股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 中信证券认为太空算力的能源供给将高度依赖光伏技术。钙钛矿作为兼具高效率和低成本的下一代光伏 技术，有望成为重要的太空能源解决方案。2025年以来，钙钛矿产业化进展加速，效率、稳定性纷纷取 得突破，行业内多条GW级产线相继投产，建议关注钙钛矿产业投资机会。 据报道，太空AI中心是以AI算力太空部署为特征的新一代AI基础设施，旨在为AI发展突破能源、环 境、空间瓶颈。目前，全球科技力量争相布局太空AI中心建设，纷纷出台技术发展和建设规划，带动 相关技术和应用进入高速发展期。 太空算力正从概念验证走向可运行系统。海外方面，英伟达已完成H100GPU在轨测试，Space X计划4 年内每年完成部署100GW太空数据中心，谷歌拟2027年发射TPU原型卫星，Starcloud推进40MW数据中 心落地。中国数据中心"上天"进展顺利，已成功建起全球首个商业化AI卫星网络。2025年5月，中国国 星宇航与之江实验室联合发射了首批12颗、搭载AI芯片和模型的智能计算卫星，总算力达5 POPS，标 志着太空算力首次进入实际应用阶段。 ...

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The commercial aerospace industry is approaching a critical point for closing the loop, with expectations for rapid growth. The core component of this industry is satellites, and the launch speed is primarily determined by launch costs. The key bottleneck lies in reusable rocket technology. A breakthrough in this technology will significantly accelerate the launch speed of low-orbit satellites in China. Coupled with the ongoing development of the AI industry, the construction of space computing power is becoming a trend, leading to a substantial opening of the commercial aerospace application market [1][9]. - The Chinese government has placed significant emphasis on the development of commercial aerospace, with supportive policies emerging frequently. The industry has been included in government work reports for two consecutive years, highlighting its importance as a new growth engine [12][14]. - The successful launch of the Zhuque-3 rocket marks a significant milestone in China's reusable rocket technology, which is expected to progress from stage 1 to stage 10. This development is crucial for the industry to reach a volume production critical point [16][15]. Summary by Sections Commercial Aerospace Industry Development - The commercial aerospace industry is nearing a critical point for closing the loop, with expectations for rapid growth driven by advancements in reusable rocket technology and the increasing demand for space computing power [1][9]. - The Chinese government has prioritized commercial aerospace in its development plans, with multiple supportive policies and initiatives aimed at fostering industry growth [12][13]. Reusable Rocket Technology - The Zhuque-3 rocket's successful launch demonstrates the potential for reusable rocket technology in China, with future goals to reduce launch costs to approximately 20,000 RMB per kilogram [16][15]. - The report draws parallels with SpaceX's Falcon 9, which has achieved significant cost reductions through reusable technology, suggesting that similar advancements in China could lead to a sustained decrease in launch costs [17][18]. Space Computing Power - The report highlights the increasing trend of deploying computing power in space, with companies like Starcloud leading initiatives to establish space-based data centers. This shift is expected to alleviate the growing demands on terrestrial data centers [19][20]. - The anticipated advancements in rocket technology and the establishment of space computing infrastructure are expected to create a robust ecosystem for commercial aerospace applications [30][31].

Core Insights - The report from Zhongyou Securities highlights the emergence of space computing technology as a new direction for tech companies and governments to address the surging demand for AI computing power and the energy and cooling bottlenecks faced by terrestrial data centers [1][2] Group 1: Space Computing Technology - Space computing is a technology that deploys data centers and computing capabilities in space, utilizing satellites and onboard computing hardware for on-orbit data processing [2] - The unique vacuum environment and lighting conditions in space provide advantages such as real-time response, distributed collaboration, and energy efficiency, making space computing a preferred solution for addressing challenges in the AI era [2] Group 2: Global Developments in Space Computing - Major tech giants like NVIDIA, SpaceX, and Google are actively testing and planning space data centers, marking a shift from concept to practical implementation [3] - NVIDIA successfully sent its H100 GPU to space for testing, while SpaceX plans to expand its Starlink V3 satellite scale to establish a space data center with a target of deploying 100GW of data centers annually within 4-5 years [3] Group 3: Domestic Progress in Space Computing - China's commercial aerospace company ADASpace launched its first batch of 12 intelligent computing satellites, achieving a total computing power of approximately 5POPS, marking the practical application of space computing [4] - The National Space Administration of China has established a dedicated management agency for commercial aerospace, which is expected to promote high-quality development in the industry [4] Group 4: Investment Recommendations - Companies to watch include Xingtong Measurement and Control, Zhongke Xingtong, Aerospace Hongtu, SuperMap Software, Holley Well, Shengbang Security, Shanghai Hantong, Shanghai Port, Aisino Technology, and Putian Technology [5]

