Group 1 - The integration of space and AI is accelerating, showcasing significant commercial potential and impacting daily life [1][2] - The "Star Computing Plan" aims to establish a global "space-based computing network" using 2,800 satellites, breaking the limitations of ground-based computing [2][3] - The first batch of satellites launched in May has a total computing power of 5 petaflops (POPS), equivalent to a large data center in space, enabling real-time data processing and analysis [3][5] Group 2 - The application of space computing is expanding into various sectors, including urban planning, emergency response, and transportation, enhancing decision-making and operational efficiency [7][8] - The demand for AI computing power is surging, with projections indicating that China's AI computing market will reach $19 billion in 2024, growing by 86.9% [8][9] - The competition in AI infrastructure is intensifying, with China's "Star Computing Plan" and the U.S.'s "Star Gate" initiative representing two different approaches to building foundational capabilities for AI [9]

行业点评报告 · 通信行业 太空算力的战略跃迁,卫星互联网迎来新空间 2025 年 09月 12 日 核心观点 通信行业 推荐 维持评级 分析师 赵良毕 ☎：010-8092-7619 网: zhaoliangbi_yj@chinastock.com.cn 分析师登记编码: S0130522030003 www.chinastock.com.cn 研究助理:刘璐 网: yj.liulu@chinastock.com.cn 相对沪深 300 表现图 2025-09-11 150% 100% 00% 相关研究 1. 【银河通信】行业点评_联通获卫星移动通信牌 照,卫星通信进程加速 2. 【银河通信】行业点评:卫星互联组网或加速,市 场增量迎来大空间 3. 【银河通信】行业深度报告_太空算力:打破传统 地天观,重构天基智能版图 4. 【银河通信】行业深度报告_揽星补地贯通寰宇, 拓维重构数智之疆 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 事件: 近日,在 2025 Inclusion·外滩大会上,阿里云创始人、之江实验室主 ● 任表示,AI 的演进已进入"变量发生了变化"的关键阶段：竞争不 ...

Core Viewpoint - The report from Kaiyuan Securities highlights the potential of space computing to enable on-orbit data processing, improving the timeliness of space data handling and promoting the application of artificial intelligence in space [1][2]. Group 1: Event Overview - Wang Jian, director of Zhijiang Laboratory, emphasized the importance of space computing during a keynote speech at the 2025 Inclusion Bund Conference on September 11, where he argued that artificial intelligence should not be absent in space [1]. - The "Three-body Computing Constellation," consisting of 12 satellites launched on May 14, has successfully implemented the first complete interconnectivity of space satellites with an 8B AI model [1]. Group 2: Industry Trends - The traditional model of satellite data processing, which relies on sending data back to Earth for analysis, limits the efficiency of satellite data usage, with less than 10% of effective satellite data being transmitted back due to bandwidth and resource constraints [2]. - The newly launched satellites are equipped with onboard intelligent computing systems and inter-satellite communication systems, enabling real-time data processing in space and addressing the efficiency bottlenecks of traditional satellite data processing [2][3]. - The satellites have a maximum single-satellite computing power of 744 TOPS and can achieve inter-satellite communication speeds of up to 100 Gbps, with a combined computing capability of 5 POPS and a storage capacity of 30 TB when interconnected [3]. - The goal of the "Three-body Computing Constellation" is to establish a large-scale space-based intelligent computing infrastructure, ultimately reaching a total computing power of 1 EOPS, which is expected to surpass most single data centers on Earth [3].

Group 1 - The founder of Alibaba Cloud, Wang Jian, emphasized that the choice between open-source and closed-source models is a key factor in AI competition, moving towards an era of resource openness beyond just source code [1] - Wang Jian introduced the concept of "computational satellites," highlighting the launch of the "Trinity Computing Constellation" which sent the first 8B AI model into space alongside 12 satellites [1] - The "Olive Leaf Plan" was revealed, aiming to open 1-2 experimental satellites for global access each year [1] Group 2 - The Deputy Director of the National Internet Information Office, Wang Jingtao, announced plans to improve data export compliance guidelines and establish a negative list system for data export in key industries [2] - The focus will be on enhancing data export safety management and regulatory capabilities across the entire process [2] Group 3 - Chinese researchers developed a "nano-marking robot" for cancer immunotherapy, which can precisely identify cancer cells using engineered nanoenzymes [3] - The research showed promising results in tumor models and clinical samples, potentially paving the way for more intelligent and efficient immunotherapies [3] Group 4 - The 26th China International Optoelectronic Expo gathered over 3,800 optical communication companies, showcasing a wide range of products including 1.6T optical modules [4] - The event highlighted the current dominance of 400G/800G optical modules in the market [4] Group 5 - The Ministry of Commerce announced initiatives to encourage foreign investment in the digital sector and promote orderly cross-border data flow [5] - Plans include establishing national digital trade demonstration zones and nurturing competitive digital trade enterprises [5] Group 6 - Morgan Stanley reported a significant increase in U.S. investor interest in the Chinese market, reaching the highest level since 2021 [6] - Over 90% of investors expressed willingness to increase exposure to China, driven by China's leadership in humanoid robots, biotechnology, and drug development [7] Group 7 - Wang Jingtao also mentioned the need for safety guidelines for AI applications, focusing on a comprehensive regulatory framework for new technologies [8] - Emphasis was placed on proactive safety assessments in emerging fields like quantum information and satellite internet [8] Group 8 - SK Hynix announced the supply of a new high-performance NAND solution to meet the demands of AI-enabled devices, enhancing data management efficiency [9] Group 9 - BOE Technology Group plans to invest 50 billion yuan in R&D and 500 billion yuan in procurement over the next three years to support industry upgrades [10] - The company aims to establish marketing and R&D institutions globally and allocate 0.5% of revenue to AI research [10] Group 10 - The Deputy Director of the National Development and Reform Commission highlighted the importance of market-oriented reforms in building a unified national market [11] - Pilot reforms will focus on key areas and issues in factor market construction to stimulate local reform initiatives [11]

