走过十年探索期，中国商业航天迎来关键性的制度指引，上市路径得以明确。 《指引》为商业火箭企业登陆科创板设定了清晰的技术"入场券"——企业申报时，需实现"采用可重复 使用技术的中大型运载火箭发射载荷首次成功入轨的阶段性成果"。这意味着，若要凭借科创板第五套 标准冲击上市，企业必须跨过"中大型可复用火箭成功首飞"这一门槛。 这一标准的设立，精准契合了全球商业航天降本增效的发展趋势。当前，航天产业正从国家主导转向商 业化驱动，进入高密度、低成本发展的"快车道"。 据《中国商业航天产业发展报告（2025）》，全球已步入"周更发射时代"，全年发射次数频密。其中， 中国商业航天力量表现突出：2025年民营火箭企业共执行23次发射任务，成功将324颗航天器送入太 空。当下，虽然各家商业火箭企业技术路线呈现差异化发展，但要实现成本的根本性下降与发射能力的 规模化提升，发展可重复使用的中大型液体火箭早已成为行业共识。 《指引》将可重复使用火箭成功入轨设定为硬条件，体现了政策层面明确的产业导向，即引导资源向已 掌握核心关键技术、具备真实工程化能力的"硬科技"企业集中，加速火箭重复使用技术的攻关与产业化 进程，推动行业健康迭代。 ...

《指引》将可重复使用火箭成功入轨设定为硬条件，体现了政策层面明确的产业导向，即引导资源向已 掌握核心关键技术、具备真实工程化能力的"硬科技"企业集中，加速火箭重复使用技术的攻关与产业化 进程，推动行业健康迭代。 成功入轨是前提 复用技术定方向 业内人士指出，上市标准中明确，"发行人在申报时至少实现采用可重复使用技术的中大型运载火箭发 射载荷首次成功入轨的阶段性成果"，将"中大型可复用火箭""发射载荷首次成功入轨"视为"硬条件"。 同时，政策层面对产品研发进展、行业地位、商业化路径规划等方面均作出明确规范，此举旨在向市场 传递强化技术创新价值的明确信号。 2025年以来，商业航天火箭企业的上市进程明显提速。 走过十年探索期，中国商业航天迎来关键性的制度指引，上市路径得以明确。 近日，上海证券交易所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用 科创板第五套上市标准》(以下简称《指引》)。《指引》共十四条，细化了商业火箭企业适用第五套上 市标准的具体要求，为这个"硬科技"行业量身定制了上市审核细则，也为多家冲刺上市的商业火箭企业 提供了清晰"路标"。 《指引》为商业火箭企业登陆科创板设定了 ...

摘要 火箭制造成本主要由火箭本身、回收修复、组装运输、燃料及重复使用 费用构成，不考虑回收时，单次成本约为 5,000-6,000 万美元。一级助 推器成本约 3,000-4,000 万美元，二级火箭成本约 1,200-1,400 万美 元，整流罩回收后成本降至 600 万美元。 火箭回收后的修复费用在 25 万至 200 万美元之间，主要涉及更换密封 件、垫圈、涡轮叶片，以及燃料箱解压清洁、支架检查和外壳清洗等。 严重损坏可能导致更换整个发动机，增加修复成本。 组装运输到发射台的费用约为 100 万美元，耗时三周。中国制造基地与 发射场距离较远，导致运输和组装成本相对较高。燃料成本约为 35 万 美元，人员设备费用约为 200 万美元，使得单次发射总费用接近 7,000 万美元。 可重复使用技术能显著降低成本。助推器和整流罩的重复使用可将单次 发射费用从 7,000 万美元降至 2000 多万美元，单位载重价格降至每千 克六七千元人民币，大幅低于传统不可回收方案。 Q&A 请介绍一下火箭的成本结构和主要组成部分。 重视火箭核心环节的投资机会 20251228 火箭的成本结构可以分为多个部分，主要包括整流罩、 ...

