2025年9月5日傍晚，甘肃酒泉晴空万里，风轻日暖，正是塞上秋高气爽的好时节。 19点39分，酒泉卫星发射中心95A发射工位，倒计时归零，火焰从发射筒底部喷涌而出，一枚运载火箭拔地而起，在暮色 中拉出一道笔直的尾焰。 不久，控制大厅传来确认信息：多颗商业卫星被精准送入太阳同步轨道，任务圆满完成。 谷神星一号发射图，来源：星河动力航天 执行此次任务的，是"谷神星一号"运载火箭。自2023年12月5日成功复飞以来，这一型号已连续取得11次成功发射，并在 这一刻，成为中国发射次数最多、成功次数最多的民营商业运载火箭。 "谷神星一号"背后的民营航天公司，则以稳定、高频的发射成绩，被业内称为民营航天界的"火箭卷王"。 它的名字，叫星河动力。 契机 如果把今天在中国，乃至在全球上演的商业火箭竞赛往前倒推，很多线索，都会指向同一个时间点，2002年。 那一年，在两次前往莫斯科采购退役的洲际导弹作为发射工具失败后，马斯克做出了一个在当时看来近乎鲁莽的决定，不 买火箭了，自己造。 于是，SpaceX诞生了。 但在当时，这个决定并不被视为"创业机会"，而更像一次越界行为。 在当时的行业共识里，火箭从来不是一门创业友好型的生意。一 ...

Digital Currency - The People's Bank of China has introduced an action plan to strengthen the management and service system for digital RMB, with a new framework set to launch on January 1, 2026 [1] - As of November 2025, digital RMB has processed 3.48 billion transactions totaling 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [1] - The rapid development of digital RMB is expected to create opportunities for the banking IT system, payment ecosystem, and related infrastructure industries [1] Passive Components - A major passive component manufacturer plans to adjust prices for certain products starting January 1, 2026, with increases in resistors and inductors [2] - Research indicates that domestic passive component manufacturers are likely to implement two price hikes in Q4, driven by increased demand from AI applications [2] - The overall price of passive components is currently low, and with rising raw material costs, manufacturers are expected to initiate a new round of price increases [2] Robotics - The opening of offline stores for humanoid robots is expected to validate real application scenarios and accelerate product iteration and standardization [2] - TrendForce predicts that 2026 will be a pivotal year for humanoid robots, with global shipments expected to increase over sevenfold, surpassing 50,000 units [2] Nuclear Fusion - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, Anhui, focusing on promoting collaboration and innovation in the nuclear fusion industry [4] - The industry is entering an upward capital expenditure cycle, with Hefei establishing a leading cluster of fusion devices and a complete industrial chain [3] - The importance of controlled nuclear fusion as a "ultimate energy" source is increasing, with a focus on engineering feasibility verification and equipment procurement [3] Logistics - A joint plan has been issued by several government agencies to develop 101 national standards for modern logistics from 2025 to 2027, aimed at enhancing logistics infrastructure [5] - The modern logistics industry has achieved significant growth, with a projected social logistics total of 380 trillion yuan and logistics revenue exceeding 14 trillion yuan by 2025 [5] - The industry is transitioning from scale expansion to quality improvement, leveraging AI, IoT, and big data for enhanced efficiency [5] Reusable Rockets - The private rocket company "New Space Aerospace" has initiated key technology tests for the recovery and reuse of the Chitu-1 rocket, marking progress in low-cost, reliable space technology [6] - Successful recovery technology could reduce launch costs from tens of millions to millions of dollars, with multiple companies aiming for reusable rocket launches by 2026 [6] Hydrogen Energy - A significant breakthrough has been achieved in a 30MW pure hydrogen gas turbine energy storage demonstration project, marking a step towards practical hydrogen energy applications [7] - The project aims to provide a viable solution for large-scale renewable energy storage, addressing issues of volatility and energy wastage [7] Macro and Industry News - Starting January 1, 2024, digital RMB wallet balances will earn interest, making China the first economy to offer interest on central bank digital currency [8] - The market regulatory authority has outlined key tasks for the upcoming year, focusing on antitrust enforcement and addressing "involution" competition [8] - Public fund assets have surpassed 37 trillion yuan, reaching a new high [8]

