Soochow: The strategic value of space computing power is increasingly prominent. It is recommended to focus on the breakthrough of core industrial technology and engineering advancement.

Soochow released a research report stating that the space computing power industry is accelerating its evolution. As the core pathway to solving the global computing power bottleneck, its strategic value is increasingly prominent. Currently, the technology roadmap and engineering solutions are still in the stage of diverse exploration and rapid iteration. China and the United States have formed distinctive development patterns, with many technology giants and innovative companies increasing their investments and advancing key validations. Space computing power is expected to become the fastest growing, highest technological barrier, and most disruptive key area in computing infrastructure in the next ten years. It is recommended to focus on related targets that have technological advantages and clear positioning in the core areas. Key points from Soochow: Space computing power is the next generation distributed computing paradigm built in Earth's orbit. Deploying the core hardware of data centers in space forms a orbital-level AI infrastructure, enabling data to be processed and analyzed at the data collection source, upgrading satellites from traditional "data downlink relay" to autonomously decision-making "in-orbit intelligent beings." The fundamental DRIVE for industry development lies in breaking through the physical and resource limits of ground computing power. Currently, the explosive growth in demand for artificial intelligence computing power has led to rigid constraints on ground data centers in terms of electricity supply, heat dissipation, and land space. The unique near-infinite CECEP Solar Energy, near-absolute zero natural cooling field, and flexible modular deployment capabilities in the space environment provide revolutionary solutions to systematically solve these bottlenecks. Space computing power is becoming the NEW FOCUS AUTO in the great power computing game. China focuses on systematic construction and independent controllability through state laboratories and aerospace central enterprises, launching the "Three-Body Computing Constellation" and other world-class technical systems. In the US, technology giants and startups lead the way, exploring diverse business models based on their advantages in chips and commercial space. Recently, Starcloud successfully completed large language model training in orbit, marking a substantial milestone in space AI computing. Key technological bottlenecks are prominent, and engineering is in the stage of tackling challenges. High-reliability radiation-resistant chips, ultra-high-speed interstellar laser communication, giant energy dissipation systems, and in-orbit assembly and maintenance are critical technologies that still pose major challenges to its large-scale deployment and commercial operations. The industry chain is long and value distribution is concentrated, with a stable upward trend and an active downward trend. The highest technological barriers are in the upstream hardware sector, covering satellite platforms, special chips, energy and heat management subsystems. The midstream network operations are accelerating the construction of constellations and coordinating scheduling between space and ground. The downstream application market is aimed at broad scenarios such as remote sensing analysis, global communication, scientific computing, and space-native AI services, continuously exploring paths to realize value. Related targets include Shanghai Shunho New Materials Technology (002565.SZ), Shanghai Geoharbour Construction Group Co., Ltd. (605598.SH), Xiamen Changelight (300102.SZ), Yangtze Optical Electronic (688143.SH), Shanghai Hugong Electric Group (603131.SH), Fiberhome Telecommunication Technologies (600498.SH), China Aerospace Times Electronics (600879.SH), China Spacesat (600118.SH), Ucloud Technology Co., Ltd (688158.SH), etc. Risk warning: Risks of technical breakthroughs falling short of expectations; risks from capital expenditures and business models; risks from policy and regulatory uncertainties.