太空光伏专题汇报：巡天驭光，搭建天基算力核心 20260108 摘要 商业航天发展和低轨道卫星需求激增正显著推动太空光伏市场，金龟电 池因成本优势和适用性，逐渐替代砷化镓电池，太空光伏具备明确的通 胀属性和市场驱动力。 通信卫星领域对太空光伏需求巨大，假设每年发射 4,000 颗卫星，每颗 卫星太阳翼面积 100 平方米，按 20 万元/平方米计算，市场规模可达 800 亿元。太空算力规划落地将带来超预期市场空间，若未来 4-5 年内 实现 100GW 太空算力数据中心建设，市场规模可能达到数千亿甚至上 万亿元。 多结砷化镓是目前主流技术路线，但成本高昂。中短期内，P 型异质结 可能领跑，因其抗辐射性更高且适用于薄片化。下一代技术方向是钙钛 矿与晶硅叠层，兼顾稳定性和发电量，有望成为核心能源方案。 多家企业布局太空光伏领域，钧达股份战略投资上亿光电，东方日升已 实现 P 型超薄异质结电池的小批量交付，天河光能依托国家实验室在多 结砷化镓、异质结及钙钛矿晶硅叠层方面均有布局。 Q&A 太空光伏的投资逻辑是什么？ 太空光伏的投资逻辑主要基于商业航天的发展趋势和低成本发射方式的需求。 随着低轨道卫星数量的增加，对电 ...

2026 年 01 月 04 日 机械 蓝箭 IPO 获批，商业航天产业加速 蓝箭 IPO 申请获批，航天产业有望加速： 2025 年 12 月 31 日，蓝箭航天科创板 IPO 申请获受理，拟募集资金 75 亿元。蓝箭航天为国内领先的商业航天企业，其朱雀二号系列中 型液氧甲烷运载火箭已进入量产及商用阶段；朱雀三号中大型液氧甲 烷可重复使用运载火箭于 2025 年 12 月 3 日首飞发射入轨，是国内 首次尝试一级回收的运载火箭。我们认为，蓝箭 IPO 获批标志着资本 市场对商业航天产业的支持力度加强，产业落地有望加速。 卫星发射加速，商业航天前景广阔： 根据"你好太空"微信公众号，2025 年全年，我国共完成 19 次星座 组网任务，其中 GW 星座 16 次，目前在轨数量 136 颗，千帆星座 3 次，目前在轨数量 108 颗；美国共完成 129 次，其中星链计划 122 次，目前在轨卫星数量约 9400 颗，亚马逊 Leo7 次，目前在轨 180 颗。垣信卫星"千帆星座"计划 2027 年底前部署 1296 颗卫星，到 2030 年底完成 1.5 万颗低轨卫星的互联网组网；中国星网 2020 年提 交了 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 28 日 [Table_Title] 太空算力新基建—太阳翼 计算机行业周报 [Table_Title2] 本周观点 （一）柔性太阳翼助力大规模星座建设 2025 年 12 月 26 日，长征八号甲于海南商业航天发射场成功发射 卫星互联网低轨 17 组卫星，任务隶属中国星网（GW）星座。该 发射场 2025 年发射成功率 100%，并计划 2026 年执行 20 至 30 次 发射。 国网星座规划约 1.3 万颗卫星，采用高低轨协同双层设计，旨在 提供低时延通信与高分辨率对地观测服务。低轨卫星运行在200- 2000 公里轨道，是构建卫星互联网的核心。在此背景下，柔性太 阳翼因能解决大发电面积与小收纳体积的矛盾，成为关键发展方 向。其重量可减轻 20%-40%，收纳体积缩小 60%以上，展开面积 显著扩大。 中国已发展出刚性、半刚性和柔性太阳翼。中国空间站应用了柔 性太阳翼，并采用世界首创的"二次展开"技术。风云四号 03 星采用独特的 T 型"单翅膀"太阳翼设计。银河航天成功发射了 全球首颗搭载卷式全柔性太阳翼的卫星，其可卷绕、高 ...

证券日报网讯12月23日，沃格光电（603773）在互动平台回答投资者提问时表示，公司在CPI膜材领域 拥有深厚的技术储备，相关技术为自主研发，具备自主知识产权，同时，镀膜技术一直为公司的核心优 势，公司已形成CPI浆料-制膜-镀膜的全产业链生产能力，技术水平处于行业领先地位。公司看好商业 航天柔性太阳翼发展趋势以及太空算力建设对于太阳翼能源供应的需求，随着卫星发射数量的提升以及 单颗卫星太阳翼面积的增长，对于太阳翼柔性基材及防护镀膜的需求将高速增长，公司将继续加大柔性 太阳翼产品的业务拓展。 ...

