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 ...

来源 | 上银微动态 【编者按】 从1986年响应"两小"勇闯金融改革新路诞生在街道的川南城市信用社，到1995年整合而立的上海城市合作银行，再到如今屹立浦江两岸、服务地方经济的 重要金融力量，一代代上海银行人怀揣热忱、勇毅前行，在上海金融改革的浪潮中，"建基上海、立业中华"，写下了属于自己的时代答卷。 岁月流转，变的是日益壮大的规模与版图，不变的是"金融让生活更美好"的使命传承。 点滴用心，相伴成长。金融有温度，是心系小微企业的雪中送炭；金融有力量，是助推地方发展的坚实臂膀；金融有情怀，是与城市同频共振的不懈坚 守。 回望卅载深耕路，上海银行循着"金融改革之花"的绽放轨迹，重拾共同记忆，共话初心使命，更将以过往为序，续写与时代同行、与城市共荣的新篇章。 上银30年 · 科技金融篇 "那年寒冬，上海银行敲响我们实验室的门" 2021年底，上海银行闵行支行根据日常"扫楼"成果总结出了高校成果转化清单，偶然间发现了一家从交大实验室走出来的卫星激光通信团队——穹窿科 技，那时他们刚成立，连办公室都是临时借用的。闵行支行迅速抽调精干组建3人团队，连续2天开会为这家硬科技企业的未来把脉。和大多数0-1阶段 的"早小硬" ...

Core Viewpoint - The space economy is emerging as a new frontier for global competition, with significant opportunities and challenges in satellite internet and remote sensing infrastructure development [1] Group 1: Industry Gaps and Opportunities - There is a significant gap between China and the US in the launch vehicle sector, with US rocket carrying capacity being approximately ten times that of China, and commercial launches accounting for over 80% in the US compared to single-digit percentages in China [2] - The large gap presents a vast space for catching up, with predictions that within three years, the launch costs in China could approach those of SpaceX, and within five years, potentially be lower than SpaceX's Falcon 9 [2] - In the laser communication terminal field, the US has over 10,000 in-orbit terminals with commercial applications, while China's industry is in a critical breakthrough phase from technology verification to mass production [2] Group 2: Cost Reduction Strategies - Reducing costs is seen as crucial for the development of the space economy, with companies aiming to halve rocket costs within three years and lower per-kilogram launch prices below foreign counterparts within five years [4] - Companies are focusing on design optimization, supply chain collaboration, and reusable technologies to achieve cost reductions [4] - The integration of modular production and batch assembly is expected to be a significant direction for long-term cost reduction in laser communication terminal manufacturing [4] Group 3: Need for Patient Capital - The valuation of leading commercial rocket companies has reached between 15 billion to 20 billion yuan, highlighting the need for better access to secondary market financing to share in the growth of the commercial space sector [6] - Long-term capital support is essential for the growth of commercial space enterprises, which require three to five years or more for technology development and capacity realization [6] - A more inclusive and encouraging policy environment is needed to allow commercial space companies to participate in large national projects, creating strong market incentives [6]

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]

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]

Group 1: High-tech Industry Highlights - The 27th China International High-tech Achievements Fair showcased significant advancements in aerospace, quantum communication, intelligent robotics, and digital technology, reflecting the vibrant innovation in China's high-tech industry [1] - The aerospace sector featured prominently, with China Aerospace Science and Technology Corporation presenting flexible solar wings and laser communication terminals, highlighting the empowering role of aerospace technology in industrial development [1] - Asia-Pacific Satellite Broadband Communication (Shenzhen) Co., Ltd. displayed the Asia-Pacific 6D satellite, which is currently the largest communication capacity satellite in China, with a total communication capacity of 50 Gbps and over 30,000 network terminal stations [1] Group 2: Technological Innovations - 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 [2] - The Fujian exhibition group introduced China's first "air-rail integrated" low-altitude logistics safety hub solution, providing a full-chain service from route planning to real-time scheduling [2] - The robotics industry showcased a variety of products, including industrial and consumer-grade robots, indicating the rapid penetration of intelligent robotics across various sectors [2] Group 3: Specialized Robotics Applications - Shandong Guoxing Intelligent Technology Co., Ltd. presented a high-obstacle electric explosion-proof four-wheel drive firefighting robot, demonstrating the practical value of humanoid robots in specialized operations [3] - The robot is equipped with a four-wheel independent suspension and adaptive intelligent track chassis, enhancing its ability to navigate complex terrains while reducing safety risks for firefighters [3]

