全球航天，进入“周更时代”

Core Viewpoint - The article discusses the launch of the Commercial Aerospace Industry Alliance Fund at the Third China Commercial Aerospace Development Conference, highlighting the growth and investment opportunities in the commercial aerospace sector in China [4]. Group 1: Fund and Investment - The fund has an initial issuance scale of 1 to 2 billion, with a long-term goal of expanding to 10 billion, and a duration of 10 years, aiming for approximately 70% project exit [4]. - Investment directions focus on four key areas: low Earth orbit satellite constellations and satellite internet, reusable launch vehicles and rocket launch services, new materials and devices for commercial aerospace, and space resource development and emerging space services [4]. Group 2: Launch Statistics and Projections - As of November, the global average monthly launches exceed 26, indicating a shift to a "weekly launch era," with an expected total of over 320 launches for the year, setting a historical record [4]. - Currently, there have been 325 space launches globally, with 4,026 spacecraft in orbit, including 87 launches from China (84 successful), and 23 missions executed by private commercial rocket companies, placing 324 spacecraft into orbit [4]. Group 3: Future Missions and Technological Developments - The China Manned Space Engineering Office has announced plans for four missions in 2026, including the Tianzhou-10 and Shenzhou-23 and 24 missions, with the Mengzhou-1 mission set to use the Long March 10A reusable rocket for the first time [5]. - The Long March 10B reusable rocket is expected to achieve its first flight conditions by April 2026 [5]. - The recent launch of the Long March 12A rocket provided key engineering data for future recovery of rocket stages, despite not achieving the recovery goal in this mission [5]. Group 4: Low Earth Orbit Satellite Internet Development - China’s low Earth orbit satellite internet construction is entering a new phase of intensive deployment, with major companies like Xingwang Group and Yuanxin Satellite planning large-scale satellite tenders in 2026 [6]. - This round of tenders is expected to significantly increase satellite demand and drive collaborative development across the entire industry chain, from rocket to satellite manufacturing and payload support [6]. - East Wu Securities predicts that commercial rockets will transition from a phase of quantity to quality by 2026, marking the beginning of a new era of rocket recovery in China, with a "supply-demand resonance" expected to drive rapid expansion in the aerospace industry [6].