Summary of the Conference Call on China's Commercial Space Industry Industry Overview - The conference call focused on the **Chinese commercial space industry**, highlighting the competition among various companies developing **reusable rockets** such as **Zhuque-3**, **Tianlong-3**, **Shuangqiuxian-3**, **Xingyun-1**, and **Long March 12** [1][2][4] - The industry is at a critical juncture of **technological breakthroughs** and **industrialization** [2] Key Points and Arguments - **Zhuque-3** has faced delays not only due to environmental factors but also due to strategic adjustments by the **National Space Administration** and technical reviews, with **Long March 12** set to undertake the initial launch [1][4] - The **fuel choice** for Chinese reusable rockets is leaning towards **liquid oxygen and methane**, which is cheaper compared to **liquid oxygen and kerosene** used by SpaceX [4][18] - Current launch costs for the **Long March series** are approximately **70,000-100,000 RMB/kg** (around **10,000-14,000 USD/kg**), while the goal for new reusable rockets is to reduce this to **20,000-30,000 RMB/kg** (approximately **2,800-4,200 USD/kg**) [4][5] - The **expected increase** in launch numbers for 2026 is projected to be **2-3 times** that of 2025, with a **5-fold increase** in capacity, driven by various satellite projects and advancements in reusable rocket technology [3][21] Technical Differences and Challenges - Reusable rockets differ significantly from traditional rockets in terms of **structural design**, **engine capabilities**, and **control systems** [6][8] - The **engine** of reusable rockets must support **variable thrust**, multiple ignitions, and precise landing controls, which presents higher technical demands [6][11] - The **fairing**, a critical component, requires materials that are **lightweight** and can withstand high temperatures, typically made from **carbon fiber composites** and **aluminum honeycomb structures** [3][9][10] Market Competitiveness - The **Chinese commercial space sector** aims to enhance its global competitiveness by narrowing the cost gap with international players like SpaceX, which has significantly lower launch costs [5][22] - Companies like **Nanjing Aerospace** and **Deep Blue Aerospace** are leading in the development of **3D printing technologies** for rocket engines, which can reduce costs by about **40%** and improve production efficiency [13][14] Future Outlook - The establishment of the **Commercial Space Administration** by the National Space Administration indicates a strategic focus on the development and launch of commercial space projects [4] - The industry faces challenges in ensuring successful multiple launches in 2026 and improving production capabilities, but ongoing collaborations between governments and commercial companies are expected to address these limitations [22]