A research report by China Galaxy Securities highlights that space computing power is propelling the advancement of space-based computing systems. This evolution is transitioning from the traditional "space sensing, ground computing" paradigm to "space sensing, space computing," ultimately progressing towards the holistic "sky-ground collaboration" model. Leveraging onboard AI technology, data can now be processed in orbit, dramatically enhancing response speeds by a factor of a hundred while mitigating the issue of 90% data loss inherent in conventional models. The core benefits of this shift are evident in: 1) Overcoming the triple constraints of ground-based computing power—energy consumption, density, and scalability—with orbital solar energy efficiency surpassing that of ground-based systems by fivefold and marginal costs reduced by 20 to 80 times; 2) Naturally resolving the gigawatt-scale heat dissipation challenge by harnessing the vacuum environment; and 3) Modular deployment circumvents the approval bottlenecks associated with ground infrastructure.