Northeast: Four factors will drive the high prosperity of space computing power, and it is suggested to focus on energy materials and other three directions.

Northeast released a research report stating that space computing power is essentially a distributed space data center in low Earth orbit. The firm believes that four factors will drive the high prosperity of space computing power: 1) policy-driven; 2) economic benefits-driven; 3) application scenario-driven; 4) reusable rockets + new materials-driven. The space computing power race is transitioning from technical verification to large-scale deployment, and capacity release is a key variable driving value escalation. It is recommended to focus on three directions: 1) energy materials; 2) radiation-resistant materials/chips; 3) thermal management materials. Key points from Northeast: Space computing power is essentially a distributed space data center in low Earth orbit. Traditional satellites are mainly focused on data collection and terminal relay, with their value lying in data acquisition and transmission. Computing power satellites, as "space AI brain," can perform intelligent data processing in orbit, addressing the pain points of large data transmission and poor timeliness in traditional modes, transitioning from "sensing from space to computing in space" paradigm, and using space advantages to overcome the bottlenecks faced by ground AI data centers. Computing power satellites networking, large-scale deployment is imminent. Compared to ground data centers, space data centers can utilize low-cost CECEP Solar Energy for power supply, rapidly network through modular deployment, expand scale with virtually no physical limitations, and have solid business logic. Both China and the U.S. have initiated layout in this area. The firm believes that four factors will drive the high prosperity of space computing power: 1) Policy-driven: the "Action Plan for Promoting the High-Quality and Safe Development of Commercial Aerospace (2025-2027)" released by the National Space Administration in November. The country supports computing power satellite technology advancement and scenario development through policy loosening for access and support from billion-dollar-level funds. 2) Economic benefits-driven: there is an impending power shortage dilemma in North American data centers in the next three years. Space computing centers overcome the bottleneck of ground power consumption, achieving a dual rise in economic benefits and energy efficiency. According to calculations, assuming the launch of a 40-megawatt data center, it can achieve an equivalent energy cost of about 0.002 USD/kWh. 3) Application scenario-driven: security and national missions provide underlying traction, while commercial cloud services expand after cost and technological maturity. 4) Reusable rockets + new materials-driven: SpaceX's "Falcon 9" has reduced the unit launch cost to below 3000 USD by recovering the first-stage rockets and fairings. Several domestic commercial aerospace companies have conducted experiments on high-altitude rocket recovery; PEEK, as a high-performance engineering thermoplastic with a specific gravity of <1.4, reduces weight by over 40% compared to aluminum alloys and nearly 85% compared to steel, significantly enhancing rocket payload and transportation. economic. Core technological innovation, focusing on key aspects of space computing power 1) Energy supply: solar radiation intensity in space is about 30% higher than on the ground, making photovoltaics the optimal energy supply form. The core components of solar wings include solar cells, substrates, and deployment structures. Solar cell paths should focus on crystalline silicon, gallium arsenide, and perovskite solutions. Gallium arsenide has short-term cost rigidity and is suitable for high-value satellites; crystalline silicon technology has the highest industrialization maturity, can leverage ground supply chains and processes, and has scale cost advantages; perovskite, with its high cost-performance ratio and flexible integration characteristics, has vast potential for space. Flexible film substrates around PI/CPI films can enhance the folding and deployment reliability of solar wings, supporting high-power satellite power supply demands; 2) Cooling solutions: in space, due to the lack of air for thermal convection, thermal convection is basically ineffective in orbital environments, with space computing cooling mainly relying on thermal radiation and conduction. High-power computing satellites use a mixed scheme of "liquid cooling + large heat dissipation wing panels," extending heat dissipation from traditional small areas to large areas. 3) Radiation resistance: the key to radiation-resistant chips lies in scenario adaptation, with rapid progress in domestic design reinforcement and process optimization, expected to progress alongside the U.S., with high radiation-resistant materials such as GaN/SiC penetrating faster, becoming core adaptation solutions for high-power onboard chips. The rise of COTS-derived solutions will also drive chip production towards standardization and modularity. Risk warning: technology breakthroughs falling short of expectations; slowdown in launch cost reduction; international rule uncertainty.