The computer is so dumb you can beat it extremely easily without shields. In my first games, I kept installing shields on my ships but I never realised that I actually had to manually turn them on (!) for them to work... But still managed to kill whatever was in my way...
The key to this is the only long range weapon in the game (I don't remember the name). Just load your ships with faster engines than your opponent have access to, those weapons and a lot of energy to spare and voila, you're invincible!
For planetary defense, you don't need much as long as you have at least one ship with long range weapon defending the system. I recommend having two shields on every planet to prevent the computer from taking them over quickly, and one or two planetary defense just in case. The tractor beams are sure a must, but not absolutly needed.
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