Analysis of the Impact of Space Computing Infrastructure Construction on Investment in the Satellite Internet and Computing Network Industry Chains

Based on collected data and market information, I have prepared this in-depth investment analysis report.

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According to the information provided, the China Academy of Information and Communications Technology (CAICT) will hold the “Star Computing · Smart Connect” Space Computing Symposium on January 26, 2026, and release the “Computing Star Network” Joint Promotion Initiative and Forward-looking Research Report on Space Computing Development (2026). This initiative marks the accelerated advancement phase of China’s strategic layout for the integrated development of space-air information and intelligent computing [0].

The construction of space computing infrastructure represents the core direction of next-generation information infrastructure, and its strategic significance is reflected in the following three dimensions:

: Space computing extends ground-based computing networks to the space domain, achieving full coverage of the “space-air-ground integrated” computing network. Guoxing Aerospace’s “Star Computing Program” and Zhijiang Laboratory’s “Three-Body Computing Constellation” are concrete practices of this technical path [0].

: Traditional satellite internet mainly provides communication connection services, while space computing infrastructure will endow satellite networks with computing capabilities, realizing a qualitative change from “information transmission” to “information processing”, significantly improving data processing efficiency and reducing latency.

: The participation of the Beijing Institute of Spacecraft System Engineering in the development outlook of space digital intelligence infrastructure indicates national-level strategic emphasis on space computing, which is conducive to building an independent and controllable space-air information system [0].

The construction of space computing infrastructure will reshape the investment logic of the satellite internet and computing network industry chains, mainly reflected in the following aspects:

: Traditional satellite concept stock valuations are mainly based on “quantitative” indicators such as user numbers and satellite launch quantities. With the introduction of space computing, new “qualitative” evaluation dimensions such as “computing scale”, “computing efficiency”, and “edge processing capabilities” will be added [0].

: In addition to traditional satellite manufacturing and communication operation enterprises, new investment opportunities will emerge in segmented fields such as space computing chips, space edge servers, and inter-satellite laser communications.

: The value chain will shift from the current “constellation construction → terminal equipment → operation services” to the new value chain of “computing satellites → space computing → intelligent applications” [0].

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According to the information provided, the core participating institutions of the “Computing Star Network” program and their technical positioning are as follows:

Institution	Technical Direction	Core Capabilities	Industrial Impact
Guoxing Aerospace	“Star Computing Program”	Satellite payload integration, on-satellite computing	Promotes the evolution of satellites from communication payloads to computing payloads
Zhijiang Laboratory	“Three-Body Computing Constellation”	Distributed space computing architecture	Constructs a space-based distributed computing network system
Beijing Institute of Spacecraft System Engineering	Space Digital Intelligence Infrastructure	Overall design and system integration	Ensures technical route coordination and standard formulation

: This program focuses on integrating artificial intelligence computing capabilities into low-Earth orbit satellite payloads to realize real-time on-satellite data processing. According to industry technological evolution rules, computing satellites need to address three core technical challenges: space environment adaptation, power consumption control, and thermal management [0].

: The name “Three-Body” suggests that its architectural design draws on the distributed collaboration idea of the three-body problem, realizing computing resource sharing and task scheduling optimization through multi-satellite collaboration. This technical path is expected to break through the computing ceiling of single satellites [0].

: Indicates that the “Computing Star Network” program has been incorporated into the national aerospace engineering system, which is conducive to accelerating technology verification and industrialization processes [0].

