本次试验所采用的中山大学"慎思"二号D系统，采用100%全国产元器件，集成了学校"空天智能无人系 统"研究团队自主研发的在线轨迹优化算法。该算法针对再入返回过程中强非线性气动特性、终端位置- 姿态-速度约束耦合、箭载计算资源受限等工程难题，在箭上实现了滚动时域优化计算。试验结果表 明，在保证优化精度的前提下，算法能够满足高动态飞行条件下的实时制导需求。在经过进一步算法改 造后，可适配多类运载火箭和试验飞行器，可为我国航班化、低成本进入空间技术发展提供有力支撑。 南都讯 1月12日，中山大学与中科宇航联合在酒泉卫星发射基地圆满完成可重复使用运载火箭返回制导 核心关键技术验证飞行试验，成功验证了百公里级高度飞行剖面条件下的在线轨迹优化制导技术，为我 国可重复使用运载火箭关键技术攻关提供了有力支撑。 16时00分，"力鸿"一号遥一火箭按计划升空，火箭起飞后跨越"卡门线"，至约120公里的弹道最高点后 开始无动力返回。自火箭返回至距地面70km开始，由中山大学自主研制的"慎思"二号D（SS-2D）箭载 制导计算机执行在线轨迹优化返回制导程序，在复杂偏差和干扰条件下，实现了火箭助推器高精度定 点、定姿落地，飞行试验获得 ...

"航天强国"升级为国家蓝图，商业航天顺势驶入高 速扩张期 1.1 商业航天迎来黄金时代，商业运载火箭为重要一环 商业航天产业链具备长坡厚雪的潜力，而火箭研制正是其中的核心环节。 商业航天是以市场为主导、以盈利为目 标，通过商业化模式开展航天技术研 发、制造、发射与应用的全链条活动。其产业链条长坡厚雪，涵盖上、中、 下 三大环节：上游主要包括卫星与火箭的研制及相关设备制造；中游以发射服 务、卫星测控、地面设备与终端运 营为核心；下游则聚焦通信、导航、遥感等 应用服务，并延伸至太空旅游、资源开发等新兴领域。其中，商业运 载火箭的 研制作为进入太空的关键入口和连接卫星制造与应用的中枢环节，具有重大 的战略意义，是推动整个产 业发展的核心引擎。 | Plat传统 价值链 | 卫星制造 | 发射服务 | 地面终端 | 卫星运营 | 卫星服务 | | --- | --- | --- | --- | --- | --- | | 产值占比 | 7% | 3% | 55% | 25% | 10% | | 传统分汇 | 空间集团 | 联盟火箭等 | 休斯/高通 | 国际卫星 | 区域电信 | | 模式(一网) | | | | ਲ ...

Core Viewpoint - Blue Arrow Aerospace has received approval for its IPO application on the Shanghai Stock Exchange, aiming to raise 7.5 billion yuan, shortly after the exchange's new guidelines for commercial rocket companies were released [1][2]. Company Summary - Blue Arrow Aerospace is a leading commercial aerospace company in China, focusing on the research, production, and launch services of liquid oxygen-methane engines and rockets. The company aims to establish a full industry chain centered around medium to large reusable liquid oxygen-methane launch vehicles [2]. - The company's revenue from 2022 to 2024 was 780,000 yuan, 3.95 million yuan, and 4.28 million yuan, respectively, with net losses of 800 million yuan, 1.188 billion yuan, and 876 million yuan. In the first half of 2025, the company reported revenue of 36.43 million yuan and a net loss of 597 million yuan [2]. - The Zhuque-2 series medium liquid oxygen-methane rocket has entered mass production and commercial use, while the Zhuque-3 medium to large reusable rocket is set to make its maiden flight on December 3, 2025, marking China's first attempt at first-stage recovery [2]. Industry Summary - Since June 2025, the capital market for commercial aerospace has accelerated, with several companies, including Blue Arrow Aerospace, preparing to enter the market. The A-share commercial aerospace sector has seen a significant increase, with the index rising by 52.32% as of December 31, 2025 [4]. - The industry is experiencing a rapid capitalizing process, driven by breakthroughs in reusable rocket technology and an increase in low-orbit satellite launches, which are facilitating a more frequent and normalized launch schedule [4]. - By the end of 2025, several new commercial rocket models are expected to have their maiden flights or recovery tests, potentially leading to a transformative phase in China's rocket recovery era in 2026 [4].