摘要 地面数据中心面临高能耗和散热难题，而太空环境提供持续太阳能和低 温散热条件，使得天基算力成为有吸引力的解决方案。 浙江实验室的三体计算星座计划，计划发射 2,800 颗卫星，总算力达 1,000 POPS，目前处于演示验证阶段。 北京市科委扶持的新工业提出的北京天机算力星座计划，分三个阶段建 设，最终目标是建成大规模太空数据中心。 天基算力项目依赖柔性太阳翼提供能源，环路热管系统实现散热，激光 通信终端进行高速数据交互，相关供应商将受益。 天机专利星座采用卫星对接形式，对对接机构和动力系统提出特殊需求， 动力系统需具备高比冲以实现精细化控制。 天基算力星座规模扩大，对在轨管理和测控需求增加，商业型测控公司 如航天御星、中科天塔等将迎来市场机遇。 天基算力星座通过卫星拼接实现规模化，涉及远距离轨道机动和交会对 接技术，对推进系统和导航控制系统提出高要求。 Q&A 太空算力作为新兴的卫星应用方向，为什么受到广泛关注？ 太空算力之所以受到广泛关注，主要是因为传统地面数据中心在能源供给和散 热方面存在诸多限制。首先，地面数据中心普遍耗电量大，能源供给问题一直 未能得到有效解决。其次，高功耗导致的数据中心散热问题 ...

商业航天那些事儿 20251130 摘要 中国商业航天虽起步晚，但政策支持力度大，被视为体制内航天的重要 补充。技术外溢加速，产品侧发展相对滞后，主要依赖体制内供应商， 但新兴企业正通过技术创新和成本控制逐步占据市场份额。 卫星各子系统市场现状差异显著。结构、热控等领域体制内单位占据优 势，但商业公司如热数科技、微寒等崭露头角。姿轨控分系统中，星敏 感器、陀螺仪等高端产品仍由体制内主导，磁组件等难度较低的产品则 由商业公司提供。 推进系统是卫星的关键动力系统，商业霍尔电推进系统价格约为 100 万 元/套（针对 500 公斤卫星），但国内技术与 SpaceX 存在差距，后者 采用成本更低的推进剂。能源系统方面，体制内供应商占据主导，商业 公司如电科蓝天、伏羲星空等正在崛起。 柔性太阳翼是未来发展趋势，单价约 50-55 万元/平方米，高于传统刚 性太阳翼（约 40 万元/平方米），但其轻量化和可折叠特性更适合多星 发射。SADA 展开机构市场主要由体制内科研院所占据，商业供应商如 微分航宇和微动时空也在积极参与，主流产品价格约 140-150 万元/套。 Q&A 当前中国商业航天产业的发展状况如何？其与国际领 ...

Core Viewpoint - The aerospace ETF Tianhong (159241) is experiencing active trading with a significant net subscription of 7 million shares, indicating strong market interest in the aerospace sector [1][2]. Group 1: Market Performance - As of November 20, 2025, the aerospace ETF Tianhong (159241) had a turnover rate of 12.25% and a trading volume of 63.468 million yuan, reflecting active market participation [1]. - The tracked index, the National Aerospace Industry Index (CN5082), saw a decline of 1.11%, while constituent stocks showed mixed performance, with Huazhong Technology (300045) leading with a gain of 3.04% [1]. Group 2: Product Highlights - The aerospace ETF Tianhong (159241) offers exposure to aerospace equipment, domestic large aircraft, low-altitude economy, and military information technology stocks, with 99% of its underlying index belonging to the defense and military industry, indicating a higher purity and investment value compared to other military-related indices [3]. Group 3: Industry Events - The 27th China International High-tech Achievements Fair highlighted the aerospace industry, showcasing innovations such as flexible solar wings and laser communication terminals from China Aerospace Science and Technology Corporation, emphasizing the role of aerospace technology in industrial development [3]. - The Ministry of Natural Resources announced the implementation of the "Satellite Navigation Positioning Reference Station Management Measures" starting January 1, 2026, aimed at regulating the construction and operation of satellite navigation stations, with the number of stations increasing from 3,363 to 6,951 [4]. Group 4: Institutional Insights - According to Guoxin Securities, the defense and military industry maintained stable revenue growth in the first three quarters of 2025, with a slight decline in net profit. State-owned military enterprises dominate the industry in terms of asset scale, revenue, and R&D expenses, indicating strong industry control [5]. - The revenue of military state-owned enterprises is closely linked to national defense spending, which is expected to grow steadily, suggesting that the revenue and profitability of these enterprises will also continue to improve [5].

