朱雀三首飞成功，商业航天发展有望提速

Investment Rating - The investment rating for the industry is "Positive" and is maintained [6] Core Insights - The successful launch of the Zhuque-3 rocket is expected to accelerate the development of commercial aerospace in China, with 2027-2028 projected as a pivotal year for the industry [2][10] - The Zhuque-3 rocket, designed for large constellation networking tasks, demonstrates significant capabilities including a reusable design and a payload capacity of no less than 18 tons for near-Earth orbit [10] - The report emphasizes the importance of monitoring capital expenditure changes among downstream operators, as well as focusing on the related industrial chains of Shanghai Yuanxin and Zhuque-3 [2][10] Summary by Sections Event Description - On December 3, 2025, the Zhuque-3 rocket successfully completed its flight mission, marking a significant milestone in China's commercial aerospace efforts [4] Event Commentary - The Zhuque-3 rocket is a new generation of low-cost, high-capacity, and reusable launch vehicle, which is expected to support major national aerospace projects and satellite internet deployment [10] - The report highlights the stable and reliable performance of the rocket during its flight, although there was an issue with the vertical recovery attempt of the first stage [10] - The rapid development of commercial aerospace in China is anticipated, with a focus on the advancements in large thrust reusable rockets by private enterprises and research institutions [10]