12月10日，中科宇航力箭一号遥十一运载火箭在东风商业航天创新试验区发射成功。 此次，力箭一号遥十一运载火箭采用"一箭9星"的方式，将"吉星"高分07B01、C01、D01星，SPNEX卫 星、Slippers2Sat卫星、813卫星等共9颗卫星送入预定轨道。该批卫星主要用于城市规划、防灾减灾、 水利气象等领域。 此次任务是力箭一号运载火箭的第十一次飞行。截至目前，力箭一号已成功将84颗卫星送入太空，入轨 载荷总质量超11吨，在民商火箭发射服务市场占有率位居第一。 商业航天"出海"，承揽三国卫星订单 与此前发射任务不同的是，此次力箭一号送入轨道的卫星中，还包括了埃及、尼泊尔、阿联酋三家国际 客户订单。 比如，SPNEX卫星和Slippers2Sat卫星是海南卫星数据与应用研究中心牵头组织，SPNEX卫星由埃及航 天局与埃及科学研究与技术学院联合研制，搭载有等离子体诊断和地球观测载荷，主要任务是监测气候 变化影响及电离层变化。 Slippers2Sat卫星则是由Antarikchya Pratisthan Nepal（APN）组织与Amateur Radio Digital Communications（ARD ...

近日，中国首枚正式发射的轨道级可回收运载火箭升空，二级火箭成功进入预定轨道，一级火箭回收失 败。抖音精选创作者@直男财经，获得近距离观测发射的机会，成为来到现场的自媒体，并发布的多部 朱雀三号科普视频，收获百万网友围观。 据了解，朱雀三号可回收商业火箭由中国蓝箭航天空间科技股份有限公司研发。此次其在酒泉的东风商 业航天创新试验区发射升空，是中国商业航天公司挑战SpaceX的猎鹰9号及星舰，掌握火箭可回收技术 的一次有力尝试。@直男财经作为抖音平台原生创作者，粉丝数量超过2200万。此次记录朱雀三号火箭 发射和回收，是该账号在原有内容基础上的又一次全新突破。 三维建模全面还原《十年一箭》硬核科普回收火箭技术 朱雀三号火箭发射和回收有多难？背后蕴含着哪些"黑科技"？火箭发射后，@直男财经，接连发布了 《十年一箭》《一箭封神》等科普视频，从硬核科普和幕后跟踪记录视角，向观众全方位解读火箭回收 技术及研发历程。 一同呈现给网友的，还有蓝箭不断从失败中爬起来的不屈精神。"有一种很深的冲击，深深的悲伤，很 无力的感觉"，朱雀三号总指挥戴政在形容一次发射失败时说。2015年创业以来7年半的时间里，蓝箭一 共正式发射了两枚火 ...

Q&A 商业航天行业在过去两个星期的表现如何？未来的发展趋势是什么？ 过去两个星期，商业航天板块的走势明显超出整个大盘。我们认为这是由于行 业出现了三个重要的拐点：政策性拐点、业绩性拐点和技术性拐点。 能否详细解释这三个拐点？ 第一个是政策性的拐点。自 2023 年、2024 年到 2025 年的中央经济工作会 议和政府工作报告中提到了许多新质新域的生产力领域，但只有商业航天和低 商业航天：坚定三重拐点，抓住产业浪潮，如何参与投资 机会 20251207 摘要 政策拐点：国家对商业航天和低空经济的重视体现在成立专门司局，表 明自上而下推动的行业发展模式，商业航天司旨在解决火箭可回收技术 和引入信息通信产业优势企业。 业绩拐点：2025 年 8 月以来，国家主要新作招标大规模展开，发射频 次显著增加，相关企业如陈昌和郑磊在今年一二三季度业绩已有明显改 善。 技术拐点：可回收火箭方面，国内液体发动机技术已相对成熟，可回收 控制算法也已具备条件，预计 2026 年上半年会有突破。NTN 体制方面， 国内 5G 网络完善且 6G 路线图明确，卫星通信产业将遵循 3GPP R20 或 R21 版本发展。 火箭可回收技术 ...

相关公司方面，中国卫通是我国卫星通信运营龙头，受益于国内卫星互联网的加速部署。上海沪工子公 司沪航卫星是一家专注于商业卫星配套产品及服务的公司，业务包括商业卫星总装集成、航天产品核心 部件设计及制造等关键领域。 据中科宇航消息，12月3日，国内最大针栓式液氧煤油发动机力擎二号110吨长程试车完成，累计试车时 间达140秒，单次最长稳定工作120秒，所有测试指标均一次达成。继发动机地面验证成功后，该公司计 划于近日择机开展力鸿一号遥一飞行器的亚轨道飞行试验任务。此次试验将重点验证返回式载荷舱的再 入大气层返回减速与回收技术，同时进行火箭子级返回精确落点控制的关键技术验证。 东吴证券认为，国内可回收火箭时代开启，有望迎来密集突破期。截至目前，承担两大星座卫星发射任 务的长征十二号、长征八号甲、长征六号改等"国家队"火箭因兼顾国家其他航天任务排期紧张，大运 力、低成本、高可靠的可回收火箭迫在眉睫。2025年底开始，朱雀三号、天龙三号、引力二号、双曲线 三号、智神星一号等一批新型号商业火箭将按计划发射，这批可复用火箭如果实现可回收，有望助力国 内低轨卫星星座组网加速落地。 ...

