全球人工智能迅猛发展，AI技术迭代加速，AI算力需求爆发式增长，太空算力中心具备满 足全域覆盖、实时响应与能效优化的优势，有望成为支撑AI算力扩展的战略新高地；同时，低轨频谱与轨道资源争夺日趋白热化，国际竞争窗口期正在 快速收窄。 在商业航天备受市场关注之际，与之相关的太空算力也"火"了。 1月26日下午，中国信通院举办了"星算.智联"2026年太空算力研讨会。会议现场座无虚席，过道上也站了很多人。 除星链外，亚马逊的"柯伊伯计划"申报的3000多颗 ...

商业航天还有哪些预期差 20260125 摘要 商业航天底部区域存在预期差，火箭发射市场规模达千亿级别，吸引军 工企业入局，太空算力作为新兴市场正快速发展，国内外公司积极布局。 宏观层面，中美卫星星座规划推动商业卫星规模爆发，SpaceX 获 3 万 颗 ITU 许可，Starlink 已发射超 8,000 颗卫星，中国规划 20 万颗卫星， 卫星及其相关技术需求巨大。 太空算力突破地面算力瓶颈，马斯克预测 2030 年有望实现年均 100GW 部署。太空算力具备能源成本低、性能优越等优势，一个 40 兆 瓦数据中心在太空的 10 年能源消耗远低于地面。 太空光伏技术路线包括生化家（III-V 族化合物）、硅基电池和钙钛矿电 池，各有优劣，需根据应用场景选择。生化家抗辐照强但成本高，硅基 电池效率高但抗辐照弱，钙钛矿电池抗辐照强且成本低但稳定性待提升。 按照超过 10 万颗卫星规划，每颗卫星功率约 20 千瓦，太阳翼面积约 50 平方米，太空光伏市场需求巨大。生化家价格约为 500 元/瓦，钙钛 矿渗透率低但潜力巨大，市场投资机会庞大。 Q&A 请简要介绍一下当前商业航天领域的投资机会和市场前景。 当前商业航 ...

一、上周行情回顾——指数搭台个股唱戏 上周（2026年1月19日-23日）大盘权重指数表现相对疲软，而微盘股、中证500、中证1000指数则涨幅居前 。市场风格偏向"重个股、轻指数" 。 | 热点口潮 加自洗 均线 窗 预测 > | | | 一证指数 000001 | | 5握全 加自选 均线 窗 ◆ | | | 微盘股 883418 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ◎ ◎ 品 品 用 | | 4136.16 | +13.58 | | ◎ 曲 き 冊 日 母 日 | | 2249.569 | | +14.524 | +0.65 | | | | 2 大盘K线区间统计 | | × | 2249 569- | | 8 大盘K线区间统计 | | | × | | | 起始时间: | 2026-01-19 | | 周期个数: | 2200 | 2169 | 起始时间: | 2026-01-19 | P | 周期个数: | | | 终止时间: | 2026-01-23 | | 5个 | | | 终止时间： ...

南方财经记者郭晓洁 孙静芳 王沛然 广州报道 1月25日，政协第十三届广东省委员会第四次会议在广州开幕。 南方财经记者在会议现场了解到，科技创新、未来产业、人工智能等成为核心热词，而围绕AI算力的能源保障成为不少关注人 工智能发展的代表委员热议的话题。 广东省政协常委、佳都科技集团股份有限公司（以下简称"佳都科技"）董事长兼执行总裁陈娇接受南方财经记者专访时表示， 佳都科技已率先在智慧交通领域跑通太空算力商业应用场景，验证了这一未来产业的巨大发展潜力。 "向太空要算力"，正成为全球科技巨头角逐下一代算力革命的重要赛道。实际上，自2025年以来，中国已加快卡位，商业航天 发射基地密集落子，星载算力与智慧交通等场景相继落地，广东也在加快商业航天投资布局。 陈娇认为，目前广东正打造广州、深圳为核心，珠海阳江等地为支点的 "双核多点"的商业航天布局，形成"研制—发射—应 用"初步产业链条，且坐拥全国领先的人工智能产业基础，布局太空算力具备得天独厚的优势，但目前广东在太空算力领域仍存 在顶层规划缺位、产业链关键环节薄弱等短板。 对此，陈娇结合企业实践带来针对性建言，她认为，广东布局太空算力有坚实产业基础，更应坚定信心抢 ...