Core Viewpoint - The article discusses the challenges and developments in the field of reusable rocket technology, highlighting recent launches and the significance of failures in the learning process for future successes [4][18]. Group 1: Recent Developments - The Long March 12A rocket was successfully launched on December 23, 2023, marking China's second attempt at validating reusable technology in a rocket [4]. - The Long March 12A's first stage recovery was unsuccessful, while the second stage successfully reached its intended orbit [4]. - Blue Arrow Aerospace's Zhuque-3 rocket also faced challenges, failing to achieve a successful recovery during its launch on December 3, 2023 [4][18]. Group 2: Challenges of Reusable Rockets - Reusable rockets face significant technical challenges, including precise navigation, control systems, and the need for advanced landing technologies [13][14]. - The high costs associated with developing reusable rockets are a barrier, with initial investments starting at around 1 billion yuan [11]. - The integration of various technologies and the potential for human error during the development process contribute to the high risk of failure in rocket launches [16]. Group 3: Historical Context and Future Prospects - The concept of reusable rockets has been discussed since the 1960s, but significant advancements only began with SpaceX's initiatives in the 2010s [9]. - SpaceX's Falcon 9 has successfully completed over 500 booster recoveries, demonstrating the viability of reusable rocket technology [10]. - The future of China's commercial space industry is poised for growth, with several rockets, including the Tianlong-3 and Long March 12B, expected to undergo testing in the coming years [19][20].

Core Insights - The successful launch of the Zhuque-3 rocket marks a milestone in China's commercial space industry, being the first orbital reusable rocket developed by Blue Arrow Aerospace [1][2] - The core of the commercial space industry's growth is cost reduction, with reusable rockets being a key pathway to achieve this [1] - The successful development and testing of reusable rockets can significantly lower satellite launch costs and accelerate satellite networking processes [1] Summary by Sections - **Launch Success**: Zhuque-3 successfully completed its orbital mission, representing a significant advancement in China's capabilities for reusable liquid oxygen-methane rockets [1][2] - **Technical Validation**: Although the recovery of the rocket was not achieved, the proximity of the debris to the target recovery point indicates valuable technical validation. This mission integrated a nine-engine parallel liquid oxygen-methane propulsion system and demonstrated high-precision return navigation, guidance, and control technologies [2] - **Future Developments**: Two more domestic reusable rockets are set to make their maiden flights in December, with contributions from both state-owned and private enterprises, indicating a collaborative effort in advancing reusable rocket technology [2] - **Industry Outlook**: The progress of Zhuque-3 and other reusable rocket projects signifies a new promising phase for China's commercial space industry, aligning with the aspirations of the aerospace community [3]

本文字数：993，阅读时长大约2分钟 作者 | 第一财经 乔心怡 2025.12. 03 " 可回收，本来就是锦上添花的事情。 " 张驰说道，随着朱雀三号这样的民营大运力火箭的首飞成 功，千帆星座的建设运营方此前面临的组网压力也能够进一步缓解。一位卫星制造方也向第一财经记 者坦言，从运力可发射可靠性上来看，朱雀三号的首飞 " 对于行业来说有巨大的意义 " 。 蓝箭航天表示： " 型号团队将基于本次任务获取的宝贵数据与经验，尽快开展试验过程的全面复盘 与技术改进工作，优化回收方案，在后续任务中持续推进火箭可重复使用技术的验证与应用。 " 微信编辑 | 格蕾丝 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 12 月 3 日中午，朱雀三号遥一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，火箭一子级回收失败。 朱雀三号的研制方蓝箭 ...

