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国内首款全碳纤维复合材料火箭企业,完成天使轮融资
Sou Hu Cai Jing· 2025-08-20 16:38
碳纤维复合材料在航天领域的应用并非新鲜事,但全箭体大规模应用仍是全球难题。美国RocketLab的Neutron火箭虽采用碳纤维结构,但其7米直径贮箱 仍处于研制阶段。更关键的是成本控制——自动铺丝设备的投资、碳纤维材料的采购,都可能推高制造成本。 2018年,长征十一号固体运载火箭就采用了全碳纤维增强复合材料整流罩,解决了直径过小导致的金属结构变形问题。2023年,力箭一号火箭也展示了碳 纤维复合材料外壳的应用成果。 【DT新材料】获悉,近日,国内商业航天企业微光启航,宣布完成数千万元天使轮融资。 资料显示,微光启航成立于2025年3月,其核心团队拥有深厚的运载火箭及导弹领域研发经验,由多位国家级研究员领衔,形成了涵盖设计、材料、制 造、发射全链条的闭环能力,其中公司创始人兼CEO高欢,曾任中国运载火箭技术研究院总装项目负责人,是火箭总装工艺技术领域的专家。 微光启航核心团队形成了设计端-材料端-制造端-发射端的闭环能力。在材料端,与国内碳纤维企业联合开发航天级材料。在制造端,布局3D打印与自动 铺丝产线。在发射端,依托北方产业机构资源对接发射场。这种垂直整合模式,既能保障技术路线的贯彻,又能有效控制成本。 ...
国内首款全碳纤维复合材料火箭企业,完成天使轮融资
DT新材料· 2025-08-20 16:05
【DT新材料】 获悉,近日,国内商业航天企业 微光启航 ,宣布完成数千万元天使轮融 资。 资料显示, 微光启航 成立于2025年3月,其核心团队拥有深厚的运载火箭及导弹领域研发经验,由多位国家级研究员领衔,形成了涵盖设计、材料、 制造、发射全链条的闭环能力,其中 公司创始人兼CEO 高欢 ,曾任中国运载火箭技术研究院总装项目负责人,是火箭总装工艺技术领域的专家 。 微光启航核心团队形成了 设计端-材料端-制造端-发射端 的闭环能力。 在材料端 ,与国内碳纤维企业联合开发航天级材料。 在制造端 ,布局3D打印 与自动铺丝产线。 在发射端 ,依托北方产业机构资源对接发射场。这种垂直整合模式,既能保障技术路线的贯彻,又能有效控制成本。 微光启航自主研发的WG-1微光一号中型液体复用运载火箭 ,是全球首款融合[全流量分级燃烧循环动力+碳纤维复合材料+液氧甲烷]三 大核心技术的 运载火箭,同时也是中国首款全碳纤维复合材料火箭主体结构。 全流量分级燃烧循环技术代表了液体火箭发动机的最高水平,其技术难度极大。 SpaceX的猛禽发动机采用的正是这一技术路线,而蓝色起源的BE-4则 选择了相对简单的富氧分级燃烧循环。这种发动 ...
