New Journey(SZ:002219) Hua Er Jie Jian Wen·2025-12-03 07:52Core Viewpoint - The successful launch of the Zhuque-3 rocket marks a significant advancement in China's commercial space sector, particularly in the development of large liquid oxygen-methane rockets, despite the failure of the first stage recovery due to abnormal combustion [1][6]. Group 1: Launch and Technical Details - Zhuque-3 rocket was launched on December 3, successfully placing its second stage into the designated orbit, demonstrating important capabilities in large liquid oxygen-methane rocket development [1]. - The rocket has a total length of 66.1 meters, a diameter of 4.5 meters, and a launch mass of approximately 570 tons, with a thrust exceeding 750 tons [2][5]. - The rocket's first stage is designed for vertical return and recovery, equipped with a reaction control system, grid fins, and landing legs [2]. Group 2: Market Reaction and Investment Opportunities - Following the launch, the A-share commercial space sector saw a surge, with stocks like Shanghai Hanxun and Zhaobiao Co. hitting the daily limit, indicating strong market enthusiasm for commercial space ventures [1][2]. - The establishment of the Commercial Space Administration by the National Space Administration and the release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" are expected to further stimulate the sector [2][8]. Group 3: Future Prospects and Comparisons - The Zhuque-3 rocket is positioned to potentially surpass SpaceX's Falcon 9 within five years, as noted by Elon Musk, highlighting its competitive edge in reusable rocket technology [5][6]. - Other domestic reusable rockets under development include the "Long March 12A" and "Hyperbola 3," indicating a growing competition in the reusable rocket market in China [8].