Galaxy Securities: Space computing power breaks the traditional earth-based view and reconstructs the celestial intelligent landscape.

The research report from Galaxy Securities stated that space computing power is leading the upgrade of the space-based computing system from "earth sensing and space computing" to "space-to-space computing," and moving towards the ultimate form of "space-earth collaboration." This is achieved through the use of on-board AI for data processing in orbit, solving the pain point of 90% data waste in traditional models. Its core advantages are: 1) overcoming the triple contradiction of ground computing power in terms of energy consumption, density, and scalability, with solar energy efficiency in orbit reaching five times that of the ground + marginal cost reduction of 20-80 times; 2) the natural vacuum environment solves the problem of cooling for megawatt-level systems; 3) modular deployment avoids bottlenecks in ground infrastructure approval. The industry chain has formed a closed loop of "manufacturing-launch-operation-application," with a 9.6% annual reduction in launch costs driving economic feasibility. Downstream applications are rapidly expanding from remote sensing monitoring to scenarios such as connected vehicles and drone swarms that require millisecond response times. The role of satellites is transitioning from "perception end" to "intelligent end," opening up a trillion-dollar market space.