国泰海通晨报-20250812
Haitong Securities· 2025-08-12 02:17
Group 1: Strategy and Market Outlook - The report maintains a tactical overweight view on A-shares and US stocks for August, driven by improving risk appetite and favorable macroeconomic conditions [4][5][20] - The strategic asset allocation (SAA) plan is set with a target allocation of 45% equities, 45% bonds, and 10% commodities, with a maximum deviation of 10% [4][19] - The tactical asset allocation (TAA) plan forecasts a 2025 annualized return of 55%, with a Sharpe ratio of 1.65, suggesting strong performance in equity assets [5][20] Group 2: Construction Industry Insights - Historical reviews of three central Xinjiang work conferences indicate significant price elasticity for construction companies in the Xinjiang region, with notable stock price increases following these events [7][9] - Xinjiang's fixed asset investment grew by 16.2% in the first five months of 2025, with industrial investment increasing by 22.8%, particularly in wind and solar energy projects [8] - The establishment of the New Tibet Railway Company with a registered capital of 95 billion yuan is expected to boost infrastructure projects in Xinjiang, with a total investment plan of 3.47 trillion yuan for 500 key projects [9][10] Group 3: Aerospace Industry Developments - The report highlights a critical shortage in China's rocket launch capacity, which is a bottleneck for low Earth orbit satellite deployment [11][13] - The acceleration of low Earth orbit satellite networks is emphasized, with a target of deploying approximately 23,000 satellites by 2030, necessitating significant improvements in rocket launch capabilities [13][14] - The development of reusable rockets and liquid fuel technologies is identified as essential for enhancing launch capacity and reducing costs [14]
国泰海通 · 晨报0812|策略、建筑工程、航空航天
国泰海通证券研究· 2025-08-11 14:15
Group 1: Market Strategy and Asset Allocation - The core viewpoint emphasizes an improvement in risk appetite supporting global equity allocation value, with a tactical overweight on A-shares and US stocks as of August [3] - The current low interest rate environment necessitates higher demands for asset allocation research, with a strategic asset allocation (SAA) plan yielding an annualized return of 9.1% and a Sharpe ratio of 1.57 as of the end of July [3] - The proposed strategic benchmark allocation is set at 45% for equities, 45% for bonds, and 10% for commodities, with a deviation limit of 10% [3] Group 2: Tactical Asset Allocation Insights - The enhancement of risk appetite is identified as a key factor influencing current tactical asset allocation, with expectations of continued strong performance in equity assets supported by various factors including technological breakthroughs and government support for capital markets [4] - The tactical asset allocation (TAA) plan anticipates a 55% weight in equities, 40% in bonds, and 5% in commodities, reflecting optimism for A-shares and Hong Kong stocks, as well as marginal optimism for US and Japanese stocks [4] - Caution is advised regarding government bonds due to market risk appetite adjustments and redemption pressures, while commodity prices, particularly oil, may face dual pressures from supply and demand [4] Group 3: Infrastructure Opportunities in Xinjiang - Historical reviews of three central work conferences on Xinjiang indicate significant stock price increases for key construction companies following these meetings, with notable gains such as 45.6% for Beixin Road and Bridge after the first conference [10] - Fixed asset investment in Xinjiang increased by 16.2% in the first five months of the year, with industrial investment rising by 22.8%, particularly in wind and solar energy projects [11] - The establishment of the Xinjiang Tibet Railway Company with a registered capital of 950 billion yuan highlights ongoing infrastructure investment, with plans for 500 key projects totaling 3.47 trillion yuan by 2025 [12] Group 4: Coal Chemical Industry Development - The coal chemical sector in Xinjiang is projected to experience a construction peak, with planned projects exceeding 800 billion yuan, driven by policy support [13] - Companies like China Chemical and Donghua Technology are positioned to capitalize on traditional coal chemical market opportunities, with significant new orders reported [13] Group 5: Aerospace and Satellite Deployment - The acceleration of low Earth orbit (LEO) satellite deployment is identified as a critical area, with a projected need for 2.3 million satellites by 2030, necessitating enhanced rocket launch capabilities [18] - Current rocket launch capacity is insufficient to meet the demand for satellite deployment, with an annual requirement of 1,500-2,000 tons compared to the current capacity of approximately 200 tons [19] - Reusable rocket technology is highlighted as a key factor in reducing launch costs, with liquid fuel rockets becoming the mainstream choice for new generation reusable rockets [20]
国泰海通:低轨卫星加速部署 商业火箭应势启航
Zhi Tong Cai Jing· 2025-08-11 06:05