Core Insights - The emergence of space computing and satellite industries is expected to revolutionize data center deployment, with significant advancements in technology and cost efficiency [2][3][5]. Group 1: Space Computing Developments - Nvidia has launched its H100 GPU into space, marking a significant step towards establishing large-scale computing infrastructure in orbit, with Starcloud predicting that most new data centers will be built in space within the next decade [2]. - Elon Musk anticipates that deploying large-scale AI systems in space will be more cost-effective than on Earth due to the availability of free solar energy and efficient cooling methods, estimating future AI computing needs could reach 200 to 300 gigawatts [3]. - Google's Project Suncatcher aims to develop satellites equipped with TPU AI chips to create a scalable computing network in space, with plans to launch test satellites by early 2027 [4]. Group 2: China's Space Computing Initiatives - China successfully launched the world's first space computing satellite constellation, "Body Computing Constellation," which is expected to achieve a total computing power of 1000 Peta Operations Per Second (POPS) [5]. - The constellation features advanced onboard computing capabilities and high-speed inter-satellite communication, enabling significant advancements in space-based data processing [5]. Group 3: Investment Opportunities - Companies such as Potevio Technology, Shunhao Co., China Satellite, Haige Communication, and Shanghai Hantong are identified as potential investment opportunities in the burgeoning space computing sector [6].

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for investment opportunities in the space computing sector [5]. Core Insights - The emergence of space computing is expected to revolutionize data processing capabilities, with companies like Nvidia and Starcloud leading the charge by deploying AI servers in space [1][9]. - Elon Musk predicts that deploying large-scale AI systems in space will be more cost-effective than on Earth due to the availability of free solar energy and efficient cooling methods [2][14]. - Google's "Project Suncatcher" aims to utilize solar energy in space for scalable computing networks, with plans to launch prototype satellites by 2027 [3][18]. - China's launch of the "Body Computing Constellation" marks a significant milestone as the world's first interconnected space computing satellite constellation, expected to achieve a total computing power of 1000 Peta Operations Per Second (POPS) [4][22]. Summary by Sections Space Computing Developments - Nvidia's Starcloud-1 satellite, equipped with H100 GPUs, is set to operate in low Earth orbit, processing data from Earth observation satellites [1][9]. - Starcloud plans to expand its capabilities with the Starcloud-2 mission, which will include more powerful GPUs and aim for a 40 MW data center in space by the early 2030s [11]. Cost Efficiency and Energy Needs - Musk estimates that future AI computing needs could require between 200 to 300 GW of continuous power, highlighting the limitations of terrestrial energy sources [2][14]. - The report emphasizes that the transition to space-based data centers could alleviate the increasing energy and water demands of traditional data centers [10]. Industry Growth and Investment Opportunities - The report suggests that as AI computing demands rise and rocket launch costs decrease, significant growth in space computing is anticipated, recommending early investment in related companies such as Putian Technology and China Satellite [24].