Core Viewpoint - The successful first flight of China's reusable rocket "Long March 12A" marks a significant advancement in rocket recovery technology, which is crucial for reducing launch costs and enhancing launch capacity, thereby reshaping the global aerospace industry competition [1] Group 1: Rocket Launch and Recovery - The "Long March 12A" completed its first flight on December 23, 2025, successfully placing its payload into the designated orbit despite the first stage recovery not meeting expectations [1] - The data obtained from the flight will serve as a core foundation for future technological optimizations in rocket recovery [1] Group 2: Market Reaction - As of December 24, 2025, the CSI General Aviation Theme Index (931855) rose by 1.77%, with notable increases in component stocks such as Tianyin Electromechanical (300342) up by 11.73% and Xinjingang (300629) up by 10.81% [1] - The General Aviation ETF (561660) also saw an increase of 1.87%, closing at 1.09 yuan [1] Group 3: Index Composition - The CSI General Aviation Theme Index includes 50 listed companies involved in aviation materials, components, aircraft manufacturing, infrastructure, operations, and applications, reflecting the overall performance of the sector [2] - As of November 28, 2025, the top ten weighted stocks in the index accounted for 40.68% of the total index weight, including Aerospace Electronics (600879) and Haige Communication (002465) [2]

Group 1 - The core viewpoint of the articles highlights the rapid development and increasing frequency of China's commercial space launches, with a significant focus on the dual efforts of state-owned and private enterprises in expanding the industry [1][2][3] - In 2024, China is expected to complete 68 space launch missions, with 43 of these being commercial launches, marking a substantial increase in the deployment of new satellites [2] - As of December 23, 2023, China has conducted nearly 90 space launches this year, setting a new historical record, with a success rate exceeding 95% since 2022 [3] Group 2 - The articles emphasize the technological breakthroughs achieved in China's commercial space sector, including the successful launch of the reusable Zhuque-3 rocket and advancements in satellite technology [4][5] - Cost reductions in rocket launches have been achieved through innovations in reusable technology, materials, and production processes, with the cost of launching the Gravity-1 rocket dropping to 30,000 yuan per kilogram [4] - Several listed companies are collaborating in the commercial space sector, achieving significant technological advancements and contributing to the industry's growth [5] Group 3 - The pace of IPOs for commercial space companies has accelerated, with several firms, including Blue Arrow Aerospace and Tianbing Technology, completing their listing guidance [6] - A total of six companies have raised over 17 billion yuan in funding, with notable valuations exceeding 15 billion yuan for several firms, indicating strong investor interest in the sector [6] - Over 30 A-share companies have stakes in the aforementioned six firms, reflecting a growing institutional interest in the commercial space industry [7]

特朗普签署行政令，加大太空政策支持 根据科创板日报报道，当地时间12月18日，美国白宫发表声明称，特朗普当日签署了一项行政命令， 为"美国优先"的太空政策制定了愿景，以确保美国在太空探索、安全和商业领域"引领世界"。该命令要 求美国人到2028年重返月球，并在2030年前建立永久月球前哨站的初始设施；指示在月球和轨道上部署 核反应堆。该命令通过升级发射基础设施和开发商业途径，以在2030年前取代国际空间站，从而刺激私 营部门的创新和投资。 国盛证券主要观点如下： 在登月计划中，运载火箭承担着极其重要的角色。例如星舰，其已进行多次试飞，能够稳定实现"筷子 夹火箭"的新一代回收方式。目前星舰已经开始验证V2版本飞船，并进行有效载荷部署测试，为后续 Starlink V3版本卫星的发射及包括登月在内的深空探索实验奠定了坚实基础。 首个由H100太空GPU训出LLM诞生 根据新智元报道，12月11日首个由H100太空GPU训出LLM诞生了，它基于Karpathy nano-GPT训练。不 仅如此，谷歌Gemma也在太空成功运行，向世界发出首句问候：地球人，你好。基于H100加持的 Starcloud-1卫星，初创公司 ...

证券日报网讯12月8日，索辰科技在互动平台回答投资者提问时表示，CAE软件作为工程仿真工具为研 发部门提供支持，在工业产品设计与优化中发挥着关键作用。关于火箭回收技术，公司目前尚未承接相 关业务或订单。公司将持续聚焦于物理AI引擎、CAE软件等核心业务发展。 ...

