航天宏图 20260123 摘要 航天宏图计划采购 6 颗雷达卫星，总金额约 6 亿元，并与上海蓝星光域 合作研发卫星激光通信系统，目前已有四颗卫星使用其模块并调试中， 旨在提升卫星通信能力。 公司积极拓展国际市场，与非洲某国签订合作协议，并与尼日利亚国防 部进行技术交流，同时推动与印尼的碳汇监测卫星项目，雷达卫星在国 外应用需求增加，预计带来较好的回款和盈利能力。 航天宏图应收账款主要来自政府项目，金额较小且稳定，公司通过国家 化债政策和法律手段降低应收账款比例，以确保财务健康。 研发投入占比从 2025 年的 20%上升到 2026 年的 40%，主要用于提 升技术水平和产品竞争力，如激光通信系统和算力卫星，预计未来将转 化为实际效益，提高市场竞争力和盈利能力。 公司预计 2026 年和 2027 年，卫星操作系统等研发成果将逐步转化为 收入，应用于客户提供的卫星设计和制造中，有助于逐步实现盈利。 与苏州政府签订的 28 亿元项目，包括卫星和火箭，第一期投资 12 亿元， 航天宏图将获得 6 亿元的卫星订单，预计春节前后签订，交付周期约一 年，毛利率尚未明确。 2026 年计划发射 10 颗以上雷达卫星及 ...

Core Viewpoint - Shunhao Co., Ltd. is focusing on the development of a giant computing power satellite constellation in the dawn-dusk orbit, which aligns with global trends in space computing power [1] Group 1: Project Overview - The project, named "Tian Guang," is the first incubated industrial project by the Beijing Xingchen Future Space Technology Research Institute [1] - It aims to leverage the unique characteristics of the dawn-dusk orbit to provide continuous solar power supply 24/7 [1] Group 2: Technological Innovations - The project utilizes new gallium arsenide solar cells to significantly enhance the power density of the satellites [1] - Innovative radiative cooling plates and two-phase fluid loop technology have been developed to efficiently dissipate waste heat into the cold environment of space, reducing reliance on ground data centers for cooling [1] Group 3: Achievements and Future Prospects - The team has made progress in key areas such as massive data transmission, space environment protection, and large-scale flat deployment, laying a solid technical foundation for the stable operation of computing satellites [1]

Core Viewpoint - The company is actively seeking transformation in the computing power industry to find a second growth curve amid the backdrop of US-China technology competition [1] Group 1: Industry Trends - The company notes that the US has already made investments in the space computing power sector, with projects like Starcloud backed by notable investors such as Nvidia and Sequoia, potentially launching the first computing power satellite by 2025 [1] - Domestic competitor Chengdu Guoxing Aerospace submitted its prospectus to the Hong Kong Stock Exchange in January 2025, which the company has analyzed in detail, focusing on the development of the domestic computing power satellite industry and Guoxing's financing valuations [1] Group 2: Company Strategy - The company believes that while the industry is still in its early stages, the continuous advancement of artificial intelligence technology is highlighting issues such as power shortages from computing growth, high costs of ground data center construction, and environmental impacts from large data centers [1] - Space data centers are emerging as the ultimate solution for AI computing power development due to their significant advantages in energy efficiency and environmental impact [1] - The main business of the company involves launching computing power satellites into dawn-dusk orbits to establish space data centers, providing computing power services to clients, with a focus on key technologies such as ultra-light solar wings, efficient radiative cooling plates, and modular in-orbit assembly [1] - The company's core technologies align closely with global trends in space computing power development, indicating a promising future for the industry [1]

