Ge Long Hui·2026-01-12 02:31Core Viewpoint - CITIC Securities predicts that China's reusable rockets will undergo intensive test flights by 2026, which will help reduce launch costs and increase launch frequency to better meet the surging demand for satellite launches [1] Group 1: Reusable Rocket Development - By 2025, China successfully completed the maiden flights of two reusable rockets, Zhuque-3 and Long March 12A, with both launches achieving success [1] - Further technological iterations and validations are needed for the recovery of the first stage of these rockets [1] - It is expected that around 10 models of reusable rockets will be ready for their maiden or recovery flights by 2026, with some models anticipated to achieve successful recovery [1] Group 2: Launch Frequency and Infrastructure - The gradual construction and utilization of domestic commercial rocket launch sites, along with the improvement of related support systems, are expected to shorten the rocket test flight cycle [1] - The total number of launches in 2026 is projected to exceed 100, up from 92 launches in 2025, laying a solid foundation for the normalization of reusable rocket launches and enhancing satellite transportation capacity [1]