航空航天与国防行业信息点评：航天科技八院与蓝箭航天可重复回收火箭技术多点突破

Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [2] Core Insights - The report highlights significant technological breakthroughs in China's 10-kilometer reusable rocket systems, focusing on key technologies such as liquid rocket engine thrust regulation, multiple engine restarts, landing guidance and control, high-precision navigation, and structural design for landing systems [4][5] - The successful flight test of the Zhuque-3 reusable rocket marks a milestone as it achieved vertical takeoff and landing with in-air second ignition, validating several advanced control methods and technologies [4] - The report emphasizes that the "dual-zero state" landing technology of the Eighth Academy of Aerospace Science and Technology has reached an internationally advanced level, laying the groundwork for the first flight of a 4-meter reusable launch vehicle by 2025 [4] Summary by Sections Technological Breakthroughs - Key technologies for vertical recovery include thrust adjustment, multiple ignitions, landing guidance, high-precision navigation, and structural design [4] - The report details the challenges and solutions in thrust regulation and engine management for reusable rockets [4] Flight Test Achievements - The Zhuque-3 rocket successfully completed a 10-kilometer vertical takeoff and landing test, demonstrating advanced control algorithms and real-time wind correction techniques [4] - The test validated the use of the largest domestic liquid oxygen-methane engine and confirmed critical propulsion system technologies [4] Future Prospects - The report outlines the strategic importance of these advancements for the future of China's aerospace industry, particularly in reusable launch vehicles [4][5]