5月14日，之江实验室首次把12颗卫星同时送进太空。"这12颗卫星组成的星座第一次把地面真正意义上 的8B AI模型放到了太空去。不是把用简单的深度学习算法做了处理的小程序放到卫星上，而是把一个 跟地面上一模一样的完完整整的AI模型送到了太空上。这让我们感到非常激动，我们第一次感受到AI 是不能缺失太空的。这12颗卫星到了太空以后会保证只要卫星到达的地方，就可以在太空的任何地方完 成对所有数据的处理。" 王坚表示，在这之前，所有的卫星在天上是没有任何联系的，所有在天上的卫星只跟地面产生联系，因 此这也是第一次完整地做完了在太空卫星的互通互联，给人工智能在太空带来了一次巨大的机会。 新京报贝壳财经讯（记者罗亦丹）9月11日，外滩大会在上海举行。中国工程院院士、阿里云创始人、 之江实验室主任王坚在大会开幕式上表示，人工智能不应该在太空缺失，"今天有了通讯卫星、导航卫 星、遥感卫星以后，因为人工智能的出现就会有第四种卫星，我把它叫'计算卫星'。同样因为卫星的存 在，我们有机会把AI送到那里（太空）去。" 王坚表示，只有把AI和算力送入太空，人类才有可能真正地走出地球，"下面这个时代还是非常激动人 心的。我经常讲，人 ...

Group 1: Core Insights - The current moment is seen as a pivotal point for the explosion of the artificial intelligence (AI) industry, with AI technologies increasingly integrated into daily life [1] - The "Belt and Road" initiative has identified ten key AI application scenarios, including low-carbon smart factories and disaster intelligent early warning systems, aimed at enhancing economic, social, and ecological capabilities [2][4] - Experts suggest that the future of AI may involve applications in space, indicating a golden age for AI technology innovation [2] Group 2: Challenges in AI Development - A significant challenge for the AI industry is the increasing demand for computing power, which is growing exponentially due to large models and smart hardware [3][4] - The shortage of talent in the AI sector is another critical issue, with a rising need for new roles such as AI ethicists and product managers, highlighting the importance of innovation and education in addressing this gap [4][5] Group 3: Solutions and Initiatives - To tackle the computing power issue, initiatives like the "Three-body Computing Constellation" project aim to enhance satellite computing power significantly [5] - Educational institutions are exploring new models for talent cultivation, suggesting interdisciplinary integration of database management and AI algorithm courses to better prepare students for the industry [5] - The "AI Reinforcement Learning Sustainable Development Plan" has been launched to promote accessible AI education and establish technical standards for learning efficiency [5]

Core Insights - The emergence of space computing is being driven by initiatives from companies like Starcloud and the successful launch of China's first space computing satellite constellation, indicating the onset of a "space computing era" [1][2]. Group 1: Space Computing Developments - Starcloud plans to launch a refrigerator-sized satellite data center into space by August this year [1]. - China's first space computing satellite constellation, consisting of 12 satellites, has been successfully launched, marking a significant milestone in the "Three-body Computing Constellation" project [2]. - The constellation is designed to achieve a total computing power of 5POPS (5 quadrillion operations per second) with individual satellites capable of 744TOPS [2][3]. Group 2: Technological Advancements - The satellites are equipped with onboard intelligent computing systems and inter-satellite communication systems, enabling real-time data processing in space [2]. - The space data center can utilize solar energy for continuous power supply and operates in near absolute zero conditions, reducing the need for additional cooling systems [2][3]. - The development of laser communication technology allows for high-speed data transfer between satellites, with a maximum rate of 100Gbps [2][3]. Group 3: Future Prospects - The goal is to deploy over 50 computing satellites this year and reach a scale of 1,000 satellites by around 2030 [3]. - The "Three-body Computing Constellation" is expected to play a crucial role in emergency response, environmental protection, and smart city development by providing timely data processing capabilities [5]. - The shift towards space computing is anticipated to reshape the satellite industry, with a focus on single-function satellites that can lower manufacturing and launch costs [4][5]. Group 4: Industry Collaboration - Companies like National Star Aerospace and Helios Lightlink are collaborating on the development of satellite technologies, including laser communication terminals [3][6]. - The successful launch of the first space computing satellite constellation is a result of collaborative efforts among various technology providers [6]. - Challenges such as thermal management, radiation risks, and economic feasibility remain critical obstacles that need to be addressed for the successful deployment of space data centers [7].