本报记者 李乔宇 据新华社消息，12月23日10时00分，长征十二号甲遥一运载火箭（以下简称"长征十二号甲"）在东风商 业航天创新试验区发射升空，运载火箭二子级进入预定轨道，一子级未能成功回收，飞行试验任务获得 基本成功。 据了解，长征十二号甲采用液氧甲烷作为推进剂的方案，探索陆地垂直回收的技术路径。业内人士认 为，此次发射验证了我国入轨级可重复使用运载火箭技术路径的可能性，标志着我国可重复使用运载火 箭技术的进一步突破。 当前，我国可重复使用运载火箭的探索正沿着多元技术路径并行推进。 例如，星际荣耀航天科技集团股份有限公司（以下简称"星际荣耀"）研发的可重复使用运载火箭双曲线 三号选择的是以液氧甲烷为燃料、海上回收的技术路径。据了解，双曲线三号计划于2026年上半年首飞 并探索海上回收。 此外，以液氧煤油为推进剂，亦是可重复使用运载火箭探索的重要技术路径。以计划近期首飞的天龙三 号大型液体运载火箭为例，其由江苏天兵航天科技股份有限公司自主研发，起飞重量约600吨，可实 现"一箭36星"组网发射。天龙三号核心主动力系统采用液氧煤油燃料，一子级具备重复使用能力。 北京星河动力航天科技股份有限公司研发的可重复使用 ...

海南日报全媒体记者 刘冀冀 每一处细节都透露出一个理念，这里不仅是新火箭的"起点"，更是它们远征的"归处"。 12月5日，文昌东郊镇，海风裹挟着咸湿的气息掠过一组银灰色建筑群。厂房内，一枚双曲线三号 火箭模拟箭静静伫立，等待着技术人员做最后的检测。 "试验成功!"5日下午3时，工厂里，十多名技术人员齐声欢呼。就在刚刚，火箭着陆装置性能考核 试验取得成功，这标志着双曲线三号运载火箭成功回收的稳定性进一步提升。 "火箭发射后，将回到这里进行全方位'体检'与修复，为下一次飞行做好准备。"星际荣耀董事长彭 小波描绘着未来的场景。传统航天模式下，火箭完成使命便坠入大海，而这座工厂的核心功能是"复 用"，"工厂一期具备年产6至12发火箭的能力，二期扩建后年产能将提升至36发。" 几个月后，这个身长约68米的"庞然大物"，将模拟火箭从工厂出发到发射工位，完成转场起竖的全 过程，为星际荣耀首枚回收复用火箭出征做好准备。 这里，是中国首家运载火箭"复用工厂"——星际荣耀运载火箭总装总测复用工厂一期项目。曾经， 火箭是一次性使用的"消耗品"。而今，这座工厂正试图让它变得像航班一样，开启"起飞—返回—再起 飞"的循环使用模式。 火 ...

每经记者｜淡忠奎 刘旭强 每经编辑｜刘艳美 朱雀腾飞，逐梦星河。 12月3日，蓝箭航天朱雀三号遥一运载火箭成功首飞入轨，但未能如愿完成火箭一级回收验证任务。 作为中国商业航天首次进行的可重复使用火箭轨道级发射验证，这次任务虽"喜忧参半"，但积累起经验和宝贵数据，仍然是值得铭记的重要一步。 当前，商业航天已成为大国竞逐的新焦点。中国商业航天自2015年起步，如今正迎来"技术突破"和"规模爆发"双重拐点。 不久前，国家航天局发布《国家航天局推进商业航天高质量安全发展行动计划（2025—2027年）》，将商业航天纳入国家航天发展总体布局。近期，国家航 天局还设立商业航天司，标志着我国商业航天产业迎来专职监管机构，未来将持续推动我国商业航天高质量发展，产业链有望全面受益。 产业扩张期加速到来，各地也在加紧布局。不完全统计，全国至少20个省份已出台支持政策，角力商业航天。从低成本、高可靠、快响应、可复用的商业运 载火箭建设，到卫星制造、火箭发射、卫星应用等领域，谁又能率先突围？ 集体"攻坚" 航天工业强弱，是衡量一个国家经济、科技水平和国防实力的重要标志。而作为以市场为主导、以盈利为目的的商业航天，是航天工业的新生力量 ...