Core Viewpoint - The commercial aerospace industry is expected to reach a critical inflection point in 2026, driven by policy support, technological advancements, breakthroughs in capital markets, and a consensus on commercialization potential [1][2]. Industry Trends - The commercial aerospace sector is transitioning from a conceptual phase to industrialization, becoming a significant focus in the capital market at the beginning of the year [2]. - Three core drivers of the current commercial aerospace market include: 1. The thematic heat similar to the robotics sector in 2025 2. Resonance between domestic and international industry and capital levels 3. Continuous event catalysts expected to last until at least the Chinese New Year [2]. Investment Focus - The industry is characterized by a complete market-driven value chain encompassing rockets, satellites, and applications, with the application segment further divided into space computing and ground operation services [2]. - Key bottlenecks in the industry are identified in the rocket segment, particularly the breakthrough of reusable rocket technology, which is essential for the practical application of low Earth orbit satellites [3]. Strategic Positioning - Institutional investors are beginning to systematically evaluate the long-term potential of the industry, focusing on segments with clear evolutionary directions within the value chain [4]. - Key areas of interest include: 1. Rocket segment: Focus on core components with technological barriers and potential asset integration opportunities, particularly in critical manufacturing processes like 3D printing 2. Satellite segment: Attention to high-barrier subfields such as payloads, with an emphasis on the increasing value and complexity of satellites as constellations evolve 3. Application segment: Recognized as the largest growth area, with significant potential demand in communication, navigation, and IoT as low Earth orbit constellation density increases 4. SpaceX supply chain: Anticipated growth in SpaceX user numbers from over 7 million to between 300 million and 500 million, with substantial increases in satellite launches [4]. Future Outlook - The global commercial aerospace sector is expected to develop four core trends by 2026: 1. Miniaturization of satellites, enabling mass networking and wide-area coverage 2. Giant constellations formed by small satellites becoming a global focus for building space infrastructure 3. Reusability of rockets significantly lowering launch costs, crucial for large-scale applications 4. Mainstreaming of applications, integrating aerospace services into daily life across various sectors [7].

Core Insights - Space computing is an innovative result of the deep integration of aerospace technology and artificial intelligence, leading to a shift in computing paradigms from ground-based to space-based applications [1][2] - The global space computing industry has moved from planning to substantial verification and initial deployment, with China focusing on a self-controlled and systematic approach to build a complete industrial chain [2][10] Group 1: Overview of Space Computing - Space computing is a systematic orbital-level distributed AI architecture that deploys computing resources in space to achieve data collection, processing, storage, and output directly in orbit [3] - Applications of space computing are categorized into "space-based computing" and "ground-based computing," with the former involving autonomous data processing in orbit and the latter relying on ground-provided data for model training in space [3] Group 2: Economic Viability - Space computing is expected to address the long-standing economic loop challenges in commercial aerospace, with lifecycle operating costs potentially reduced to one-twentieth of ground facilities [6] - The cost structure for space data centers is significantly lower than that of ground facilities, with total costs estimated at $0.08 billion for space compared to $0.97 billion for China and $1.67 billion for the U.S. [7] Group 3: Industry Chain Analysis - The space computing industry chain consists of three core segments: upstream manufacturing and launching, midstream operation and ground access, and downstream data empowerment and application [8] - The downstream applications have expanded from traditional fields like remote sensing and navigation to include smart cities and edge intelligence [8] Group 4: Market Potential - The space computing industry is accelerating, with its strategic value becoming increasingly prominent as a solution to global computing resource bottlenecks [10] - According to Research and Markets, the global market for orbital data centers is projected to reach $39.09 billion by 2035, with a compound annual growth rate of 67.4% [10] Group 5: Company Profiles - Qianzhao Optoelectronics (300102) has seen significant growth in sales driven by its strategic focus on gallium arsenide solar cells, with a revenue increase of 46.4% year-on-year to $2.75 billion in the first three quarters of 2025 [11] - Putian Technology (002544) is transitioning to a provider of aerospace information infrastructure, reporting a revenue of $3.152 billion in the first three quarters of 2025, a decrease of 7.82% year-on-year [13] - Maiwei Co., Ltd. (300751) specializes in solar cell manufacturing equipment and has signed contracts for perovskite/silicon heterojunction battery production lines, with a revenue of $6.204 billion in the first three quarters of 2025, down 20.13% year-on-year [15]