本报记者 李乔宇 据新华社消息，12月23日10时00分，长征十二号甲遥一运载火箭（以下简称"长征十二号甲"）在东风商 业航天创新试验区发射升空，运载火箭二子级进入预定轨道，一子级未能成功回收，飞行试验任务获得 基本成功。 据了解，长征十二号甲采用液氧甲烷作为推进剂的方案，探索陆地垂直回收的技术路径。业内人士认 为，此次发射验证了我国入轨级可重复使用运载火箭技术路径的可能性，标志着我国可重复使用运载火 箭技术的进一步突破。 当前，我国可重复使用运载火箭的探索正沿着多元技术路径并行推进。 例如，星际荣耀航天科技集团股份有限公司（以下简称"星际荣耀"）研发的可重复使用运载火箭双曲线 三号选择的是以液氧甲烷为燃料、海上回收的技术路径。据了解，双曲线三号计划于2026年上半年首飞 并探索海上回收。 此外，以液氧煤油为推进剂，亦是可重复使用运载火箭探索的重要技术路径。以计划近期首飞的天龙三 号大型液体运载火箭为例，其由江苏天兵航天科技股份有限公司自主研发，起飞重量约600吨，可实 现"一箭36星"组网发射。天龙三号核心主动力系统采用液氧煤油燃料，一子级具备重复使用能力。 北京星河动力航天科技股份有限公司研发的可重复使用 ...

12月3日，蓝箭航天自主研制的朱雀三号可重复使用运载火箭在东风商业航天创新试验区发射升空，按 程序完成了飞行任务，火箭二级进入预定轨道。 根据飞行测量数据，火箭一子级在着陆段点火后出现异常，未实现在回收场坪的软着陆，残骸着陆于回 收场坪边缘，回收试验失败。尽管如此，朱雀三号首飞入轨依然是我国民营商业航天在可复用大运力火 箭领域迈出的关键一步。 记者注意到，本次发射对资本市场产生多重影响，涉及上市公司股权、技术商业化前景及产业链行情分 化等。 蓝箭航天已启动上市辅导，明星创投机构提前卡位 朱雀三号划破长空，将蓝箭航天推向大众视野。事实上，这家民营火箭公司早已是业内的"头部玩家"。 2015年，蓝箭航天成立，是国内最早成立的民商火箭企业之一；2018年，朱雀一号运载火箭发射，蓝箭 航天成为国内首家走通民商火箭发射链路的企业，同年，公司发布朱雀二号火箭型号，成为国内最早开 始液体运载火箭研制的民商航天企业；2022年，朱雀二号遥一火箭首飞，公司成为国内最早进行液体火 箭发射的民商航天企业；2023年，朱雀二号遥二火箭成功发射，成为全球首枚入轨的液氧甲烷火箭。 "朱雀三号首飞入轨，标志着我国在可重复使用运载火箭技术上 ...

Core Insights - Blue Arrow Aerospace successfully launched the Zhuque-3 Yao-1 rocket on December 3, 2025, completing its flight mission and placing the second stage into the designated orbit [1] - The Zhuque-3 is a new generation of low-cost, high-capacity, and reusable liquid oxygen-methane launch vehicle designed for large satellite constellation networking tasks [1] - The rocket's first stage experienced an anomaly during landing, resulting in a failed recovery attempt, with debris landing at the edge of the recovery site [1] Technical Breakthroughs - The mission achieved five significant technical breakthroughs: 1. The first domestic successful orbital flight of a reusable liquid oxygen-methane launch vehicle with a new overall layout [1] 2. The first domestic integration application of a nine-engine parallel liquid oxygen-methane propulsion system [1] 3. The first domestic creation of a new high-strength stainless steel/high-performance laser-welded tank manufacturing material and process system [1] 4. The first domestic flight verification of high-precision return navigation, guidance, and control technology for reusable launch vehicles [1] 5. The first domestic design and application of a hybrid redundant distributed integrated electronic system for reusable launch vehicles [1]

