国泰海通｜新能源：低轨卫星加速部署，商业火箭应势启航

Core Viewpoint - The current insufficient rocket capacity in China is a core bottleneck for low Earth orbit (LEO) satellite networking, and developing reusable rockets and liquid fuel technologies is key to enhancing capacity, with a focus on the commercial rocket industry [1][2][3]. Group 1: Low Earth Orbit Satellite Networking - The acceleration of LEO satellite networking is driven by their advantages such as wide coverage, low latency, and flexible deployment, making them essential for ground communication networks [2]. - Limited frequency resources create a "first come, first served" characteristic for satellite constellation construction, leading to intensified global competition in this field [2]. - Major national projects like "Starlink Constellation" and "Thousand Sails Constellation" are advancing rapidly, with plans to deploy approximately 23,000 satellites by 2030 [2]. Group 2: Rocket Capacity and Market Potential - The current average annual rocket capacity in China is about 200 tons, significantly lower than the required 1,500-2,000 tons for LEO satellite deployment, indicating that rocket capacity is the main constraint for satellite networking [3]. - To meet the planned networking requirements by 2030, an average of at least 64 rocket launches per year is needed, which could lead to a market space of over 100 billion by 2030 [3]. Group 3: Technological Advancements - Reusable rocket technology is crucial for reducing launch costs, with the potential to lower single launch costs to below one-third of current levels [4]. - Liquid fuel rockets are becoming the mainstream choice for next-generation reusable rockets due to their adjustable thrust, strong restart capabilities, and high system adaptability [4]. - The rapid development of commercial rockets is expected to create significant market growth opportunities in key technology areas such as high-performance materials, advanced engine manufacturing, and precision sensors [4].