Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The successful launch of the first batch of 12 satellites for the space computing constellation marks a significant milestone for China's space computing capabilities, ushering in the "Heavenly Computing Era" [2][9]. - The space computing constellation, led by the Zhijiang Laboratory, aims to create a large-scale space-based intelligent computing infrastructure, addressing traditional satellite data processing efficiency bottlenecks [9]. - The constellation's total computing power is projected to reach 1000POPS (one hundred billion billion calculations per second) once fully operational, significantly enhancing data processing capabilities for various applications [9]. Company Profit Forecast and Valuation - The report provides a detailed profit forecast and valuation for key companies in the industry, including: - Softcom Power: Market Cap 55.36 billion, EPS 0.2 (2024A), PE 306.9 (2024A) [4]. - Guangxun Technology: Market Cap 34.65 billion, EPS 0.8 (2024A), PE 52.4 (2024A) [4]. - China Satellite: Market Cap 31.21 billion, EPS 0.0 (2024A), PE 1117.9 (2024A) [4]. - Zhongke Star Map: Market Cap 29.84 billion, EPS 0.6 (2024A), PE 84.9 (2024A) [4]. - Fenghuo Communication: Market Cap 24.74 billion, EPS 0.6 (2024A), PE 35.2 (2024A) [4]. - The report highlights the expected growth in EPS and PE ratios for these companies from 2024 to 2025, indicating a positive outlook for the industry [4]. Industry Basic Data - The industry consists of 336 listed companies, with a total market capitalization of 4,278.56 billion and a circulating market capitalization of 3,671.50 billion [6]. Relative Index Performance - The absolute performance of the industry over the past 12 months is 33.7%, with a relative performance of 26.9% compared to the benchmark index [7].

Core Viewpoint - The launch of China's first integrated orbital computing satellite constellation, "Three-Body Computing Constellation," marks a significant advancement in space computing capabilities, aiming to enhance data processing efficiency in various applications [1][2]. Group 1: Naming and Concept - The term "Three-Body" is derived from Newton's "Three-Body Problem," representing the complex interactions among multiple objects, akin to celestial bodies [2]. - The "Three-Body Computing Constellation" is classified as a fourth type of artificial satellite, focusing on computational tasks rather than traditional communication, navigation, or remote sensing [2][3]. Group 2: Purpose of Space Computing - Traditional satellite data processing involves sending data back to Earth, which is limited by ground station resources and bandwidth, resulting in low data transmission efficiency [4]. - The "Three-Body Computing Constellation" aims to perform data processing in orbit, allowing for immediate transmission of processed results to Earth, thereby expanding the boundaries of space applications [4][5]. Group 3: Technical Specifications and Capabilities - The initial launch includes 12 computing satellites, which are the first step in building a constellation with a total computing power of 1000 Peta Operations Per Second (POPS) [5]. - The onboard intelligent computing system enhances satellite computing power from Tera to Peta scale, achieving a 10 to 100 times improvement [5]. - The constellation will utilize an 8 billion parameter space-based model, enabling autonomous multi-source remote sensing data processing in orbit [5]. Group 4: Future Applications - The "Three-Body Computing Constellation" is expected to significantly reduce data processing times in applications such as forest fire monitoring, from hours to minutes or even seconds [7]. - Future applications will include urban governance and emergency response, providing effective data support and intelligent services for smart city development [7]. - The laboratory plans to complete the deployment of over 50 computing satellites this year and aims to establish around 100 satellites by 2027 [7].