Investment Rating - The report maintains a "Buy" rating for the telecommunications sector, highlighting opportunities in communication operators, artificial intelligence, satellite internet, and quantum technology [2][3]. Core Insights - The telecommunications sector is experiencing a downturn, with a weekly index drop of 4.77%. However, sub-sectors such as communication network technology services and industry applications have shown better performance [7][6]. - Significant advancements have been made in cutting-edge technologies, including quantum computing and 6G communication, which are expected to drive future growth [5][16]. - The report emphasizes the importance of the upcoming 6G technology, which is projected to be a key growth driver for the telecommunications industry [22][29]. Summary by Sections Market Performance - The telecommunications sector index fell by 4.77% over the past week, with specific sub-sectors performing relatively well [7][6]. - Notable performance metrics include a 31.30% increase in certain stocks, while others saw declines of up to 14.29% [11][15]. Industry Development and Key Events - The "Tianyan-287" superconducting quantum computer has been successfully built, marking a significant milestone in quantum computing [16]. - Major tech companies are competing in the space computing arena, with initiatives from Nvidia, SpaceX, and Google indicating a shift towards space-based AI infrastructure [22][24]. Investment Recommendations - The report suggests focusing on specific stocks within the telecommunications sector, including 300308, 300502, 300383, 601869, and 688027, among others [2][5]. - The emphasis is placed on sectors such as AI, satellite internet, and quantum technology as promising areas for investment [2][5].

Core Viewpoint - The article discusses the emerging trend of space computing driven by the increasing demand for AI computational power, highlighting initiatives by major tech companies to establish data centers in space to address the limitations of terrestrial data centers [1][4][20]. Group 1: Space Computing Initiatives - Nvidia launched its H100 GPU into space on November 2, marking the first instance of a data center-grade GPU being sent to low Earth orbit [2][8]. - Elon Musk announced plans to expand the Starlink V3 satellite network to build space data centers, aiming for a deployment of 100 GW of data centers annually within 4-5 years [2][9]. - Google initiated the "Project Suncatcher," planning to launch two prototype satellites equipped with TPU chips by early 2027 to deploy AI computing directly in space [2][10]. Group 2: Advantages of Space Computing - Space offers unique environmental advantages, such as solar panels receiving eight times more solar energy than those on Earth, which can alleviate the pressure on terrestrial resources [6][4]. - In-orbit computing can process vast amounts of data generated by satellites, significantly reducing the time required to transmit valuable data back to Earth from hours to seconds [6][7]. Group 3: Market Potential - The market for in-orbit data centers is projected to reach $39 billion by 2035, with a compound annual growth rate of 67.4%, indicating a significant opportunity for the space economy [6][14]. - The Chinese commercial space industry is expected to grow from approximately 1 trillion yuan in 2020 to 2.3 trillion yuan by 2024, with a projected value of around 8 trillion yuan by 2029 [15]. Group 4: Technological Challenges - The development of space computing faces challenges such as high radiation levels affecting chip reliability and the need for effective thermal management in the vacuum of space [19][18]. - The economic feasibility of space computing hinges on reducing launch costs to around $200 per kilogram, which could make the annualized launch power costs comparable to current terrestrial data center electricity costs [18][19]. Group 5: Strategic Positioning - Companies like Guoxing Aerospace are positioning themselves as full-chain participants in the space computing industry, focusing on satellite manufacturing and advanced AI-driven data analysis services [11][15]. - The article emphasizes the potential for Chinese companies to leverage the nascent nature of the space computing sector to overcome existing technological limitations in terrestrial data centers [20].

Core Viewpoint - The rise of space computing is driven by the increasing demand for AI computing power, with major tech companies like NVIDIA, Google, and Chinese firms investing in space data centers to address the limitations of terrestrial data centers [1][3][5]. Group 1: Space Computing Initiatives - NVIDIA launched its H100 GPU into space, marking the first instance of a data center-grade GPU being sent to low Earth orbit [5]. - Elon Musk announced plans to expand the Starlink V3 satellite network to build space data centers, aiming for a deployment of 100GW of data centers annually within 4-5 years [2]. - Google initiated the "Project Suncatcher," planning to launch two prototype satellites equipped with TPU chips by early 2027 to deploy AI computing directly in space [2][6]. Group 2: Advantages of Space Computing - Space offers unique environmental advantages for solar energy collection, with solar panels in space receiving eight times more energy than those on Earth [3]. - In-orbit computing can process vast amounts of data generated by satellites, significantly reducing the time needed to transmit valuable data back to Earth from hours to seconds [3][8]. - The market for in-orbit data centers is projected to reach $39 billion by 2035, with a compound annual growth rate of 67.4% [4]. Group 3: China's Role in Space Computing - China is actively participating in the space computing race, with the launch of the "zero-carbon space computing center" recognized at the World Internet Conference [2]. - The Chengdu Guoxing Aerospace Technology Co. has developed AI satellites with a total in-orbit computing capability of 5POPS, aiming to create a distributed computing network in space [7][10]. - The Chinese commercial space industry is expected to grow from approximately 1 trillion yuan in 2020 to 2.3 trillion yuan by 2024, with a projected value of around 8 trillion yuan by 2029 [10]. Group 4: Challenges and Future Prospects - Despite the potential, space computing faces significant challenges, including high launch costs and the need for advanced thermal management systems in the vacuum of space [13][14]. - The industry is expected to evolve, with advancements in technology potentially overcoming current limitations, making space computing a vital component of AI infrastructure within 5-10 years [11][15]. - The competitive landscape remains fluid, providing opportunities for Chinese companies to innovate and establish a foothold in this emerging sector [15].

