中小盘周报：重视火箭核心环节的投资机会-20251221

Group 1: Investment Opportunities in Rocket Core Components - The manufacturing cost of rockets is concentrated in engines, storage tanks, and fairings, with liquid engines accounting for approximately 50% of the total cost[3] - The storage tanks, which hold liquid hydrogen and liquid oxygen, represent about 15-25% of the rocket's cost and make up 60% of the rocket's mass[3][26] - Fairings, located at the top of the rocket, account for about 10% of the total cost and protect payloads during launch[17] Group 2: Cost Breakdown of Falcon 9 Launch - The total manufacturing cost of a Falcon 9 rocket is estimated to be between $50 million and $60 million, with the booster alone costing $30 million to $40 million[50] - The recovery and refurbishment cost of the rocket after launch ranges from $250,000 to $2 million, depending on the extent of repairs needed[50] - The average launch cost, when reusing the Falcon 9, can drop to approximately $2.89 million, significantly reducing the overall expenses[51] Group 3: Market Performance and Trends - This week, the A-share market experienced a general decline, with the Shanghai Composite Index closing at 3,890.45 points, up by only 0.03%[53] - The total trading volume in the A-share market reached 5.74 billion shares, with a total transaction value of 880.24 billion yuan, reflecting a 9.86% decrease in liquidity compared to the previous week[53][54] - The micro-cap stocks outperformed major indices, indicating a shift in market dynamics favoring smaller companies[3]