投资逻辑 航天电子信息系统龙头，有望受益于卫星互联网与商业航天蓬勃发展。1）惯导系统：经过2016 年重大 资产重组，公司形成了平台式惯导、激光惯导、光纤惯导系列化元器件和系统生产能力，有望受益于制 导武器放量和商业航天蓬勃发展。2）激光通信终端： Starlink 卫星自V1.5 代星起标配激光通信终端，单星配套3-4个；2025H2 我国卫星互联网建设提速，公 司突破了多项关键技术，已做好批产准备，有望充分受益。3）航天测控：我国商业火箭发展正处于蓬 勃发展阶段，多型商业火箭研发成果斐然，即将步入首飞和商业运营阶段，公司航天测控业务有望充分 受益。 公司忠诚僚机、察打一体、巡飞弹、航弹谱系完整，积极拥抱装备无人化智能化发展趋势。1）无人机 作为现代空袭作战体系中的重要元素，逐渐走入战场中央，"弹簧刀"巡飞弹等装备战场表现突出。2） 公司飞鸿系列产品型谱规划完整，航天飞鸿公司订单饱满： 已具备"远中近结合""高低速互补""固定翼旋翼兼具"的特点，从300 克到8 吨级超近程、近程、中远 程、巡飞作战四大系列30余型产品，多次亮相重大军事活动。3）飞鹏公司积极打造"三系列""三段 式"产品，拥抱低空经济发展浪 ...

Core Viewpoint - The successful launch of the "Three-Body Computing Constellation" marks a significant advancement in space-based intelligent exploration and establishes a critical technological foundation for the world's first space computing system [1][3] Group 1: Launch and Technology - The "Three-Body Computing Constellation" was successfully launched on May 14, using the Long March 2D rocket from Jiuquan, carrying a domestically developed laser communication terminal [1] - The launch set two national records in the laser communication field: the highest number of laser communication models launched in a single mission and the most terminals and communication links established [1] Group 2: Technical Achievements - The constellation employs a distributed onboard computing model, achieving breakthroughs in three core technologies: real-time data transmission between satellites, dynamic computing power scheduling, and collaborative space networking [3] - The in-orbit computing capability of the first constellation reaches 5 Peta Operations Per Second (POPS), with inter-satellite laser communication speeds up to 100 Gbps, forming the strongest space computing capability globally [3] Group 3: Innovation and Cost Efficiency - Key components of the laser communication terminal, such as the EDFA optical amplifier and precision mirror system, are 100% independently developed, reducing inter-satellite link establishment time to 15 seconds and system power consumption by approximately 30% [3] - The modular design and industrial manufacturing process innovation have shortened the development cycle of the terminal from 24 months to 4 months, significantly lowering the cost per unit [3] Group 4: Industry Impact - This launch represents a pivotal moment in the transition of aerospace technology to industrialization, establishing a space-based distributed computing architecture that extends ground cloud computing capabilities to near-Earth orbit [3] - The large-scale application of commercial-grade laser communication systems addresses the traditional aerospace technology challenge of being usable but unaffordable, creating a real-time communication network covering air, space, land, and sea for future deep space exploration and ocean monitoring projects [3]

Core Insights - The successful launch of the "Three-Body Computing Constellation" marks a significant advancement in space-based intelligent exploration, facilitated by the domestically developed laser communication terminal from He Xing Guang Lian [1][3] - This mission set two national records in the laser communication field: the highest number of laser communication models launched in a single mission and the most communication terminals and inter-satellite links established [1] Group 1: Technological Advancements - The integration of space computing architecture and laser communication technology has led to breakthroughs in three core areas: real-time data transmission between satellites, dynamic computing power scheduling, and collaborative space networking [3] - He Xing Guang Lian's ultra-wideband laser communication system achieves a transmission rate of 100G@5500km, enhancing communication efficiency by approximately three orders of magnitude compared to traditional microwave technology [3] Group 2: Cost and Efficiency Improvements - Key components of the laser communication terminal, such as the EDFA optical amplifier and precision mirror systems, are 100% independently developed, reducing inter-satellite link establishment time to 15 seconds and lowering system power consumption by about 30% [3] - The modular design and industrial manufacturing process innovation have shortened the development cycle of this terminal from 24 months to 4 months, significantly reducing the cost per unit while maintaining high performance [3] Group 3: Industry Implications - The establishment of a space-based distributed computing architecture extends ground cloud computing capabilities to near-Earth orbit, representing a pivotal shift towards the industrialization of aerospace technology [3] - The large-scale application of commercial-grade laser communication systems addresses the traditional aerospace technology challenge of being "usable but unaffordable," creating a scalable technical framework for future deep space exploration and ocean monitoring projects [3]