Core Viewpoint - The successful delivery of China's first offshore rocket recovery platform "Navigator" marks a significant advancement in the development of a stable, reliable, and precise rocket recovery system at sea [1] Group 1: Rocket Recovery Technology - The "Navigator" platform is designed to work with a network recovery system, which is a unique vertical landing recovery method that utilizes a grid-like cable system to capture rockets during descent [1][2] - Compared to traditional recovery methods, the network recovery system enhances the success rate of capturing and buffering rockets, allowing for better energy absorption during landing [2] - The system simplifies rocket structure and improves efficiency, as it can adapt to different rocket sizes without the need for custom landing gear [2] Group 2: Technical Specifications of "Navigator" - The "Navigator" measures 144 meters in length, 50 meters in width, and has a draft of 5.5 meters, with a full load displacement of 25,000 tons and DP2 dynamic positioning capability [2] - The platform faces technical challenges, including the need for precise positioning during rocket landings, which requires higher standards for stability and structural design compared to conventional vessels [3] - The design must account for concentrated loads and high center of gravity due to the network recovery system's structure, necessitating extensive load analysis and wind tunnel testing [3]

目前，平台已获得中国船级社签发的入级证书和法定证书，是我国首个取证的海上火箭回收平台。 （文章来源：新华社） 中国航天科技集团一院专家介绍，该平台是在中国载人航天工程牵引下，推动我国载人天地往返运输系 统更新换代发展的又一重要进展，可进一步促进可重复使用运载火箭海上回收关键技术在效率和效益 上"双提升"，保障我国在快速发射、低成本进入空间等前沿领域的核心竞争力。 该平台与网系回收装置等产品组合，将共同在海上构建一个稳定、可靠、精准的火箭回收系统。专家表 示，这一平台的成功研制是航天、航海领域技术交叉融合创新的成果，汇聚了我国科研院所、龙头企 业、高等院校的集体智慧，平台自2024年9月全面启动论证工作，2024年12月完成方案设计，2025年4月 开工建设，历经7个月的改造周期，成功突破一系列关键技术难题。 记者从中国航天科技集团一院获悉，由该院抓总研制的我国首艘火箭网系回收海上平台于近日被命名 为"领航者"并成功交付，标志着该院在可重复使用运载火箭技术链条上完成了重要一环，助推从技术验 证到工程应用的跨越。 ...

Core Viewpoint - The successful ground test of the Zhuque-3 reusable launch vehicle's first-stage propulsion system marks a significant advancement in China's liquid rocket technology, paving the way for its upcoming maiden flight and the engineering realization of reusable launch vehicle technology [1][3][5]. Group 1: Test Details - The ground test conducted on June 20 was the largest and most automated nine-engine parallel ground hot test in China to date, achieving unprecedented complexity and fidelity to actual flight conditions [3]. - The test utilized a first-stage vehicle identical to that of the Zhuque-3 maiden flight, covering the entire ground measurement and launch process, including propellant loading, tank pressurization, engine ignition, steady-state operation, and program shutdown [3][5]. - The test conditions replicated flight conditions, ensuring that the ground testing accurately reflected how the vehicle would perform in the air [3]. Group 2: Technical Achievements - The propulsion system test employed the self-developed Tianque-12A liquid oxygen-methane engine, achieving a total thrust of 7542 kN from the nine engines operating in parallel [5]. - All systems functioned normally during the test, with accurate engine ignition sequencing and stable thrust, indicating a successful test outcome [5]. - This test signifies important breakthroughs in key technologies such as simultaneous multi-engine ignition, multi-stage propellant distribution, and combustion stability for China's liquid rocket propulsion systems [5]. Group 3: Vehicle Specifications - The Zhuque-3 launch vehicle is China's first large liquid oxygen-methane rocket with a stainless steel structure and first-stage reusability capability, with a launch weight of approximately 570 tons and a total length of about 66 meters [6]. - The first stage is configured with nine Tianque-12A engines working in parallel, equipped with an auxiliary power system and deployable grid fins, enabling controlled recovery and landing capabilities [6].

Core Viewpoint - The successful completion of the first integrated test of a 140-ton reusable liquid oxygen-methane engine marks a significant breakthrough in China's development of large-scale liquid oxygen-methane engines, which are crucial for reusable launch vehicles and heavy-lift rockets [1] Group 1 - The 140-ton liquid oxygen-methane engine is currently the largest open-cycle liquid oxygen-methane engine in China, providing essential core power for reusable launch vehicles [1] - The engine's development began in September 2024, with the program review completed in the same month, and the first successful integrated test was achieved in just seven months [1] - This engine is expected to play a vital role in various fields, including the transportation system between Earth and space, reusable vehicles, and heavy-lift rockets [1]