Group 1 - The A-share market is expected to benefit from upward liquidity trends, with valuations currently at a relatively reasonable level compared to global equity markets, remaining at a medium to low level [1] - By 2026, earnings are anticipated to become the focal point for the market, with the improvement of listed companies' fundamentals driven by China's economic transformation and the development of emerging industries [1] - The narrowing decline in PPI is expected to support a further recovery in corporate profit margins, while attention should be paid to potential disruptions from the US midterm elections, geopolitical risks, and the pace of domestic economic recovery [1] Group 2 - The pharmaceutical sector has seen a slowdown in its upward momentum after a strong rally earlier in the year, with a significant reduction in the number of "doubling funds" [3] - As of November 28, only two pharmaceutical-themed funds maintained year-to-date doubling returns, indicating a shift in market sentiment from aggressive accumulation to cautious observation [3] - Despite the current transitional phase characterized by clear policy bottoms and visible valuation bottoms, the long-term growth logic of the pharmaceutical industry remains intact, supported by ongoing policy reinforcement and improvements in cash flow [3] Group 3 - Lithium battery production is expected to increase month-on-month in December, with a strong demand leading to price increases across multiple segments [5] - Sample companies reported a battery production of 143.3 GWh, a month-on-month increase of 2.3%, marking the first month-on-month increase in battery production since 2022 [5] - The tightening supply and strong demand in the energy storage sector are anticipated to lead to improved profitability across the lithium battery supply chain [5] Group 4 - The short-term trend of the market is strong, with significant inflows of incremental capital and a strong profit-making effect [7] - The Shanghai Composite Index's rebound is seen as a positive stimulus from insurance capital, although the actual implementation of beneficial policies is still pending [11] - The market is expected to maintain a slow bull trend, with potential for further liquidity easing and a focus on sectors such as new energy equipment, industrial machinery, computing power, and high-end manufacturing [11]

Group 1 - The commercial aerospace sector is experiencing significant activity, with companies like Zhaobiao Co., Tongyu Communication, and Aerospace Development seeing stock price increases [1] - The establishment of the Commercial Aerospace Office by the National Space Administration marks the beginning of dedicated regulatory oversight for China's commercial aerospace industry, which is expected to drive high-quality development [1] - The National Space Administration has released the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)," outlining four core objectives for the industry [1] Group 2 - By 2025, the commercial aerospace industry is expected to accelerate, with over 100 satellites in orbit for the GW and Qianfan constellations, and private rocket companies entering the national satellite launch market [1] - The Ministry of Industry and Information Technology will open satellite communication services to operators, promoting consumer-level applications of direct connection technology [1] - From 2026 onwards, commercial aerospace is anticipated to enter a phase of frequent launches, with low Earth orbit satellite internet and the rocket launch industry becoming key beneficiaries [1][2]

Market Overview - On December 1, A-shares experienced a rebound, with the Shanghai Composite Index surpassing 3900 points, and both the Shenzhen Component Index and the ChiNext Index rising over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion yuan, an increase of 288.1 billion yuan compared to the previous trading day [1] - Nearly 3400 stocks in the market saw gains, with strong performances in the non-ferrous metals and AI technology sectors [1] Non-Ferrous Metals Sector - The non-ferrous metals sector surged due to a significant increase in international silver and copper prices, with the leading non-ferrous metals ETF (159876) jumping 2.71% and seeing a net subscription of 12.6 million units in a single day [1] - Citic Securities remains optimistic about the non-ferrous metals sector, maintaining a bullish outlook through 2026, with the leading non-ferrous metals ETF index up over 75% year-to-date [1][2] AI Technology Sector - The AI sector continues to show strength, with the ChiNext AI ETF (159363) rising 2.51%, supported by a significant allocation in computing power [1][3] - The ETF focusing on the domestic AI industry chain (589520) also saw a gain of 1.74% [1] - Key stocks in the AI sector, such as storage chip leader Beijing Junzheng and optical module leader Zhongji Xuchuang, experienced substantial gains, indicating a robust market for AI-related investments [3][5] Commercial Aerospace Sector - The commercial aerospace sector is gaining momentum, with the defense and military ETF (512810) rising over 1% and showing strong trading volume [1][10] - Recent government initiatives, including the establishment of a dedicated Commercial Aerospace Office, are expected to enhance the regulatory framework and stimulate growth in the sector [10] - The commercial aerospace market in China is projected to grow from approximately 0.38 trillion yuan in 2015 to 2.3 trillion yuan by 2024, with a compound annual growth rate of about 22% [10] Chemical Sector - The chemical sector is experiencing a rally, with the chemical ETF (516020) rising 1.01% and showing a three-day consecutive increase [12] - Recent developments in solid-state battery production are expected to significantly boost demand in the chemical sector, with the first large-capacity solid-state battery production line now operational [16] - The chemical sector has seen substantial inflows, with net capital inflows of 19.525 billion yuan over the past five trading days, ranking fourth among 30 major sectors [14]

