CITIC Securities: Shanghai increases investment in space computing power, global industry is speeding up.

CITIC Securities Research Report stated that a seminar on the development of space computing power industry was recently held in Shanghai, aiming to establish an innovative system of "university + research institute + technology company". SpaceX plans to deploy a million-level space computing power constellation, and is expanding its industry layout by building its own chip factory, further strengthening the global trend of space computing power industry. Although the launch rhythm may fluctuate due to the objective characteristics of commercial rockets and reusability, it is important to recognize the potential for exponential growth in the industry after breakthroughs in reusable technology, as well as the broader industrial space of space computing power, focusing on "core assets" and "inflation links".