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The construction of space computing infrastructure will drive investment in the following industry chain segments:

Space Computing Infrastructure Industry Chain
├── Upper Stream: Satellite Manufacturing and Launch
│   ├── Satellite Platforms (Aerospace Power, Aerospace Electronics, etc.)
│   └── Launch Services (Aerospace Science and Technology Corporation, Aerospace Science and Industry Corporation, etc.)
├── Mid Stream: Core Space Computing Hardware
│   ├── Space-Grade Chips (Computing Chips, Memory Chips)
│   ├── On-Satellite Computing Equipment (Edge Servers, FPGAs)
│   └── Energy Systems (Solar Cells, Energy Storage Devices)
├── Lower Stream: Applications and Services
│   ├── Real-Time Remote Sensing Processing
│   ├── Space AI Inference
│   └── Space-Air-Ground Integrated Communications
└ Supporting Links
    ├── Ground Station Network
    ├── Frequency and Orbit Resources
    └── Operation Management Platform

Based on market data from December 2025 to January 2026, I have conducted a quantitative analysis of major concept stocks [0]:

Stock Code	Company Name	Industry	Initial Price	End Price	Interval Increase	Daily Volatility	Market Capitalization (USD Million)
002151.SZ	BDStar	Satellite Navigation	$30.82	$47.54	+54.25%	5.16%	27,000
002465.SZ	Haige Communication	Satellite Communication	$12.12	$18.29	+50.91%	5.30%	48,620
300045.SZ	Huali Chuangtong	Satellite Applications	$22.90	$29.00	+26.64%	4.95%	20,520
300383.SZ	Halo New Network	Computing Network	$12.75	$14.38	+12.78%	2.59%	26,030
300036.SZ	Supermap Software	Geographic Information	$18.57	$19.09	+2.80%	2.40%	9,970

1. Satellite Navigation and Communication Sectors Perform Strongest
   : BDStar (+54.25%) and Haige Communication (+50.91%) lead in gains, reflecting positive market expectations for satellite infrastructure construction [0].

2. High Volatility Accompanies High Returns
   : The daily volatility of the satellite sector ranges from 4.95% to 5.30%, significantly higher than the market average, reflecting thematic investment characteristics [0].

3. Computing Network Sector is Relatively Stable
   : As a representative of the computing network sector, Halo New Network has a 12.78% increase, which is lower than that of the satellite sector, but its volatility is only 2.59%, reflecting stronger defensive attributes [0].

4. Valuation Differentiation is Obvious
   : The satellite sector is generally loss-making (negative price-to-earnings ratio), while Halo New Network enjoys a price-to-earnings ratio of 160.89 due to its profitability [0].

The above chart shows the core investment characteristics of space computing infrastructure concept stocks:

: The interval returns of the satellite navigation and communication sectors significantly outperform the market benchmark. The excess returns of Haige Communication and BDStar are particularly prominent, with cumulative increases of 50.91% and 54.25% respectively from December 2025 to January 2026 [0].

: The daily volatilities of these two high-return stocks are 5.30% and 5.16% respectively, making them high-beta targets. In contrast, Halo New Network and Supermap Software have volatilities controlled within the 2.4%-2.6% range, suitable for investors with lower risk appetites [0].

: The satellite sector is generally in a loss-making state due to its early-stage investment phase (negative price-to-earnings ratio). Halo New Network enjoys a relatively high valuation premium due to its profitability [0].

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Traditional satellite internet concept stock valuations mainly rely on the following indicators:

• User Scale and Growth
  : Benchmarked against Starlink, valuation is positively correlated with potential user numbers
• Satellite Launch Quantity
  : Constellation scale as a core growth indicator
• ARPU Value
  : Revenue contribution per user

However, the introduction of space computing infrastructure will break through the limitations of the above framework:

1. Reassessment of Computing Value
   : In addition to providing communication connections, satellites will also provide computing services, requiring the introduction of new indicators such as “computing power - GOPS” and “energy efficiency - TOPS/W” [0].

2. Expansion of Application Scenarios
   : Extending from broadband access to high-value scenarios such as real-time remote sensing processing, space AI inference, and space scientific computing [0].

3. Business Model Innovation
   : Shifting from traffic-based charging to computing service-based charging, which may generate new models such as subscription and on-demand payment.