Group 1 - The aerospace ETF (159227) rose by 1.1% with a transaction volume of 0.81 billion yuan, leading its category. Key stocks such as Yaguang Technology and Aerospace Development hit the daily limit, while Guoke Military Industry, Tianhe Defense, and Great Wall Military Industry also saw gains exceeding 3% [1] - The 27th China International High-tech Achievements Fair concluded in Shenzhen on November 16, showcasing significant interest in the aerospace industry. The event highlighted the collaboration between national key projects and specialized innovative enterprises, demonstrating the "Aerospace+" integration and innovation momentum [1] - CITIC Securities believes that China's military industry has evolved from a model reliant on domestic demand to a new development pattern driven by three forces: "domestic demand foundation, foreign trade expansion, and civilian support." This shift is fundamentally reshaping the landscape and boundaries of China's military industry, transitioning from "cyclical growth" to "comprehensive growth" [1] Group 2 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, with a high concentration of 98.2% in the first-level military industry, making it the highest "military purity" index in the market. It is deeply invested in the aerospace industry chain [1] - The constituent stocks are selected from leading companies in the military sector, covering emerging fields such as large aircraft manufacturing, low-altitude economy, and commercial aerospace, aligning closely with the direction of new productive forces development [1]

Group 1: Event Overview - The 27th China International High-tech Achievements Fair (CIHTAF) commenced on November 14, showcasing nearly 5,000 enterprises with over 90% of exhibits being physical products, highlighting advancements in technology such as bionic robots, drones, semiconductors, and new energy [1] - The event featured over 60 premiere activities, with more than 20% of exhibits being showcased for the first time globally, including a space tourism project that attracted significant public interest [1] Group 2: Key Technologies and Innovations - The "National Heavy Equipment" exhibition highlighted breakthroughs in critical technologies, emphasizing China's achievements in aerospace, energy security, and the importance of self-controllable key technologies in driving economic transformation and high-quality development [2] - The "Five New" exhibition in the power equipment sector demonstrated innovations in new power systems and equipment upgrades, showcasing advancements in battery technology and hydrogen production, which are crucial for the green transition [3] Group 3: Semiconductor and Integrated Circuits - The semiconductor and integrated circuit exhibition covered the entire industry chain, with Shenzhen accounting for 14.8% of national integrated circuit production in 2024, and nearly 100 billion yuan in electronic component transactions [5] - Domestic production of mid-to-low-end semiconductor materials has accelerated, while high-end materials remain challenging, necessitating collaborative advancements across multiple fields [5] Group 4: Consumer Electronics Trends - The Asia Consumer Electronics Exhibition showcased the integration of AI technology in smart devices, emphasizing the shift towards more personalized and intelligent consumer electronics, including health-monitoring features in wearables [7][8] - The trend towards health-focused consumer electronics is evident, with products like smart bands and watches providing personalized health insights [8] Group 5: Robotics and AI - The AI and robotics exhibition presented innovations in embodied intelligence and humanoid robots, indicating that the industry is in its early commercial stage but is expected to see rapid advancements due to significant investments in technology and talent [10][11] - The low-altitude economy and commercial aerospace sectors are also in early development stages, with core technologies being critical for future growth [12][13] Group 6: Future Outlook - The event illustrated a comprehensive view of technological advancements across various sectors, emphasizing the interconnectedness of heavy equipment, semiconductors, consumer electronics, AI, and aerospace in driving China's modernization [14][15] - The collaborative evolution of these sectors is seen as a vital foundation for China's technological progress and innovation [15]

Core Insights - The 27th China International High-tech Achievements Fair showcased significant advancements in aerospace, quantum communication, intelligent robotics, and digital technology, highlighting the vitality and innovation of China's high-tech industry [1] Aerospace Industry - The aerospace sector featured prominently, with products like flexible solar wings and laser communication terminals from China Aerospace Science and Technology Corporation, demonstrating the empowering role of aerospace technology across various industries [1] - Asia-Pacific Satellite Broadband Communication (Shenzhen) Co., Ltd. presented the Asia-Pacific 6D satellite, which is currently the largest in communication capacity and output power in the Ku-band high-throughput geostationary satellites, with a total communication capacity of 50 Gbps and over 30,000 network terminal stations [1] - Shenzhen Magic Cube Satellite Technology Co., Ltd. showcased its independently developed Tianmu-1 meteorological satellite and the Magic Eye series radar satellites, achieving a 40% reduction in satellite development costs and a 50% decrease in delivery time through standardized and modular design [1] Quantum Communication - Southern Power Grid Shenzhen Power Supply Bureau, in collaboration with Huawei, unveiled the world's first "flux-integrated" quantum encryption private network, which integrates quantum encryption with optical transmission equipment, already applied in critical power supply stations for the 15th National Games [2] Robotics Industry - The robotics sector displayed a wide array of innovations, including industrial and consumer-grade robots, emphasizing the accelerating penetration of intelligent robotics across various industries [2] - Lingxin Qiaocraft (Shenzhen) Robot Co., Ltd. presented a unique robot band capable of performing multiple songs based on audience requests, showcasing the entertainment potential of robotics [2] - Shandong Guoxing Intelligent Technology Co., Ltd. exhibited a high-obstacle electric explosion-proof four-wheel drive fire-fighting robot, which enhances operational safety for firefighters by detecting hazardous gases and avoiding obstacles [3]