Group 1 - The rapid acceleration of low Earth orbit (LEO) satellite constellation deployment is creating a significant demand for rocket launch capacity in China [2][3] - China's current annual rocket launch capacity is approximately 200 tons, which is significantly below the required 1500-2000 tons needed for LEO satellite deployment [3] - The development of reusable rockets and liquid fuel technologies is essential for enhancing launch capacity and addressing the bottleneck in LEO satellite constellation deployment [4] Group 2 - Major national projects like "Starlink Constellation" and "Thousand Sails Constellation" aim to deploy around 23,000 satellites by 2030, indicating a critical phase for LEO satellite deployment in China [2] - The competition in the global LEO satellite market is intensifying, with limited frequency resources leading to a "first come, first served" scenario [2] - The market for rockets is expected to reach a scale of hundreds of billions by 2030, necessitating at least 64 rocket launches per year to meet the planned constellation deployment [3]
国泰海通|新能源:低轨卫星加速部署,商业火箭应势启航
国泰海通证券研究· 2025-08-10 14:39
Core Viewpoint - The current insufficient rocket capacity in China is a core bottleneck for low Earth orbit (LEO) satellite networking, and developing reusable rockets and liquid fuel technologies is key to enhancing capacity, with a focus on the commercial rocket industry [1][2][3]. Group 1: Low Earth Orbit Satellite Networking - The acceleration of LEO satellite networking is driven by their advantages such as wide coverage, low latency, and flexible deployment, making them essential for ground communication networks [2]. - Limited frequency resources create a "first come, first served" characteristic for satellite constellation construction, leading to intensified global competition in this field [2]. - Major national projects like "Starlink Constellation" and "Thousand Sails Constellation" are advancing rapidly, with plans to deploy approximately 23,000 satellites by 2030 [2]. Group 2: Rocket Capacity and Market Potential - The current average annual rocket capacity in China is about 200 tons, significantly lower than the required 1,500-2,000 tons for LEO satellite deployment, indicating that rocket capacity is the main constraint for satellite networking [3]. - To meet the planned networking requirements by 2030, an average of at least 64 rocket launches per year is needed, which could lead to a market space of over 100 billion by 2030 [3]. Group 3: Technological Advancements - Reusable rocket technology is crucial for reducing launch costs, with the potential to lower single launch costs to below one-third of current levels [4]. - Liquid fuel rockets are becoming the mainstream choice for next-generation reusable rockets due to their adjustable thrust, strong restart capabilities, and high system adaptability [4]. - The rapid development of commercial rockets is expected to create significant market growth opportunities in key technology areas such as high-performance materials, advanced engine manufacturing, and precision sensors [4].
星河动力董事长刘百奇:政策、市场与产业共振 商业航天大有可为
Shang Hai Zheng Quan Bao· 2025-07-15 18:26
Core Viewpoint - The commercial aerospace industry in China is experiencing significant growth driven by market demand and policy support, leading to a consensus on its vast potential [2] Group 1: Company Overview - Beijing Xinghe Power Aerospace Technology Co., Ltd. (Xinghe Power) is a private rocket company that specializes in launching customer satellites into orbit using self-developed rockets, charging a service fee for launches [2] - Xinghe Power has successfully conducted 19 commercial launches using the Gushenxing-1 rocket, delivering a total of 81 satellites, making it the most frequent and highest success rate private rocket company in China [2] Group 2: Market Dynamics - The Gushenxing-1 rocket targets a specific market niche for small satellite launches, ensuring a clear and stable market space [2] - The second half of this year is expected to see two critical turning points in China's commercial aerospace industry: the entry of large satellite constellations into high-density networking and the first flights of several medium to large reusable rockets, including the Zhishenxing-1 [2] Group 3: Industry Challenges and Innovations - Reducing launch costs and increasing launch frequency are key challenges in the satellite manufacturing, launching, networking, and application chain, with rocket reusability being a crucial factor [3] - To achieve multiple reuses of rockets, Chinese commercial rocket companies need to focus on recovery, rapid testing, mass production, and launch site support, requiring collaborative efforts across the industry [3] Group 4: Future Outlook - The future of the commercial aerospace market is projected to be worth trillions of yuan, with tens of thousands of satellites expected to be launched in the next decade [4] - Policy support has significantly accelerated the development of the commercial aerospace industry, addressing challenges related to high technology, investment, risk, and long cycles, encouraging capital and talent to enter the sector [4]
首飞火箭已完成二子级共底贮箱交付和总装,「宇石空间」完成天使+轮融资,累计融资超亿元|36氪首发
3 6 Ke· 2025-06-09 03:55
文 | 刘婧琼 编辑 | 阿至 封面来源 | 企业提供 36 氪获悉,火箭研发与制造商北京宇石空间航天科技有限公司(以下简称 " 宇石空间 " )近日宣布完成近亿元天使 + 轮融资,此轮融资由千乘资本领 投,华仓资本等机构跟投,老股东麟阁创投继续追加投资, 所筹资金将用于公司火箭产品研发、生产试验基地的持续建设和团队人员扩充。 宇石空间是36氪持续关注的新一代火箭研发与制造公司,今年3月初,36氪曾报道过宇石空间完成数千万元天使轮融资,由麟阁创投领投,鹰潭航天、水 木清华校友种子基金跟投。 宇石空间不锈钢共底贮箱 宇石空间成立于2024年,目前专注于大运力、低成本、快速复用液体火箭的研发和制造,是目前"国内唯一采用不锈钢火箭+'筷子'捕获臂回收方案的团 队"。据悉,AS-1号火箭直径4.2米,一次性运力在15吨以上,回收运力10吨以上;一次性发射成本可低至2万/千克,回收发射单价1万/千克,低于市场平 均水平。公司致力于打破当前商业火箭价格高、产能低的发展困境,为客户提供高性价比的液体火箭,服务海量卫星组网需求,助力太空运力普惠平权。 宇石空间创始团队在火箭总体、动力、结构及回收领域均有深厚的行业经验。创始人 ...