Core Insights - The aerospace ETF Tianhong (159241) has seen significant trading activity, with a turnover of 8.93% and a transaction volume of 46.70 million yuan as of November 13, 2025 [1] - The ETF's latest scale reached 521 million yuan, marking a one-month high, and its share count hit 461 million, the highest since inception [1] - Recent inflows into the ETF totaled 15.70 million yuan, with a cumulative "capital absorption" of 41.19 million yuan over the past five trading days [1] Product Highlights - The aerospace ETF Tianhong (159241) effectively captures thematic investment opportunities, aligning with popular themes such as low-altitude economy, large aircraft, and satellite internet [1] - The constituent stocks are deeply involved in emerging fields like commercial aerospace, benefiting from both policy and market support [1] Hot Events - There has been a surge in global developments in the space computing sector, with domestic and international companies advancing key layouts, indicating a clear timeline of progress [2] - Notable advancements include NVIDIA's collaboration with Starcloud to deploy H100 GPUs on satellites, achieving a 100-fold increase in computing power for complex tasks [2] - Elon Musk's plans for a 100GW space data center deployment via Starship and Google's "Sun Catcher Project" to explore solar energy for orbital AI data centers highlight the accelerating commercialization of space computing [2] - Domestic advancements include the successful selection of Guoxing Aerospace's "Zero Carbon Space Computing Center" at the World Internet Conference, showcasing significant computing capabilities [2] Institutional Perspectives - Guosheng Securities notes that space computing has transitioned from conceptual validation to engineering implementation, presenting a strategic solution to ground-based computing challenges [2] - The involvement of major AI players like NVIDIA and Amazon indicates a growing trend, with potential acceleration in development due to policy support and investment [2]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Insights - The report highlights that with the continuous development of AI, its enormous power consumption on the ground may lead to space data centers becoming a viable solution. Notable advancements include Nvidia's deployment of H100 GPUs in space and Elon Musk's plans to expand the Starlink V3 satellite scale, aiming for an annual deployment of 100GW of data centers within 4-5 years. Google has also initiated the "Sun Catcher Project," planning to launch prototype satellites equipped with Trillium TPU by early 2027, suggesting that space may become the optimal location for scaling AI computing [2][6] Summary by Sections Event Description - In November 2025, Nvidia sent its H100 GPU into space. Elon Musk announced plans to expand Starlink V3 and build space data centers, targeting 100GW of deployment annually within 4-5 years. Google plans to launch two prototype satellites in early 2027 to deploy AI computing directly in space [2][6] Event Commentary - The satellite industry faces high networking costs and challenges in commercial viability. Solutions include reducing manufacturing and launch costs and improving constellation efficiency. The report suggests focusing on companies generating revenue from 2023-2025, such as Canqin Technology, which may benefit from the explosive growth in capital expenditures from downstream operators. In the application explosion phase, attention should be on core operators and manufacturers with mass production capabilities in chip and basic components, recommending Haige Communication. Additionally, Fenghuo Communication is expanding into new industries, which may become a significant growth direction [8] Technological Advancements - Space data centers can leverage the unique environment of space, achieving zero energy consumption for cooling due to near -270°C temperatures and high solar power efficiency of 95%. Low Earth orbit satellite networks can provide high-speed access to 3 billion unconnected people. The report notes that advancements in reusable rocket technology are rapidly addressing cost challenges, with SpaceX reducing launch costs to around $1,000 per kilogram [8]