格隆汇12月8日丨索辰科技(688507.SH)在投资者互动平台表示，CAE软件作为工程仿真工具为研发部门 提供支持，在工业产品设计与优化中发挥着关键作用。关于火箭回收技术，公司目前未承接相关业务或 订单。 ...

Core Viewpoint - The recent launch of the Zhuque-3 rocket by Blue Arrow Aerospace marks China's first attempt at orbital-level recovery verification for reusable rockets, despite the failure of the first stage recovery during the landing process [1][5]. Group 1: Launch and Recovery Attempt - The Zhuque-3 rocket successfully completed its flight mission and the second stage entered the designated orbit, but the first stage experienced an abnormal burn during recovery, leading to a failed vertical return test [1]. - The recovery of rockets is highly complex, requiring perfect coordination of sensors, grid fins, flight control algorithms, and variable thrust engines, with many issues only becoming apparent during real flight tests [1]. Group 2: Historical Context and Comparisons - Historically, successful orbital-level recovery tests are rare, with failures being the norm; for instance, SpaceX's Falcon 9 experienced multiple failures before achieving successful landings [1][5]. - Blue Arrow Aerospace, founded in 2015, has made significant progress in developing reusable rockets, with the Zhuque-3 showing comparable performance to SpaceX's Falcon 9 and even surpassing some design metrics [5]. Group 3: Industry Environment and Public Perception - The commercial space industry is an important complement to national space efforts, characterized by efficiency, flexibility, low costs, and a willingness to take risks; a supportive environment that embraces failure is essential for its growth [5]. - The public response to the Zhuque-3's failure has been largely positive, reflecting a scientific understanding of the risks involved in commercial space endeavors and a strong confidence in national technological progress [5].

Group 1 - The commercial aerospace sector is experiencing a strong rally, with multiple stocks hitting the daily limit up, including Longzhou Co., Ltd. and Longxi Co., Ltd. [1] - The establishment of a dedicated Commercial Aerospace Department by the National Space Administration marks a significant step in the development of China's commercial aerospace industry, indicating a move towards specialized regulatory oversight [3][4] - The recent successful launch of the Zhuque-3 rocket by Blue Arrow Aerospace, despite the failure of the first-stage rocket recovery, represents a critical advancement towards reusable rocket technology in China's commercial aerospace sector [4] Group 2 - The Long March 12A rocket, developed by China Aerospace Science and Technology Corporation, is set for its maiden flight this month, showcasing advancements in medium-sized reusable launch vehicles that promise to reduce launch costs [4] - The commercial aerospace applications are rapidly expanding from space to civilian markets, with increasing support for satellite internet and direct satellite communication services, such as mobile phone connectivity and Beidou messaging [4]

纵观全球火箭回收技术发展历史，首次轨道级回收试验成功是奇迹，失败才是常态。美国SpaceX的"猎 鹰9"火箭2010年首飞，2013年9月开始尝试轨道级垂直返回回收，至少经历4次失败后，才于2015年12月 实现陆上软着陆。之后又经历2次失败，2016年4月才在海上平台回收成功。今年1月，美国"蓝色起 源"公司"新格伦"火箭首次轨道级回收试验也以失败告终，11月才首次实现第一级海上回收。 相比美国，我国商业航天产业起步较晚，技术积累相对薄弱，但商业可回收火箭的研制进展并不慢。 SpaceX起步于2002年，13年后才真正掌握火箭回收技术；"蓝色起源"成立于2000年，25年后"新格伦"火 箭才回收成功。而蓝箭航天创立于2015年，其研制的朱雀三号与猎鹰9号性能相近，部分设计指标甚至 领先，已经进入轨道级回收试验阶段，成绩值得肯定。 12月3日，蓝箭航天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，按程序完成飞行任 务，火箭二级进入预定轨道。火箭一子级着陆过程中发生异常燃烧，垂直返回回收试验失败。 此次发射是我国首次进行可回收火箭轨道级发射验证。火箭回收难度极高，需要传感器、栅格舵、飞行 控制算法、可变 ...