Core Viewpoint - The Chinese commercial space industry is experiencing a "capacity spring," with advancements in technology, capital, and policy potentially accelerating the development of satellite launch capabilities faster than expected [2][5]. Group 1: Recent Developments in Satellite Launch Capabilities - On October 17, 2025, Shanghai Yuanxin Satellite Technology Co., Ltd. successfully launched the sixth batch of satellites for its "Qianfan Constellation," bringing the total number of satellites in orbit to 108 [3]. - Major telecommunications operators in China, including China Telecom, China Mobile, and China Unicom, have received licenses for satellite mobile communication services, enabling direct satellite connections for mobile phones [3]. - The domestic satellite internet market is reaching a significant milestone, but the "capacity" segment remains constrained, necessitating the involvement of private rocket companies to alleviate the bottleneck [3][4]. Group 2: Progress of Private Rocket Companies - Beijing Tianbing Technology Co., Ltd. announced the successful sea test of its "Tianlong-3" large liquid rocket, which has a near-Earth orbit capacity of 17 to 22 tons and can launch up to 36 satellites in one go [4][7]. - Blue Arrow Aerospace successfully completed the first phase of its "Zhuque-3" rocket's launch preparations, including static ignition tests, and is preparing for its official orbital launch [4][9]. - Beijing Zhongke Aerospace Technology Co., Ltd. reported progress on its "Liqian-2" liquid rocket, which is designed for medium payloads and aims to support China's space station logistics [9][10]. Group 3: Market Dynamics and Investment Trends - The demand for satellite launches is increasing, with estimates suggesting that the "Qianfan Constellation" requires at least 200 to 300 satellite launches annually, necessitating multiple rockets with capacities exceeding 10 tons [6]. - Recent funding rounds have seen significant investments in private rocket companies, with Star River Dynamics raising 2.4 billion yuan in its D round and Tianbing Technology securing nearly 2.5 billion yuan in Pre-D and D rounds [13][14]. - The Chinese Securities Regulatory Commission has opened a window for IPOs in the commercial space sector, prompting several companies to initiate IPO preparations [14][15]. Group 4: Technological Innovations and Cost Reduction Strategies - The use of 3D printing technology in the manufacturing of rocket components is being explored to reduce costs, with Tianbing Technology's "Tianlong-3" rocket utilizing this approach to achieve significant cost savings [21][22]. - The focus on reusable rocket technology is seen as a key strategy for cost reduction, with companies like Arrow Technology aiming for high reuse rates to lower overall launch costs [19][20]. - The competitive landscape is expected to intensify as more private companies successfully launch their rockets, with cost efficiency becoming a critical factor for securing future contracts [22].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has restarted the fifth listing standard for the Sci-Tech Innovation Board, accelerating the IPO process for commercial aerospace companies, particularly in artificial intelligence, commercial aerospace, and low-altitude economy sectors [1] Group 1: Commercial Aerospace Companies - Blue Arrow Aerospace has a valuation of 20 billion yuan and is the only domestic company with a full chain of liquid rocket R&D capabilities, having launched the commercial operation of its mature liquid rocket, Zhuque-2 [1] - Yixin Aerospace has a valuation exceeding 8 billion yuan and specializes in satellite communication payloads, achieving a weight control of under 50 kg per satellite payload with a 40% reduction in power consumption [2] - Zhongke Aerospace has a valuation of 11 billion yuan and is considered a mixed-ownership model for the "national team" in commercial aerospace, with its solid rocket, Lijian-1, already in commercial operation [2] Group 2: Launch Cost Comparisons - The launch cost of Zhuque-3 aims to be reduced to 20,000 yuan/kg, down from 40,000-50,000 yuan/kg for Zhuque-2, while Tianlong-3 has already achieved a launch price of 20,000 yuan/kg [3] - The unit launch costs for Lijian-2 and Lijian-2 Heavy are projected to be 30,000 yuan/kg and 15,000 yuan/kg respectively, indicating a trend towards competitive pricing in the commercial launch market [3] Group 3: Low Earth Orbit Satellite Communication - Huawei's Mate 80 is expected to incorporate low Earth orbit satellite communication, potentially accelerating the commercialization of low Earth orbit satellites [4] - The integration of satellite communication services into consumer markets is anticipated to increase user numbers significantly, which will help distribute the construction and operational costs of low Earth orbit satellite systems [4] Group 4: Investment Opportunities - Companies such as Blue Arrow Aerospace, Yixin Aerospace, and Zhongke Aerospace are initiating IPO guidance filings, marking a significant acceleration in the commercial aerospace sector [5] - Suggested companies for investment include satellite firms like Shaanxi Huada, Shanghai Gangwan, and rocket companies like Chaojie Co. and GaoHua Co. [5]