It is recommended to adopt a new “three-dimension, six-indicator” valuation framework:

Dimension	Core Indicator	Evaluation Content	Suggested Weight
Computing Scale	In-orbit Computing Power (GOPS)	Total computing power scale of satellite clusters	25%
	Computing Density (GOPS/kg)	Computing power density per unit mass	15%
Technological Leadership	On-Satellite Processing Capability	Real-time processing latency, throughput rate	20%
	Energy Efficiency Ratio	TOPS/W, GOPS/W	15%
Commercial Implementation	Customer Expansion	Number of industry customers, contract amount	15%
	Revenue Growth	Growth rate of computing service revenue	10%

: The market mainly reflects thematic expectations, and satellite manufacturing and launch enterprises will benefit first from the growth in constellation construction orders. It is recommended to focus on core targets such as Haige Communication (satellite communication) and BDStar (satellite navigation) [0].

: With the advancement of technology verification such as the “Star Computing Program”, enterprises engaged in space computing hardware will enter a period of valuation restructuring. It is recommended to focus on enterprises with technical reserves in on-satellite computing [0].

: The implementation of application scenarios will determine the value distribution of the industry chain. It is recommended to proactively lay out potential enterprises in vertical application fields such as remote sensing processing and AI inference [0].

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Based on the above analysis, it is recommended to adopt a “Core + Satellite” allocation strategy:

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• Haige Communication (002465.SZ)
  : Leading enterprise in satellite communication, benefiting from accelerated constellation construction. The company posted an interval increase of 50.91% from December 2025 to January 2026, with high market attention [0].
• BDStar (002151.SZ)
  : Core target in satellite navigation with high technical barriers. The interval increase is 54.25%, with high elasticity [0].

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• Halo New Network (300383.SZ)
  : Representative target in computing networks with high performance certainty. The interval increase is 12.78%, with a volatility of only 2.59% [0].
• Huali Chuangtong (300045.SZ)
  : In the satellite application field, with a pure thematic concept. The interval increase is 26.64% [0].

Time	Event	Impact
January 26, 2026	“Star Computing · Smart Connect” Space Computing Symposium	Clarification of technical routes, accelerated industrial collaboration
Q1 2026	Progress of Guoxing Aerospace’s “Star Computing Program”	Technology verification of computing satellites
H1 2026	Release of Zhijiang Laboratory’s “Three-Body Computing Constellation”	Implementation of distributed space computing concept
2026 Full Year	Satellite Internet Constellation Launch Plan	Exceeding expectations in constellation construction progress

1. Technical Risk
   : Space computing technology is still in the verification phase, with technical risks such as launch failure and in-orbit malfunction.

2. Policy Risk
   : Policy factors such as satellite frequency and orbit resource allocation and international coordination may affect the progress of constellation construction.

3. Market Risk
   : Thematic investment is highly volatile, and there may be significant short-term pullbacks.

4. Competition Risk
   : The rapid progress of international competitors such as SpaceX Starlink may exert pressure on the domestic industry chain.

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The construction of space computing infrastructure marks the entry of satellite internet from the “Connection Era” to the “Computing Era”, which will profoundly reshape the investment logic of the industry chain. The convening of the “Star Computing · Smart Connect” Symposium by CAICT and the release of the “Computing Star Network” Joint Promotion Initiative provide policy support and directional guidance for this industrial transformation [0].

From a market performance perspective, the satellite navigation and communication sectors have responded first, with the strong performance of BDStar (+54.25%) and Haige Communication (+50.91%) reflecting market recognition of this theme [0]. With technological verification and commercialization advancement, downstream industry chain links such as space computing hardware and application services are expected to face valuation restructuring opportunities.

It is recommended that investors pay close attention to the results released at the symposium on January 26, 2026, grasp the industrial investment opportunities brought by the “Computing Star Network” program, and pay attention to key nodes such as technology verification progress and commercial implementation timelines [0].

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[0] Jinling AI Financial Database - Real-time Market Data, Technical Analysis and Financial Data (as of January 22, 2026)