重回主航道,OPPO做对了什么?
远川研究所· 2025-05-29 12:27
Core Viewpoint - The article discusses OPPO's journey in the semiconductor industry, particularly its chip development initiative, Zheku, which was launched in 2020 but was ultimately terminated due to market challenges and the need for better cash flow management. The narrative emphasizes the importance of user experience and long-term competitiveness in the smartphone market, highlighting OPPO's strategic pivot back to core business after the setback [1][2][4]. Group 1: Zheku's Development and Termination - Zheku was established in 2020 as part of OPPO's self-developed chip initiative, named after the Mariana Trench, indicating the challenges ahead [1]. - Over two years, Zheku released several products, including the NPU "Mariana X" and Bluetooth audio SoC "Mariana Y," but the initiative was halted in mid-2023 due to declining smartphone sales and unsustainable R&D costs [1][2]. - The decision to terminate the chip development was seen as a necessary move for OPPO to maintain healthier cash flow and enhance its risk resilience [1]. Group 2: Market Recovery and Strategic Focus - Following the dissolution of Zheku, OPPO launched the Find X7 series, featuring a SoC co-developed with MediaTek, which led to a rapid recovery in market share, reclaiming the third position in the domestic market by Q1 2023 [2]. - OPPO's ability to quickly regroup and return to its main business path serves as a reference for other industry players struggling between innovation and survival [2]. Group 3: Long-term Strategy and User Experience - The smartphone market has seen a decline in shipment volumes since 2017, with longer replacement cycles leading to increased market concentration among major brands [4]. - OPPO's approach to chip development was driven by the need for long-term competitiveness rather than short-term gains, emphasizing that chip production is a means to enhance user experience rather than an end goal [4][6]. - The company focuses on system integration, where multiple technologies work together to meet user needs, rather than merely producing components [4][6]. Group 4: Innovation and Market Positioning - OPPO has adopted a systematic approach to innovation, continuously iterating on hardware to improve user experience, as seen in the Find X8 Ultra's camera system [6][9]. - The Find N5 foldable phone achieved a record low thickness of 8.93mm, showcasing OPPO's commitment to pushing technological boundaries and enhancing user experience [7][9]. - OPPO's market share in the premium segment (over $600) ranks among the top three globally, with significant presence in the $400-$500 range in Mexico, indicating strong brand positioning [9].
宇石空间:商业火箭领域追平美国,不会超过10年|50x50
Tai Mei Ti A P P· 2025-04-27 01:55
请输入图说 美国的卫星发射市场由于SpaceX一骑绝尘的技术优势和近乎垄断的"体内消化"(星链计划本身就由 SpaceX主导),使得整体市场99%的份额都被SpaceX独占。而在国内,由于市场刚刚兴起,同时各家 公司的技术起点都相差无几,所以短期内都不会出现SpaceX这样的垄断型企业,留给各家火箭公司的 机会仍充满想象力且公平。 与传统物流行业一样,货主对于商业火箭公司的诉求主要集中在四个维度:运量足够大、运输过程足够 可靠、运力排期足够灵活以及运输成本足够便宜。而这四个维度中,目前全行业最关心以及最亟待优化 的维度,就是运输成本。商业火箭的终局是解决可重复使用和高成本问题,未来各商业火箭公司谁的成 本更低,谁才能取得最终的胜利。 SpaceX带给整个商业航天赛道的变革正来自于它将火箭运输成本成功降低到了1500美元/公斤,并向着 100美元/公斤的目标进发。目前美国其他商业火箭公司的发射成本仍在2万美元/公斤左右,而我国的商 业火箭公司的运输成本仍没有突破6万元人民币/公斤的水平。 SpaceX是如何实现火箭运输成本降低的呢?首先,把火箭做的足够大,SpaceX将火箭运力从10-20吨提 升到了100吨以 ...