Core Viewpoint - The successful launch of the Zhuque-3 rocket marks a significant milestone for China's space industry, although the recovery of the first stage was unsuccessful due to an abnormal combustion incident during the test [3][4][19]. Group 1: Launch and Recovery - The Zhuque-3 rocket was launched on December 3, completing its flight mission with the second stage entering the designated orbit [1][16]. - The first stage recovery verification was attempted but failed to achieve a soft landing at the recovery site, with the specific cause under further analysis [3][18]. - Despite the failure in recovery, the mission validated the overall testing, launch, and flight processes, providing critical engineering data for future reusable missions [3][18]. Group 2: Technical Specifications - Zhuque-3 is a new generation of low-cost, high-capacity, and reusable liquid oxygen-methane launch vehicle developed by Landspace [3][10]. - The rocket measures 76.6 meters in length, with a launch mass of approximately 570 tons and a thrust exceeding 750 tons [10][25]. - It has a low Earth orbit payload capacity of 21.3 tons and can be reused up to 20 times for its first stage [10][25]. Group 3: Market Impact and Future Prospects - The launch of Zhuque-3 has attracted significant market attention, as successful recovery would position China as the second country globally to master reusable rocket technology after the United States [4][19]. - Landspace aims to optimize recovery strategies and continue validating reusable technology in future missions [3][18]. - The company is currently valued at over 20 billion yuan and is in the process of an IPO, indicating strong investor interest in the commercial space sector [29]. Group 4: Industry Context - The Zhuque-3 project was officially initiated in August 2023, with significant milestones achieved in vertical landing tests within five months [12][27]. - Other reusable rockets in development in China include the Chang Zheng 12A and the Hyperbola-3, indicating a growing competitive landscape in the commercial space industry [29][30]. - The establishment of a dedicated Commercial Space Administration by the National Space Administration aims to enhance the regulatory framework and support the growth of the commercial space sector in China [30].

Core Viewpoint - The successful launch of the Zhuque-3 rocket marks a significant milestone for China's space industry, although the recovery of the first stage was unsuccessful due to an abnormal combustion incident [3][19][20]. Group 1: Launch and Recovery - The Zhuque-3 rocket was launched on December 3, completing its flight mission with the second stage entering the designated orbit [1][17]. - The mission included a recovery verification for the first stage, which failed to achieve a soft landing due to an abnormal combustion event [3][19]. - Despite the recovery failure, the mission validated the overall testing, launch, and flight processes, providing critical engineering data for future reusable launch services [3][19]. Group 2: Technical Specifications - Zhuque-3 is a new generation of low-cost, high-capacity, and reusable liquid oxygen-methane launch vehicle developed by Landspace [3][10]. - The rocket measures 76.6 meters in length, with a launch mass of approximately 570 tons and a thrust exceeding 750 tons [10][26]. - It has a low Earth orbit payload capacity of 21.3 tons and can achieve a recovery mission capacity of 18.3 tons [10][26]. Group 3: Market Impact and Future Prospects - The launch of Zhuque-3 has attracted significant market attention, as successful recovery would position China as the second country globally to master reusable rocket technology after the United States [4][20]. - Landspace aims to optimize the recovery plan and continue validating reusability in future missions [3][19]. - The company is currently valued at over 20 billion yuan and is in the process of an IPO [30]. Group 4: Industry Context - The Zhuque-3 project was officially initiated in August 2023, with significant milestones achieved in vertical landing tests shortly thereafter [12][28]. - The Chinese commercial space industry is steadily progressing, with the establishment of a dedicated regulatory body to promote high-quality development [16][31]. - Other reusable rockets in development include the Chang Zheng 12A and the Hyperbola-3, indicating a competitive landscape in China's commercial space sector [30][31].

Core Viewpoint - The successful launch of the Zhuque-3 rocket marks a significant milestone for China's commercial space industry, despite the failure of the first-stage recovery test, which will lead to further analysis and optimization of recovery strategies [3][4][6]. Group 1: Launch and Mission Details - The Zhuque-3 rocket was launched on December 3, completing its flight mission with the second stage entering the designated orbit [1]. - The mission included a first-stage recovery verification, which encountered an abnormal combustion issue, resulting in a failed soft landing at the recovery site [3]. - Despite the recovery failure, the mission validated the overall testing, launch, and flight processes, providing critical engineering data for future launches and reusable recovery efforts [3][4]. Group 2: Technical Specifications and Development - Zhuque-3 is a new generation, low-cost, high-capacity, and reusable rocket developed by Landspace, utilizing a stainless steel structure and a propulsion system based on the Tianque series of liquid oxygen-methane engines [4][11]. - The rocket has a total length of 76.6 meters, a launch mass of approximately 570 tons, and a thrust exceeding 750 tons, with a low Earth orbit payload capacity of 21.3 tons [11]. - The first stage is designed for up to 20 reuse cycles, aiming for high precision in returning to the recovery site after orbital missions [11]. Group 3: Market Impact and Future Prospects - The launch of Zhuque-3 has attracted significant market attention, as successful recovery would position China as the second country globally to master reusable rocket technology, following the United States [4][6]. - The rocket's development has garnered interest from industry leaders, including Elon Musk, who noted its potential to surpass SpaceX's Falcon 9 within five years if all goes well [8][9]. - The Chinese commercial space sector is steadily advancing, with ongoing projects like the Long March 12A and Hyperbola-3 rockets, indicating a robust pipeline for future launches and innovations [14][15][16].