可回收是锦上添花。 12月3日中午，朱雀三号遥一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，火箭一子级回收失败。 朱雀三号的研制方蓝箭航天随后表示，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。至于回收试验失败的具体原因，蓝箭航天表示正在 进一步排查中。 在原本的预想中，面向大型星座组网任务研制的朱雀三号，其一子级在级间分离后可进行垂直返回软着 陆，设计重复使用次数不低于20次，成熟后航区回收状态下近地轨道运载能力不低于18吨。蓝箭航天对 该箭型的期望是"具备互联网星座一箭多星部署能力，将为国家重大航天工程及卫星互联网发射组网提 供强有力的运力支撑。" "可回收，本来就是锦上添花的事情。"张驰说道，随着朱雀三号这样的民营大运力火箭的首飞成功，千 帆星座的建设运营方此前面临的组网压力也能够进一步缓解。一位卫星制造方也向第一财经记者坦言， 从运力可发射可靠性上来看，朱雀三号的首飞"对于行业来说有巨大的意义"。 蓝箭航天表示："型号团队将基于本次任务获取的宝贵数据与经验，尽快开展试验过程的全面复盘与技 术改进工作， ...

Core Viewpoint - The successful launch of the Zhuque-3 rocket marks a significant step for Blue Arrow Aerospace in developing a new generation of low-cost, high-capacity, and reusable launch vehicles, despite the failure of the first-stage recovery test [1] Group 1: Rocket Specifications and Features - Zhuque-3 is a new generation liquid oxygen-methane launch vehicle developed by Blue Arrow Aerospace, designed for low cost, high capacity, and frequent launches [1] - The rocket features a two-stage configuration with a diameter of 4.5 meters for both stages and a fairing diameter of 5.2 meters, with an overall length of 66.1 meters [1] - The propulsion system is based on the Tianque series liquid oxygen-methane engines developed by Blue Arrow Aerospace [1] Group 2: Launch and Recovery Test - The Zhuque-3 rocket successfully completed its flight mission, with the second stage entering the designated orbit [1] - A recovery verification for the first stage was conducted, but an abnormal combustion occurred, preventing a soft landing at the recovery site, resulting in a failed recovery test [1] - Despite the failure to achieve the recovery goal, the mission validated the correctness and rationality of the testing, launch, and flight processes, as well as the compatibility of various system interfaces [1] Group 3: Future Plans and Improvements - The development team plans to conduct a comprehensive review of the test process and identify the cause of the failure, aiming to optimize the recovery plan for future missions [1] - The data obtained from the flight will serve as a crucial foundation for subsequent launch services and the reliable recovery and reuse of the rocket's stages [1]

Core Points - Blue Origin successfully launched the reusable "New Glenn" heavy-lift rocket, carrying a NASA Mars probe, on November 13 [1] - Elon Musk congratulated Jeff Bezos and the Blue Origin team on this achievement [1] Group 1: Launch Details - The launch occurred at 15:55 EST, with the rocket's first stage and boosters successfully recovered [2] - After the first and second stages separated, the second stage continued to its designated orbit with the Mars probe "ESCAPADE" [2] - The first stage landed as planned on a recovery ship platform in the Atlantic Ocean [2] Group 2: Previous Launch Attempts - The first flight of "New Glenn" took place in January, achieving partial success as the second stage reached orbit, but the first stage exploded during its return [3] - The company had initially planned a second launch in "late spring," but the schedule faced multiple delays [3]

Core Insights - The successful test of the first stage propulsion system for the Zhishen-1 reusable liquid launch vehicle marks a significant advancement for the company, indicating readiness for the upcoming maiden flight [1] - Zhishen-1 is designed for at least 25 reuse cycles, targeting the large satellite launch market with a lift-off mass of approximately 283 tons and a low Earth orbit capacity of 7 tons [1] - The company has developed several core technologies for the recovery and reuse of the first stage, including a unique seven-engine parallel scheme and advanced manufacturing techniques like 3D printing [1] Company Developments - The maiden flight of Zhishen-1 is planned to take place at the "Dongfeng Commercial Aerospace Innovation Experimental Zone" in Jiuquan, with the construction of the launch site nearing completion [2] - The launch site will enhance the company's capabilities in autonomous testing, fueling, and launching (recovery), thereby improving its core competitiveness [2]