Group 1 - The emergence of "space computing" is driven by the increasing power demand in data centers due to global AI model advancements, leading to the deployment of high-performance satellites in low/mid orbits [1][2] - Space computing offers significant advantages over traditional ground data centers, including higher deployment efficiency, better energy efficiency, and lower cooling costs [1][2] - The "Zhijiang Laboratory + Guoxing Aerospace" collaboration has launched the "Trinity Computing Constellation" with 12 satellites in orbit, aiming for a future capacity of 1000 POPS [1][2] Group 2 - The energy system's weight significantly impacts the overall cost of satellites, with energy costs accounting for 22% of the total satellite economics [2] - Rollable solar arrays combined with flexible batteries are key to the development of space computing systems, with silicon-based HJT batteries being the most suitable for the new generation of rollable solar systems [2] - Companies like NexWafe and Solestial are accelerating their layouts in this area, and HJT batteries are also optimal for perovskite tandem applications, showing long-term evolution potential [2] Group 3 - The current mainstream orbits are LEO and SSO, with SSO providing stable sunlight year-round, making it the best choice for high-power data centers [3] - To address the shortage of orbital resources, space computing platforms are evolving towards large motherships and multi-satellite clusters, with Starcloud constructing a 4km x 4km solar mothership platform [3] - A 10 GW solar capacity can correspond to 448 Google Suncatcher satellites or 2 Starcloud motherships, indicating the scale of deployment needed [3] Group 4 - Investment recommendations focus on companies with overseas customer bases, such as HJT equipment leader Maiwei Co., Ltd. and Gaomei Co., Ltd., which has achieved mass production of 60μm ultra-thin silicon wafers [3]

Group 1 - The commercial space sector in China is gaining momentum, with companies like Blue Arrow Aerospace, Tianbing Technology, Xinghe Power, and others aiming to become the "first commercial rocket stock" with valuations exceeding 10 billion yuan [1][12] - The U.S. counterpart, SpaceX, is advancing its IPO plans with a valuation potentially reaching $1.5 trillion, indicating a competitive race for space resources [1][12] - The primary market is experiencing renewed activity as capital rushes to secure project shares, leading to rising valuations for related companies [1][12] Group 2 - Investors are showing increased interest in acquiring old shares of commercial space projects, with notable demand from institutions that previously did not engage in this sector [2][13] - Many leading companies in the sector are not planning to raise additional funds, focusing instead on the secondary market, which is creating a scarcity of available shares [2][13][14] - The market sentiment is characterized by a strong buying interest in old shares, reflecting a bullish outlook on the sector's future [2][13] Group 3 - Despite the high demand for old shares, many holders are reluctant to sell, especially those with stakes in companies valued at over 10 billion yuan, anticipating even higher valuations post-IPO [3][14] - There are potential opportunities for share transfers in the commercial radar satellite segment, which has shown signs of mergers and acquisitions [3][14] - The current enthusiasm for the sector contrasts sharply with the previous downturn before 2021, when investment interest was minimal [3][15] Group 4 - The Chinese government has encouraged private sector participation in the space industry since 2014, leading to the emergence of several startups [5][16] - The initial wave of investment in the sector began around 2018-2019, but many companies faced challenges in commercial progress during that period [5][16] - Recent years have seen a resurgence of interest from both dollar and yuan funds, with local government funds also entering the market [6][16] Group 5 - The demand for low-orbit satellite launches is expected to increase, with approximately 51,300 low-orbit satellites planned for launch in China [6][17] - The introduction of the "1+6" reform policy for the Sci-Tech Innovation Board has improved investor confidence by establishing clear listing standards for commercial space companies [7][17] - The competitive landscape between China and the U.S. in the space sector is intensifying, with SpaceX's achievements prompting a faster response from Chinese companies [7][18] Group 6 - The commercial space sector is witnessing significant valuation increases, particularly in the core commercial rocket segment, where leading companies now have valuations exceeding 10 billion yuan [8][19] - The industry is transitioning from technology validation to large-scale commercialization, indicating substantial future growth potential [8][19] - There are concerns about some companies' valuations outpacing their revenue growth, highlighting the need for careful evaluation of individual projects [8][20] Group 7 - Investment opportunities are emerging in critical areas of the supply chain, including aerospace chips, specialized batteries, and 3D printing for engine manufacturing [9][20] - The new "space computing" sector is gaining traction, with major tech companies like Google and SpaceX exploring opportunities in this area [9][21] - The key to reducing costs in the commercial space sector lies in the development of reusable rocket technology, which is currently mastered by only a few companies [10][21]