Core Viewpoint - The completion of the "rocket factory" by Galactic Glory in Wenchang marks a significant step for China's commercial aerospace sector, transitioning from a launch site to a manufacturing hub [3][5]. Group 1: Factory Overview - The total investment for the rocket assembly and testing factory is approximately 450 million yuan, with a total construction area of 28,800 square meters [3]. - The factory adopts an innovative "assembly, testing, and reuse" model, achieving a one-stop closed loop for rocket production, system testing, and post-recovery reuse inspection, significantly shortening the R&D cycle and reducing launch costs [3][4]. - The factory is expected to have an annual production capacity of 24 rockets, which will increase to 36 rockets after the second phase of expansion [3]. Group 2: Related Projects - In addition to the assembly and testing factory, Galactic Glory is advancing three major projects: a 106 million yuan offshore recovery platform system, and a 350 million yuan general-purpose power system testing base [3][4]. - The offshore recovery platform is crucial for the vertical recovery of liquid rocket stages and is set to undergo testing in Hainan [4]. - The power system testing base, which has received approval from the National Space Administration, will conduct 10 to 12 rocket engine tests annually, serving multiple aerospace companies [4]. Group 3: Strategic Importance - The three projects together form a closed industrial chain of "manufacturing—testing—recovery—reuse," aiming for the successful first flight and sea recovery of the Hyperbola-3 rocket [5]. - The factory is expected to receive its first Hyperbola-3 rocket by the end of this year for assembly and testing, with large-scale ground tests planned for the same timeframe [5][6]. - Hainan's free trade port offers significant advantages in market access and policy approval, enhancing project efficiency [5]. Group 4: Industry Development - The proximity of the factory, power system testing base, and Hainan's commercial launch site creates an efficient collaborative aerospace industry cluster [5]. - The development model of "driving production with launch sites" is evolving into an innovative development advantage for the aerospace industry in Wenchang [5]. - The Wenchang International Aerospace City has attracted over 700 industry chain enterprises, benefiting from the relaxation of commercial aerospace restrictions in the 2025 updated negative list for market access [5].

Core Viewpoint - The capitalization process in China's commercial aerospace sector is accelerating, highlighted by Beijing Xingji Glory Space Technology Co., Ltd. completing a D+ round financing of 700 million RMB, aimed at enhancing its core rocket product development and production capabilities [2][4]. Funding Allocation - The newly injected funds will focus on three main areas: the continued research and testing of the "Double Curve No. 3" reusable liquid rocket, the construction of a production base in Chengdu, and the establishment of an engine production line in Mianyang [2][3]. - The Chengdu production base project has a total investment exceeding 3 billion RMB and aims to achieve an annual production capacity of 20 rockets once operational [2]. Product Development - The "Double Curve No. 3" rocket is designed to compete with SpaceX's Falcon 9, targeting high-frequency, low-cost launch services for future low-orbit satellite constellations in China [3]. - The first flight test of the "Double Curve No. 3" is scheduled for the end of 2025, aiming to complete a full process verification including "orbital insertion + sea recovery" [3]. Market Demand - There is a significant demand for launch capacity driven by large satellite constellation plans, such as the "G60 Thousand Sails Constellation" and "GW Constellation," which together plan to launch over 20,000 satellites [4]. - The current supply-demand imbalance in the market has led to instances where launch service procurements have failed due to insufficient qualified suppliers [4]. Industry Trends - The company is in the process of preparing for an IPO on the Sci-Tech Innovation Board, reflecting a broader trend of commercial aerospace companies seeking to enter capital markets [4][5]. - The recent regulatory changes have opened new pathways for commercial aerospace firms to list, with several companies already in the IPO preparation phase [5]. Future Outlook - As more commercial aerospace companies successfully enter the capital market, the competitive landscape and development models within the industry are expected to be reshaped, facilitating larger production scales and reduced launch costs [6].