Core Insights - The launch of the "021" mission marks the first deployment of the "Star Computing" plan by Guoxing Aerospace and the inaugural launch of the "Three-Body Computing Constellation" led by Zhijiang Laboratory [1][4] Group 1: Mission Overview - The "Star Computing" plan aims to establish a network of 2,800 computing satellites in space, interconnected with over 100 ground computing centers, creating an integrated computing network [1] - The mission successfully deployed 12 satellites, achieving a maximum single-satellite computing power of 744 TOPS (trillions of operations per second) and an overall in-orbit computing capability of 5 POPS (quintillion operations per second) with 30 TB of storage [1][4] Group 2: Technological Advancements - The satellites are equipped with onboard intelligent computing systems and inter-satellite communication systems, enabling them to perform in-orbit computing and establish a space-ground integrated network [1][5] - Each satellite carries a space-based model with 8 billion parameters for processing satellite data in orbit, facilitating tasks such as inter-satellite laser access and astronomical observations [1][5] Group 3: Strategic Importance - The launch represents a significant breakthrough in transitioning from "ground computing" to "space computing," addressing the increasing demand for real-time computation in space [5] - The establishment of a space computing constellation is expected to enhance the computing power of individual satellites from T-level to P-level, fostering profound changes in the aerospace industry [5][6] Group 4: Future Developments - The "Star Computing" plan's second group of satellites is currently in the design and development phase, with Guoxing Aerospace's satellite team working on more powerful satellite models [7]

Core Viewpoint - The successful launch of the first twelve satellites of the "Three-body Computing Constellation" marks the beginning of China's first fully interconnected space computing network, aimed at enhancing satellite data processing efficiency and enabling real-time data handling in space [1][2]. Group 1: Project Overview - The "Three-body Computing Constellation" is designed to overcome the limitations of traditional satellite data processing, which relies on ground-based systems and often results in less than 10% of effective satellite data being transmitted back to Earth [2]. - The project is a collaboration led by Zhijiang Laboratory, aiming to create a large-scale space computing infrastructure with a target of deploying thousands of satellites [2][4]. Group 2: Technical Capabilities - The constellation will enable real-time data processing in orbit, significantly improving the efficiency of satellite data handling and facilitating the application of artificial intelligence in space [2]. - The satellites are equipped with onboard intelligent computing systems and inter-satellite communication systems, allowing for integrated satellite networking and in-orbit computing capabilities [4]. Group 3: Future Developments - Plans are underway to launch over 50 additional computing satellites this year, with the goal of achieving a total space computing capacity of 1000P (one quintillion floating-point operations per second) upon completion of the constellation [4]. - The core payload of the computing satellites includes advanced onboard computers that enhance processing power from Tera-scale to Peta-scale, achieving a 10-100 times improvement in computational capability [5].

Core Viewpoint - The launch of 12 space computing satellites marks the beginning of a new era in global space computing, initiated by the "Star Computing" program led by Guoxing Aerospace, aiming to establish a vast network of 2800 satellites in space for advanced computing capabilities [2][4][14]. Group 1: Launch and Capabilities - The 12 satellites are equipped with space computing and interconnectivity capabilities, forming the world's first space computing constellation [2][4]. - Each satellite's computing power has been enhanced from Tera-scale to Peta-scale, achieving a total in-orbit computing capacity of 5 Peta Operations Per Second (POPS) [8]. - The satellites utilize laser communication technology, enabling inter-satellite communication speeds of up to 100 Gbps [9]. Group 2: Energy Efficiency and Cost Reduction - Deploying computing power in space is an effective way to save energy costs, as satellites can harness solar energy without atmospheric interference [22]. - The cost of satellite launches is decreasing, with estimates for Chinese satellite launch costs expected to be around 60,000 yuan per kilogram in 2023 [27]. - The cold environment of space serves as a natural cooling source, reducing the energy required for cooling computing equipment [25]. Group 3: Applications and Future Developments - The space computing satellites will support real-time processing of vast amounts of deep space exploration data, enhancing scientific research capabilities [12][13]. - The "Star Computing" program plans further launches, with the next constellation already in the design phase [15][14]. - The satellites are designed to process data on-site, improving the timeliness of data applications, especially in natural disaster monitoring [28][29]. Group 4: Global Trends and Comparisons - The concept of deploying data centers in space is gaining traction globally, with initiatives in the EU and the US exploring similar projects [35][40]. - The EU has already invested 2 million euros to validate the feasibility of space data centers, while companies in the US are planning to establish data centers on the Moon [36][38]. - China's first batch of computing satellites is already operational, positioning the country at the forefront of this emerging trend [42].