China Galaxy Securities: Strategic Leap in Space Computing Power, Satellite Internet Welcomes New Opportunities

According to the Zhitong Finance APP, China Galaxy Securities has released a research report stating that the Trisolaris Computing Constellation represents a leap in the satellite communication industry from "connectivity" to "intelligence," promoting satellite communication from emergency support and blind spot communication to a new type of infrastructure for the digital economy, which will reshape the commercial logic of the satellite industry chain. It is optimistic about its long-term strategic value in application expansion in the B-end market and deep space exploration. The main points of China Galaxy Securities are as follows: Event: Recently, at the 2025 Inclusion·Bund Conference, the founder of Alibaba Cloud and director of the Zhijiang Laboratory stated that the evolution of AI has entered a critical stage where "variables have changed": competition is no longer limited to code and models but has shifted to a global collaborative system centered on data, computing power, and open-source resources. At the same time, the "computation" that AI relies on is moving from the ground to space. In the future, humans will not only rely on ground data centers but will also use "computing satellites" to process spatial data and advance deep space exploration. Space computing power will become the ultimate embodiment and inevitable application of the open-source concept in physical space and human frontiers. From "having satellites but no computation" to "on-orbit intelligence," a globally pioneering new model for commercial applications of AI in space: On May 14, the Zhijiang Laboratory successfully launched the "Trisolaris Computing Constellation," composed of 12 computing satellites, into orbit and fully deployed an 8 billion parameter AI model in space for the first time, marking the establishment of a new category of "computing satellites": unlike traditional communication, navigation, and remote sensing satellites, it focuses on on-orbit computing power and achieves a fundamental shift in space data processing from "relying on the ground" to "executing in orbit" through inter-satellite interconnection and real-time collaboration capabilities, significantly enhancing response speed and decision-making efficiency. The business model of the Trisolaris Computing Constellation mainly includes three major directions: First, space computing power leasing, which transforms the constellation into a "space data center" through inter-satellite laser links, providing edge computing capabilities for application satellites and addressing the pain point of "having satellites but no computation"; second, space communication and star cable plans, which build "space fiber optics" with dedicated ground stations and inter-satellite laser links, similar to ground government and enterprise dedicated lines, targeting cloud vendors and large internet clients, providing low-latency, low-cost, and high-security cross-border transmission and computing power scheduling; third, intelligent data asset monetization, converting remote sensing and other data into "data as a service" for industries such as agriculture, meteorology, energy, urban governance, and low-altitude economy, realizing the release of commercial value. The computing cornerstone for deep space exploration, the forward-looking layout of the Trisolaris Computing Constellation: The "Trisolaris Computing Constellation" not only focuses on applications in near-Earth orbit but also proposes a longer-term vision by the founder of Alibaba Cloud and director of the Zhijiang Laboratory: in the future, "solar satellites" will be deployed at the L5 point (Lagrange Point 5) of the Sun-Earth system, truly achieving AI companionship in deep space exploration. This strategic vision aligns with humanity's rigid demand for independent computing power in deep space exploration and long-term space residency—at that time, data will hardly be able to be sent back to the ground for processing; only by sending AI and computing power into space can humanity truly step out of Earth. The bank believes that the strategic significance of the Trisolaris Computing Constellation lies in: 1) Model innovation: Opening up a new track for composite space infrastructure of "communication + computing power + data"; 2) Market potential: The demand for computing power scheduling and data transmission in the B2B market will become the core increment for the commercialization of satellite communication 3) Policy Alignment: Echoing China's "integrated air and space" strategy and the "East Data West Computing" project, it has the benefits of industrial policy; 4) Global Opportunities: By opening up computing power resources and data platforms, it has the potential to become an international space computing network hub. Investment Recommendation: The Three-Body Computing Constellation represents a leap in the satellite communication industry from "connection" to "intelligence," promoting satellite communication from emergency support and blind spot communication to a new type of infrastructure for the digital economy, which will reshape the commercial logic of the satellite industry chain. We are optimistic about its long-term strategic value in application expansion in the B-end market and deep space exploration. Risk Warning Risks of satellite internet construction falling short of expectations; risks of key component R&D progress not meeting expectations, etc