Group 1: High-tech Industry Highlights - The 27th China International High-tech Achievements Fair showcased significant advancements in aerospace, quantum communication, intelligent robotics, and digital technology, reflecting the vitality and innovation of China's high-tech industry [1] - The aerospace sector featured prominently, with China Aerospace Science and Technology Corporation presenting products like flexible solar wings and laser communication terminals, highlighting the empowering role of aerospace technology in industrial development [1] - Asia-Pacific Satellite Broadband Communication (Shenzhen) Co., Ltd. displayed the Asia-Pacific 6D satellite, which is currently the largest communication capacity satellite in China, with a total communication capacity of 50 Gbps and over 30,000 network terminal stations [1] Group 2: Innovative Solutions and Technologies - 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 [2] - The Fujian exhibition group introduced China's first "air-rail integrated" low-altitude logistics safety hub solution, providing a full-chain service from route planning to real-time scheduling [2] - The robotics industry showcased a variety of products, including industrial and consumer-grade robots, indicating the accelerating penetration of intelligent robotics across various sectors [2] Group 3: Specialized Robotics Applications - Shandong Guoxing Intelligent Technology Co., Ltd. presented a high-obstacle electric explosion-proof four-wheel drive firefighting robot, demonstrating the practical value of humanoid robots in specialized operations [3] - The robot is equipped with independent suspension and adaptive intelligent tracks, enhancing its ability to navigate complex terrains while reducing safety risks for firefighters through its detection and obstacle avoidance capabilities [3]

Core Viewpoint - The 27th China International High-tech Achievements Fair showcases the transformation and industrialization of aerospace technology, highlighting over a hundred cutting-edge aerospace achievements across various sectors such as commercial aerospace, low-altitude economy, robotics, electronic information, and new energy [1][3]. Group 1: Event Overview - The event took place from November 14 to 16 in Shenzhen, featuring China Aerospace Science and Technology Corporation's first exhibition themed "Transformation and Industrialization of Aerospace Technology" [1]. - The exhibition included significant aerospace technology exhibits such as Long March series rockets, flexible solar wings, laser communication terminals, and renewable energy materials [3]. Group 2: Forum Highlights - The first "Aerospace Technology Achievement Transformation and Industrialization Forum" was held, gathering various innovative resources for in-depth industry discussions and creating a high-level platform for connecting aerospace technology with the Guangdong-Hong Kong-Macao Greater Bay Area market, talent, and capital [3]. - New entities such as the Shenzhen Aerospace Technology Achievement Transformation Centers and Shenzhen Aerospace Xinyu Technology Co., Ltd. were officially established, aiming to facilitate the transition from commercial aerospace to low-altitude economy [3]. Group 3: Technology Demonstrations - A roundtable discussion featured insights on innovative mechanisms for technology achievement transformation, promoting industrial upgrades and ecosystem building [5]. - Live demonstrations included projects like the Jiutian Hangyu low-altitude comprehensive flight service management platform and hydrogen energy industrialization projects, fostering direct exchanges between technology supply and demand [5]. - The forum also unveiled several new aerospace technology products, showcasing China's solid capabilities in the aerospace sector [5].

Core Viewpoint - The 27th China International High-Tech Achievements Fair (High-Tech Fair) serves as a significant platform for showcasing cutting-edge technology and facilitating technology transfer, featuring over 5,000 exhibitors and extensive international participation [4][5]. Group 1: Event Overview - The High-Tech Fair spans 400,000 square meters with 22 specialized exhibition areas and includes over 200 professional activities and more than 1,000 professional procurement teams [4]. - The event has evolved into a key link for technological innovation and industrial upgrading since its inception in 1999, attracting global attention [4][5]. Group 2: Technological Highlights - This year's fair emphasizes "high, precision, and cutting-edge" technologies, with over 90% of exhibits being physical products and more than 60 launch and roadshow events planned [5]. - The robotics section features over 500 companies showcasing the latest advancements in the robotics industry, including exoskeleton rehabilitation robots and quadruped robots [5]. - The commercial aerospace section highlights significant products from China Aerospace Technology Group, including Long March series rockets and flexible solar wings [5]. Group 3: Global Participation and Trade Facilitation - The fair aims to transition from being "China's top tech exhibition" to "the world's leading innovation exhibition," with major tech companies like Microsoft, Sony, and Intel participating [6]. - Over 30,000 global procurement agents from more than 100 countries are expected to attend, with procurement demand covering various fields such as smart equipment and artificial intelligence [7]. - The fair has set up an international investment negotiation area to connect high-tech projects with global investment institutions, including Morgan Stanley and Goldman Sachs [7]. Group 4: Networking and Collaboration Opportunities - More than 200 activities will take place during the fair, including professional forums and award evaluations, providing extensive networking opportunities for exhibitors and attendees [8]. - Industry leaders and experts will discuss solutions and future trends in cutting-edge fields such as commercial aerospace and artificial intelligence [8].