Beijing and Shanghai are actively positioning space-based computing as a key future industry, leveraging solar energy and heat dissipation advantages in orbit to provide computing support for the ground. Last Friday (July 31), the A-share satellite and aerospace sector showed strong activity, with China Satellite Communications Co., Ltd. (600118.SH) rising 4.84%, Aerospace Electronics Co., Ltd. (600879.SH) gaining 3.92%, and the Satellite ETF from E Fund (563530) climbing 3.28%, highlighting growing market interest in the new space economy.
Core Concept of Space-Based Computing and Policy-Driven Development
The core logic of space-based computing involves deploying computing nodes in orbital space, utilizing solar power and natural thermal management to reduce energy costs. As leading innovation hubs, Beijing and Shanghai are among the first to incorporate space-based computing into their future industrial plans, signaling policy support for this technology. While still in the concept validation stage, these early moves by local governments suggest that space-based computing is moving from academic discussion to industrial planning.
Satellite Internet as Infrastructure for Space-Based Computing
Space-based computing relies on large-scale low-Earth orbit (LEO) satellite constellations. Satellite internet provides not only communication links but also the foundational infrastructure for networking computing nodes and enabling ground-space coordination. Domestic satellite internet construction has entered the networking verification phase, with satellite manufacturing, launch services, and ground terminals likely to benefit first. Policy initiatives in Beijing and Shanghai will accelerate the transition from experimental validation to large-scale deployment.
Expectations for Incremental Demand in the Aerospace Supply Chain
Space-based computing imposes higher requirements on satellite platforms, onboard chips, energy systems, and thermal control technologies. From satellite manufacturing to electronic components, rocket launches, and in-orbit services, the entire aerospace supply chain could see new demand growth. As a value-added application of satellite internet, space-based computing broadens the commercial scope of the aerospace industry, pushing the chain from single communication services to computing services.
Detailed Breakdown of Key Targets
China Satellite Communications Co., Ltd. (600118.SH) is a leading domestic satellite manufacturer and the sole listed platform of the China Academy of Space Technology. On July 31, it closed at 57.44 yuan, up 4.84%, with a turnover of approximately 21.6 billion yuan. The company possesses full capabilities in satellite integration and system integration, positioning it as a core beneficiary of space-based computing infrastructure development.
Aerospace Electronics Co., Ltd. (600879.SH) is a key domestic supplier of aerospace electronic components, covering onboard computers, inertial navigation, and telemetry, tracking, and command systems. On July 31, it closed at 14.58 yuan, up 3.92%, with a turnover of approximately 14.0 billion yuan. The upgraded demand for onboard electronic systems from space-based computing is expected to generate incremental orders for the company.
China Satellite Communications Co., Ltd. (601698.SH) is a leading domestic satellite communication operator, with extensive satellite transponder resources and ground station networks. On July 31, it closed at 25.22 yuan, up 2.77%, with a turnover of approximately 6.4 billion yuan. Space-based computing requires satellite communication networks for ground-space data transmission, making the company a key link connecting space and ground.
Zhenxing Technology Co., Ltd. (300101.SZ) is a domestic design firm for satellite navigation and communication chips, covering Beidou navigation and satellite communication terminal chips. On July 31, it closed at 14.45 yuan, up 2.19%, with a turnover of approximately 1.6 billion yuan. The demand for low-power, radiation-resistant chips in space-based computing nodes aligns closely with the company's technology direction.
Investment Considerations
The push by Beijing and Shanghai into space-based computing signals a shift from infrastructure construction to application services in the satellite internet and aerospace sectors. This field is still in its early stages, with uncertainties in technology validation and commercialization paths, but policy-driven investment opportunities in the supply chain warrant attention. The Satellite ETF from E Fund (563530) tracks the CSI Satellite Industry Index, covering the full chain of satellite manufacturing, launches, operations, and applications. Its top ten holdings include core targets like China Satellite Communications Co., Ltd. (600118.SH), Aerospace Electronics Co., Ltd. (600879.SH), and China Satellite Communications Co., Ltd. (601698.SH). On July 31, its net asset value (NAV) was 1.039 yuan, up 3.28% from the previous trading day. This ETF offers investors a one-stop tool for investing in satellite internet and the space economy, suitable for those focused on the long-term development of the aerospace industry.
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