算力卫星作为算力新基建，全球产业化进程逐步推进，国内政策细则出台引领。海外来看，科技巨头争相布局，太空算力逐渐成为共识。国内来看，算力星 座发射加速，产业化进程加快。国家政策来看，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025-2027年）》，细则进一步明 确。建议关注算力卫星相关标的。 在居民存款搬家持续演绎、机构投资者加大入市力度、全球资本流向重塑叠加政策工具护航下，A股市场仍将受益于流动性向上逻辑。当前A股估值处于相 对合理区间，从全球主要权益市场比较来看仍处于中等偏低水平。2026年，盈利有望接棒估值，成为市场聚焦的关键点。预计上市公司基本面延续改善态 势，中国经济转型的深化与新兴产业的持续发展将成为盈利增长的关键驱动力，PPI降幅收窄也有望带动企业利润率水平进一步回升。同时，关注美国中期 选举、地缘风险、国内经济修复节奏等因素的阶段性扰动。2026年，A股市场有望呈现出向上动能。 在经历年内一轮强势上涨后，医药板块的上行势头近期有所放缓，"翻倍基"数量也明显收缩。数据显示，三季度医药主题基金一度出现翻倍数量的阶段性高 点，但截至11月28日仅剩两只产品维持年内翻倍收益。近三个 ...

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]

周一（12月1日），A股震荡拉升，沪指重返3900点上方，深成指、创业板指均涨超1%。沪深两市成交额1.87万亿元，较上一个交易日放量2881亿元。盘面 上，市场热点快速轮动，全市场近3400只个股上涨。盘面上，有色金属、AI科技两大主线双双走强。 受国际银价、铜价大涨影响，有色金属爆发，揽尽有色金属龙头的有色龙头ETF（159876）场内跳空上涨2.71%，资金单日净申购1260万份。中信建投表 示，站在当下，2026年依然看好有色再进阶，维持牛市格局！复盘来看，有色龙头ETF（159876）标的指数今年以来累涨超75%！ 科技方面，AI主线强势依旧，光模块含量超56%的创业板人工智能ETF（159363）场内放量大涨2.51%，重点布局国产AI产业链的科创人工智能ETF （589520）场内收涨1.74%！商业航天集体走强，场内热门国防军工ETF（512810）、通用航空ETF华宝（159231）场内均涨超1%。 【ETF全知道热点收评】重点聊聊创业板人工智能、国防军工、化工等三个行业主题ETF的交易和基本面情况。 一、多热点驱动，创业板人工智能ETF（159363）放量大涨2.51%，能否突破前高？最新 ...

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]

根据英伟达官网，太空计算公司Starcloud在今年11月发射一颗载有英伟达H100 GPU的卫星进入太空， 这是先进数据中心GPU首次进入外太空。另根据新华网，5月，我国已发射全球首个太空计算卫星星 座，率先开启算力卫星组网。 中信证券表示，算力卫星作为算力新基建，全球产业化进程逐步推进，国内政策细则出台引领。海外来 看，科技巨头争相布局，太空算力逐渐成为共识。国内来看，算力星座发射加速，产业化进程加快。国 家政策来看，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025—2027 年）》，细则进一步明确。建议关注算力卫星相关标的。 ...

每经AI快讯，12月1日，中信证券研报认为，算力卫星作为算力新基建，全球产业化进程逐步推进，国 内政策细则出台引领。海外来看，科技巨头争相布局，太空算力逐渐成为共识。国内来看，算力星座发 射加速，产业化进程加快。国家政策来看，国家航天局印发《国家航天局推进商业航天高质量安全发展 行动计划（2025-2027年）》，细则进一步明确。建议关注算力卫星相关标的。 （文章来源：每日经济新闻） ...

中信证券研报认为，算力卫星作为算力新基建，全球产业化进程逐步推进，国内政策细则出台引领。海 外来看，科技巨头争相布局，太空算力逐渐成为共识。国内来看，算力星座发射加速，产业化进程加 快。国家政策来看，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025-2027 年）》，细则进一步明确。建议关注算力卫星相关标的。 ...

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, driven by domestic policy details and international competition among tech giants [1] Group 1: Global and Domestic Trends - The industrialization of computing satellites is progressing globally, with tech giants increasingly investing in space computing as a consensus [1] - In China, the launch of computing constellations is accelerating, contributing to a faster industrialization process [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 the policy [1] - The new policies are expected to lead the way for the development of computing satellites in the domestic market [1] Group 3: Investment Recommendations - The report suggests paying attention to companies related to computing satellites, indicating potential investment opportunities in this emerging sector [1]

Group 1: Company Overview and Strategic Direction - Shanghai Shunhao New Materials Technology Co., Ltd. focuses on environmentally friendly packaging materials and has maintained stable operations over the years [2][3] - The company is exploring new strategic directions to find a second growth curve, particularly in the context of the AI computing wave [3][4] Group 2: Investment in Space Computing - The company invested RMB 110 million to acquire a 19.30% stake in Beijing Orbit Chen Guang Technology Co., Ltd., which specializes in space data centers [3] - The partnership aims to leverage both companies' resources and technological advantages to explore the space computing industry [3][4] Group 3: Space Computing Business Model - The space computing business is expected to have clear commercial value within 5 years, with potential competition against ground data centers emerging in 5-10 years [3] - The initial focus will be on "sky computing," which allows for faster data processing in space, enhancing efficiency in emergency scenarios [4][5] Group 4: Cost and Economic Viability - The estimated lifecycle cost of a space data center is currently about 2.7 times that of ground data centers, but this may equalize within 3-5 years due to technological advancements and reduced launch costs [10] - The company believes that the economic feasibility of space data centers will improve as launch costs decrease and the industry matures [10][11] Group 5: Challenges and Future Outlook - The primary challenge for the space computing sector is the high cost of launching satellites, which is currently significantly higher in China compared to the U.S. [11] - The company plans to launch its first experimental satellite by the end of 2025, contingent on the availability of launch windows [12] Group 6: Management and Governance - The company appointed Zhang Zong, CEO of Orbit Chen Guang, as co-president to enhance management and oversee new business strategies [14] - The company is also planning to apply for a listing on the Hong Kong Stock Exchange to facilitate international expansion [14]

Group 1 - The core viewpoint of the news is that Beijing Orbit Chuangguang Technology Co., Ltd. has completed a financing round totaling 140 million RMB for its giant computing satellite constellation project, with investments from listed company Shunhao Co. and Lenovo Ventures [1][2] - The funding will be used for key technology research and development, experimental satellite launches, and network operations for the computing satellite constellation [1][2] - The project aims to deploy computing satellites in the Earth's dawn-dusk orbit to create a space data center, providing global users with space-based computing services [1][2] Group 2 - The rapid development of commercial aerospace and artificial intelligence has led to an increasing demand for space computing, prompting countries to consider relocating computing centers to space [2] - The company has made significant progress in key technology research, including the development of new gallium arsenide solar cells to significantly increase satellite power density compared to traditional satellites [2] - The first computing experimental satellite is expected to be launched by the end of this year, which will help address the limitations of ground computing centers and provide computing support for users globally [2]