Core Viewpoint - The report from CITIC Securities highlights the accelerating industrialization of computing satellites as a new infrastructure, driven by domestic policy developments and global technological advancements [1] Industry Analysis - The global industrialization process of computing satellites is progressing steadily, with major technology companies actively investing in this area [1] - The concept of space computing is becoming a consensus among industry players [1] Domestic Policy Developments - The National Space Administration has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," providing clearer guidelines for the industry [1] - Significant easing of entry requirements for companies developing commercial satellites, eliminating the need for weapon equipment research and production licenses [1] - Establishment of a national commercial space development fund to guide and cultivate patient capital [1] Supply and Market Dynamics - The opening and sharing of national space infrastructure are expected to reduce construction pressures for companies [1] - Expansion of government procurement to promote the participation of commercial rockets and satellites in national space missions, thereby increasing market opportunities [1] - The acceleration of satellite constellation launches in China indicates a faster pace of industrialization [1] Investment Recommendations - The report suggests paying attention to companies related to computing satellites as potential investment opportunities [1]

Core Viewpoint - The launch of a satellite equipped with NVIDIA H100 GPU by Starcloud marks the first instance of advanced data center GPUs being deployed in outer space, highlighting the growing trend of space computing and its industrialization [1] Group 1: Industry Developments - Starcloud is set to launch a satellite in November 2023, which will carry NVIDIA's H100 GPU, representing a significant milestone in space computing [1] - In May 2023, China launched the world's first space computing satellite constellation, initiating the networking of computing power in space [1] Group 2: Market Trends - According to CITIC Securities, space computing satellites are emerging as a new infrastructure for computing power, with a gradual global industrialization process underway [1] - Major technology companies are increasingly investing in space computing, indicating a growing consensus on the importance of space-based computing power [1] Group 3: Policy and Regulation - The National Space Administration of China has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," which provides clearer guidelines for the industry [1] - Domestic policies are evolving to support the accelerated launch of computing satellites and the advancement of the industry [1]

Core Viewpoint - The report from CITIC Securities highlights the gradual advancement of the global industrialization process of computing satellites as a new infrastructure for computing, driven by domestic policy details and international tech giants' investments in space computing [1] Group 1: Global and Domestic Trends - The industrialization of computing satellites is progressing globally, with major tech companies actively investing in this area [1] - In China, the launch of computing constellations is accelerating, indicating a faster pace of industrialization [1] Group 2: Policy Developments - The National Space Administration of China has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," which further clarifies the details of national policies [1] - The new policies are expected to lead the way in the development of computing satellites [1] Group 3: Investment Opportunities - There is a recommendation to pay attention to companies related to computing satellites, as the sector is poised for growth due to the supportive policies and increasing industrial activity [1]

Core Viewpoint - The report from CITIC Securities highlights the gradual advancement of the global industrialization process of computing satellites as a new infrastructure for computing power, with domestic policy details emerging to lead the way [1] Group 1: Global Trends - Technology giants are increasingly investing in space computing, indicating a growing consensus on the importance of space computing [1] - The acceleration of satellite constellation launches in China is contributing to the faster industrialization of computing power [1] Group 2: Domestic Policy - The National Space Administration of China has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)", which further clarifies the details of the policy [1] - The report suggests paying attention to companies related to computing satellites in light of these developments [1]